Analysis Lifestyle Christie’s to open new office in Saudi Arabia British auction house Christie’s announced last month that it had received a commercial licence to conduct sales and exhibitions in Saudi Arabia. From its new base in Riyadh it is hoping to tap into a secondary market for luxury goods and state institutions’ growing appetite for art. The company, which has its headquarters in London, […] October 11, 2024
Real Estate Riyadh leads Saudi Arabia’s hot property market Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […] October 11, 2024
Construction Saudi startup’s smart helmets upping safety on building sites When Hassan AlBalawi first proposed a smart helmet that would track all employee movements on building sites, construction companies could not see the point. “We were focusing on this problem of how to get technology into the construction field, measuring the drowsiness of construction workers. But it turned out the construction companies didn’t know or care,” […] October 11, 2024
Agriculture Saudi Fisheries sets up aquaculture company A specialist aquaculture company has been set up by Saudi Fisheries Company (Alasmak), which is part owned by the Public Investment Fund, as fish production in the kingdom grows. Aquaculture is farming fish and aquatic plants for commercial use, such as food. Alasmak specialises in aquaculture and seafood manufacturing. It also operates fishing vessels, seafood processing […] October 10, 2024
Leisure & Hospitality New Red Sea private island to propel Saudi cruise sector Saudi Arabia is developing a private island in the Red Sea to boost its cruise tourism sector. Cruise Saudi, a subsidiary of the Public Investment Fund, has awarded a contract to Jeddah-based PC Marine Services to carry out the project. The island will be exclusive to cruise passengers and have facilities such as a welcome centre, […] October 10, 2024
Business of Sport Riyadh Air signs stadium naming deal with Atlético Madrid The new Saudi Arabian carrier Riyadh Air has agreed a deal with the Spanish football club Atlético Madrid to rename the team’s stadium after the Gulf state airline. Atlético Madrid’s stadium, the Estadio Metropolitano, opened in 2017, will now be called the Riyadh Air Metropolitano. The stadium sponsorship deal is scheduled to run until 2033, […] October 9, 2024
Food & Drink Shareholder disputes worsen Saudi fast-food chain Herfy’s woes As its profits and share price plunge, Saudi Arabia’s leading fast-food chain Herfy has become embroiled in disputes with its two biggest shareholders. Founded in 1981 by Ahmed Al-Said after he returned from studying in the United States, Herfy operates about 385 restaurants across the kingdom, plus bakeries and meat processing factories. It also has […] October 9, 2024
Transport Rise in direct flights to Saudi Arabia as 12 airlines start services A dozen foreign airlines launched direct flights to Saudi Arabia in the first 10 months of 2024. In comparison, the global average is only two to four foreign carriers entering new markets annually, Air Connectivity Programme CEO Majid Khan told the state-backed Saudi News Agency. “This growth has helped increase inbound tourism and air traffic,” […] October 9, 2024
Industry Neom sets up $186m concrete hub for The Line Saudi Arabia’s Neom is setting up a new ready-mix concrete complex to primarily serve The Line, its desert city. The giga-project developer has tied up with Asas Al-Mohileb, a local construction and engineering company, to establish and operate a SAR700 million ($186 million) green concrete plant, which will produce more than 20,000 cubic metres per […] October 9, 2024
Retail Cenomi Centers sets up fund to complete Qassim mall Saudi mall operator Cenomi Centers has partnered with GIB Capital to set up a SAR1 billion ($270 million) real estate development fund that will manage a Cenomi land sale in Qassim and allow a mall project there to go ahead. Bahrain’s Gulf International Bank (GIB), the third-largest lender in the country, is almost wholly owned […] October 8, 2024
