Manufacturing Saudi Arabia willing to drop China for US tech alliance Saudi Arabia will sever technology ties with China if the United States compels it to, the chief executive officer of Alat, an investment company backed by $100 billion in capital from the Public Investment Fund, has revealed. According to Bloomberg US officials have told their Saudi Arabian counterparts that they will have to decide between […] May 9, 2024
Giga-projects Neom announces superyacht resort on Gulf of Aqaba Plans to build a high-end resort town on the Gulf of Aqaba aimed at the luxury yacht community have been announced by Neom, despite rising doubts about Saudi Arabia’s ability to maintain funding lines for the country’s giga-projects. The new project, Jaumur, was described by Neom as an “exclusive residential community set around an inspiring […] May 9, 2024
Oil & Gas Aramco considers LNG exports as reserves grow Saudi Aramco is looking at building a liquefied natural gas (LNG) export business, as its growing natural gas production looks likely to exceed its domestic needs. The energy giant is optimistic about its gas output. In the first quarter of the year, it announced the addition of 15 trillion cubic feet (Tcf) to its proven […] May 9, 2024
Agriculture PIF unit launches first Saudi coffee producer Saudi Arabia’s coffee exports are poised for major uplift as a unit of the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, received approval to set up the country’s first coffee-production unit. The Royal Commission for Jubail and Yanbu President Khalid Al-Salem granted the Saudi Coffee Company a license to establish a coffee-production factory […] May 9, 2024
Tourism Illegal Hajj pilgrims risk fines and deportation Fines for Saudi nationals and deportation for foreign residents taking part in the Hajj pilgrimage without a permit have been announced by the country’s interior ministry. Those who help illegal pilgrims also face jail as the kingdom tries to impose stricter controls over the annual rites. A fine of SAR10,000 ($2,700) will be issued against […] May 8, 2024
Opinion Finance Strong regional deal growth underpinned by wealth funds Middle Eastern markets have remained resilient, due to supportive government policies May 8, 2024
Finance Saudi staffing company Smasco plans $240m from IPO Smasco, the Saudi Manpower Solutions Company, is expected to raise between SAR840 million and SAR900 million ($224 million to $240 million) from its initial public offering after setting an indicative price range of SAR7 to SAR7.50 per share. The market capitalisation of the staffing company at listing will be between SAR2.8 billion and SAR 3 […] May 8, 2024
Aviation Riyadh Air expands with fleet of narrowbody jets The new Saudi airline Riyadh Air will announce a fleet of narrowbody jets later this year for a first-phase expansion that will eventually include a new terminal to meet Saudi tourism ambitions. Although its widebody aircraft come from the troubled manufacturer Boeing, Riyadh Air declined to say if the latest narrowbody orders would be from […] May 8, 2024
INTERVIEW Banking and Finance Wealth manager seeks Gulf growth despite setbacks in UK St James’s Place, the UK’s largest wealth manager, plans to target local customers to expand its one-year-old Gulf operation as it seeks to brush off reputational setbacks in its home market. In February SJP disclosed that it had set aside more than $500 million for potential client refunds after an increase in complaints about its […] May 7, 2024
Opinion Lifestyle Raising Saudi Arabia’s quality of life is a work in progress Saudi Arabia's QOL programme is spurring investment in culture, heritage, entertainment, tourism and sport May 7, 2024
Food & Drink Americana profit tumbles as Gaza boycotts hit sales Americana Restaurants International’s revenue and profit fell again in the first quarter of this year as Mena diners continue to shun western brands in protest at the conflict in Gaza. Americana, which runs 2,456 fast-food outlets across the region, reported a 16.3 percent reduction in revenues year on year, to $493.5 million. Net profit fell […] May 7, 2024
Manufacturing Lucid cuts electric car prices but posts higher revenue Saudi-backed US electric vehicle maker Lucid reported first-quarter revenue above analysts’ estimates this week as it sets to produce more cars this year but selling at cheaper prices to spur sales. The Nasdaq-listed EV company had cut prices of its flagship Air sedans in February by up to 10 percent, as customers globally began to […] May 7, 2024
Oil & Gas Aramco increases dividend payouts despite falling profit Aramco will distribute higher dividends to its investors and the government, despite a drop in profit in the first quarter of this year. The state-owned energy major will pay a $31 billion dividend in the first quarter as it continues to fuel Saudi Arabia’s budget and spending on giga-projects designed to diversify the kingdom’s economy […] May 7, 2024
Analysis Tourism Pilgrims remain bedrock of Saudi tourism plans Saudi tourism is to undergo a massive expansion with religious travellers remaining its bedrock – but some hotel operators are wary of an overheated market. The kingdom is aiming to bring in 150 million visitors per year by 2030, with tourism accounting for 10 percent of non-oil GDP, playing a key role in its economic […] May 7, 2024
Giga-projects Largest water park in Middle East to open in Qiddiya next year The largest water theme park in the Middle East is on target to open in the city of Qiddiya next year, its developer has announced. Aquarabia, the first water park in Saudi Arabia, will have four record holders among its 22 rides, including the world’s tallest “water coaster” and tallest water slide. It will also […] May 7, 2024
Economy Saudi budget deficit rises fourfold in Q1 2024 Saudi Arabia recorded a budget deficit in the first quarter of 2024 of SAR12.4 billion ($3.3 billion), four times higher than a year ago – confirming a revenue squeeze that has raised doubts about the funding of some of the kingdom’s giga-projects. The Q1 deficit in 2023 was SAR2.92 billion, the finance ministry’s quarterly budget […] May 6, 2024
Finance Profit doubles in Q1 for stock exchange operator Tadawul The operator of the Saudi stock exchange has reported that its profit more than doubled in the first quarter of 2024, with higher revenues across all business segments. The net earnings of Saudi Tadawul Group Holding Company stood at SAR201.5 million ($53.7 million) in the three months to March 2024, compared to SAR90.8 million a […] May 6, 2024
Finance Saudi fintech Rasan to sell 30% stake in IPO Saudi Arabia’s Rasan will be the first fintech to sell a 30 percent stake in an initial public offering (IPO) on the local stock exchange. The company will sell 22.7 million shares in the flotation, which includes 5.3 million new shares. Book building for institutional investors will start on May 12 to 16, while bids […] May 6, 2024
Renewable Energy Acwa Power builds Uzbekistan portfolio with $5bn deal Saudi energy major Acwa Power has signed a power purchase agreement worth nearly $5 billion with the state-owned National Electric Grid of Uzbekistan for the five gigawatt (GW) Aral wind independent power producer (IPP) project. The wind IPP will be the largest wind farm in Central Asia and is the Saudi-listed renewable company’s 15th project in Uzbekistan, a […] May 6, 2024
Artificial Intelligence Aramco leads the pack in oil and gas AI investments Saudi Aramco invested around $3.5 billion in research and development last year and leads in adopting artificial intelligence, as it rivals its regional peers in the adoption of new technology. The world’s largest energy company was active in more than 250 areas, such as AI, drones, robotics, electric vehicles and hydrogen technology, a GlobalData report […] May 6, 2024
