Analysis Construction ‘Green’ cement falling short of meeting climate goals Construction has become as much a part of the Gulf landscape as the desert. But it is also one of the major contributors to carbon dioxide emissions, a key driver of climate change. GCC governments and developers, particularly in the UAE and Saudi Arabia, are pushing to find alternatives to traditional concrete and its basic […] October 25, 2024
Analysis Giga-projects Saudi Arabia pins branding hopes on Riyadh Air launch Saudi Arabia still hasn’t found the magic sauce for branding its social and economic reforms. Hopes are high that the launch of Riyadh Air will do for the kingdom what Emirates airline did for Dubai, industry experts say. “We saw the journey of the UAE, how brands started there then became iconic on a global […] October 25, 2024
Economy New Saudi methodology doubles 2023 FDI inflow Saudi Arabia revised upward its foreign direct investment numbers this week, doubling the FDI inflow figure for 2023 to $25.5 billion according to a new government methodology. The kingdom has a target of $100 billion in annual FDI inflows by 2030 but low numbers have put extra pressure on the Public Investment Fund to fund […] October 24, 2024
Renewable Energy Hydrogen taxis to hit the road in Saudi Arabian trial Saudi Arabia has announced a trial operation of its first hydrogen powered taxi. The Transport General Authority (TGA) said the pilot phase will use Toyota Mirai vehicles, as it seeks to reduce carbon emissions and reduce reliance on internal combustion engine vehicles. The emission-free Toyota Mirai car has a range of 350 kilometres and the […] October 24, 2024
Renewable Energy Saudi lender ICD provides $16m for Turkish solar plant The Islamic Corporation for the Development of the Private Sector (ICD) in Saudi Arabia has signed a €15 million ($16.2 million) financing agreement with Turkish company Sampa to support the development and construction of a solar power plant in Turkey. The planned captive solar plant will provide 21 megawatts of energy, reducing Sampa’s energy costs […] October 24, 2024
Opinion Energy The Middle East has the chance to lead on hydrogen The pace and scale of deployment must accelerate to meet mid-century climate goals October 23, 2024
Analysis Banking and Finance Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […] October 23, 2024
Finance IMF lowers 2024 Saudi GDP forecast on oil output The International Monetary Fund has lowered its GDP growth prediction for Saudi Arabia this year and next because of oil output cuts continuing to the end of this year. The Saudi economy is expected to expand 1.5 percent this year, down 0.2 percent from the IMF’s last review in July, and 4.6 percent in 2025, […] October 23, 2024
Opinion Banking and Finance IMF proves Saudi banks have reasons for optimism Over the long term the kingdom’s banks will benefit from the scale of spending on Vision 2030 projects October 23, 2024
Analysis Banking and Finance Saudi Arabia pumps funding into startups as it vies for Mena No 1 Saudi Arabia is piling money and government support into its venture capital industry as it competes with the UAE to attract startups. The VC market across the Middle East and North Africa raised $1.3 billion from January to September 2024 – and Saudi Arabia “led the region”, said startup analyst Magnitt. The kingdom secured “39 […] October 22, 2024
Retail Cenomi to dispose of more brands in journey to black The Saudi franchiser Cenomi Retail has agreed to sell more non-core brands as part of a programme to draw the company back into the black. At an extraordinary general meeting on Monday, shareholders gave the go-ahead for more sell-offs from the company’s portfolio of non-core assets, which was worth SAR2 billion ($530 million) when the […] October 22, 2024
Opinion Energy Gulf investors should wake up to the attractions of small ‘nukes’ There is no sign of any large-scale investment in small modular reactors October 21, 2024
Finance Saudi financial services operator to list 30% on Tadawul United Electronics Company (eXtra) has announced plans to list a 30 percent stake of its financial unit, United International Holding Company (UIHC), on the main market of the Saudi Exchange (Tadawul). UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator, and Procco Financial Services, which provides payment and loyalty services to the financial […] October 21, 2024
Banking and Finance Saudi Central Bank says loans at 18-month high Saudi Arabia’s bank loans reached their highest level in 18 months, according to the latest data from the Saudi Central Bank (Sama). Figures released for August show loans reached SAR2.82 trillion ($753 billion), a 12 percent increase from the previous year. The monthly bulletin said personal loans made up 46 percent of the market total, […] October 21, 2024
Giga-projects PIF launches company to build worker accommodation Saudi Arabia’s Public Investment Fund (PIF) has established a company to develop and operate accommodation for workers employed on major projects in the kingdom. Smart Accommodation for Residential Complexes Company (Sarcc) will build workers’ accommodation for both public and private sector developers who are working on projects across the country. Sarcc will also seek opportunities […] October 21, 2024
Oil & Gas Aramco CEO bullish on Chinese oil demand Saudi Aramco’s CEO is confident that China’s bid to increase growth will have a positive impact on oil demand, especially due to chemicals needed for its energy transition. Amin Nasser said the world’s second biggest economy needs more chemicals for “the electric vehicles, for solar panels, so that’s huge growth there”. Speaking on the sidelines […] October 21, 2024
Finance Record gold price dents demand for Swiss bullion in Gulf Swiss gold exports to Saudi Arabia and the UAE have slumped in the past year, as its price rose by more than 30 percent driven by geopolitical challenges. Gold passed $2,700 per ounce on Friday for the first time ever. A year ago it was $1,980 per ounce, and a month ago $2,559. While global […] October 21, 2024
Analysis Health Health sector next target for Saudi private equity Private equity is looking to Saudi Arabia’s healthcare and wellness sectors for the kingdom’s next growth areas as it tries to manage a burgeoning young population. Some 60 percent of Saudi Arabia’s 32 million-plus population are under 30, and analysts from research company S&P say the kingdom’s demographics are the main reason for a sustainable […] October 21, 2024
Markets Neom-backed robotaxi operator Pony Ai files for US IPO Pony AI, a Chinese autonomous driving company backed by an investment arm of Saudi giga-project Neom, has filed for an initial public offering in the US. The Guangzhou-based company applied to be listed on the Nasdaq stock exchange but did not reveal the size of the offering. Pony AI operates a fleet of more than […] October 18, 2024
Development First multi-million loan by Saudi fund for projects in Serbia The Saudi Fund for Development signed three development loan agreements this week with Serbia worth $205 million to support agriculture, education and energy. The SFD, Saudi Arabia’s official overseas development fund, will give Serbia $75 million for an irrigation project, $65 million for the Bio4 Campus research institute in Belgrade and $65 million for a […] October 18, 2024
