Aviation Saudi Arabia launches second new airline Saudi Arabia has announced its second new airline in a matter of weeks with the launch of Neom Airlines. The carrier will solely serve the $500 billion Neom city in the north west of the kingdom. The first flights for tourists, residents and commercial partners are scheduled to take off in the fourth quarter of […] March 23, 2023
Analysis Energy ‘Huge potential’ for Germany and Saudi to collaborate on hydrogen Top-level talks have taken place in Germany to boost trade and investment with Saudi Arabia, as experts describe the potential for collaboration on producing cost-competitive hydrogen as “huge”. As the world seeks cleaner energy solutions to meet net zero climate targets, analysts say the two countries have the resources, infrastructure and skills to build on […] March 23, 2023
Real Estate Saudi families pause plans to buy property as villa prices rocket Rising home prices are forcing Saudi families to pause plans to get on the property ladder, according to real estate consultancy Knight Frank. The agency’s Saudi Report 2023, which is based on a survey of 1,014 Saudi-national households, found that only 40 percent of tenants were keen to buy a home this year, down from […] March 21, 2023
Tourism Saudi tourism appeal growing ‘at the speed of light’ Saudi Arabia’s tourism sector is growing “at the speed of light”, a senior official said as the Gulf kingdom made its debut at the Berlin travel show. According to Fahd Hamidaddin, CEO of Saudi Tourism Authority, the country recorded a total of 93.5 million domestic and international visits last year as it transforms “at a […] March 8, 2023
Construction Ardco’s $1.6bn vision blurred by Saudi mega-projects A slowdown in residential property demand and construction capacity issues due to Saudi Arabia’s bulging projects pipeline will be among some of the challenges facing Ardco, the latest player to the Riyadh property market and development scene, experts said. Ardco, which is also known as the Riyadh Development Company, announced last month it is becoming […] March 2, 2023
Energy $8.5bn funding deals signed for Saudi green hydrogen project Agreements have been finalised and signed to fund the world’s largest green hydrogen production facility, which will be built in Saudi Arabia with a total investment of $8.5 billion. Acwa Power announced on Wednesday in a filing to the Saudi Stock Exchange that the Neom Green Hydrogen Project will be funded by a combination of […] March 1, 2023
Tech Baiting the hook to develop Saudi’s aquaculture industry Aquaculture – farming in water – is the world’s fastest-growing food sector, accounting for more than half of global seafood supply. For Saudi Arabia, eager to bolster its food security and to build non-oil exports, this is an opportunity. On February 12, Arabian Agricultural Services Company (Arasco) signed an agreement with Neom Food and Cargill, […] March 1, 2023
Construction Value of Saudi project contracts doubled to $24.6bn in 2022 The value of giga-project related contracts awarded in Saudi Arabia in 2022 grew by 103 percent to $24.6 billion from $12 billion the previous year. As the kingdom accelerates activity towards achieving its Vision 2030 economic diversification goals, Neom saw the highest number and value of awarded contracts, especially on infrastructure works on The Line. […] February 24, 2023
Construction Saudi is ‘leading light’ as construction sector booms Construction activity in Saudi Arabia was the highest in the world in the final quarter of 2022, with the kingdom described as a “leading light in the Mena region and globally”. A new report by the Construction Activity Index of the Royal Institution of Chartered Surveyors (Rics) revealed that the 12-month projected profit margins of […] February 7, 2023
Energy Licence issued for world’s largest green hydrogen plant in Saudi The first industrial operating licence has been issued for Neom Green Hydrogen Company (NGHC), which aims to run the world’s largest production facility of its kind. Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Wednesday that the licence has been granted to NGHC, a joint venture between Neom, Acwa Power and Air Products. […] February 1, 2023
Construction Gulf project contracts to hit $110bn this year A combined $110 billion worth of project contracts are expected to be awarded in the GCC this year, with Saudi Arabia accounting for more than half of the total as it ramps up its Vision 2030 economic diversification plans. Saudi Arabia make up $64 billion of the combined value, followed by the UAE ($23 billion), […] February 1, 2023
