Construction Saudi targets superyacht owners with Neom’s Sindalah launch Saudi Crown Prince Mohammed bin Salman announced the development of Sindalah on Monday, the first luxury island destination in the $500 billion giga project Neom. A main gateway to the Red Sea offering bespoke nautical experiences, Sindalah is expected to start welcoming guests from early 2024. It is anticipated that the development will create 3,500 […] December 5, 2022
Exclusive Interviews MassiveMusic is making some noise with Middle East move “Sonic branding” is not a term many people outside the marketing industry are familiar with, especially in the Gulf region. But they may become more so, as companies increasingly adopt music strategies to reach their customers. “We know the effect that successful music can have on communication, and it is fast becoming a point of […] November 25, 2022
Construction Saudi’s $500bn Neom targets Berlin and Paris for investment Neom, the $500 billion futuristic city being built in Saudi Arabia, is targeting potential business partners in Europe as part of its ongoing efforts to attract investors. Located in a vast region in the northwest of the kingdom, Neom is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 drive to diversify the […] November 16, 2022
Exclusive Saudi Arabia Vision 2030 Serco expects 50% of Middle East revenue to come from Saudi London-based public service provider Serco expects to draw 50 percent of its Middle East revenue from Saudi Arabia by 2026. Daniel McGregor, corporate development director at Serco Middle East, told AGBI that this ambitious plan is already in motion — and it is being formulated to capitalise on Saudi Arabia’s huge investment in public infrastructure, […] November 10, 2022
Analysis Construction Design changes mean Middle East has world’s worst project delays Construction projects in the Middle East are facing some of the longest delays of any region in the world, with average overruns adding more than 80 percent to timelines, and dispute claims increasing costs by more than a third. Despite the prevalent availability of cash reserves in the region, due to the high oil price […] November 8, 2022
Economy King Salman hails Saudi’s ‘renaissance’ in annual speech The king pointed to a $53.2bn infrastructure spend, praised 'unique' projects such as NEOM and discussed oil markets and the role of women October 18, 2022
Transport France’s Alstom signs Saudi deal for hydrogen-powered trains State-owned Saudi Railway Company (SAR) has signed a memorandum of understanding with France’s Alstom to develop hydrogen trains for the kingdom. Saudi Arabia in investing heavily to expand its public rail and metro networks and will build 8,000 kilometres of new track, officials said in January. SAR operates the Haramain High Speed Rail between Mecca […] September 22, 2022
Analysis Construction ‘The biggest construction site the world has ever seen’ Saudi Arabia was described on Tuesday as the biggest construction site the world has ever seen as projects valued at over $1.1 trillion are underway in the kingdom. That’s the total value of real estate and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016, according to global real estate consultancy […] September 6, 2022
EXCLUSIVE Gulf investors in talks to snap up UK metaverse business Talks between a virtual events company and MENA investors are in their early stages, but a deal is expected 'some time in Q1 of 2023' September 6, 2022
Analysis Development Accountability ‘crucial’ for success of Saudi Vision 2030 Saudi Arabia is entering a “crucial” part of its ambitious Vision 2030 programme as the kingdom begins to deliver on its promises, described by a leading expert as the “moment of accountability”. Pedro Ribeiro, the recently appointed general manager for commercial real estate services and investment firm CBRE in Saudi Arabia, told AGBI that the […] September 1, 2022
Analysis Employment Saudi tops global expat salaries list while UAE slips Saudi Arabia continues to offer the highest expatriate salaries in the world, while wages in the UAE have fallen in real terms, recruitment experts have said. Expat salaries in Saudi Arabia rose by 11 percent year on year in 2021 to an average of $188,000 for middle management roles, according to the latest MyExpatriate Market […] August 31, 2022
Energy $3.5bn Saudi-Egyptian project powers up hydrogen transition Saudi Arabia has backed up its ambition to become the world’s largest exporter of hydrogen by 2030 with plans to develop a $3.5 billion project in Egypt. Riyadh-based Alfanar has signed a memorandum of understanding with the General Authority of the Suez Canal Economic Zone, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company […] August 31, 2022
Exclusive Banking & Finance NEOM’s IPO plans welcomed by global wealth funds The Saudi Exchange inched upwards in trading today, following positive reaction to plans by the crown prince to list all companies linked to the sovereign wealth fund in the coming years, part of a wider strategy to turn Tadawul into one of the top stock markets in the world. Saudi crown prince Mohammed bin Salman […] July 26, 2022
Opinion Markets MbS has huge plans for the stock market – best take him seriously The numbers quoted by Saudi Crown Prince Mohammed bin Salman are enormous, but he has the money to realise his ambitions July 26, 2022
Construction Saudi Arabia’s Neom to launch IPO by 2024 NEOM's listing is part of a strategy to make Saudi one of the world's top three bourses, MbS said as he unveiled designs for The Line July 26, 2022
Analysis Biden Middle East US firms invest billions as Saudi appeal grows American businessmen first travelled to Saudi Arabia back in the 1930s to help develop the kingdom’s natural resources. Fast forward 90 years and, with record foreign investment licences issued in Saudi Arabia in the first quarter of 2022 and the country’s gross domestic product (GDP) growing at its fastest rate in a decade, it’s little […] July 8, 2022
Analysis Energy ACWA places faith in hydrogen to power Saudi’s future Saudi Arabia, the world’s top oil exporter, has grand ambitions to become the globe’s number one producer of green hydrogen. The kingdom is aiming to produce around four million tonnes of the gas by 2030 as part of Saudi Crown Prince Mohammed bin Salman’s (MbS) Vision 2030 to diversify the economy. Green hydrogen is set […] June 17, 2022
Food & Drink Alcohol is not on the menu in Saudi, says tourism official Saudi Arabia has no plans to legalise the sale of alcohol in the kingdom, a senior tourism official confirmed this week at the World Economic Forum (WEF) in Davos. “The short answer is that we’re going to continue with our current laws,” assistant minister of tourism Princess Haifa bint Mohammed said during a session yesterday. […] May 26, 2022
Tourism First Neom flights set to boost Saudi tourism push The new city of the future’s Neom Bay Airport will launch Saudi Airlines flights to Dubai and London Neom, arguably Saudi Arabia’s most ambitious development project, has announced a partnership with the country’s national carrier to drive tourism to the $500 billion city of the future. The deal with Saudi Airlines, known as Saudia, will […] May 23, 2022
Energy ‘We’re serious about net zero’ says Saudi’s PIF chief PIF establishing new hydrogen company Fund plans to develop 70 percent of renewable energy targets Kingdom to phase out almost all liquids Saudi Arabia’s Public Investment Fund (PIF) is committed to achieving its goal of developing 70 percent of the kingdom’s renewable energy by the end of the decade, PIF’s governor confirmed today. Despite it […] May 20, 2022
Saudi Arabia Vision 2030 Inside NEOM: Saudi’s $500bn smart megacity Arguably the most ambitious project taking shape in the kingdom is NEOM, a vast region in the northwest of the country that is slowly being transformed into a vision of the future. At the heart of Crown Prince Mohammed bin Salman’s drive to diversify the country’s economy, it is being built at an estimated cost […] May 18, 2022
Insight Saudi Arabia Vision 2030 Saudi Arabia: A kingdom in transformation Four giga-projects symbolise Saudi’s transformation and economic diversification from oil to technology and tourism – but global problems could delay progress In December last year the neighbourhood of Al-Balad in Jeddah played host to the first edition of the Red Sea International Film Festival. Held only three years after Saudi Arabia allowed cinemas to reopen […] May 18, 2022
