Transport Saudi deal with Lucid powers up EV charging network US electric vehicle manufacturer Lucid has partnered with a Saudi government entity to create a much-needed network of charging hubs around the Gulf state. There were less than 1,000 electric cars on the roads in Saudi Arabia in 2023. Saudi-backed Lucid signed an agreement on May 29 with the Electric Vehicle Infrastructure Company (EVIQ), which […] May 30, 2024
Giga-projects Saudi review says 87% of Vision 2030 projects ‘on right track’ Saudi Arabia’s top economic body discussed the progress of the kingdom’s Vision 2030 plan this week, citing a recent government report that 87 percent of its projects are “on the right track”. The Council of Economic and Development Affairs, which is headed by Crown Prince Mohammed bin Salman, convened on May 28 in a meeting […] May 30, 2024
Tourism Saudi Arabia grants first maritime tourism licence Saudi Arabia has granted its first maritime tourism licence to a Public Investment Fund company ahead of the launch of its own cruise ships off the Red Sea coast this year. The government’s Saudi Red Sea Authority granted the licence on May 28 to Jeddah-based Cruise Saudi, which this month opened bookings for its ship […] May 30, 2024
Banking and Finance Saudi banks’ profits fall as interest margins are squeezed Combined profits in April at Saudi Arabia’s banks fell 3.3 percent compared with March, to SAR6.7 billion ($1.9 billion), the lowest monthly total since last November’s SAR6.1 billion, central bank data shows. Nevertheless, banks total profits for January to April was SAR27.4 billion, up from SAR24.8 billion for the same period in 2023, a report […] May 30, 2024
Opinion Oil & Gas Opec+ and the US are fighting a silent price war Opec+ is battling two giant challenges – the US ability to fill supply gaps and renewables growth May 29, 2024
Banking and Finance Saudi Arabia’s new sukuk order book hits $20bn Order books for Saudi Arabia’s $5 billion Islamic bond (sukuk) reached $20 billion, according to news report. The kingdom, the world’s top oil exporter, sold tranches of $1.25 billion, $1.5 billion and $2.25 billion, reported IFR, a London Stock Exchange Group publication. The bonds have durations of three, six and 10 years, respectively. NewsletterGet the […] May 29, 2024
Tech China’s Lenovo issues $2bn bonds to repay Saudi Alat debt China’s Lenovo Group has issued $2 billion in convertible bonds to Alat, a Public Investment Fund (PIF)-backed technology manufacturing company, to repay its existing debt and boost working capital. As part of the agreement, the Hong Kong-headquartered personal computer maker will open a new PC and server manufacturing facility and establish its Middle East and Africa […] May 29, 2024
Artificial Intelligence Prince Alwaleed part of Elon Musk’s $6bn AI funding round Elon Musk’s artificial intelligence startup xAI has secured $6 billion in a series B funding round led by investors including Saudi billionaire Prince Alwaleed Bin Talal and his investment firm Kingdom Holding Company. The round, which also included investments from Dubai-based Vy Capital and US companies Andreessen Horowitz and Sequoia Capital, will assist the commercial […] May 28, 2024
Industry PIF launches space unit, despite Saudi funding constraints Saudi Arabia’s Public Investment Fund has launched a space unit to develop off-planet commercial activities, despite challenges the sovereign wealth fund faces funding Saudi Arabia’s giga-projects. The PIF-owned Neo Space Group will invest in satellite navigation and communications, Earth observation and remote sensing. It will also include a venture capital fund to help Saudi startups […] May 28, 2024
Health PIF unit leads fundraising for Saudi healthcare fund Jada Fund of Funds, wholly owned by the Public Investment Fund, has led the SAR920 million ($250 million) fundraising round in a fund which aims to invest in major healthcare companies in Saudi Arabia. Other investors in the TVM Healthcare Afiyah Fund were from Saudi Arabia, the GCC and Europe, according to TVM Capital Healthcare, […] May 28, 2024
Giga-projects Saudi Arabia races to find technologies for futuristic cities Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […] May 27, 2024
Opinion Oil & Gas Opec+ – if it ain’t broke, don’t fix it The rejigged meeting is likely to maintain the status quo in global crude markets May 27, 2024
Aviation Riyadh Air not buying from China’s Comac ‘for now’ Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus. “The narrowbody order is in its […] May 27, 2024
Logistics $250m logistics park breaks ground in Jeddah Dubai logistics company DP World has commenced work on a SAR900 million ($250 million) logistics park in Saudi Arabia’s Jeddah Islamic Port. The new storage and distribution facilities, being developed along with state-backed Saudi Ports Authority (Mawani), will boost trade in the kingdom and the wider region. The 415,000 sq m “greenfield” facility will provide […] May 27, 2024
Finance Saudi investors fined $1m for insider trading Saudi financial authorities have fined five investors and one company almost SAR5 million ($1.3 million) for insider trading and other capital market law violations, the latest in a series of crackdowns on corruption in the kingdom. The investors and the company, Erada and Riyada for Development and Commercial Investment, committed crimes including buying shares of […] May 27, 2024
Energy Saudi Aramco’s $10bn share sale slated for next month Saudi Aramco’s anticipated share sale is expected to take place next month, according to a media report. The offering is projected to raise nearly $10 billion and will be listed on the local stock exchange, Reuters reported, citing unnamed informed sources. The sources said details may still change, but the process continues. In September 2023, […] May 26, 2024
Leisure & Hospitality Hong Kong’s airport lounge operator targets Saudi expansion Hong Kong’s airport lounge operator, Plaza Premium Group (PPG), has earmarked $100 million to expand across the Middle East, focusing on Saudi Arabia. The regional expansion is part of its three-year $300 million global expansion plan. The funds will be allocated to opening lounges, establishing an airport concierge service with white-glove service, opening innovative dining outlets and exploring […] May 26, 2024
Aviation Chinese planemaker banned by US woos Saudi airlines The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China. Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […] May 24, 2024
Opinion Business of Sport Marseille ticks boxes for Saudi’s next football foray Reports suggest the kingdom is keen to add the French club to its growing sports portfolio May 24, 2024
Opinion Aviation Is Saudi Arabia’s aviation strategy cleared for landing? The masterplan is in place – all the kingdom needs now is passengers May 24, 2024
