Aviation Saudia to buy 50 air taxis from Germany’s Lilium Saudi national carrier Saudia has agreed to buy at least 50 pilotless electric flying vehicles from Germany’s Lilium in the region’s biggest “air taxi” deal so far. The deal for what the industry calls electric vertical take-off and landing (eVTOL) aircraft is Saudia’s second major order this year. In May Saudia ordered 105 Airbus aircraft, […] July 18, 2024
Real Estate Dar Global to build new Trump tower in Dubai The Trump real estate brand got another boost in the Gulf on Thursday as developer Dar Global announced it would build a Trump Tower in Dubai. The London-listed overseas arm of Saudi Arabia’s largest developer Dar Al Arkan said further details about the agreement with the Trump Organization, such as the exact location and construction […] July 18, 2024
Transport Autonomous vehicles pass test in UAE Self-driving vehicles are to be rolled out across the UAE following successful trials in Dubai South. Evocargo, which is headquartered in Dubai, ran the tests and is confident that autonomous vehicles will be available within Dubai South in the first quarter of next year. The company then plans to expand into neighbouring Ras Al Khaimah […] July 18, 2024
Energy Acwa Power gets Chinese partner for Uzbek green projects The Saudi renewable energy company Acwa Power has divested a 35 percent stake in two subsidiaries to a state-backed power grid contractor in China for SAR596 million ($159 million). Acwa Power signed sale and purchase agreements for the stake in Acwa Power Bash Wind Project Holding and Acwa Power Uzbekistan Wind Project Holding to China […] July 18, 2024
Leisure & Hospitality Jadwa buys 60% of Saudi chain Tikkaway Restaurants Jadwa Investment is acquiring a majority stake in the Saudi fast-food chain Tikkaway Restaurants for an undisclosed sum. The Riyadh-based investment management company acquired a 60 percent stake in Tikkaway through its food and beverage opportunities fund. The homegrown restaurant chain has 20 branches and plans to expand to more than 40 outlets across the […] July 18, 2024
Aviation Airbus trims order book outlook for the Middle East Airbus has reduced its forecast for demand for wide-body aircraft in the Middle East over the next 20 years. The European jet maker increased its global forecast for wide-body demand by 9 percent to 8,920 units. However, it cut its prediction for the Middle East by 2 percent to 1,570 aircraft. NewsletterGet the Best of […] July 17, 2024
Economy IMF lowers Saudi growth forecast over oil output cuts The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy. In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […] July 17, 2024
Analysis Aviation Damascus resumes Saudi flights but sanctions stifle trade Syria has resumed weekly flights from Damascus to Saudi Arabia as commercial relations warm up further after diplomatic ties were restored last year. But Syrian integration into regional economies is still moving slowly, because of US sanctions. Syrianair began the once-weekly flights to Riyadh on July 10, adding its list of Gulf destinations including Dubai, […] July 17, 2024
Energy Saudi Aramco bolsters blue hydrogen portfolio Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen. NewsletterGet the Best of AGBI delivered straight to your […] July 17, 2024
Renewable Energy PIF ties up with China to meet renewable energy targets Saudi Arabia’s Public Investment Fund (PIF) is swiftly moving towards localising renewable energy components to achieve its 2030 targets. The Renewable Energy Localization Company (RELC), a unit of the sovereign fund, has signed three joint venture agreements with Chinese companies to support the kingdom’s clean energy needs. RELC works to build partnerships between global manufacturers […] July 17, 2024
Economy Slowing Chinese economy no threat to Saudi oil exports – yet Slower economic growth in China in the second quarter of this year has raised concerns about Saudi Arabia’s ability to maintain funding lines from its main trading partner. The Chinese economy grew at a year-on-year rate of 4.7 percent, down from 5.3 percent in the previous quarter. In the retail sector, the pace of growth […] July 17, 2024
Economy Non-oil discounting brings Saudi inflation down Saudi Arabia’s year-on-year consumer inflation rate fell to a low of 1.5 percent as non-oil businesses competed over prices but the wholesale price index remained at a high of 3.2 percent, reflecting high prices globally. The consumer price index was down from 2.7 percent in June 2023. The CPI was also down from the 1.6 […] July 16, 2024
Agriculture Saudi fishing industry bolstered by support plan Saudi Arabia’s fishing industry has landed a financial support programme from the government as part of plans to develop and safeguard the sector. Fish production in the kingdom increased 80 percent in 2023 year on year to 214,600 metric tonnes. The goal is to increase that by 7 percent to 230,000 tonnes this year. NewsletterGet […] July 16, 2024
Oil & Gas Italy’s Saipem awarded Aramco contracts worth $500m Saipem, an Italian oil services company, has been awarded contracts for two offshore projects worth $500 million from Saudi Aramco as part of its existing long-term agreement with the Saudi oil giant. The first project’s work scope involves engineering, procurement, construction and installation of a crude trunkline for the Abu Safa field. The second project involves […] July 16, 2024
Markets Saudi Arabia’s PIF hires banks for Nupco’s $1bn IPO Saudi Arabia’s Public Investment Fund (PIF) has hired banks for the initial public offering of its wholly owned subsidiary, National Unified Procurement Company (Nupco), a media report said. The sovereign wealth fund has appointed global and local bankers, such as JPMorgan Chase & Co., Morgan Stanley and SNB Capital, to manage Nupco’s flotation, Bloomberg reported, […] July 16, 2024
Manufacturing Henkel expands Gulf presence with Riyadh factory German consumer goods group Henkel has opened a beauty care production facility in Riyadh amid a localisation drive by the Saudi government. The facility in Riyadh will produce a range of products under the Pert brand, including shampoos, conditioners and other specialised items. No details were given on the production capacity and cost of the facility. […] July 16, 2024
Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024
Aviation Saudi air passengers up 17% in first half of 2024 Saudi Arabia had a 17 percent increase in the total number of air passengers in the first half of the year, rising to 62 million. This was based on a 12 percent rise in total flights to 446,000, the General Authority of Civil Aviation (GACA) said. Air freight was also up, showing an increase of […] July 15, 2024
Retail Saudi shoppers heavily favour local produce Saudi shoppers heavily favour local produce over imported foodstuffs and have a high interest in the use of artificial intelligence in food shopping, a new survey has found. It also described the Saudi supermarket sector as a huge opportunity for discount retailers. The Customer Perception Map by global consultancy Oliver Wyman, which included Saudi Arabia […] July 15, 2024
Business of Sport Anyone for cricket? Saudi Arabia’s next big sports play Saudi Arabia is aggressively courting much-needed foreign investment to commercialise its emerging sport sector, part of its Vision 2030 plan to diversify from its dependence on wealth from hydrocarbons. Basim Ibrahim, director of sport investment development at Saudi’s Ministry of Investment, said the kingdom, which has already put its football clubs up for sale, is […] July 15, 2024
