Economy Analysts predict growth despite Saudi GDP fall Saudi Arabia’s year-on-year GDP fell again in the second quarter, according to adjusted government figures released this week, but analysts have said the quarterly increase shows the economy is nearing the end of its negative run. GDP was down 0.3 percent year on year in the second quarter, but has risen by 1.4 percent since […] September 10, 2024
Tourism Saudi Arabia plans refund scheme to cater for tourists Saudi Arabia is planning to introduce a tourist tax refund scheme in an attempt to boost visitor numbers and compete with its Gulf neighbours. The Zakat, Customs and Tax Authority opened a public consultation at the end of August on proposed changes to tax regulations that aim to improve compliance with valued added tax legislation […] September 10, 2024
Opinion Oil & Gas Vision 2030 on track but oil remains the key Saudi Arabia's economy is strong but Opec's decision to delay its oil output hike could have reverberations September 9, 2024
Finance Saudi Arabia cuts more red tape to tempt foreign investors Saudi Arabia is simplifying its registration process for foreign investors as part of its strategy to attract more international companies. The government approved a revamp of its investment law last month, aiming to reassure overseas investors that they would be on a level playing field with Saudi nationals. The reforms come into effect in January […] September 4, 2024
Agriculture Tenders open for Saudi Arabia fish farm Saudi Arabia has opened a tender for a fish farm on its north-eastern coast as its government tries to encourage more healthy eating and shore up food security. The aquaponics project to cultivate fish and plants in a four-hectare area in the Jubail governorate has a bidding deadline of November 27, the ministry of environment, […] August 30, 2024
Economy Saudi Arabia sets up new business park in Riyadh Saudi Arabia launched a new business park in Riyadh this week, backed by more than SAR1 billion ($270,000) in funding, in an effort to stimulate foreign investment and local job creation. The Boulevard Business Park is located in Riyadh’s Boulevard district which was recently host to the first e-sports ‘World Cup’, adding 60,000 square metres […] August 29, 2024
Opinion Banking & Finance The bullish case for the GCC’s sovereign bonds and sukuk Riyadh's budget deficit necessitates at least $13-$14 billion of new bond issuance in both 2025 and 2026 August 27, 2024
Economy Sharp slowdown in companies opening Saudi HQs The number of companies setting up headquarters in Saudi Arabia slowed sharply in the second quarter of 2024, after a rush to Riyadh at the start of the year. The country’s regional headquarters programme came into operation at the start of 2024, forcing international companies wanting to win government contracts worth SAR1 million ($260,000) or […] August 27, 2024
Analysis Employment Recruitment portals try to ease logjam in Saudi labour market Saudi Arabia presents a golden opportunity for recruitment platforms that seek to match multitudes of job seekers with a plethora of employers looking to hire, labour market specialists say. There are around 168 Public Investment Fund companies working on the $1.25 trillion Vision 2030 economic diversification programme, as well as foreign companies setting up offices […] August 26, 2024
Construction Saudi builders fined for anti-competitive practices A Saudi regulatory authority has imposed more than SAR6.5 million ($1.7 million) worth of fines on 14 construction firms for anti-competitive practices. They were found to have colluded in setting prices when bidding for government projects, highlighting ongoing problems in the sector. The firms violated Saudi rules protecting fair access to public contracts, according to […] August 23, 2024
Giga-projects Red Sea Global to open Thuwal island resort in weeks Saudi giga-project Red Sea Global will open hotels at a second site within weeks and more at a third location will open next year, the luxury resort developer said this week. The company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will open a private island called Thuwal just north of Jeddah, followed by […] August 23, 2024
Giga-projects Five Saudi banks to finance cultural development fund Five Saudi banks have agreed to provide financing for a new arts fund managed by Saudi Arabia’s Cultural Development Fund, which has been leading government support for the arts since 2021. The agreement with Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi, Arab National Bank and Bank Aljazira will provide support to private sector projects in […] August 22, 2024
