Transport Saudia plans first bond issue to fund fleet expansion State-owned Saudi Arabian Airlines (Saudia) is planning its first bond issuance as part of a funding plan to drive its expansion strategy, according to a media report. The airline is evaluating options, Ibrahim Alomar, director general of Saudia, told Bloomberg. He added that the proposed bond size has not been finalised. Saudia aims to increase […] October 5, 2023
Opinion Oil & Gas Saudi Arabia’s oil output cut is paying dividends Oil economies have to live with the consequences of the swings of global demand October 2, 2023
Tourism $1bn tourism school to open in Saudi’s Qiddiya Saudi Arabia plans to build a $1 billion tourism school in the Qiddiya sports, culture and entertainment city giga-project. The Riyadh School for Tourism and Hospitality will train workers from around the world, not only Saudi Arabia, tourism minister Ahmed Al-Khateeb told a UN World Tourism Organization gathering in the capital. The training headquarters at […] September 27, 2023
Leisure & Hospitality Marriott to open two luxury hotels in Neom’s Trojena Global hotel chain Marriott International will open two luxury properties in Trojena, a year-round mountain destination in the $500 million Neom development. The deal with the US hotelier includes Saudi Arabia’s first W Hotel and a JW Marriott property. “We are excited to work with Neom to develop these two properties in one of the […] September 25, 2023
Analysis Economy Saudi economy slips as government pushes oil cuts Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts. Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects. The International Monetary Fund said this month it saw a slowdown in […] September 22, 2023
Construction Saudi construction workers spoilt for choice Saudi Arabia’s trillion-dollar construction industry is providing rich pickings for professionals as companies increasingly struggle to retain talent. The kingdom has projects worth over $1.3 trillion underway and a further $64 billion in contracts forecast to be awarded this year. But while that places pressure on companies to recruit the necessary talent, employees are enjoying […] September 18, 2023
Construction $2.9bn fund to develop 2,600 properties in Mecca The Royal Commission for Makkah City and Holy Sites has launched a SAR10.93 billion ($2.91 billion) fund to develop real estate in the holy city of Mecca. The fund will develop the Al Kidwa area close to Holy Masjid in partnership with Riyadh-based developer Thakher Development Company and investment bank Albilad Capital, the government-owned commission […] September 13, 2023
Opinion Trade Meanwhile, on the G20 sidelines, history in the making The proposed India-Middle East-Europe Economic Corridor could become a 'green and digital bridge across continents and civilisations' September 11, 2023
Renewable Energy UK company strikes Mideast deal for hydrogen generators UK hydrogen fuel cell company AFC Energy has signed an agreement with a leading Saudi marketer to sell its hydrogen generators in the Middle East and Central Asia. The deal gives Saudi Arabia’s The Machinery Group (Tamgo) exclusive rights to market AFC Energy’s alternative to diesel-powered generators in 16 countries including Saudi Arabia, United Arab […] September 5, 2023
Construction Neom appoints manager for superyacht destination Saudi’s $500 billion giga project Neom has appointed a company to head its superyacht destination on the Red Sea. JLS Yachts, a Middle East-based yacht agency and concierge service provider, will manage Sindalah, which will be home to more than 5,000 berths. Set to open in 2024, Sindalah is one of the 41 Neom islands […] August 25, 2023
Video length: 00:59 Aviation Neom’s flying taxi takes to the skies Plans to introduce flying taxis to Saudi Arabia’s $500 billion Neom development have accelerated after a series of successful test flights in the kingdom. Neom entered into a $191.2 million investment and joint venture with German aircraft manufacturer Volocopter in 2021. The tests lasted over a week and built on 18 months of collaboration between […] June 22, 2023
Construction Neom secures $5.6bn to expand workforce housing Saudi Arabia’s smart city developer Neom has secured more than SAR21 billion ($5.6 billion) in financing to start work on the first phase of residential housing for its workforce through a public-private partnership. The preferred bidders in the first phase include local contractors such as Alfanar Global Development, Almutlaq Real Estate Investment Company, Nesma Holding […] June 7, 2023
Analysis Neom Italy woos Saudi and other Gulf nations in trade drive Italy is courting Saudi Arabia to invest in a new fund, as the European country increasingly turns to the GCC to boost trade and investment volumes. Industry minister Adolfo Urso said Saudi was ready for further investments following a video call with the kingdom’s investment minister, Khalid Al Falih. Italy’s prime minister Giorgia Meloni plans […] May 25, 2023
Banking & Finance Neom closes deal to finance $8.4bn hydrogen facility Neom Green Hydrogen Company (NGHC) has reached a financial close on the $8.4 billion green hydrogen production facility at Oxagon in the Neom megaproject. It comes following the signing of agreements with 23 local, regional, and international banks and investment firms. The company’s non-recourse financing structure for the project has been certified by S&P Global […] May 23, 2023
Energy Saudi approves 106 firms to help hit solar power target Saudi Arabia has approved a list of 106 companies qualified to install solar power systems. The decision aligns with the kingdom’s aim for 68.1 percent of its renewables capacity to be generated by solar power by 2030. The Saudi Electricity and Water Regulatory Authority has qualified a list of both contractors and consultants to design, […] May 19, 2023
Opinion Aviation Profit is not an issue for Neom Airlines … for now Launch of new carrier is initially to service the wider project, but this may not be sustainable May 4, 2023
Video length: 02:33 Aviation Saudi low-cost airline budgets for expansion Saudi Arabia’s Flyadeal is set to add four new aircraft to its fleet this year as it realises its international ambitions. The budget carrier, owned by Saudia, the kingdom’s flagship operator, was launched in 2017 to serve the domestic market and is now the second largest operator in the country behind Saudia. Flyadeal launched international […] May 2, 2023
Video length: 02:33 Aviation Qatar Airways CEO plays down threat of competition The CEO of Qatar Airways has said he is “very excited” by the growth of Saudi Arabia’s aviation industry, despite the prospect of tougher competition as regional airline capacity increases. “We will co-operate with them, we will support them, because we feel that relationships matter and there is a lot of business to go around […] May 2, 2023
Aviation Saudia plans to add 56 new weekly flights State-owned Saudi Arabian Airlines (Saudia) plans to add 56 weekly flights to 14 global destinations by the summer as it continues to ramp up operations. Under the expansion, the national flag carrier of the kingdom will serve cities across Thailand, China, South Korea, Indonesia, Singapore and Europe in the latest addition to its scheduling. It […] April 11, 2023
Business of Sport Yorkshire County Cricket Club seeks Mena investors The Middle East could play a pivotal role in the future of county cricket in the UK, according to a leading sports economist. It was revealed this week that Yorkshire County Cricket Club has recruited the services of audit and advisory firm Grant Thornton to seek out investment from potential backers in the Middle East. […] April 6, 2023
Neom Renewable energy desalination is the way forward for GCC states Projects in the Middle East are seeking to increase their use of renewable energy desalination amid criticism of the traditional process as being high-cost and energy-intensive. The Mena region is expected to add an estimated 20GW of solar capacity and 5-6GW of wind by 2025, and the use of these sources is increasingly coming to […] March 28, 2023
Neom UK companies set their sights on $22bn Saudi events sector Major UK firms are targeting the Saudi events sector for growth as the Gulf kingdom continues to build its reputation as a global destination. Saudi’s Ministry of Investment recently welcomed a delegation of 25 British sports events companies to explore investment opportunities. The ministry, together with the Ministry of Sports, signed cooperation agreements with ES […] March 28, 2023
