Editor's Insight Transport Trains, planes and more trains (or metros) Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […] October 18, 2024
Analysis Markets Saudi petchem profits could rise but margin pressures persist Saudi Arabian petrochemicals producers’ third-quarter earnings are likely to be better than the dismal results in the same period last year, but are unlikely to spark a stock price rebound as investors await further evidence that the industry is mounting a sustained recovery. The kingdom’s stock index of listed “materials” companies, which includes petrochemicals manufacturers […] October 18, 2024
Manufacturing PIF-backed Lucid shares tumble on anticipated Q3 losses Shares of Saudi-backed US luxury electric vehicle maker Lucid fell more than 12 percent in pre-market trading on Thursday. The drop came after the company announced it anticipates reporting a larger-than-expected loss for the third quarter and a public offering of more than 262 million shares. Saudi Arabia’s Public Investment Fund, already a majority shareholder […] October 17, 2024
Trade Saudi Arabia signs deals worth $15bn with Egypt Egypt and Saudi Arabia provisionally agreed investment deals worth a combined $15 billion following the meeting of President Abdel Fattah El Sisi and Crown Prince Mohammed bin Salman in Cairo on Tuesday. Speaking to Al Arabiya TV on Wednesday, the head of the Saudi-Egyptian Business Council, Bandar Al-Ameri, said that the deals include projects in […] October 17, 2024
Mining PIF’s Manara in talks to buy minority stake in Zambian mines Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), is in advanced talks to acquire 15 to 20 percent in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake could be potentially valued between $1.5 billion and $2 billion, Reuters reported, citing informed […] October 17, 2024
Business of Sport Inter Milan becomes first club to get Saudi investment licence Italy’s Inter Milan has become the first international football club to receive a licence in Saudi Arabia. The ministry of investment licence will support the club in extending its brand presence in the Middle East and growing its fanbase. Inter Milan, or Nerazzurri, will bring its expertise and experience as a top-level football club to […] October 17, 2024
Oil & Gas Aramco cancels Saudi project amid Asia focus Aramco, the world’s largest oil producer, has scrapped plans for a refinery and chemicals project in Saudi Arabia to focus on Asia expansion, mainly in China. The 400,000 barrels per day (bpd) facility at Ras Al Khair, which was being planned in collaboration with Saudi Basic Industries Corporation, an Aramco subsidiary, has been cancelled, Bloomberg […] October 16, 2024
Analysis Mining Saudi Arabia’s zinc project is set for the long term In the deserts of Saudi Arabia, 170km southwest of Riyadh, the Khnaiguiyah mining project is the kingdom’s largest mineral exploration site. Geologists and miners are looking to extract 25 million tonnes of zinc and copper ore from this opencast prospect over the next 12 years. That would establish Khnaiguiyah as the Gulf’s first world-level zinc mine […] October 16, 2024
Transport Financing being finalised for Riyadh-Jeddah railway line Saudi Arabia Railways hopes to finalise financing for its “Landbridge” project linking the east and west of the country within months, an official said this week. “It will cost at least $7 billion, it depends on the budget. If the budget’s available then we will start building, it will be finished before 2030,” Mesfer Alyami, […] October 15, 2024
Giga-projects Neom ‘uses one fifth of world’s steel’ The Neom giga-project in Saudi Arabia is currently using one fifth of all the steel produced in the world, an official said on Monday. The futuristic city will be the world’s largest customer for construction materials for several decades, said Manar Al Moneef, Neom’s chief investment officer. She told the Global Logistics Forum in the […] October 15, 2024
Logistics Red Sea crisis boosts Saudi air cargos by 50% Attacks on shipping in the Red Sea by Houthi rebels have resulted in more than a 50 percent rise in air cargo shipments to Saudi Arabia. The country’s airports are expected to process more than a million tons of air cargo in 2024 for the first time ever. A total of 1.2 million tons is […] October 15, 2024
Logistics Saudi special logistics zone signs deals to stimulate growth Saudi Arabia’s Special Integrated Logistics Zone Company (SILZ) has signed three memoranda of understanding (MoUs) to develop ‘Riyadh Integrated’, the country’s first special logistics zone. The company hopes the MoUs, signed during the inaugural Global Logistics Forum in Riyadh, will stimulate industrial growth, economic diversification and job creation. The first agreement was signed with […] October 15, 2024
Trade Saudi Arabia to establish economic zone with China King Salman International Airport Development Company (KSIADC) has signed an agreement with EWPartners, an investment company backed by Saudi Arabia’s Public Investment Fund, to establish a special economic zone to increase trade with China. The KSA-Sino Logistics Zone will be located at the King Salman International Airport in Riyadh, which is expected to be one of […] October 14, 2024
Aviation Saudia prepares to launch electric jet service Saudia Airlines’ electric jet plane is the first step towards zero-carbon commercial flights in medium-sized planes, according to its German manufacturer Lilium. Daniel Wiegand, co-founder and chief engineer for innovation at Lilium, said both parties were looking beyond the initial sale of 50 Lilium jets, which Saudia bought for at least $7 million each, with […] October 14, 2024
Logistics $266bn logistics hub spend starts in Saudi Arabia The first phase of a planned $266 billion budget to turn Saudi Arabia into a global logistics hub has already “drastically” reduced carbon emissions, a government minister has revealed. “The national transport and logistics strategy launched in mid-2021 is set to invest more than a trillion riyals [$266 billion] by 2030, of which 200 billion […] October 14, 2024
Banking and Finance Saudi Exim Bank agrees $50 million credit facility with DL Hudson Saudi Exim Bank has signed a $50 million credit facility with metal and energy trading company DL Hudson to promote Saudi Arabia’s non-oil exports. The deal will help to connect exporters in the kingdom with international buyers in 22 markets around the world. Under the agreement Saudi Exim Bank will provide financing to UK-based DL […] October 14, 2024
Markets Saudi HR company to raise $106m from listing Tamkeen Human Resources Company is expected to raise between SAR365.7 million and SAR397.5 million ($97-$106 million) from its initial public offering on the Saudi stock exchange. The company set its IPO price range between SAR46 and SAR50 per share on Sunday as the institutional book-building period commenced. The final price will be determined on October […] October 14, 2024
Economy Saudi Arabia to invest $2bn in Pakistan’s economy Saudi Arabia and Pakistan have signed 27 memorandums of understanding totalling $2 billion. The investments will target industry, agriculture, information technology, food, education, mining and minerals, health, petroleum and energy, Dawn newspaper reported. The MoUs were signed in the presence of Pakistan’s prime minister Shehbaz Sharif, chief of army staff general Asim Munir and Saudi […] October 14, 2024
Analysis Real Estate Real estate picks up in Saudi Arabia’s Eastern Province The Gulf city of Dammam and the Eastern Province that surrounds it have long trailed behind Riyadh, Jeddah and Mecca in the push for glitzy development, but real estate activity is picking up across the hospitality, residential and industrial sectors. The province, which has deep pockets thanks to its importance to the Saudi energy industry, […] October 14, 2024
Leisure & Hospitality Saudi Arabia launches e-karting racing tracks in 6 cities Six cities in Saudi Arabia are set to get Hot Wheels e-karting racing tracks. The indoor e-karts will be a venture between Saudi Entertainment Ventures (Seven), part of Qiddiya Investment Company (QIC), and US toy maker Mattel. The Hot Wheels e-karting will be available in entertainment complexes such as Riyadh, Makkah, Taif, Al Madinah, Tabuk, and Jazan. In January, Seven […] October 13, 2024
