Business of Sport LIV Golf chief says rugby next in line for Gulf funds Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […] May 17, 2024
Retail Record footfall at Saudi Arabia’s largest mall operator Cenomi Centers, Saudi Arabia’s biggest mall operator, said on Thursday it had seen record footfall of 31.7 million customer visits in the first quarter of 2024, highlighting the continued strength of the Saudi retail sector. Net profit at the company, which runs 21 malls, was down 53 percent at SAR180.5 million ($48 million) after the […] May 17, 2024
Giga-projects Diriyah giga-project to open first hotel in November Diriyah, one of Saudi Arabia’s leading giga-projects, will finally open its first hotel in November along with other attractions and sites, its CEO said this week. “This November we’ll open another few kilometres of parks, we’ll open our first Bab Samhan hotel, we’ll open our first museum which is the Diriyah Art Futures Museum, we’ll […] May 16, 2024
Tourism Passenger numbers rise 26% in Saudi Arabia Saudi Arabia said this week that its total number of air passengers rose 26 percent to 112 million in 2023. This includes a 46 percent rise in the total number of international travellers to 61 million. The number means the kingdom’s airports are approaching full capacity, which is 116 million passengers a year, including 45 […] May 16, 2024
Giga-projects Affluent tourists around the globe on Saudi Arabia’s radar Saudi Arabia will invest more than $800 billion in its main giga-projects by the next decade as part of a tourism expansion strategy focused on affluent tourists in China, India and Europe. The kingdom’s tourism minister Ahmed Al-Khateeb, speaking at the Qatar Investment Forum, said: “We’re building and investing in major destinations like Neom, Red […] May 16, 2024
Analysis Real Estate Investor interest wanes as Saudi real estate trusts underperform Saudi Arabia’s publicly listed real estate investment trusts lag the kingdom’s main stock index as investor enthusiasm for the REIT asset class wanes. This is despite steady returns and an upbeat outlook in the property sector. REITs are often listed on bourses and invest in various property types such as offices, residential, education facilities and […] May 16, 2024
Giga-projects PIF merges companies in sign of giga-project shake-up The Saudi sports and leisure city Qiddiya said on Tuesday it would absorb the entertainment company Seven. It is the first sign of a possible shake-up of Public Investment Fund giga-projects as they struggle to meet deadlines amid rising costs and budget deficits. Doubts have arisen about the future of some of the projects after […] May 15, 2024
Opinion Aviation Direct domestic flights are dull but critical Even though at-home routes are not particularly attractive, they can and do generate cash May 14, 2024
Markets Healthcare group Fakeeh attracts orders of $91bn for Saudi IPO The listing of healthcare conglomerate Fakeeh Care Group was 119 times oversubscribed by institutional investors, the Saudi stock exchange said on Tuesday. The initial public offering was set to raise $763 million but attracted orders of $91 billion, reinforcing Saudi Arabia’s dominance of the region’s IPO market this year. Fakeeh, which was founded in Jeddah […] May 14, 2024
EXCLUSIVE Leisure & Hospitality Rotana reveals plans to reflag hotels in Saudi Arabia Rotana, the Abu Dhabi-based hospitality company, is looking at aggressive expansion in Saudi Arabia, including taking over already operational hotels, its chief executive has revealed to AGBI. At this month’s Arabian Travel Market, Rotana outlined plans to launch nine new properties in Saudi Arabia within four years, aiming to double its rooms to more than […] May 14, 2024
Mining Maaden Q1 profit jumps twofold to $262m Higher sales volume and lower depreciation costs helped Saudi state-backed miner Maaden’s net profits rise more than twofold rise year on year for the first quarter of 2024. Net earnings reached SAR982 million ($262 million) in January to March, compared to SAR419 million a year earlier. Revenue fell 9 percent year on year to SAR7.2 […] May 14, 2024
Banking and Finance Demand is high for Alrajhi bank’s first green sukuk Saudi Arabia’s Alrajhi Bank has completed its $1 billion sukuk – having raised $3.5 billion in subscriptions from local and international investors – as the kingdom’s lenders push to raise funds for the government’s expensive giga-projects. Sukuk are sharia-compliant bonds that were developed as an alternative to conventional bonds, which are not considered permissible by […] May 13, 2024
Opinion Mining The Gulf has solid reasons to intervene in BHP’s bid for Anglo Anglo's board has rejected two offers. A 'white knight' could step in – and become a force in mining May 13, 2024
Real Estate Overseas buyers dominate in Sharjah’s reformed real estate Overseas buyers in Arada’s two mega-developments in Sharjah have vastly outnumbered locals in the year-and-a-half since the emirate expanded full real estate ownership rights to non-GCC nationals. From when Aljada, Sharjah’s biggest mixed-use project, launched in 2017 until the land reform of late October 2022, Emirati nationals bought more than 63 percent of the value […] May 13, 2024
Tech Flood warning startup Sadeem to seek more funding Tech startup Sadeem, which provides patented flood-warning systems to cities worldwide, will raise further funding this year, its co-founder told AGBI. The Gulf is among the driest inhabited regions worldwide, with on average less than 130 mm of rainfall annually, academic research shows. Yet when rainfall does occur it is often torrential and sustained, and […] May 13, 2024
Industry Industrial output falls in Saudi Arabia after oil cuts Saudi Arabia’s industrial output index has fallen almost 9 percent over the past year, largely due to a policy of oil production cuts the government began in mid-2022. The industrial production index fell from around 114 points in March 2023 to 104 in March 2024, as mining and quarrying fell by 14 percent and manufacturing […] May 10, 2024
Markets Saudi Arabia dominates Mena Q1 public listings Saudi Arabia dominated public listings in the region in the first quarter of the year and maintains a “healthy pipeline” of IPOs for the remainder of 2024. Nine companies were brought to market in Saudi Arabia during the opening three months, according to the latest report from global consultants EY. The kingdom’s largest, and the […] May 10, 2024
Finance Hong Kong plans fund on Saudi stock exchange Officials in Hong Kong are planning to set up an exchange-traded fund with Saudi Arabia’s stock exchange, as Middle East investors increasingly go “bargain hunting” in the Asian city state to take advantage of lower valuations. An exchange-traded fund (ETF) is an investment fund traded on regulated stock exchanges, much like individual stocks are bought and […] May 10, 2024
Tourism Saudia allocates 1.2m seats for Hajj pilgrims Saudia, the national flag carrier of Saudi Arabia, has allocated more than 1.2 million seats for the 2024 Hajj Season across its fleet of over 150 aircraft. The operational period for the carrier during this year’s Hajj will span 74 days, starting from May 9, encompassing both inbound and outbound stages. Saudia Group, one of […] May 10, 2024
Analysis Economy Saudi Arabia grapples with new penal code A legislative committee is grappling with the text of a new penal code which could cement — or jeopardise — the gains made by Saudi Arabia after it introduced a new commercial law code last year. The kingdom is trying to shake off a reputation for opaque and arbitrary justice to meet ambitious tourism and […] May 10, 2024
