Opinion Giga-projects Vision 2030 is moving along just fine Despite a slowdown, the overall trajectory of Saudi Arabia’s Vision 2030 is positive July 24, 2024
Banking & Finance PIF appoints investment chief as it shifts focus to local projects Saudi Arabia’s Public Investment Fund has appointed a head of investments as it seeks to manage funding challenges for the giga-projects at the centre of the country’s economic transformation programme. Fahad AlSaif will be responsible for “guiding the development of PIF’s overarching investment strategy” and helping the fund’s leadership in its decisions, a statement said. […] July 24, 2024
Video length: 08:13 Analysis Logistics Logistics giants compete for space in Saudi Arabia Global logistics companies are flocking to Saudi Arabia as the country’s socio-economic transformation drives demand for industrial and ecommerce buildings. Last week DB Schenker, the logistics subsidiary of Germany’s rail operator Deutsche Bahn, signed a deal with Riyadh-based developer Kaden to construct warehouses in the kingdom. At the end of May construction work started on […] July 24, 2024
Analysis Markets Looming ‘vision’ project deadlines spur GCC bond market growth Gulf countries are racing to complete ambitious “vision” agendas, pushing the total value of GCC bond and sukuk issuances since 2014 to more than $1 trillion. Each GCC country is working towards its own goals – whether that be the Saudi Vision 2030, We the UAE 2031, or Kuwait Vision 2035 – with the aim […] July 23, 2024
Mining Saudi Arabia opens bids for largest mineral exploration sites Saudi Arabia is inviting companies to bid for five new mineral exploration licences as it moves forward to unlock its vast mineral wealth. The government is seeking bids for three exploration licences at the Jabal Sayad mineralised belt, which covers almost 3,000 sq km. The belt is rich in copper, zinc, lead, gold and silver. […] July 22, 2024
Giga-projects Full steam ahead on ‘largest urban park in the world’ Saudi Arabia is forging ahead with construction of what it calls the “largest urban park in the world”, publishing videos of its first buildings under construction after a tunnel opened earlier this year. King Salman Park in Riyadh is owned by the Public Investment Fund and was recently valued by real estate consultancy Knight Frank […] July 19, 2024
Economy IMF lowers Saudi growth forecast over oil output cuts The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy. In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […] July 17, 2024
Aviation Saudi air passengers up 17% in first half of 2024 Saudi Arabia had a 17 percent increase in the total number of air passengers in the first half of the year, rising to 62 million. This was based on a 12 percent rise in total flights to 446,000, the General Authority of Civil Aviation (GACA) said. Air freight was also up, showing an increase of […] July 15, 2024
Business of Sport Anyone for cricket? Saudi Arabia’s next big sports play Saudi Arabia is aggressively courting much-needed foreign investment to commercialise its emerging sport sector, part of its Vision 2030 plan to diversify from its dependence on wealth from hydrocarbons. Basim Ibrahim, director of sport investment development at Saudi’s Ministry of Investment, said the kingdom, which has already put its football clubs up for sale, is […] July 15, 2024
Analysis Business of Sport Saudi football spending tipped to tumble as economy falters Saudi Arabia’s domestic football ambitions may have to take a back seat this year as the kingdom focuses on funding its $1.25 trillion giga-projects programme, according to analysts. Last summer Saudi Pro League clubs spent close to $1 billion signing the likes of Neymar, Ruben Neves and N’Golo Kante. This year’s transfer window is expected […] July 14, 2024
Trade Thailand opens investment office in Saudi Arabia Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […] July 12, 2024
Tourism Saudia reports big rise in international passengers Saudi Arabia’s national carrier Saudia reported a 24 percent increase in international passengers to 9.1 million in the first half of 2024. There was also a 13 percent rise in the number of flights. The Hajj pilgrimage in June played a large part in the growth. The number of passengers flying on domestic routes rose […] July 12, 2024
Giga-projects AlUla plans Nabataean resort carved into Saudi mountains Saudi Arabia is spending around $15 billion on the ancient site of AlUla, including a resort for the super-rich chiselled into the face of its rock formations and mountains. AlUla is the site of the pre-Islamic Nabataean kingdom that was based in Jordan’s Petra. The resort, called Sharaan, will include 38 suites “carved into sandstone […] July 11, 2024
Finance Saudi CMA fines two for manipulating stocks Saudi Arabia’s Capital Markets Authority (CMA) has fined two Saudi men SAR11.1 million ($3 million) for manipulating the price of 17 stocks through posts on the social media platform X . Mohammed bin Nawaf bin Mohammed Alharbi and Nawaf bin Mohammed bin Jam’an Alsukhaiber Alharbi used X, formerly known as Twitter, to encourage investors into […] July 5, 2024
Business of Sport Fourteen Saudi football clubs for sale in new FDI drive Fourteen Saudi football clubs are up for sale, including four from the country’s top Pro League, as the country tries to monetise the sport and attract much-needed foreign investment. Six teams, including three in the Pro League – Al-Okhdood, Al-Orouba and Al-Kholoud – will be offered from August. The other eight will follow at a […] July 4, 2024
Giga-projects Consolidating giga-projects pushes PIF into profit Saudi Arabia’s Public Investment Fund (PIF) swung into profit in 2023, with revenues doubling to $88.3 billion. According to an audited financial statement the sovereign wealth fund has consolidated five schemes as it manages giga-project costs. PIF owns the development projects at the heart of Saudi Arabia’s economic reform plan but is now facing funding […] July 3, 2024
Leisure & Hospitality Tourist spending in Saudi Arabia rises 23% to $12bn Inbound visitor spending in Saudi Arabia rose 23 percent year on year in the first quarter of 2024. Spending reached SAR45 billion ($12 billion) in the January to March period from SAR36.6 billion a year ago, tourism ministry data showed. The surplus in the travel account stood at SAR24 billion during the period, rising 46 […] July 3, 2024
Banking & Finance Saudi forex reserves at 18-month high in boost to giga-projects Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022. The rise gives the government more scope to pump money into cash-constrained giga-projects. Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […] July 2, 2024
Giga-projects Neom offers financial guarantees to lure private investors Neom is adopting stabilisation guarantees and varied financial arrangements to encourage private sector investments, according to a senior executive. The $1.5 trillion giga-project, owned by the Public Investment Fund (PIF), is a linchpin in Saudi Arabia’s move away from oil dependency. Dr Manar Al Moneef, chief investment officer at Neom, said it plans to offer […] June 28, 2024
Giga-projects Futuristic architect lands arts centre in Saudi’s Qiddiya Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh. The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital. Qiddiya, one of the Public Investment Fund’s giga-projects, said […] June 27, 2024
Tourism Saudi Red Sea resorts aim for 19m tourists by 2030 Saudi Arabia hopes to attract 19 million tourists a year to its Red Sea giga-projects and other resorts being built along the country’s west coast. Mohammed Al Nasser, CEO of the Saudi Red Sea Authority, said it intends to issue licences for up to 60 marinas over the next two years. It recently licensed six […] June 27, 2024
Construction Riyadh dominates Saudi Arabia’s construction market Riyadh and its surroundings account for nearly 40 percent of the value of existing construction contracts in Saudi Arabia, at US$54 billion, according to new research. The provinces of Mecca – which includes Jeddah – and Tabuk in the north of the kingdom follow the capital region, with $28.7 billion and $28.5 billion in awarded […] June 25, 2024