Tourism UK’s Yotel to open first hotel in Neom’s Oxagon in 2025 Oxagon, the home of advanced and clean industries in the $500 billion Neom megacity, will be home to the first Yotel hotel in Saudi Arabia. The UK-based hotel operator Yotel said in a statement the 300-key property will be located in the integrated live-work-play Research and Innovation (R&I) district and is set to open in 2025. The […] January 24, 2023
Analysis Energy UK and Saudi eye investments in space-based solar power The UK and Saudi governments are exploring closer collaboration to invest in what could be the next era of renewable energy: space-based solar power. Grant Shapps, Britain’s business and energy secretary, met Abdullah Al Swaha, chairman of the Saudi Space Commission and minister of communications and information technology, for talks last week. A potential collaboration […] January 17, 2023
Analysis Energy GCC poised for starring role in global hydrogen market The GCC is set to play a key role in the global hydrogen market, with the UAE, Saudi Arabia and Oman looking to become leaders in the export of clean fuel. As industry experts come together in Abu Dhabi this week for the World Future Energy Summit, a report from Frost & Sullivan paints a […] January 16, 2023
Tourism Neom signs Singapore’s GHM to manage new hotel in Trojena Singapore-based General Hotel Management Ltd (GHM) has signed an agreement with Neom Hotel Development to manage “The Chedi Trojena” in the Saudi giga project. GHM is the second hotel partner for Trojena – a new mountain destination and host venue of the 2029 Asian Winter Games – the company said in a statement. The Chedi Trojena […] January 12, 2023
Analysis Economy Why the Middle East is now a ‘must’ for top UK companies The Middle East’s contribution to revenues of major UK-listed companies is predicted to rise to record levels in 2023 on the back of an acceleration in green energy, industrials and infrastructure sectors. Lumina Capital Advisers report that money generated from the region this year will deliver an additional £1.6 billion ($1.9 billion) to UK Plc […] January 11, 2023
Tourism Saudi Arabia adds Diriyah to PIF’s gigaproject portfolio Saudi Arabia has added Diriyah project to the portfolio of its sovereign wealth fund, Public Investment Fund (PIF), state-owned SPA news agency reported, citing an announcement by Crown Prince Mohammad bin Salman. PIF’s gigaprojects portfolio includes Neom, Red Sea, Qiddiya and Roshn. The Diriyah gigaproject is expected to create partnerships with the local private sector, […] January 10, 2023
Opinion Energy There’s no quick fix on energy. At PIF, we’re just getting on with it The Saudi sovereign wealth fund's head of energy and utilities explains why the transition to renewables is coming, but can't happen overnight – and why electric cars are older than you think January 9, 2023
Opinion Development Roxana Mohammadian-Molina: Signposts on Saudi’s road to 2030 For UK companies doing business in Saudi Arabia and the ones that want to join them, the next year is all about Vision 2030 December 23, 2022
Banking & Finance Saudi’s Neom signs agreements to fund green hydrogen project Neom Green Hydrogen Company (NGHC) has signed facility agreements with local, regional and international banks and completed a commitment letter with the Saudi Industrial Development Fund (SIDF) for the $5 billion green hydrogen production facility in the Neom mega project. The financing for the world’s largest green hydrogen production facility is structured with significant participation […] December 19, 2022
Construction Neom names Bechtel as project consultant for ski destination US-based engineering consultancy Bechtel has been appointed as the project management consultant for Trojena, a year-round mountain destination in Saudi Arabia’s megaproject Neom. Bechtel will provide services, including technical, commercial and construction management, for the development of Trojena, the company said in a statement Trojena is 50 km from the Gulf of Aqaba coast in […] December 6, 2022
Analysis Construction Saudi giga-projects: ‘enough work for every sector of the industry’ While much of the global economy is reeling from a sharp slowdown in growth, Saudi Arabia recorded a GDP growth rate of 8.6 percent in the third quarter this year, with its economy being propelled forward by ambitious projects in its tourism sector. The Red Sea Global (RSG) giga-project, which comprises the kingdom’s flagship tourism […] December 6, 2022
