Opinion Manufacturing Tesla “just not cool” anymore in car-crazy California The US state and Elon Musk's pioneering company have fallen out of love August 27, 2024
Economy Sharp slowdown in companies opening Saudi HQs The number of companies setting up headquarters in Saudi Arabia slowed sharply in the second quarter of 2024, after a rush to Riyadh at the start of the year. The country’s regional headquarters programme came into operation at the start of 2024, forcing international companies wanting to win government contracts worth SAR1 million ($260,000) or […] August 27, 2024
Analysis Construction Mena hotel construction to focus on Saudi Arabia and Egypt The Middle East and North Africa is forecast to see a rapid increase in hotel construction over the next 12 months, led in particular by high-end properties in Saudi Arabia and Egypt, new industry data suggests. During the second quarter of 2024 there were 607 projects and 147,088 rooms in the overall regional pipeline at […] August 27, 2024
Finance Saudi Electricity raises $4bn from 15 banks Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, has obtained SAR15 billion ($4 billion) in funding from 15 regional and global banks. The three-year credit facility will be used for general corporate purposes. The facility is not backed by any guarantees, the company said in a statement to the Saudi stock exchange […] August 26, 2024
Markets Saudi perfume maker sets IPO price guidance Al Majed for Oud Company, a Riyadh-based perfume and oud products manufacturer, has set the price range for its initial public offering (IPO) between SAR90 and SAR94 ($23.99-$25.05) per share. The institutional book-building period started on Sunday and will end on August 29. The company is floating 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange. […] August 26, 2024
Analysis Employment Recruitment portals try to ease logjam in Saudi labour market Saudi Arabia presents a golden opportunity for recruitment platforms that seek to match multitudes of job seekers with a plethora of employers looking to hire, labour market specialists say. There are around 168 Public Investment Fund companies working on the $1.25 trillion Vision 2030 economic diversification programme, as well as foreign companies setting up offices […] August 26, 2024
Tech Saudi telco STC approves three-year dividend policy Saudi Arabia’s STC Group has announced its new three-year dividend policy, committing a payout of SAR0.55 ($0.15) per share every quarter, starting in Q4 2024 and running until Q3 2027. The decision is subject to approval by the shareholders and the date of the general assembly will be announced soon. The telecom operator may consider paying […] August 25, 2024
Construction Saudi builders fined for anti-competitive practices A Saudi regulatory authority has imposed more than SAR6.5 million ($1.7 million) worth of fines on 14 construction firms for anti-competitive practices. They were found to have colluded in setting prices when bidding for government projects, highlighting ongoing problems in the sector. The firms violated Saudi rules protecting fair access to public contracts, according to […] August 23, 2024
Giga-projects Red Sea Global to open Thuwal island resort in weeks Saudi giga-project Red Sea Global will open hotels at a second site within weeks and more at a third location will open next year, the luxury resort developer said this week. The company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will open a private island called Thuwal just north of Jeddah, followed by […] August 23, 2024
Oil & Gas Saudi oil receipts drop to a three-year low Sales of Saudi Arabian crude oil and refined products fell to a three-year low in June as a result of a drop in prices and ongoing cuts in production instigated by the kingdom. Receipts from shipments for the month were down to $17.7 billion – a fall of more than 9 percent year on year […] August 23, 2024
Finance Merger talks begin among Saudi-listed insurers Saudi-listed insurers Liva and Malath Cooperative Insurance have signed a non-binding agreement to study a potential merger, as consolidation in the sector continues to ramp up across the Gulf. The share-swap ratio will be finalised after concluding all necessary due diligence by the two companies. The companies will have to obtain the approvals of the […] August 23, 2024
Giga-projects Five Saudi banks to finance cultural development fund Five Saudi banks have agreed to provide financing for a new arts fund managed by Saudi Arabia’s Cultural Development Fund, which has been leading government support for the arts since 2021. The agreement with Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi, Arab National Bank and Bank Aljazira will provide support to private sector projects in […] August 22, 2024
Infrastructure Riyadh metro to open this year, Saudi minister says Riyadh’s delayed metro system will officially open later this year, the Saudi minister of transport said this week, as the kingdom’s rapidly expanding capital wrestles with crippling traffic congestion. “The Royal Commission for Riyadh has said it will open this year,” Saleh Al-Jasser, the transport minister, said in an interview with Saudi-owned Al Arabiya TV. […] August 22, 2024
Logistics Maersk opens logistics park in Jeddah Danish shipping major Maersk has opened its largest logistics park in the Middle East, aiming to bolster Saudi Arabia’s rapidly growing logistics sector. The $250 million facility in Jeddah Islamic Port is Maersk’s most expansive single-site logistics and services centre in the region. Spanning 225,000 sq m, the Maersk Logistics Park offers warehousing facilities and […] August 22, 2024
Markets Arabian Mills to float 30% of its stake on Saudi bourse Arabian Mills for Food Products Company (Arabian Mills) will sell 15.4 million shares, or 30 percent of its share capital, on the Saudi stock exchange. The sale comprises existing shares by Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company (Ajlan & Bros), Sulaiman Abdulaziz Al-Rajhi International Company, and National Agricultural Development Company (NADEC). […] August 22, 2024
Giga-projects Saudi infrastructure provider signs on for The Rig giga-project Saudi adventure tourism project The Rig has contracted a local company to develop the infrastructure for one of the kingdom’s more outlandish giga-projects. The Public Investment Fund (PIF) company said International Maritime Industries (IMI) had formally agreed to provide maritime logistics and infrastructure for the project, which has an ambitious target date of 2027. The […] August 21, 2024
Aviation UK companies win contracts for new Riyadh airport British and American companies are among those who have won contracts for developing the massive King Salman International Airport in Riyadh. Foster + Partners, a British architecture company, will design the airport’s master plan, which covers a total area of 57 sq km, the state-owned Saudi Press Agency reported, citing the Public Investment Fund-owned King […] August 21, 2024
Analysis Finance Saudi Arabia’s PIF is focused on the home advantage The value of Saudi Arabia’s sovereign wealth fund’s domestic assets under management have doubled year on year in further evidence of a strategy to focus investments in the kingdom. The AuM, referred to in the fund’s annual report as “Saudi sector development (SSD)” increased from 21 percent to 33 percent last year. The investments are […] August 20, 2024
Retail Cenomi in brand merger talks with global fashion retailer The Saudi Arabia-based franchiser Cenomi Retail is in talks with an unnamed international fashion retailer for a potential merger of some of its brands. The investment bank Lazard has been appointed as financial advisor while AS&H Clifford Chance will take on the task of legal adviser, the Saudi-listed company said in a statement. Updates on the […] August 20, 2024
Logistics Saudi shipping company signs $1bn tankers deal National Shipping Company of Saudi Arabia (Bahri) has announced a SAR3.75 billion ($1 billion) deal to buy nine tankers from Greek company Capital Maritime and Trading Corporation. The very large crude carriers (VLCCs) will be used by Bahri to deliver crude cargoes for its customers. VLCCs are a crucial part of the global maritime logistics […] August 20, 2024
