Video length: 04:08 VIDEO Gaming Prince Faisal: growth, not profit, is focus for esports Cost-intensive spectator events are not going to be a “serious profit generator”, Prince Faisal bin Bandar Al Saud told AGBI, as Saudi Arabia concluded the first Esports World Cup last week. The event was watched by more than 500 million people but Prince Faisal, president of the Arab Esports Federation, said: “In esports, sustainability is […] September 4, 2024
Finance Saudi wealth fund raises $2bn to support mega-projects The Public Investment Fund has raised $2 billion through a combination of sukuk (Islamic bond) and green bond offerings to support its mega-project pipeline. The Saudi wealth fund issued $1.5 billion in three-year sukuk and $500 million in green notes maturing in October 2032, Reuters said, citing a bank document. PIF has tapped into the global […] September 4, 2024
Oil & Gas Aramco awards $1bn oil-field contract to Saipem Saudi Aramco has awarded two offshore contracts worth $1 billion to Italian energy contractor Saipem to expand infrastructure at its oil fields. The contracts are part of the 12-year framework agreement with Saipem, signed in November 2020, to cover onshore engineering and construction activities. It aims to optimise consumption and reduce emissions of CO2 and hydrogen […] September 4, 2024
Finance Saudi perfumer to raise $188m from 30% stake sale Al Majed for Oud Co priced its initial public offering (IPO) on the Saudi stock exchange at SAR94, the top of its indicative price range announced last week. The Riyadh-based perfume and oud products manufacturer will raise SAR705 million ($188 million) by selling 7.5 million shares, or a 30 percent stake. The institutional book-building phase was oversubscribed by 156.5 times, the […] September 4, 2024
Trade Saudi Arabia’s non-oil exports to GCC jump 31% Saudi Arabia’s non-oil commodity exports with Gulf Cooperation Council (GCC) countries rose 31 percent year on year to SAR24.4 billion ($6.5 billion) during the second quarter of 2024, according to official data. The UAE was the leading trade partner, with exports totalling SAR15.1 billion, making up 62 percent of the kingdom’s non-oil trade with the […] September 3, 2024
Logistics Jeddah port gets London Metal Exchange approval for storage The London Metal Exchange has added Saudi Arabia’s Jeddah Islamic Port to its list of locations for the storage of copper and zinc, though no warehouse has been approved yet. “The listing of Jeddah will become active as a delivery point three months after the approval of the first warehouse company in that location,” a […] September 2, 2024
Business of Sport Construction starts on Aramco football stadium in Al Khobar Construction has started on the Aramco football stadium in Al Khobar, one of the venues for the 2027 Asian Cup in Saudi Arabia. Belgian construction group BESIX made the announcement on its website over the weekend, saying the goal of delivering the 47,000-seat stadium by 2026 would be “challenging”. BESIX is working with Riyadh-based contractor […] September 2, 2024
Markets Arabian Mills to raise up to $271m from Saudi listing Arabian Mills for Food Products Company (Arabian Mills) has set the price range for its initial public offering (IPO) between SAR62 and SAR66 ($16.52-$17.59) per share, raising between SAR954 million and SAR1.02 billion. Market capitalisation will range between SAR3.2 billion and SAR3.4 billion on listing. The institutional book-building period commenced on September 1 and will […] September 2, 2024
Agriculture Tenders open for Saudi Arabia fish farm Saudi Arabia has opened a tender for a fish farm on its north-eastern coast as its government tries to encourage more healthy eating and shore up food security. The aquaponics project to cultivate fish and plants in a four-hectare area in the Jubail governorate has a bidding deadline of November 27, the ministry of environment, […] August 30, 2024
Analysis Markets PIF-backed Saudi companies increase dividends This week Saudi Arabia’s former telecom monopoly announced increased dividends. It became the latest company part-owned by the kingdom’s sovereign wealth fund and listed on Riyadh’s bourse to do so. The higher payouts provide a boost to the income of the Public Investment Fund, which it can then reinvest in higher-growth industries and accelerate Saudi’s […] August 30, 2024
Analysis Real Estate Only two bright spots for real estate transparency in Mena Dubai, Abu Dhabi and Saudi Arabia have climbed higher in a biennial ranking of the most transparent real estate markets in the world, as local authorities push to open up their markets in a bid to appeal to foreign investors. But the UAE and Saudi Arabia are the only bright spots for transparency in the […] August 30, 2024
Opinion Business of Sport Gulf sports wins are sidelined by the summer season An uncertain global economy has dampened sports investments fervour across the region August 29, 2024
Economy Saudi Arabia sets up new business park in Riyadh Saudi Arabia launched a new business park in Riyadh this week, backed by more than SAR1 billion ($270,000) in funding, in an effort to stimulate foreign investment and local job creation. The Boulevard Business Park is located in Riyadh’s Boulevard district which was recently host to the first e-sports ‘World Cup’, adding 60,000 square metres […] August 29, 2024
Analysis Oil & Gas India’s Russian oil imports dent Gulf’s market share Energy-hungry India has overtaken China as the world’s top importer of Russian oil as New Delhi takes advantage of sizeable discounts and shuns Gulf exporters to satisfy growing demand. India’s oil intake from Russia rocketed to record levels of more than 2 million barrels per day in July, from just 88,000 bpd in 2021-22, according […] August 29, 2024
Business of Sport Roma score commercial goal with Saudi signing Italian football club AS Roma will be anticipating commercial opportunities that might arise after it signed 25-year-old Saudi Arabian defender Saud Abdulhamid this week. Abdulhamid joined Roma from Al-Hilal in a deal worth $3.35 million. The transfer deal is the first involving a Saudi player and a major European league. NewsletterGet the Best of AGBI […] August 28, 2024
Banking and Finance $200m fund for Gulf startups launched by Saudi investors A group of Saudi family offices and investors have launched a SAR750 million ($200 million) Gulf-focused startup investment fund called Waad. The fund brings together Saudi investor Yaser AlGhamdi, who is the new fund’s CEO, the AlMajed family office, which owns the Al Majdiah Group, and the AlMisfer family office, which owns the Saudi Real […] August 28, 2024
Transport Saudia’s new expansion plan to drive global growth Saudi Arabian Airlines (Saudia) intends to increase its fleet from 188 to 300 aircraft by the end of 2032, director general Ibrahim Al-Omar told Socrates, an Arabic language podcast. Saudia ordered 105 aircraft from Airbus in May, with the first batch due for delivery in early 2026. Additionally, the Saudi flag carrier plans to double […] August 28, 2024
Banking and Finance PIF expands $15bn credit facility to 23 banks Saudi Arabia’s Public Investment Fund (PIF) has renewed a $15 billion credit facility with 23 global and regional banks for up to five years. Lower government oil revenues have put pressure on PIF’s funding of the country’s vast development projects, estimated to be worth $1.25 trillion. The sovereign wealth fund has $978 billion assets under […] August 28, 2024
Mining Saudi Arabia targets stake in Pakistan’s $6.5bn mining project Saudi Arabia plans to acquire a 15 percent stake in the Reko Diq mining project in Pakistan, according to a media report. The stake will be purchased through Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), The Express Tribune, a Karachi-based news outlet, reported. The […] August 28, 2024
Analysis Telecoms Saudi Telecom’s share surge raises prospect of PIF stake sale Saudi Telecom Co’s surprise dividend increase announcement has propelled its stock to a 13-month high and increased the likelihood that majority shareholder the Public Investment Fund may sell some of its stake in the former telecom monopoly. On Sunday, STC said it would pay SAR0.55 ($0.15) per share each quarter for three years starting from […] August 28, 2024
