Retail Alibaba-backed Trendyol plans $2bn Gulf investment Trendyol, Turkey’s largest ecommerce platform, is to invest $2 billion in the Gulf region over the next three years. The company is backed by Chinese tech giant Alibaba, and has established a presence across all six GCC countries. It has had rapid growth in Saudi Arabia, now its second-largest market, in particular. Its group president, […] November 5, 2024
Video length: 05:01 Opinion Economy FII8: a cerebral workout in a dumbed-down age The Future Investment Initiative is an increasingly rare chance to hear important people say interesting things November 4, 2024
Analysis Artificial Intelligence Leaders all agree: AI will be good – or bad – for the future Elon Musk thinks it has a 90 percent chance of being for the good of humanity, while critics say it is certain to decimate jobs across the developed world. Artificial intelligence, or AI, dominated the discussions at Saudi Arabia’s Future Investment Initiative (FII) summit this year like never before, with increasingly upbeat – and dire […] November 1, 2024
Trade PIF signs Japan and Hong Kong pacts worth $52bn Saudi Arabia’s Public Investment Fund has signed memorandums of understanding (MoUs) worth up to $51 billion with five Japanese banks. The kingdom’s sovereign wealth fund said the agreements cover a variety of areas, including encouraging two-way capital flows through both debt and equity. The agreements were signed with Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG […] November 1, 2024
Aviation Startup airline Riyadh Air secures $1.3bn credit facility Riyadh Air, the Saudi airline that is due to start operations next year, signed a SAR5 billion ($1.3 billion) credit facility with a syndicate of banks on Wednesday, as it announced an order for 60 more aircraft. The kingdom’s second flag carrier, owned by the PIF sovereign wealth fund, has closed an inaugural Islamic revolving […] October 31, 2024
Giga-projects Diriyah delays completion date as projects vie for funds The historical district of Diriyah, one of Saudi Arabia’s major giga-projects, will be completed in time for the World Expo in 2030 – three years later than previously announced, its CEO Jerry Inzerillo said on Wednesday. The giga-projects, valued in total at more than $1.25 trillion, are competing for government and private sector resources amid […] October 31, 2024
Mining PIF’s Manara seeks long-term deals, not just a ‘quick buck’ The Saudi investment fund Manara Minerals is targeting long-term deals and is not looking to “flip a quick return” during the current market slump, the CEO of its parent company owner has declared. Prices in critical minerals such as lithium, nickel and cobalt have slumped since 2023, after an initial surge as the market recovered […] October 31, 2024
Video length: 03:06 VIDEO Renewable Energy Time to shift the balance of power in renewable energy Imbalances in capital investment in clean energy, plentiful sun and a doubling in global demand for electricity over the next 20 years mean that the renewable energy sector in the Middle East is a “fantastic investment opportunity”. AGBI spoke to Torbjorn Caesar, chairman of Actis, a global investment company with a focus on sustainable infrastructure, […] October 31, 2024
Aviation Riyadh Air takes aim at online travel giants Saudi Arabia’s new airline, Riyadh Air, is to compete with global travel companies such as Booking.com and Expedia by developing a one-stop digital platform for customers to plan and manage entire trips. The website will cover flights, accommodation, car rentals, AI-generated itineraries and tickets to attractions and concerts. It will also include shared shopping cart […] October 31, 2024
Video length: 02:57 VIDEO Banking & Finance Private credit will be ‘hottest asset class in the region’ Private credit has yet to take off in the Middle East but will become the “hottest asset class” in the region, according to Ted Koenig, CEO of US asset manager Monroe Capital. Speaking to AGBI at the Future Investment Initiative conference taking place this week in Riyadh, Koenig explained why private credit – non-bank lending […] October 31, 2024
Finance PIF to back Brookfield Middle East fund Saudi Arabia’s Public Investment Fund (PIF) plans to back Brookfield Asset Management’s new $2 billion Middle East fund, helping the Canadian investment firm pursue deals in the Gulf. The investment platform, known as Brookfield Middle East Partners, will target $2 billion from a range of investors and intends to focus on buyouts and structured solutions, […] October 30, 2024
