Mining Saudi-backed Vale plans to increase copper output Brazilian miner Vale, which is backed by Saudi Arabia’s Public Investment Fund (PIF), aims to increase copper production after conceding that it had lost ground to competitors in its output of the key metal. Vale is a top global iron ore producer but also operates base metal projects including copper and nickel. In his first […] October 4, 2024
Markets Saudi Arabia’s PIF slashes stake in Amazon Saudi Arabia’s Public Investment Fund (PIF) has sharply reduced its holdings in Amazon, cutting its stake by nearly 80 percent in the latest quarter. The sovereign wealth fund, which manages more than $700 billion in assets, revealed in its latest Securities and Exchange Commission filing this week that it now holds less than 350,000 shares, […] October 3, 2024
Opinion Logistics Conflict will severely disrupt Middle East logistics Air cargo is particularly hard hit by escalating conflict in the Middle East October 3, 2024
Tourism Saudi Arabia promises more pilgrimage industry work visas Saudi Arabia will issue more temporary work visas to those employed in the pilgrimage industry. A statement by the ministry of human resources said Hajj and umrah work would now be included in its temporary visa programme. A half-year visa will cover the fasting month of Ramadan and the Hajj pilgrimage, which comes around three […] October 3, 2024
Giga-projects New Murabba CEO promises Riyadh district’s core by 2030 The New Murabba giga-project, which aims to create a 19-sq-km city district in Riyadh, will be up and running by December 2030, its CEO said this week. Michael Dyke told a tourism forum in Dubai: “What’s important is to say that New Murabba is real, tangible today. It’s physically there, it’s not something on a piece […] October 3, 2024
Finance Aramco’s $3bn sukuk oversubscribed six times Saudi Aramco, the world’s largest oil producer, said its $3 billion sukuk was oversubscribed by six times. The sukuk was issued in two US dollar-denominated tranches, each valued at $1.5 billion. The tranches, maturing in 2029 and 2034, carry annual profit rates of 4.25 percent and 4.75 percent, respectively, the company said in a statement. […] October 3, 2024
Oil & Gas Opec calls WSJ report on oil price drop to $50 ‘inaccurate’ The Organization of the Petroleum Exporting Countries (Opec), led by Saudi Arabia, has denied a media report, calling it “wholly inaccurate and misleading”. The Wall Street Journal (WSJ) reported on Monday that Saudi oil minister Prince Abdulaziz bin Salman said oil prices could drop to as low as $50 per barrel if Opec+ members do not stick to production limits. […] October 3, 2024
Real Estate Work to resume on world’s tallest tower in Saudi Arabia Construction is to resume on the world’s tallest tower in Jeddah, Saudi Arabia, which will be over one kilometre high when completed. Jeddah Economic Company (JEC), an associate of Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has reached an agreement with Saudi Binladin Group to continue developing the Jeddah Economic Company Tower, KHC […] October 3, 2024
Construction PIF-backed Roshn raises $2.4bn for expansion Saudi Arabian giga-project developer Roshn has secured a new SAR9 billion ($2.4 billion) credit facility from a consortium of locally-listed banks. The loan will support the developer’s expansion and growth plans over the next five years, state-run Saudi Press Agency reported. “We intend to use these funds to further advance our ambitious strategy in the […] October 2, 2024
Markets Saudi poultry producer gets nod to sell 30% stake in IPO Arabian Company for Agricultural and Industrial Investment (Entaj), a Riyadh-based poultry producer, has received the green light from the Saudi market regulator to list shares on the main market (Tasi). The company will float 9 million shares through an initial public offering (IPO), representing 30 percent of the total issued share capital. The prospectus detailing […] October 2, 2024
Tourism PIF companies push ahead with Mecca expansion plans Saudi Arabia’s Public Investment Fund is building a vast commercial district in Mecca with an estimated value of $10 billion, giving the Islamic holy city a radical makeover. After a series of ownership changes, two companies have emerged as the lead developers of commercial space around the Grand Mosque in Mecca – the 100 percent […] October 2, 2024
Video length: 06:31 VIDEO Economy Saudi Arabia cuts military spending as deficit increases Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […] October 1, 2024
Health Sulaiman Al Habib secures $347m loan for Saudi expansion Dr Sulaiman Al Habib Medical Services Group Company has secured long-term financing to expand across Saudi Arabia amid growing competition for healthcare services in the kingdom. The company, which trades on the Saudi stock exchange, has signed a sharia-compliant credit facility worth SAR1.3 billion ($347 million) with Al Rajhi Bank, a Saudi-listed lender. The 13-year-long facility will […] October 1, 2024
Renewable Energy Acwa Power-Sumitomo tie-up for Uzbekistan projects Saudi energy company Acwa Power and Japan’s Sumitomo Corporation will jointly develop renewable energy projects worth $4.2 billion in Uzbekistan. The first set of projects include Sazagan 1 and 2 in Samarkand, each consisting of a 500 megawatt (MW) solar PV plant and 334MW battery energy storage systems (BESS). These projects are slated to begin […] October 1, 2024
Giga-projects Red Sea Global to open 19 luxury hotels in 2025 Red Sea Global, the Saudi giga-project, is due to open 19 new luxury hotels in 2025, it was revealed this week. It will also be opening two hotels this year, including one carved into a mountainside, an official said. “2023 saw us opening our first resort, and in 2024 we’ve opened another two resorts and […] October 1, 2024
Opinion Oil & Gas A lot can happen in oil markets between now and December 1 Remember the golden rule with Opec+ decisions – always expect surprises September 30, 2024
Employment Saudi unemployment drops again in second quarter The unemployment rate for Saudi nationals fell to 7.1 percent in the second quarter of 2024, government data shows, down from 7.6 percent in the first quarter and 8.5 percent in the same period a year ago. The overall unemployment rate, which includes expatriate workers, dropped to 3.3 percent in Q2, down from 4.1 percent […] September 30, 2024
Renewable Energy Saudi Arabia secures funds for 5.5GW solar projects The developers of solar power projects worth SAR12 billion ($3.2 billion) with a combined output of 5.5 gigawatts (GW) in Saudi Arabia have secured financing for their projects. Saudi-listed Acwa Power, Water and Electricity Holding Co (Badeel), a Public Investment Fund (PIF)-owned company, and Saudi Aramco Power Co (Sapco), a wholly-owned subsidiary of energy major […] September 30, 2024
Construction Global investors seek stake in Diriyah projects says CEO The Diriyah Gate Development Authority is holding discussions with foreign investors interested in buying equity stakes in hotels and other real estate developments in the $63 billion Diriyah giga-project. The Public Investment Fund (PIF)-backed developer has secured deals worth $1 billion with an Italian developer and a French company, CEO Jerry Inzerillo told Reuters. The names and specifics of the […] September 30, 2024
People & Lifestyle Aster DM Gulf unit explores $250m Saudi expansion The UAE-based hospital chain Aster DM Healthcare’s Gulf unit is exploring acquisitions worth $250 million to expand its presence in Saudi Arabia. The deals will focus on medical centres and hospitals, Bloomberg reported, quoting Alisha Moopen, managing director and group CEO of Aster’s Gulf Cooperation Council unit. These deals will be finalised in the next […] September 29, 2024
