Banking & Finance Saudi Telecom’s pay app to offer full banking service State-owned Saudi Telecom’s pay app has received central bank approval to become a fully fledged digital bank. Part of the kingdom’s fintech expansion strategy, the new STC Bank will offer traditional and Sharia-compliant services fully aligned with the international banking system. The service will be available to a small test group in the coming months […] April 5, 2024
Infrastructure PIF close to buying Pakistan copper mine stake Saudi Arabia’s Public Investment Fund is close to finalising a deal to buy a $1 billion stake in Pakistan’s Reko Diq copper-gold mine, in what would be a Saudi lifeline for the debt-ridden country, a Pakistani newspaper has reported. Barrick Gold, the Canadian-listed company that owns a 50 percent stake in the Reko Diq mine, […] April 5, 2024
Analysis Finance China and US vie for FDI supremacy in Gulf’s biggest economies China and the United States invested more than $23 billion in projects in the Gulf’s two biggest economies last year. The US more than doubled its “greenfield” foreign direct investment in the UAE to nearly $4 billion, while China’s commitment to Saudi Arabia rose 10-fold to almost $17 billion. Greenfield FDI involves a foreign entity […] April 5, 2024
Retail Electronic retail payments rise to 70% in Saudi Arabia The Saudi central bank said this week that the share of electronic payments in the retail sector rose to 70 percent in 2023 from 62 percent the year before, as the government tries to boost online banking and the fintech sector. A total 10.8 billion transactions were processed in 2023 compared to 8.7 billion transactions […] April 4, 2024
Media & Advertising Streaming platform Shahid to drive growth, says MBC TV The Arabic TV network MBC says its new Shahid streaming platform will lead its growth after subscriptions grew 40 percent in 2023 to nearly four million. The Saudi-owned group recently completed an IPO on the Saudi stock exchange, requiring it to open its books to the public for the first time. It reported net profit […] April 4, 2024
Finance Riyad Bank plans IPO of its investment arm Riyad Bank’s board is planning to list its investment arm, Riyad Capital, on the Saudi stock exchange, as the government tries to increase market offerings to raise the status of Saudi capital markets in global rankings. The bank said in a statement to the Saudi stock exchange on Thursday that it and its subsidiary […] April 4, 2024
Industry Saudi Arabia invites bids for six mining licences Local and international investors are being invited to bid for the latest round of mining licences in Saudi Arabia as the kingdom ramps up operations across its minerals sector. The six mining opportunities revealed by the Ministry of Industry and Mineral Resources include gold, copper, zinc, lead and silver ore and cover a total area […] April 4, 2024
Cybersecurity PIF entities invest $133m in South Korea’s AhnLab A technology subsidiary of the Public Investment Fund (PIF) will set up a joint venture with South Korea’s AhnLab to develop and localise multiple cybersecurity technologies in Saudi Arabia. Saudi Information Technology Company (Site) and its subsidiary, Site Ventures, will invest more than SAR500 million ($133 million) in the venture to carry out research and […] April 4, 2024
Employment Saudi Arabia will pay costs of normalising migrants’ status Saudi Arabia said this week it will take on the costs of normalising the status of displaced individuals from neighbouring countries in what could amount to amnesty for thousands of illegal migrants and refugees. “The state assumes the costs on behalf of individuals permitted to stay and rectify their status among the displaced from neighbouring […] April 3, 2024
Retail Cenomi Retail to divest more brands in turnaround plan Franchiser Cenomi Retail has announced another round of brand divestments as it seeks to tackle rising losses. The Saudi company closed more than 200 stores last year and sold 16 brands in the first quarter of 2024. On Wednesday Cenomi Retail said its board of directors had approved the third phase of the sell-off. The […] April 3, 2024
Trade Kuwait’s record performance tempered by costs Rising inflation and increasing staffing costs are weighing heavily on Kuwait’s non-oil business sector despite growth, the latest business sentiment survey has revealed. The seasonally adjusted S&P Global Kuwait purchasing managers’ index (PMI) revealed strong growth, with competitive pricing by businesses helping to attract new customers. The index was up at 53.2 for March from […] April 3, 2024
Oil & Gas Aramco invests $8bn to raise gas output by 60% Saudi Aramco is building on its natural gas reserves to free more crude oil for value-added refining and export. As part of the strategy, the oil giant has awarded engineering, procurement and construction contracts worth $8 billion for a major expansion of its Fadhili gas plant in the Eastern Province. The contracts for the gas […] April 3, 2024
Economy Saudi-listed companies’ total profits tumble by 17% The total profits of Saudi-listed companies fell 17 percent year on year to SAR126.8 billion ($33.8 billion) in the fourth quarter of 2023, research has found. The drop has been attributed to the country’s economic contraction as oil production cuts continue. But sectors such as banks, insurance, transport and pharmaceuticals showed improvement in Q4, reflecting […] April 2, 2024
Giga-projects Roshn to build its first residential district in Mecca The Saudi giga-project Roshn is building its first residential community in Mecca, which will cater to middle income Saudis. The Almanar project will sit on the western outskirts of the city, with easy access to Jeddah airport. It will house 17,000 people in its first phase, Roshn said this week. The development will include three […] April 2, 2024
Giga-projects Neom and Jeddah offer appeal to expat buyers Many expatriates in Saudi Arabia are interested in buying property in Neom and Jeddah Central and willing to spend over $1 million, a real estate survey showed this week. “When asked about which giga-project they would most like to buy a home to live in, Neom emerges as the clear favourite, followed by Jeddah Central […] April 2, 2024
Retail Saudi retailer Cenomi reveals major brand sale Saudi-based franchiser Cenomi Retail has announced the sale of 16 brands in the first quarter of 2024 as part of a turnaround strategy to stem mounting losses. Cenomi transferred 226 stores in Saudi Arabia to Abdullah Al Othaim Fashion Company. This follows the retailer’s exit from some international markets and the net closure of an […] April 2, 2024
Tourism Red Sea airport prepares for first international visitors Saudi Arabia’s Red Sea International Airport will record its first international visitors this month when a flight from Dubai arrives on April 18. Red Sea Global, the developer behind regenerative tourism destinations The Red Sea and Amaala, said the flight, operated by Flydubai, marks the start of a new twice-weekly route. Regular domestic flights operated […] April 1, 2024
Construction Losses narrow for developer of King Abdullah Economic City Emaar the Economic City, the developer of King Abdullah Economic City near Jeddah, narrowed its losses in 2023 as revenue nearly tripled. The developer cut losses to SAR253 million ($67 million) last year from SAR1.2 billion in 2022. Revenue was up 184 percent year on year to more than SAR1 billion in 2023, driven by sales […] April 1, 2024
Employment Saudi Arabia steps up Saudisation job drive Saudi Arabia’s government said this week that jobs in human resources (HR) in the kingdom are now restricted to Saudi nationals only. It is another step in the country’s plan to localise skilled jobs and reduce unemployment. The ministry of human resources made the statement on social media site X, formerly Twitter, in response to […] March 29, 2024
Opinion Transport Art, beaches, culture: Jeddah commute makes sense to me Riyadh may be where the action is but serenity is found in Saudi Arabia's port city March 29, 2024