Analysis Employment Saudi firms turn to experience for board hires When Saudi food major Halwani Bros Company was looking for a new board member, it turned to Jameel Abdullah al-Molhem, who counts CEO of Saudi Telecom Company among a number of his former leadership positions in the kingdom. The appointment of al-Molhem as a non-executive member of the board last week is an example of […] August 1, 2023
Opinion Lifestyle Air-kisses and trees: all part of Saudi Arabia’s welcome Inside Riyadh’s astonishing, ongoing transformation July 28, 2023
Exclusive Energy Acwa Power bids to turbocharge Saudi’s green targets When it comes to the green transition, Saudi Arabia has got some catching up to do. The country is targeting a 50-50 split in electricity generation between renewables and gas by 2030, but in 2021 just 0.2 percent of electricity came from renewable sources. To achieve this Vision 2030 goal, the country has tasked its […] July 28, 2023
Energy Saudi hunts for critical minerals in energy transition Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition. Surveys could begin as soon as September in the new joint venture, which is worth nearly $130 million. […] July 24, 2023
EXCLUSIVE Tourism Aseer province is Saudi’s next untapped tourism hotspot The mountainous region of Aseer is Saudi Arabia’s next target for tourism investment, according to one of the kingdom’s most prominent industry leaders. Developing Aseer and encouraging repeat visits will be key to helping the kingdom meet its tourism goals, said Salman Gassim, government advisor and chief executive of Riyadh-headquartered Swiss Hospitality Company. Gassim, whose […] July 24, 2023
Analysis Agriculture Saudi’s wealth fund enters $7.3bn camel dairy market Saudi Arabia’s Public Investment Fund has established a company to produce and distribute camel milk and other dairy products. Named Sawani, the company is intended to help PIF grow the kingdom’s camel farming industry, in line with Vision 2030 goals to expand the food and agricultural sectors. The global camel dairy market was estimated to […] July 20, 2023
Aviation Riyadh Air receives half a million job applications Saudi Arabia’s new airline Riyadh Air has received almost half a million job applications since the carrier was announced to the world in March this year. Wholly owned by Saudi’s Public Investment Fund, Riyadh Air forms part of ambitious plans by the kingdom to boost the number of passengers through its 29 airports from 100 […] July 14, 2023
Real Estate Saudi’s new mortgage scheme to encourage homebuyers Saudi Arabia has launched a new mortgage guarantee services firm in an effort to increase home ownership among nationals. The Saudi Real Estate Development Fund (REDF) has launched Dhamanat, a wholly owned subsidiary, with SAR18 billion ($4.7 billion) in capital to provide insurance, alongside mortgages. Mortgage issuance fell by more than one third year-on-year in […] July 14, 2023
Tourism Reimagined kingdom: Saudi Arabia’s tourism challenge Not so long ago, the extent of tourism in Saudi Arabia amounted to pilgrims and business travellers. Other visitors were largely discouraged. Attracting them is now a priority, in a reimagined kingdom where hotels, leisure venues and cultural assets stand to generate income and jobs. Saudi Arabia now has ambitious goals in tourism: it wants […] July 14, 2023
Analysis Tech Saudi Arabia signals intent with space sector shake-up The launch of the Saudi Space Agency puts the kingdom on a trajectory to become one of the biggest players in the global space race, experts say. The agency has replaced the Saudi Space Commission and will focus on space science and exploratory missions, creating new opportunities and, according to its website, “empowering national cadres […] July 7, 2023
Opinion Business of Sport The Gulf’s bid for global dominion in sport Governments are spending billions in the hope it will accelerate economic transformation July 5, 2023
Development Saudi special economic zone plot sold for $98m The master developer of King Abdullah Economic City has announced a land sale worth SAR367 million ($98 million) as Saudi Arabia presses on with plans to create further economic zones in the kingdom. Emaar The Economic City, which is listed on Tadawul, said in a filing to the Saudi stock exchange that it has sold […] July 3, 2023
Opinion Aviation Riyadh Air tantalises Paris with promise of ‘Saudi hospitality’ As a 'no legacy' airline, there is room to try a different approach – and that could mean in-flight alcohol June 23, 2023
Banking and Finance $7.8bn of Saudi investments lined up for Expo 2030 bid Saudi Arabia has allocated $7.8 billion worth of investments to its bid to host Expo 2030. “The budget of $7.8 billion is catalytic to our broader Riyadh investment plan,” said Khalid al-Falih, the kingdom’s investment minister. He was speaking on Tuesday at the 172nd General Assembly meeting of the Bureau International des Expositions, the organisation […] June 22, 2023
Trade Saudi and France to ‘unleash potential’ after $2.9bn deals Saudi Arabia and France will work together to “unleash the full potential” of their trade relationship as they look beyond traditional sectors such as energy. That was the message from Saudi investment minister Khalid Al-Falih at the conclusion of the French-Saudi Investment Forum. Last year, French-Saudi trade volumes increased by more than 80 percent to […] June 21, 2023
Transport Airbus to build helicopters in Saudi Arabia Saudi Arabia has signed a $6.7 billion deal with European aviation giant Airbus to manufacture civilian and military helicopters in the kingdom. In its latest step to develop a homegrown defence industry, state-owned military contractor Scopa and Airbus will build a Saudi factory to make the aircraft, Reuters and Bloomberg reported, citing a television interview […] June 19, 2023
Banking and Finance PIF wary of crowding out private sector Saudi Arabia’s Public Investment Fund has put measures in place to ensure it does not starve the private sector of investment opportunities. “It’s of concern to everyone and it’s something we talk about a lot,” Jerry Todd, head of the National Development Division at the $700 billion sovereign wealth fund, said, adding that the PIF […] June 15, 2023
Exclusive Aviation Saudi flight bookings above pre-Covid levels International flight bookings to Saudi Arabia this summer are up 8 percent compared with the same time in 2019, indicating a post-pandemic recovery as the kingdom develops its tourism industry. As of May 23, flight bookings to Saudi Arabia in June, July and August were mainly driven by arrivals from Egypt. They were up 204 […] June 12, 2023
Opinion Trade Saudi Arabia’s ‘transactional’ relationship with China is evolving fast There's more to the partnership than just energy June 12, 2023
Construction Building firm targets rival in $145m deal to stem losses Saudi construction firm Red Sea International Co has announced plans to buy a majority share in a rival for more than SAR544 million ($145 million). The proposed deal to acquire 51 percent of The Fundamental Installation for Electric Work Company Ltd (First Fix) is part of a plan to turn around increasing losses at Red […] June 12, 2023
Economy Gulf’s non-oil sector challenged by growing pains The pace of growth in non-oil business activity is creating challenges for business owners across the Gulf, including delivering new orders on time, increased labour shortages and higher non-staff costs. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) stood at 55.5 in May as surveyed firms continued to report a marked increase in […] June 5, 2023
Analysis Tourism Saudi domestic tourism drive takes off at Dubai’s expense Saudi visitor numbers to Dubai are expected to remain high, despite falling considerably from pre-pandemic levels as residents from the kingdom feel the pull of domestic tourism. The 289,000 travellers from Saudi Arabia made it the fourth-largest source market for travellers to Dubai in the first quarter of this year, but this total was still […] May 29, 2023
