Renewable Energy Saudi company invests in US battery maker Pure Lithium Saudi Arabian investment company Energy Capital Group has announced a collaboration with US tech startup Pure Lithium to develop renewable batteries. The batteries will use lithium extracted from oilfield brines, giving a further boost to Saudi Arabia’s plans to dominate in green industries. Based in Riyadh, Energy Capital Group did not disclose how much it […] September 1, 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
Tech Saudi and Coursera to train 100,000 new tech workers Saudi Arabia is teaming up with online learning platform Coursera to train 100,000 new technology workers across the kingdom. Its Ministry of Communications and Information Technology and the National eLearning Center have launched a ‘Fuel’ programme offering training on the platform in various tech-related skills. Aimed at job seekers, graduates and those looking to improve […] August 30, 2023
Oil & Gas Saudi Arabia has highest fuel subsidies per capita in G20 Saudi Arabia is by far the highest provider of fuel subsidies per capita among the G20 advanced economies, the IMF said this month as it called for fossil fuel price reforms to reduce carbon emissions. The IMF Fossil Fuel Subsidies Data: 2023 Update working paper said Saudi Arabia spent almost $7,000 per person in 2022. […] August 30, 2023
Analysis Trade Saudi minister Al Falih heads to Milan for trade talks Saudi Arabian and Italian officials are to meet in Milan next week for talks on investment opportunities in clean energy, healthcare, manufacturing and hospitality. The Ministry of Investment of Saudi Arabia will co-host the Italian-Saudi Investment Forum on September 4, as the countries seek to build on bilateral trade that surpassed $11 billion last year. […] August 30, 2023
Giga-projects Saudi Arabia reveals latest giga-project with 11km canal Saudi Arabia has announced its latest giga-project with plans to develop an 11-kilometre-long canal north of Jeddah. The mixed-use waterfront destination, which will be home to over 130,000 residents, will be developed by Roshn Group in partnership with the kingdom’s Public Investment Fund. To be known as Marafy, the project includes the first manmade canal […] August 29, 2023
Construction Saudi Arabia plans zero carbon industrial park Plans for a zero carbon industrial park at King Abdullah Economic City, the megacity being developed on Saudi Arabia’s Red Sea coast, are under way following an agreement with green investment company Skytower. Saudi Press Agency said that King Abdullah Economic City’s organising body signed the deal with Skytower on Monday. It reported that the […] August 29, 2023
Analysis Finance Saudi Arabia pushes easy mortgage financing scheme Saudi Arabia has increased funding for home ownership for citizens over the past year in an effort to reach Vision 2030 targets. The kingdom’s sluggish mortgage market has been affected by high US interest rates. The Saudi riyal is pegged to the US dollar, tying the Saudi mortgage market to US interest rate fluctuations. Residential […] August 29, 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
Analysis Business of Sport Saudi football sells TV rights in hope of net profit Saudi Arabia’s professional football league has sold broadcast rights to 12 networks across 130 countries for coverage of the 2023-24 season, following a spending spree on players that has captured global attention. But wary of previous experience with China, broadcasters will be following closely to see if a global appetite exists for Saudi Arabia. “The […] August 27, 2023
Trade New Saudi bid to turn around sliding non-oil trade Saudi Arabian non-oil trade exports, which have declined in the wake of oil production cuts, could get a boost via a credit insurance deal agreed this week with an affiliate of petrochemicals company National Industrialization Co (Tasnee). The initiative, provided by the Saudi Export-Import Bank (Saudi EXIM Bank) through Evonik Tasnee Marketing, protects against the […] August 25, 2023
Real Estate US builder to manage Riyadh business hub expansion US construction and engineering company Parsons Corporation has won a contract to manage the expansion of the King Abdullah Financial District (KAFD). The Virginia-based business said it has been awarded a five-year contract by the KAFD Development and Management Company for Saudi Arabia’s prime business and lifestyle destination. The contract supports the expansion of the […] August 23, 2023
Opinion Economy With Saudi on side, the Brics can change the world The group gathering for its summit could be the architect and engineer of a different world order August 22, 2023
Exclusive Health US biotech manufacturer seeks Gulf genomics partners US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […] August 22, 2023
Finance Insurers to get independent body in Saudi Arabia Saudi Arabia is to create an insurance authority independent from their central bank, as the sector undergoes a wave of consolidation that the government hopes will help make it a significant player in non-oil economic growth. The Saudi Press Agency (SPA) said on Wednesday that a cabinet meeting chaired by Crown Prince Mohammed bin Salman […] August 16, 2023
Analysis Economy Saudi tourism revenue grows as budget surplus shrinks Tourism revenue is beginning to emerge as a serious component on Saudi Arabia’s balance of payments, tripling in a year, and experts see the sector as a “very important” offset to any decline in oil earnings. While the kingdom’s current account returned another surplus in the first quarter of 2023 of $17.7 billion, this was […] August 16, 2023
Construction Court rules against Binladin Group in crane tragedy The Saudi Supreme Court has affirmed a ruling against the Binladin Group, fining the construction company SAR20 million ($5.33 million) for a 2015 accident in which a crane collapsed in Mecca during the hajj pilgrimage season. The court found that safety violations caused the deaths of more than 100 people. The Okaz newspaper reported on […] August 14, 2023
Finance Saudi’s investment fund gets taste of halal food market Saudi Arabia’s Public Investment Fund aims to increase the kingdom’s share in the global halal food market, currently worth at least $2 trillion. Halal Products Development Company, a PIF subsidiary launched in October 2022, signed an agreement with the Saudi Exports Development Authority to support companies targeting the halal market, as well as encourage local […] August 9, 2023
Health PIF sets up company to help Saudi women get fitter Saudi Arabia’s sovereign wealth fund has launched a company aimed at improving the health and wellbeing of women in the kingdom. The business, Kayanee, will focus on fitness, apparel, personal care and treatments, nutrition and diagnostics, healthy eating and learning. The Public Investment Fund-backed company will be chaired by Princess Reema bint Bandar Al Saud, […] August 7, 2023
Opinion Business of Sport Saudi Arabia: The making of a sports nation The kingdom has crafted a genuine vision aimed at building a sports ecosystem August 7, 2023
Tourism Saudi mountain resort Desert Rock edges closer Construction work on Desert Rock, a Saudi mountain resort being built into the rockface, is more than half complete, developer Red Sea Global has confirmed. Launched in 2021, the resort is located in the wadi vistas in the west of the kingdom. Designed by Oppenheim Architecture in the US, guests will enter Desert Rock through […] August 3, 2023
Tourism Saudi giga-project Red Sea to open first hotels this year The first three hotels at Saudi Arabia’s multi-billion dollar Red Sea destination are on track to open later this year, its developer announced on Wednesday. Red Sea Global (RSG), the company behind tourism destinations Amaala and The Red Sea, also said the first domestic flights are set to take off from its international airport before […] August 2, 2023
