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
Employment 35,000 Saudi citizens take up private sector jobs in July The number of Saudi citizens taking up jobs in the private sector doubled to more than 34,600 in July, up from 16,500 in June, as the kingdom looks to diversify employment away from government sectors. The total number of private sector workers reached 11.473 million in July, up slightly from 11.409 million in June, the […] August 7, 2024
Tourism GCC tourists spent $4bn in Saudi Arabia last year Nine million visitors from the Gulf Cooperation Council (GCC) countries spent more than SAR15 billion ($4 billion) in Saudi Arabia last year, as the kingdom expands its portfolio of tourism attractions. Bahrain was the top GCC source market, with 3.4 million tourists, the state-run Saudi Press Agency reported, citing the tourism ministry’s annual statistics report. […] August 5, 2024
Business of Sport PIF could buy into English cricket’s The Hundred Saudi Arabia’s Public Investment Fund is reportedly considering buying a stake in the UK’s The Hundred cricket tournament. The potential move comes after confirmation that the sovereign wealth fund will next turn its attention to the sport. PIF would acquire a new team to be established in Durham in England’s north-east, adding to the eight […] August 2, 2024
Construction Finance ministry to help Binladin Group pay off debts Saudi Arabia’s finance ministry has said it will lend Binladin Group money to pay back debts to banks. It is also considering raising its stake in the construction giant. The finance ministry’s Al Istedamah Holding currently holds around 36 percent of Binladin Group, a private company owned by the Bin Ladin family since it was […] August 2, 2024
Analysis Construction Saudi real estate hiring drops amid giga-project review Saudi Arabia’s review of its many giga-projects dented real estate hiring in the country in the second quarter of this year, driving a larger decline across the GCC. The drop, revealed by Cooper Fitch’s latest Gulf Employment Index which tracks new hires, mirrors a broader slowdown in the Saudi property and construction markets. However, it […] August 2, 2024
Business of Sport Saudi Arabia’s World Cup bid outlines 11 new stadiums Saudi Arabia plans to build 11 new stadiums as part of its 2034 World Cup bid, including one inside its horizontal city The Line, but without any breakdown of the costs. The Saudi bid – which is expected to win formal Fifa approval this year – centres on five cities: Riyadh, Jeddah, Khobar, Abha and […] August 1, 2024
Economy Saudi Arabia’s GDP falls as revenue tightens Saudi Arabia’s economy contracted in the second quarter of 2024 as non-oil activity slowed amid retail pricecutting. However, the end of oil output cuts next year could give the country’s coffers a much-needed boost. The General Authority for Statistics said in its latest report this week that real GDP fell 0.4 percent compared to the […] July 31, 2024
Analysis Giga-projects Giga-project slowdown to hit Riyadh population growth Riyadh’s population is unlikely to meet a growth target by 2030, when it is due to host the World Expo, as giga-projects are scaled back. Crown Prince Mohammed bin Salman set an ambitious goal for the population to grow to between 15 and 20 million in 2021. However it is now absent from the website […] July 29, 2024
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
