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Saudi Arabia

Business news and financial news from Saudi Arabia, covering the biggest Saudi companies including Saudi Aramco, the Public Investment Fund (PIF), Sabic, Riyadh Air, Saudia and Saudi National Bank

Saudi arabia water

$4bn set aside for Saudi water projects

Saudi Arabia will spend $4 billion by the end of the decade on recycling over 2 billion cubic metres of water, about 70 percent of the country’s renewable water sources, an official said this week.  Speaking at the World Water Forum in Indonesia, Mohammed bin Zaid Abuhid, head of the General Authority for Irrigation, outlined […]

John Kirby, the White House national security communications adviser, said Saudi Arabia and the US were 'closer than we’ve ever been' to a deal

Saudi Arabia ‘close’ to US defence pact and arms deal

Saudi Arabia could be close to a security pact with the United States that would enable the kingdom to buy arms, potentially including the sought-after F-35 fighter jet, and obtain some form of US defence guarantee, White House officials said this week.  John Kirby, the president’s national security spokesperson, said on May 20 that the […]

Saudi Data and Artificial Intelligence Authority (SDAIA) director Dr Esam bin Abdullah Al-Wagait

IBM to help Saudi Arabia train AI models in Arabic

Saudi Arabia has signed a deal with US tech giant IBM to develop the kingdom’s generative artificial intelligence (AI) capabilities. The Saudi Data and Artificial Intelligence Authority (SDAIA) said on Tuesday that its Arabic language AI model, ALLaM, will be trained on IBM’s platform to run more efficiently. This will also add new language skills […]

Marina Storti, CEO of WTA Ventures, front right, and Kevin Foster, head of communications at PIF, front left, at the signing of the sponsorship agreement between the two

PIF to sponsor women’s world tennis rankings

Saudi Arabia’s Public Investment Fund (PIF) is giving its name to the women’s world tennis rankings, the latest sponsorship deal in the kingdom’s drive to dominate global sports.  “The PIF WTA Rankings will track players’ journeys, and PIF will work with the WTA to celebrate and support players’ progress,” PIF said, calling the deal “multi-year”.  […]

Visitors to the Edge of the World, a natural landmark and popular tourist destination near Riyadh. Interacting with local people is important, says the tourism minister

Pressure on Saudi tourism exposes mixed feelings about AI

Saudi Arabia is trying to limit the use of artificial intelligence technology in its expanding tourism industry in an effort to boost job numbers, despite strides being made elsewhere in the sector to make the kingdom a leader in digitalisation.  Speaking at an economic forum in Doha last week, tourism minister Ahmed Al-Khateeb expressed concerns […]

Architecture, Building, Factory A Sabic facility in Jubail. The company reported a net profit of SAR250 million in Q1 2024, down 62% year on year

Sabic to pay $1.4bn dividend despite profit drop

Saudi Basic Industries Corporation (Sabic) has declared a cash dividend of more than SAR5 billion ($1.4 billion) for the first six months of 2024. The board of the company, which is wholly owned by oil giant Saudi Aramco, announced the dividend payout this week, paying SAR1.7 per share. The dividend payout will take place on […]

The presidents of China and Russia, Xi Jinping and Vladimir Putin, held talks in Beijing last week

Oil keeps Russia and China close, but analysts warn it won’t last

Russia was China’s biggest oil supplier once again in April, according to official figures, staying ahead of Saudi Arabia thanks to its cheaper crude. However, crude flows from Riyadh to Beijing are expected to increase as the kingdom strengthens its presence in the Chinese energy sector, analysts have told AGBI. Russia’s crude oil exports to […]

Dhahran is home to the King Abdulaziz Center for World Culture. Retal will build almost 2,000 homes in the city

Retal wins $770m contract to build in Dhahran

The Saudi builder Retal has signed a SAR2.9 billion ($770 million) contract to design and build nearly 2,000 residential units in Dhahran, Eastern Province, for the giga-project developer Roshn.  Retal “will develop and design the detailed master plan, design and execute the infrastructure, landscape, construct 1,962 residential units and public amenities building in Aldanah project,” […]

GACA president Abdulaziz Al-Duailej said licences would be announced soon for more low-cost flights from regional Saudi airports

