Trade Oil export dip fails to dent Saudi trade with China China is holding up as Saudi Arabia’s main trading partner – even after a fall in crude oil exports in the first half of the year that led to an Aramco price cut, which takes effect this month. The latest international trade bulletin from the General Authority for Statistics says China accounted for 16.6 percent […] July 1, 2024
Leisure & Hospitality Eight sites to open at Amaala Red Sea resort in 2025 Saudi Arabia’s Red Sea giga-project Amaala is to open its first phase in 2025 with seven resorts and a yacht club, the company said this week. Red Sea Global – the Public Investment Fund project that owns Amaala – said the resorts to open would be Clinique La Prairie Health Resort, Jayasom Wellness Resort, Rosewood […] July 1, 2024
Economy Saudi FDI inflow up but still well below target Saudi Arabia recorded a year-on-year increase in foreign direct investment inflow of 0.6 percent to SAR17 billion ($4.5 billion) in the first quarter, still far below government targets as it struggles to find funding for its giga-projects. FDI inflow was also up on the previous quarter’s SAR13 billion. Net inflow was SAR9.5 billion when outflow […] July 1, 2024
Oil & Gas Saudi Aramco boosts gas network with $25bn deals Saudi Aramco has awarded contracts exceeding $25 billion to expand its strategic gas programme. The state-owned energy major is aiming to increase production by more than 60 percent by 2030 compared to 2021 levels. The contracts relate to the phase two development of the Jafurah unconventional gas field, phase three expansion of Aramco’s master gas […] July 1, 2024
Employment Saudi unemployment rate falls to 7.6% The unemployment rate among Saudi nationals fell to 7.6 percent in the first quarter of 2024 from 8.7 percent a year ago, official data showed. The quarterly unemployment rate was down from 7.8 percent in the fourth quarter of 2023, according to the General Authority for Statistics labour force survey. The employment-to-population ratio rose to […] July 1, 2024
Energy Aramco to acquire 10% stake in UK’s Horse Powertrain Saudi Aramco has signed agreements to acquire 10 percent of UK-headquartered Horse Powertrain, a thermal engine joint venture between Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holdings. The Saudi oil major will acquire the equity stake in equal parts from Renault and Geely, each retaining a 45 percent stake. Aramco’s payment is subject […] July 1, 2024
Mining Mining licences granted for six sites in Saudi Arabia Saudi Arabia has granted exploration rights to five local companies to mine for precious metals at six sites around the country, while a further round of licence bidding has been opened. The locations at Al-Halahilah, Jabal Qaran, Makman Hijab, Al-Hijra, Nimas and Al Miyah exploration sites cover a total area of around 1,000 square km […] June 28, 2024
Giga-projects Neom offers financial guarantees to lure private investors Neom is adopting stabilisation guarantees and varied financial arrangements to encourage private sector investments, according to a senior executive. The $1.5 trillion giga-project, owned by the Public Investment Fund (PIF), is a linchpin in Saudi Arabia’s move away from oil dependency. Dr Manar Al Moneef, chief investment officer at Neom, said it plans to offer […] June 28, 2024
Artificial Intelligence Riyadh IT company wins $10m project with Saudi AI authority Al Moammar Information Systems, a Riyadh-based technology company, has secured a SAR39 million ($10 million) project with the Saudi Data and AI Authority (SDAIA). Al Moammar, a listed company formed in 1996, invested $5 million in the giant American artificial intelligence research company OpenAI earlier this year. OpenAI is known for its large language AI […] June 27, 2024
Business of Sport Visas on offer as Esports World Cup hits Saudi Arabia Saudi Arabia is offering electronic visas for ticket holders for the first Esports World Cup, which starts next week at an entertainment district in Riyadh called Boulevard City. The event is being held over eight weeks from July 3. Around 1,500 players from 500 international clubs will compete for this year’s record total prize money […] June 27, 2024
Oil & Gas Aramco ventures further into US LNG market Saudi Aramco continues its push into the US liquefied natural gas sector with an initial agreement to buy a stake in Sempra’s Texas LNG export plant and for the supply of the fuel. Aramco has signed a non-binding agreement to buy 5 million tonnes per year of LNG for 20 years and a 25 percent […] June 27, 2024
Giga-projects Futuristic architect lands arts centre in Saudi’s Qiddiya Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh. The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital. Qiddiya, one of the Public Investment Fund’s giga-projects, said […] June 27, 2024
Tourism Saudi Red Sea resorts aim for 19m tourists by 2030 Saudi Arabia hopes to attract 19 million tourists a year to its Red Sea giga-projects and other resorts being built along the country’s west coast. Mohammed Al Nasser, CEO of the Saudi Red Sea Authority, said it intends to issue licences for up to 60 marinas over the next two years. It recently licensed six […] June 27, 2024
Renewable Energy Saudi adds 5,500MW to meet its renewable energy target Saudi Arabia has launched three new mega solar PV projects with a total capacity of 5,500 megawatts (MW). State-owned Saudi Power Procurement Company (SPPC) has signed power purchase agreements for three projects with Acwa Power Company, Water & Electricity Holding Co. (Badeel), a wholly owned unit of Public Investment Fund, and Saudi Aramco Power Company. […] June 27, 2024
Markets Fourth Milling to offload 30% in IPO on Saudi bourse Saudi Arabia’s market regulator has approved the flotation of another milling company on the local bourse. Fourth Milling Company (MC4) will sell 162 million shares, or 30 percent of its share capital, through an initial public offering (IPO). The approval is valid for six months and will be deemed cancelled if the offering and listing […] June 27, 2024
Retail Saudi brands cash in on Gaza boycott as food market grows Saudi Arabian food and beverage brands are hoping to benefit from regional consumers shunning Western brands over the conflict in Gaza, with some franchise owners beginning to feel the impact of an informal boycott. Some outlets in the Gulf have stopped stocking Western soft drinks and are replacing them with Saudi versions that have shot […] June 26, 2024
Mining Saudi’s Almar Water explores lithium venture in Chile Almar Water Solutions, a water infrastructure developer and part of Saudi Arabian company Abdul Latif Jameel Energy, plans to partner with Chile’s state-backed Codelco in the Maricunga lithium mining project. The Spain-based company aims to leverage its technology to extract battery-metal lithium, Reuters reported, quoting CEO Carlos Cosin. Chile is the world’s second-largest lithium producer […] June 26, 2024
Energy Saudi Arabia ‘is and will remain the kingdom of energy’ Saudi Arabia will sustain its status as a global leader in oil and gas while spearheading green energy initiatives, the country’s minister of investment Khalid bin Abdulaziz Al Falih has said. The country “is and will remain the kingdom of energy,” Al Falih, who was previously CEO and president of state oil giant Aramco, told […] June 26, 2024
Renewable Energy 1,200 sites to be surveyed for Saudi solar and wind power drive A survey involving 1,200 sites to find the best places for future solar and wind power projects has been launched in Saudi Arabia, as the kingdom tries to meet its clean energy targets. Energy minister Abdulaziz bin Salman Al Saud, who has signed contracts for Saudi companies to conduct the survey, said it was the […] June 25, 2024
Oil & Gas Saudi Arabia signs $1.5bn deal for gas-powered plants Saudi Arabia has signed a $1.5 billion agreement with Siemens Energy of Germany to supply technology for two new gas-fired power plants. The Taiba 2 and Qassim 2 power stations in the west and central regions of the kingdom will produce four gigawatts of electricity combined – enough to power around three million homes. The […] June 25, 2024
