Opinion Sustainability Saudi Arabia can make the case for change at Cop28 The kingdom is making steps to protect its young population November 21, 2023
Giga-projects Saudi construction contracts balloon since 2015 Saudi Arabia has signed off on $78 billion of construction projects so far this year, up 42 percent from $54.5 billion in 2015, just before the announcement of the Vision 2030 project. The statistics, provided by the Saudi Contractors Authority (Scavo), show the total value of ongoing projects as of the end of October at […] November 7, 2023
Tourism Red Sea Global reveals own luxury resort brand The Saudi developer Red Sea Global (RSG) will open Shebara, its own luxury resort brand, next summer at the Red Sea tourism project. The resort, on Sheybarah Island in the Al Wajh Lagoon, will house 73 keys, including overwater and beach villas. Guests can get to the resort after a 45-minute boat ride, or 20 […] November 7, 2023
Analysis Aviation Saudi aviation reforms to attract foreign airport operators Saudi Arabia has unveiled reforms and new regulations to encourage more foreign investment in its aviation sector, as part of a privatisation push. The new economic policy framework aims to create a “level playing field” for global operators and investors in the kingdom, according to the president of the General Authority of Civil Aviation (Gaca). […] October 31, 2023
Analysis Giga-projects Saudi construction under pressure to deliver on its promise The Saudi construction sector is growing as the state showers money on giga-projects while oil prices are high, but the industry is under increasing government pressure to deliver, industry players say. A market that was previously dominated by favoured government contractors such as Binladin Group and the now defunct Saudi Oger has been liberalised. This […] October 30, 2023
Tourism Envi Lodges to launch third round of fundraising Envi Lodges, the tented camps and eco-pods specialist, is preparing a third round of fundraising as it seeks to expand regionally and internationally. The UAE ecolodge brand and management company, founded in 2021, has already completed two funding rounds, raising $2 million from investors in Saudi Arabia, the UAE, France and the UK. Envi Lodges […] October 25, 2023
Video length: 07:23 FII Banking & Finance World Bank to Wall Street, FII attracts financial elite Slickly choreographed dancers clad in futuristic outfits and a teenage boy in a shiny tuxedo singing a power ballad set the stage for the seventh Future Investment Initiative (FII) in Riyadh, and all at nine o’clock in the morning. However, there were immediately more serious themes at play at the event, which opened on Tuesday. […] October 25, 2023
FII Tourism Red Sea Global links up with Kingdom for $530m resort Red Sea Global and Kingdom Holding Company have agreed a SAR2 billion ($530 million) joint venture to develop and own a Four Seasons resort at the Red Sea giga-project. The luxury development, scheduled to open in early 2025, will be built on Shura Island, the main hub of the 22-island giga-project. The Four Seasons resort […] October 24, 2023
Giga-projects Warning over climate impact of Saudi giga-projects Saudi Arabia’s vast giga-projects could have a damaging impact on the environment if they are not managed properly, a report from a Saudi university has found. “While diversifying the economy, giga-projects will increase the number of people living or visiting coastal areas, placing an additional burden via waste generation and disposal, water desalination and energy […] October 23, 2023
Construction Gulf contractor ALEC’s five-year plan to double business ALEC Engineering and Contracting, the company behind some of the Gulf’s biggest projects, is looking to double its business in the next five years, with Saudi Arabia making up a core part of its plans. Developments already under their management include the UAE’s first casino and Saudi Arabia’s entertainment city. Barry Lewis, ALEC’s recently appointed […] October 18, 2023
Finance PIF’s sukuk may test investor appetite for Middle East Saudi Arabia’s Public Investment Fund is planning to issue its first dollar-denominated Islamic bonds, but the move could be a test of investor appetite as regional tensions rise over the conflict in Gaza. Citi, HSBC, JP Morgan and Standard Chartered Bank have been nominated as global joint co-ordinators to organise a series of investor calls […] October 17, 2023
Transport Red Sea Global installs Saudi Arabia’s largest EV charging network Saudi developer Red Sea Global has installed what it says is the kingdom’s largest off-grid electric vehicle charging network. The network includes more than 150 charging stations spread across phase one of the Red Sea project. The stations are strategically located to keep Red Sea Global’s initial fleet of 80 electric Lucid and Mercedes vehicles […] October 17, 2023
Aviation Huge expansion planned for Saudi’s Abha airport Abha International Airport in the south-west of Saudi Arabia is to expand to more than six times its current size. The plans, revealed this week by Crown Prince Mohammed bin Salman, will see the terminal area of the airport increased to 65,000 square metres. It includes the construction of passenger boarding bridges, self-service facilities and […] October 13, 2023
Tourism Saudi Arabia among biggest gainers in tourism rebound The Middle East is the best-performing global tourism region as the world undergoes a tourism rebound after the Covid-19 pandemic, and Saudi Arabia the second best-performing country, according to the UN’s tourism body. The United Nations World Tourism Organization said tourism in terms of traveller numbers had rebounded globally to 84 percent of levels before […] October 4, 2023
Opinion Giga-projects Paradise found: Conserving and leveraging Saudi’s natural bounty How the world’s most ambitious sustainable hospitality project is being brought to life September 11, 2023
Energy Solar power scaled up at Amaala giga-project Saudi developer Red Sea Global has signed a 25-year concession agreement with France’s EDF and UAE’s Masdar to service its Amaala giga-project on the northwestern coast of the kingdom. The off-grid renewable energy system will have the capacity to generate up to 410,000 MWh per annum, enough to power 10,000 households, the companies said in […] September 11, 2023
Banking & Finance Saudi banks face slowdown as giga-projects take toll Saudi banks are witnessing a slowdown, impacting liquidity, net profits and share price across the sector, as the pressure of funding the kingdom’s giga-projects takes its toll, analysts say. Growth in net profit at the top ten banks slowed to 0.3 percent in the second quarter and the Saudi index of bank stocks fell 18.8 […] September 8, 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
Agriculture Red Sea Global farm co-op builds on Saudi food plans Saudi Arabia’s Red Sea Global has set up a farm cooperative to supply its resorts, amid wider plans to boost farming and food security. The Red Sea Farm Cooperative, also known as Tamala, aims to build on Saudi Arabia’s record agricultural production levels that were achieved last year. Farmers will be able to sell their […] September 1, 2023
Logistics Saudi Arabia to build 59 logistics centres by 2030 Saudi Arabia will have 59 logistics centres by 2030, as the kingdom aims to transform itself into a global logistics hub. Crown Prince Mohammed bin Salman unveiled the masterplan for the centres as part of ongoing initiatives under the national transport and logistics strategy. The 59 centres will have a total area of more than […] August 28, 2023
Tech Dubai tech company buys Virgin Mobile Latin America A Dubai technology investment company has bought Virgin Mobile Latin America, a mobile virtual network operator with operations in Mexico and Colombia. The acquisition by Beyond One follows its buyout in February of Virgin Mobile Middle East and Africa, which serves Saudi Arabia, the UAE, Oman and Kuwait. A mobile virtual network operator is a provider […] August 23, 2023
Infrastructure Saudi seeks Chinese funding for infrastructure projects Saudi Arabia is in talks with Chinese banks for potential investment in and development of infrastructure projects. The talks were held between Saudi housing minister Majid Al Hogail and several heads of Chinese banks in Beijing, state-run SPA news agency reported. The minister discussed investment opportunities across a number of Saudi cities with officials from […] August 16, 2023