Analysis Energy Costs versus profits in the energy transition debate The Abu Dhabi-based International Renewable Energy Agency (Irena) last month reported that, once again, if you want cheap electricity, then renewable energy is by far your best bet. After “spectacular” declines in cost in recent years, according to Irena’s 2023 Costs Report, the global weighted average cost of photovoltaic (PV) solar – the most widespread […] October 8, 2024
Transport Lucid beats latest delivery expectations Saudi-backed US luxury electric vehicle maker Lucid has exceeded market expectations for its third quarter, delivering 24 percent more cars than had been forecast. Analysts cited discounts and more favourable finance options as reasons for the sharp increase. Lucid delivered 2,781 vehicles in Q3, ahead of estimates of 2,242, according to analysts polled by Visible […] October 8, 2024
Analysis Giga-projects World Cup and Expo wins divert funding to Riyadh Saudi Arabia’s giga-projects have slowed down because of financing constraints – and now the government’s unexpected success in bidding for global events is redirecting even more resources towards Riyadh. Even prestigious developments such as Neom, the $500 billion futuristic city in north-west Saudi Arabia, are taking second place. The priority is turning the capital into […] October 8, 2024
Retail Saudi Arabia buys 40% stake in UK retailer Selfridges Saudi Arabia’s Public Investment Fund (PIF) has acquired a stake in British luxury department store Selfridges, committing more investment to support its European expansion. The wealth fund has purchased Austria’s Signa Group’s interest in the retailer, subject to regulatory approvals. No financial details were disclosed. Through a partnership with Central Group, Thailand’s largest department store […] October 8, 2024
Renewable Energy PIF’s new venture to invest $10bn in green hydrogen Saudi Arabia’s Public Investment Fund (PIF) has established a new entity to invest an estimated $10 billion into the production of green hydrogen. The new subsidiary, Energy Solutions Company, will focus on funding the development of low-carbon fuel, Bloomberg reported, quoting unnamed sources. The investment is estimated to grow significantly in the coming years, driven […] October 8, 2024
Analysis Oil & Gas Fears for Strait of Hormuz oil gateway in Iran-Israel face-off The prospect of a sustained Iran-Israel conflict is raising concerns that Iran could respond by closing the Strait of Hormuz, the waterway critical to GCC oil and gas exports. Last month about 15 million barrels per day (bpd) of crude passed through the Strait of Hormuz, 36 percent of global seaborne oil exports, according to […] October 8, 2024
Leisure & Hospitality Almarai Q3 2024 profit rises 17% amid revenue growth Almarai, the Middle East’s largest dairy farm, said third-quarter 2024 net profit rose 17 percent to SAR570 million ($152 million), compared with SAR486 million a year ago. The profit growth was driven by a 9 percent year-on-year increase in revenue to SAR5.2 billion amid growth in all product categories across all geographies, except Egypt. Despite […] October 7, 2024
Analysis Tourism Interest builds in mid-range Saudi hotels after luxury focus Saudi Arabia’s emphasis on luxury hotels has provided openings for investors in the mid-range segment, industry specialists said. “Look at the size of the country and what you can do. I work in all 13 regions and you’d be shocked at the untouched areas. It’s not Dubai where it’s all glitzy. They have a culture,” […] October 7, 2024
Leisure & Hospitality PIF explores raising stakes in Japanese gaming companies Saudi Arabia’s Public Investment Fund is exploring increasing its stakes in Japanese gaming companies to develop the kingdom as a global centre for gaming. “There are always opportunities,” Prince Faisal bin Bandar Al Saud, vice chairman of Savvy Games Group told Kyodo News, a Japanese news agency. PIF now owns 8.6 percent of Nintendo, after […] October 6, 2024
Tech Four-fold boost to Saudi data centres planned Saudi Arabia plans to boost its data centre capacity four-fold to more than 1,000 megawatts over the next five years, according to one of the country’s leading data centre providers. The current capacity in the kingdom is approximately 250-300MW. Abdullah Al Ghamdi, CEO of Al Moammar Information Systems (MIS), revealed the target in an interview […] October 4, 2024
