Video length: 03.55 Video Tourism Cruise Saudi sets sail for $200m tourism windfall Cruise Saudi estimates it will contribute $200 million in revenues to the kingdom by 2035, as the Public Investment Fund-owned company develops ports for cruise passengers. In a video interview with AGBI its chief asset development and port operations officer Miguel Reyna said: “On average, when a ship comes to the port, 35 percent of […] May 29, 2023
Analysis Energy Saudi petrochemical giants braced for hike in gas costs Saudi Arabia’s petrochemicals companies, whose margins have tumbled this year, could be hit by higher prices for gas feedstocks if reforms to state subsidies materialise. The petrochemicals industry is the kingdom’s most important after oil and chemicals manufacturing is a key part of the Vision 2030 economic diversification plan. Yet some producers suffered losses in […] May 26, 2023
Analysis Economy New wave of Saudi spending is no cause for concern A spike in spending during the first quarter of 2023 is likely to lead to a “modest” full-year fiscal deficit for the Saudi government but room remains to make further outlays, experts say. The government recorded a deficit of nearly SAR3 billion ($800 million) in the period, driven by a 29 percent surge in spending, […] May 25, 2023
Opinion Tourism Saudi Arabia’s tourism ambitions are making waves However the kingdom still has a lot of work to do May 24, 2023
Tourism Middle East beats pre-pandemic tourism numbers The Middle East has become the first region to return to pre-pandemic tourism levels for a full quarter, according to the UN World Tourism Organisation. In the first three months of 2023, international visitor arrivals to the Middle East were 15 percent higher than in the same period of 2019, the UN agency said. The […] May 24, 2023
Employment ‘Saudisation’ creates 500,000 jobs for home nationals Saudi Arabia has created half a million new jobs in the last four years as part of its “Saudisation” policy of requiring companies to hire Saudi nationals, helping the kingdom’s unemployment rate fall to its lowest for six years. Ahmad Al-Rajhi, the minister of human resources and social development, speaking this week at an event […] May 19, 2023
Energy Saudi approves 106 firms to help hit solar power target Saudi Arabia has approved a list of 106 companies qualified to install solar power systems. The decision aligns with the kingdom’s aim for 68.1 percent of its renewables capacity to be generated by solar power by 2030. The Saudi Electricity and Water Regulatory Authority has qualified a list of both contractors and consultants to design, […] May 19, 2023
Logistics New $2bn port to serve Saudi’s Neom More than SAR7.5 billion ($2 billion) has so far been invested in a new port at Saudi Arabia’s planned $500 billion smart city Neom, with plans to open a new terminal in 2025. Located on the Red Sea at the crossroads of global trading routes, the port will be a critical enabler for Neom and […] May 18, 2023
Manufacturing Ma’aden buys $126m stake in US mining firm Saudi Arabian Mining Co (Ma’aden) has bought a 9.9 percent stake in US minerals exploration company Ivanhoe Electric as part of a joint venture exploring an area in the kingdom that’s larger than Denmark. The $126 million deal includes a $66 million joint venture where Ma’aden will use Ivanhoe’s Typhoon geophysical surveying technology to mine […] May 16, 2023
Analysis Construction GCC construction dilemma as Saudi ‘sucking up’ skilled talent Saudi Arabia’s huge construction projects are luring workers out of neighbouring countries in the GCC and resulting in skills shortages, say experts and builders. Construction executives in the UAE and Oman in particular have voiced concerns about the overall resource demands of the region as Saudi Arabia’s market continued to show strong growth during the […] May 10, 2023
Video length: 02:49 Video Tourism Red Sea Global to spend $20bn by 2024 Red Sea Global will open its first hotels this year at the new Saudi Arabian tourist destinations, Red Sea Project and Amaala. The company, owned by Saudi sovereign wealth fund PIF, has spent $5 billion so far, according to its CEO, and will be spending another $15 billion by 2024. “Between Red Sea and Amaala, […] May 3, 2023