Infrastructure Riyadh metro to open this year, Saudi minister says Riyadh’s delayed metro system will officially open later this year, the Saudi minister of transport said this week, as the kingdom’s rapidly expanding capital wrestles with crippling traffic congestion. “The Royal Commission for Riyadh has said it will open this year,” Saleh Al-Jasser, the transport minister, said in an interview with Saudi-owned Al Arabiya TV. […] August 22, 2024
Giga-projects Saudi infrastructure provider signs on for The Rig giga-project Saudi adventure tourism project The Rig has contracted a local company to develop the infrastructure for one of the kingdom’s more outlandish giga-projects. The Public Investment Fund (PIF) company said International Maritime Industries (IMI) had formally agreed to provide maritime logistics and infrastructure for the project, which has an ambitious target date of 2027. The […] August 21, 2024
Analysis Finance Saudi Arabia’s PIF is focused on the home advantage The value of Saudi Arabia’s sovereign wealth fund’s domestic assets under management have doubled year on year in further evidence of a strategy to focus investments in the kingdom. The AuM, referred to in the fund’s annual report as “Saudi sector development (SSD)” increased from 21 percent to 33 percent last year. The investments are […] August 20, 2024
Business of Sport Saudi Arabia adds soccer in North America to sports portfolio Saudi Arabia has added the Confederation of North, Central America and Caribbean Association Football (Concacaf) to its squad of sporting investments. The kingdom’s sovereign wealth fund has partnered with the regional governing body for soccer “to support the growth of the sport at all levels”. The Public Investment Fund will sponsor football development initiatives, with […] August 16, 2024
Analysis Banking & Finance Riyadh’s investment law reforms tipped to win over sceptics Saudi Arabia’s investment law reforms are poised to release a backlog of pent-up deals – and are a tacit admission that procedures have often been cumbersome, analysts have told AGBI. Under the overhaul announced on Sunday, elements of Vision 2030 and the National Investment Strategy will be combined in a single framework that aims to […] August 13, 2024
Banking & Finance Riyadh revamps investment law as it seeks giga-project cash Saudi Arabia has updated its investment laws as it looks to attract more private sector funding for giga-projects. The update, announced on Sunday, pulls together Vision 2030 reforms and the National Investment Strategy under one framework. It aims to provide investors with “greater transparency, flexibility and confidence”, according to a government statement. Saudi Arabia has […] August 12, 2024
Sustainability Saudi Aramco and Kaust to invest $100m in R&D Saudi Aramco, the world’s largest oil producer, and King Abdullah University of Science and Technology (Kaust) are to invest $100 million in research and development projects. The 10-year investment will support projects focused on energy transition, sustainability, materials innovation, upstream technologies and digital solutions, aiming for both environmental and commercial benefits. NewsletterGet the Best of […] August 12, 2024
Business of Sport Investor bids invited for six Saudi football teams Saudi Arabia this week opened bids for six football teams as part of its new drive to monetise the kingdom’s sport sector and raise its foreign direct investment numbers. Local and international investors are invited to bid for Al-Okhdood, Al-Orouba and Al-Kholoud – all in Saudi Arabia’s top Pro League – as well as Al-Zulfi, […] August 8, 2024
Employment Improved labour laws benefit Saudi workers Saudi Arabia has enacted amendments to its labour laws to establish more clarity on hiring and firing and improve employee rights. The regulations, which cabinet approved on August 6, will “enhance job stability, protect the rights of all parties involved in employment contracts and increase job opportunities for Saudi citizens”, the state-owned Saudi Press Agency […] August 8, 2024
Tech Magic Leap seeks additional funds after big PIF investment Saudi Arabia’s Public Investment Fund has invested $750 million into technology and software developer Magic Leap since the beginning of 2023, strengthening its role as the majority owner. This year’s funding of $160 million builds on the sovereign wealth fund’s previous allocation of $590 million in 2023 facilitated through convertible debt arrangements, as detailed in […] August 7, 2024
