Giga-projects PIF’s Red Sea Global plans Saudi and overseas expansion Red Sea Global is expanding beyond its west coast base to develop hotels and other projects in Saudi Arabia and overseas, a company executive has said. The company will probably announce a new project in a Saudi city later this year, head of hospitality Sébastien Carre told AGBI on the sidelines of Arabian Travel Market […] April 30, 2025
Giga-projects Aiman Al Mudaifer named permanent CEO of Neom Neom is to appoint Aiman Al Mudaifer as its permanent chief executive, more than five months after he took on the role of acting CEO. Al Mudaifer has worked for the Public Investment Fund, the $925 billion sovereign wealth fund backing Neom, since 2018. He took over the CEO’s post at Neom, one of the […] April 23, 2025
Construction Diriyah awards opera house contract to Saudi-Chinese JV Diriyah Company has awarded a more than SAR5 billion ($1.4 billion) construction contract to a Saudi-Chinese joint venture to build the Royal Diriyah Opera House and surrounding assets. The joint venture partners include Saudi Arabia-based El Seif Engineering Contracting and Midmac Construction, and China State Construction Engineering Corporation. The opera house will be Diriyah’s flagship performing […] April 17, 2025
Giga-projects Red Sea giga-project launches new island despite PIF budget cuts Saudi Arabia’s Red Sea Global has launched its first island development on the $23.6 billion Red Sea giga-project. The opening comes despite the $925 billion Public Investment Fund ordering deep spending cuts across more than 100 of its companies, as AGBI reported last month. Some budgets have been cut by as much as 60 percent, sources said, […] April 16, 2025
Video length: 04:10 VIDEO Giga-projects Saudi Arabia must capitalise on curiosity to grow investment Fulfilling the bold ambitions of Vision 2030 will require more foreign direct investment and private sector participation. AGBI spoke to Ali Raza, CIO at Saudi Arabia Holding Company, to find out about the impact of falling FDI. Raza says that although FDI inflows in 2024 have “perhaps not been at the levels we would like […] March 27, 2025
Giga-projects Saudi jobs growth ‘likely to halve’ as PIF reins in spending Employment growth in Saudi Arabia will halve by 2026 as the kingdom reins in spending and focuses on delivering Vision 2030 projects, recruitment and real estate specialists are saying. Growth in recruitment for jobs in the Saudi economy, after hitting a high of nearly 10 percent in 2022, will slow to 3 percent by 2026, […] March 27, 2025