Oil & Gas Aramco considers investment in Vietnam’s oil industry Saudi Aramco has expressed interest in investing in Vietnam’s oil refinery sector and petroleum distribution, the south-east Asian country’s government says. Vietnam’s prime minister, Pham Minh Chinh, met Aramco president and CEO Amin Nasser during the Future Investment Initiative summit in the Saudi capital. “Vietnam has great potential in the region, therefore, Aramco wishes to […] October 30, 2024
Real Estate Emaar’s Alabbar eyes major investment in Madagascar Emaar founder Mohamed Alabbar is planning a major investment in Madagascar, marking the island nation as his next big venture. “Madagascar is the next new thing in my life,” Alabbar said at the Future Investment Initiative in Riyadh on Tuesday. “It’s going to be a very big investment,” he said, but did not provide further […] October 30, 2024
Renewable Energy Acwa Power signs $1.8bn deals to promote renewables Saudi renewable energy major Acwa Power has signed agreements worth $1.8 billion to develop renewable energy and battery storage projects, as well as research and development, across the GCC, China, Central Asia and North Africa. The agreements were signed during the Future Investment Initiative conference in Riyadh. The first pact includes a $690 million agreement […] October 30, 2024
Oil & Gas Aramco predicts oil market expansion on China demand Saudi Aramco is forecasting oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China and the role of fossil fuels in underpinning the green energy transition. A recent stimulus package failed to alleviate market concerns about China. Although it accounted for 70 percent of oil demand growth in 2023, Chinese demand […] October 30, 2024
Video length: 03:46 Economy PIF renews focus on domestic investment and AI Saudi Arabia’s Public Investment Fund is planning to reduce its foreign investments to around a fifth of its total assets under management, as it focuses on domestic funding and artificial intelligence, its governor said on Tuesday. “Initially we had less than 2 percent of investments internationally, that was with $150 billion assets under management,” Yasir […] October 30, 2024
Video length: 02:32 VIDEO Finance UK is ‘actively seeking’ Gulf investors, says trade minister “Britain is back and Britain is open for business,” UK trade minister Douglas Alexander has told AGBI. In an interview at the Future Investment Initiative summit taking place this week in Riyadh, Alexander said the Labour government’s budget on Wednesday would seek to “raise the level of investment in the UK economy”. “The kind of […] October 29, 2024
Video length: 03:46 Opinion Finance The elephant in the FII Plenary Hall: the US election Only Citadel's CEO Ken Griffin felt brave enough to offer an opinion on the outcome October 29, 2024
LUNCH WITH FRANK KANE Finance Richard Attias: ‘I feel more welcome here than in France’ Over a Parisian-length lunch in Riyadh, Richard Attias, CEO of the FII Institute, gives Frank Kane a taster of next week’s record-breaking investment gathering in Saudi Arabia – and explains the failure of leadership in today’s polarised world October 25, 2024
Video length: 02:46 Opinion Economy Davos really comes to the desert as the WEF arrives in Riyadh There were elephants – and camels – in the room at the World Economic Forum event April 29, 2024
Analysis Trade Saudi leaders gather in Beijing to boost $106bn trade Saudi Arabia’s investment minister Khalid Al Falih is leading a delegation in Beijing this week as the kingdom looks to tighten ties with its largest trade partner. Government and private sector leaders will participate in the China-Saudi Investment Conference on Tuesday, as part of Al Falih’s six-day visit. China-Saudi trade stood at $106 billion in […] December 11, 2023
Analysis Renewable Energy Startup touts alternative EV batteries for Saudi industry A startup developing non-lithium batteries for electric vehicles (EVs) says they are better suited to Gulf climates where flammability is a risk. But industry experts say it will be difficult to penetrate the car industry where lithium options are baked into budgets. Mukesh Chatter, founder of Alsym Energy, argued his case to regional political and […] November 1, 2023