Construction PIF buys stakes in construction firms as Saudi boom continues Saudi Arabia’s Public Investment Fund (PIF) has spent $1.3 billion buying “significant” minority stakes in four local construction companies, the sovereign wealth fund said in a statement on Tuesday. The kingdom is enjoying a building boom, with projects valued at more than $1.1 trillion underway and a further $64 billion of construction contracts forecast to […] February 14, 2023
Tourism Hyatt signs deal for three new Saudi hotels Hyatt has announced that an affiliate has entered into management agreements for three hotels in Saudi Arabia. The deal with Rua Al Madinah Holding Company will cover the Grand Hyatt Madinah, Hyatt Regency Madinah and Hyatt Place Madinah. Upon opening, these properties will add a combined 1,729 room keys to the hospitality giant’s portfolio in […] February 8, 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
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
Exclusive Tourism ‘Constantly evolving’ Mena key to Hyatt growth plan, says new VP Hyatt Hotels, the US-based hospitality giant, is placing emphasis on the Middle East and Africa for its global growth strategy. Stuart Deeson, newly appointed vice president of operations for the region at Hyatt, told AGBI that Saudi Arabia in particular was witnessing a “significant point in history”. He also believes Qatar, Kuwait and Morocco offer […] February 1, 2023
Exclusive Manufacturing Cars, property and superjets: Pagani plots future with PIF Horacio Pagani, founder of the supercar that bears his name, is open to further partnerships with Saudi Arabia’s Public Investment Fund as his company expands into luxury real estate and private jet design. PIF acquired a 30 percent stake in the Italian business in 2021. Pagani, who acts as its CEO and chief design officer, […] January 29, 2023
Tourism Nature calls as Dubai ecolodge startup spreads its wings While hospitality businesses were suffering during the coronavirus pandemic, a Dubai-based startup was plotting ambitious expansion. Envi, a luxury experiential ecolodge brand and management company, was launched in 2021, just as the tourism industry had lost $935 billion in revenue, according to figures from the World Travel and Tourism Council. “We saw how many hotels […] January 27, 2023
Tourism Saudi outpaces neighbours as prime tourist destination In the space of only three years, Saudi Arabia has been transformed into the biggest Arab market for international tourists. Religious tourism has traditionally been one of the few ways visitors could enter the kingdom, with 2019 records revealing 9.5 million pilgrims visited the holy cities of Mecca and Medina between the Hajj and Umrah. […] January 26, 2023
Analysis Banking & Finance Bargain buys and law reforms tipped to drive deal-making When Oman Qatar Insurance and Vision Insurance signed a merger pact in December, it rounded off a busy year of M&A activity in the Middle East. The proposal, which is still subject to approval from regulators and shareholders, was one of hundreds of deals struck across the region. Global law firm Norton Rose Fulbright predicts […] January 25, 2023
Construction Red Sea Global secures $288m funding for Jumeirah project Red Sea Global (RSG) has secured $288 million in funding as part of a joint venture with Almutlaq Real Estate Investment Co. (AREIC) to develop Jumeirah The Red Sea on the west coast of Saudi Arabia. Gulf International Bank Saudi Arabia (GIB) provided the green financing, the developer said in a statement. “Achieving commercial close […] January 25, 2023
Analysis Middle East on a roll as fastest growing theme park market The Middle East and North Africa is set to be the fastest-growing region for investment in amusement parks, as developing economies create attractions to lure visitors. Consumer spending at theme parks and related destinations in the Mena region is projected to grow at an annual rate of 10.9 percent, from $282 million in 2019 to […] January 23, 2023
EXCLUSIVE Retail Saudi Arabia’s bid to be the next global fashion powerhouse It will not be long before Saudi Arabia produces a global fashion powerhouse brand to rival Louis Vuitton and Chanel, according to the man tasked with fulfilling the kingdom’s catwalk ambitions. “I have no doubt about that, the sky is the limit,” Burak Cakmak, CEO of the Saudi Fashion Commission told AGBI as designers from […] January 15, 2023
Analysis Tourism Gulf in sustainable tourism push as legislation looms When the first tourists arrive to experience the Red Sea Global sustainable tourism destination in Saudi Arabia later this year, they will touch down at an airport run entirely by renewable energy and designed to include shaded areas and natural ventilation that minimises reliance on air conditioning. They will continue their journey to a resort […] 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
Energy Egypt awards exploration rights for offshore blocks to ExxonMobil US oil and gas major ExxonMobil has obtained exploration rights to two offshore blocks in Egypt’s outer Nile Delta, Ahram Online reported, citing a company statement. The two blocks – Masry and Cairo – stretch over 11,000sq km, with exploration expected to start in 2023 after the government grants its final approval. “The addition of […] 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
Sustainability Private sector key to tackling climate change, says tourism chief The world cannot expect governments to combat climate change alone and the private sector must step up and safeguard the future of the planet, according to John Pagano, CEO of Saudi’s Red Sea Global. Countries across the world are taking various measures to address climate change. In the Middle East, the UAE and Oman have […] December 30, 2022
Opinion Sustainability Private sector innovation will save our natural environment While politicians talk about curbing emissions, private sector innovations are actively driving the transition to renewable energy December 29, 2022
AD Ports’ new joint venture to target Caspian Sea companies State-owned AD Ports Group has signed an agreement with Kazakhstan’s KMTF (Kazmortransflot) to provide offshore and shipping services for energy companies in the Caspian Sea, state-run WAM news agency reported. The joint venture, which will be 51 percent owned by AD Ports Group and 49 percent by KMTF, a wholly-owned offshore logistics and services subsidiary of […] December 29, 2022
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
Analysis Banking & Finance UK and Saudi Arabia plant seed for closer ties on green finance Saudi Arabia has signed an agreement with the UK to foster greater cooperation on green finance as the kingdom looks increasingly at ethical funding for its transformative giga-projects. Jeremy Hunt, the UK’s chancellor of the exchequer, and Mohammed Al-Jadaan, the Saudi minister of finance, met on Tuesday in London to sign a memorandum of understanding […] December 23, 2022
Exclusive Construction Caribbean carbon-negative concrete set for Saudi projects Bahamas-based startup Partanna is finalising the terms of its first commercial partnership in the Middle East – a tie-up with the developer responsible for two of Saudi Arabia’s flagship giga-projects, Red Sea and Amaala. A joint venture is expected to be signed with Red Sea Global (RSG) early next year, according to Rick Fox, co-founder […] December 22, 2022