Video length: 02:33 Aviation Saudi tenders for new low-cost carrier in Dammam Saudi Arabia has issued a public tender for another airline to operate in the kingdom. Two new airlines have already been announced in the country this year – Riyadh Air and Neom Airlines. And the General Authority of Civil Aviation is looking to introduce one more. The tender invites investors “wishing to obtain a national […] May 3, 2023
Construction Saudi giga-projects may tap into debt market funding Saudi Arabia’s vast pipeline of giga-projects will require funding assistance due to the tightened liquidity in the country’s banking sector, say analysts at credit rating firm S&P Global. This, they add, opens opportunities for the Gulf’s debt markets. “We think that the Public Investment Fund and Saudi’s banking sector alone won’t be able to fund […] April 17, 2023
Banking and Finance Global banks look to fill ‘huge’ funding gap for Vision 2030 International banks have spotted an opportunity in Saudi Arabia to meet the “huge financing needs” of Vision 2030, according to an industry expert. Dr Mohamed Damak, senior director and financial institutions sector lead at S&P Global Ratings, told a media conference on Thursday that Saudi banks will continue to “grow tremendously” but the sheer size […] March 10, 2023
Opinion Aviation Regional airline rivalry is set to drive down fares The Middle East flight hubs are about to feel the squeeze March 6, 2023
Construction Value of Saudi project contracts doubled to $24.6bn in 2022 The value of giga-project related contracts awarded in Saudi Arabia in 2022 grew by 103 percent to $24.6 billion from $12 billion the previous year. As the kingdom accelerates activity towards achieving its Vision 2030 economic diversification goals, Neom saw the highest number and value of awarded contracts, especially on infrastructure works on The Line. […] February 24, 2023
Opinion Economy Sobering year ahead but Saudi and UAE can weather storm Geopolitics will inevitably affect the big Gulf economies February 2, 2023
Saudi Arabia Vision 2030 Saudi sets up fund targeting global events sector Saudi Crown Prince Mohammed bin Salman has launched a fund that aims to position the kingdom as a global hub for cultural, tourism, entertainment and sports events. The Events Investment Fund (EIF) will conceptualise, finance and oversee the development of more than 35 venues by 2030, diversifying the Saudi economy and “increasing its share of […] January 17, 2023
Tourism Saudi tourism surges as foreign visitors spend 570% more in Q2 International visitors to Saudi Arabia spent SAR 15.7 billion ($4.17 billion) in the second quarter of this year, a year-on-year increase of 570 percent, as the country continues its recovery from the coronavirus pandemic. The kingdom welcomed 3.6 million tourists from April to June, a rise of 575.4 percent year-on-year, according to figures revealed by […] December 14, 2022
Banking and Finance Saudi firms partner to boost SME involvement in supply chains Banque Saudi Fransi has formed a tie-up with Saudi Aramco-backed fintech firm Lamaa pledging to develop products and services to aid supply chain management and cut costs. Under a memorandum of understanding signed on Wednesday, the two companies agreed to collaborate to develop, evaluate and launch “supply chain solutions” that will streamline the process for […] December 7, 2022
Analysis Saudi Arabia Vision 2030 ‘Entertainment is the new retail’ for Riyadh malls More than half the new retail space being developed in Riyadh is dedicated to entertainment venues, research has found, as Saudi Arabia seeks to attract younger people to malls. At the Mall of Saudi, being developed by Majid Al Futtaim in north Riyadh, large areas will be allocated to dining, leisure and entertainment – and […] December 7, 2022
Analysis Construction Saudi giga-projects: ‘enough work for every sector of the industry’ While much of the global economy is reeling from a sharp slowdown in growth, Saudi Arabia recorded a GDP growth rate of 8.6 percent in the third quarter this year, with its economy being propelled forward by ambitious projects in its tourism sector. The Red Sea Global (RSG) giga-project, which comprises the kingdom’s flagship tourism […] December 6, 2022