More low-cost airline routes planned for Saudi Arabia

Plans to privatise domestic airports have been announced by Saudi Arabia as part of an aviation expansion strategy, which includes imminent licences for more low-cost airline routes, the kingdom’s civil aviation authority said this week.  The General Authority of Civil Aviation has signed an agreement with a consortium led by the Turkish airport operator TAV […]

Saudi Aramco CEO Amin Nasser (centre back) at the signing ceremony for the quantum computer deal with Pasqal

Aramco to use Saudi Arabia’s first quantum computer

Saudi Arabia plans to deploy its first quantum computer, after an agreement between the state oil company, Saudi Aramco, and the French computing company Pasqal.  Pasqal will install, maintain and operate a 200-qubit quantum computer, due for deployment in the latter half of 2025, Aramco said in a statement. Quantum computers use the principles of […]

A Tadawul trader looks at prices on the Saudi stock exchange. Aramco's profits have fallen as Riyadh reduces oil output

Saudi listed companies report Q1 profit rise

Businesses listed on the Saudi stock exchange, excluding the state energy giant Aramco, reported an 8 percent rise in first-quarter profits this year, highlighting the continued strength of the non-oil sector as hydrocarbon output is cut.  Net profit gains in the banking sector, and for telecoms operator STC and state mining company Maaden, helped to […]

A jet on the assembly line at the Airbus factory in Blagnac, France. Saudia says it is updating the interiors of its current fleet

Saudia announces ‘largest deal in Saudi aviation history’

Saudia, one of Saudi Arabia’s national carriers, has ordered 105 aircraft from Airbus, with the first batch due for delivery in early 2026. Saudia director general Ibrahim Al-Omar told an aviation industry forum in Riyadh that it is “the largest deal in Saudi aviation history”. A similarly large order has been made by new carrier […]

Pilgrims Saudi Malaysia

Pilgrim air terminal planned for Kuala Lumpur airport

Saudi Arabia and Malaysia are planning to build a pilgrimage air terminal in Kuala Lumpur to increase tourism numbers in both countries. Malaysia’s transport minister Anthony Loke told an aviation industry forum in Riyadh that it was looking with the Saudi Arabian government into “building and establishing a Hajj and Umrah hub” in Kuala Lumpur […]

more than 420,000sq m of new Grade A office space is expected to become available before the end of the year 2WXWXWP Riyadh, Saudi Arabia - Mar 25 2024,King Abdullah Financial District , KAFD business towers

Foreign companies push up cost of Riyadh’s scarce office space

Rental rates in Riyadh’s office sector rose by up to 36 percent in the first quarter of this year as a result of increased demand from foreign companies and occupancy rates approaching 100 percent. Three quarters of all enquiries for office space directed to the real estate company Savills in the first three months of […]

The first phase of the luxury residential tower 'DG1' in Dubai, built by Dar Al Arkan's international arm Dar Global, should be completed this year

Dar Al Arkan Q1 profit rises 31% on higher property sales

The net profit of Saudi Arabian real estate company Dar Al Arkan rose 31 percent in the first quarter of 2024 to SAR154 million ($41 million).  The earnings increase was driven by higher property sales, a fall in operating expenses, and higher non-operating income from Islamic deposits. Property sales increase drove revenue higher by 13 […]

Smasco will offer 120 million shares in its IPO, or a 30 percent stake

Smasco market cap to hit $800m on Saudi listing

Smasco, the Saudi Manpower Solutions Company, has set its final initial public offering (IPO) price at SAR7.50 per share, giving it a market capitalisation of SAR3 billion ($800 million) at listing. The company will offer 120 million shares, or a 30 percent stake, raising SAR900 million from the listing. This month, the indicative price range […]

Saudi Arabian energy minister Prince Abdulaziz bin Salman bin Abdulaziz talks with US energy secretary Jennifer Granholm in Riyadh. Nuclear energy was apparently discussed but no details were given

Saudi Arabia’s nuclear plans stall while UAE pushes on

The UAE is moving ahead with its second nuclear power plant, but plans for Saudi Arabia’s first facility remain bogged down in controversy and delay.  The kingdom is attempting to win US approval to enrich its own uranium and use US technology.  Saudi Arabia said last year it would allow inspections of future nuclear facilities, […]

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]