Finance Saudi CMA fines two for manipulating stocks Saudi Arabia’s Capital Markets Authority (CMA) has fined two Saudi men SAR11.1 million ($3 million) for manipulating the price of 17 stocks through posts on the social media platform X . Mohammed bin Nawaf bin Mohammed Alharbi and Nawaf bin Mohammed bin Jam’an Alsukhaiber Alharbi used X, formerly known as Twitter, to encourage investors into […] July 5, 2024
Business of Sport Fourteen Saudi football clubs for sale in new FDI drive Fourteen Saudi football clubs are up for sale, including four from the country’s top Pro League, as the country tries to monetise the sport and attract much-needed foreign investment. Six teams, including three in the Pro League – Al-Okhdood, Al-Orouba and Al-Kholoud – will be offered from August. The other eight will follow at a […] July 4, 2024
Giga-projects Consolidating giga-projects pushes PIF into profit Saudi Arabia’s Public Investment Fund (PIF) swung into profit in 2023, with revenues doubling to $88.3 billion. According to an audited financial statement the sovereign wealth fund has consolidated five schemes as it manages giga-project costs. PIF owns the development projects at the heart of Saudi Arabia’s economic reform plan but is now facing funding […] July 3, 2024
Leisure & Hospitality Tourist spending in Saudi Arabia rises 23% to $12bn Inbound visitor spending in Saudi Arabia rose 23 percent year on year in the first quarter of 2024. Spending reached SAR45 billion ($12 billion) in the January to March period from SAR36.6 billion a year ago, tourism ministry data showed. The surplus in the travel account stood at SAR24 billion during the period, rising 46 […] July 3, 2024
Banking & Finance Saudi forex reserves at 18-month high in boost to giga-projects Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022. The rise gives the government more scope to pump money into cash-constrained giga-projects. Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […] July 2, 2024
Giga-projects Neom offers financial guarantees to lure private investors Neom is adopting stabilisation guarantees and varied financial arrangements to encourage private sector investments, according to a senior executive. The $1.5 trillion giga-project, owned by the Public Investment Fund (PIF), is a linchpin in Saudi Arabia’s move away from oil dependency. Dr Manar Al Moneef, chief investment officer at Neom, said it plans to offer […] June 28, 2024
Giga-projects Futuristic architect lands arts centre in Saudi’s Qiddiya Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh. The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital. Qiddiya, one of the Public Investment Fund’s giga-projects, said […] June 27, 2024
Tourism Saudi Red Sea resorts aim for 19m tourists by 2030 Saudi Arabia hopes to attract 19 million tourists a year to its Red Sea giga-projects and other resorts being built along the country’s west coast. Mohammed Al Nasser, CEO of the Saudi Red Sea Authority, said it intends to issue licences for up to 60 marinas over the next two years. It recently licensed six […] June 27, 2024
Construction Riyadh dominates Saudi Arabia’s construction market Riyadh and its surroundings account for nearly 40 percent of the value of existing construction contracts in Saudi Arabia, at US$54 billion, according to new research. The provinces of Mecca – which includes Jeddah – and Tabuk in the north of the kingdom follow the capital region, with $28.7 billion and $28.5 billion in awarded […] June 25, 2024
Tourism Tourism businesses on the up in Medina The number of tourism businesses in Medina was 15 percent higher in the first quarter of 2024 than the same time last year, a boon for Saudi Arabia as it aims to increase the industry’s contribution to the national economy. Madinah Chamber did not supply a breakdown of the figures, but the state-owned Saudi Press […] June 18, 2024
Banking & Finance Edmond de Rothschild to run funding vehicle for Saudi projects The Edmond de Rothschild Group is establishing a funding vehicle for infrastructure projects in Saudi Arabia along with the local firm SNB Capital, as part of a deal in which the Swiss investment bank will set up offices in the country. Saudi Arabia’s massive economic diversification programme has run into financial obstacles as it faces […] June 14, 2024
Video length: 07:15 Analysis Tourism Hajj pilgrims feel the pinch as costs rise The costs of Hajj are getting ever higher for pilgrims coming from around the world to perform the annual rites, which are a duty for every able-bodied Muslim to perform once in a lifetime. Even pilgrims coming from within Saudi Arabia, for whom the costs are cheaper, are paying around SAR23,500 ($6,266) for up to […] June 14, 2024
Banking & Finance Tax on foreigners may be axed to boost Saudi bond market The tax on foreign investment in Saudi corporate bonds may be scrapped in an effort to boost the market. Saudi Arabia’s Capital Markets Authority has issued a report describing the 5 percent withholding tax on interest payments to corporate bondholders as “unattractive and discouraging for foreign institutional investors”. It called for “easing tax requirements for […] June 13, 2024
Giga-projects Adventure giga-project The Rig ‘definitely happening’ One of Saudi Arabia’s most headline-grabbing giga-projects is moving ahead with plans for two floating entertainment centres on offshore platforms off the kingdom’s east coast. Many thought the exotic adventure tourism project known as The Rig would be canned as the Public Investment Fund (PIF) reviews its $1.25 trillion portfolio of giga-projects. Insiders remain confident […] June 12, 2024
Economy Saudi Arabia GDP contracts but non-oil growth rises Saudi Arabia’s economy contracted by 1.7 percent year on year in the first quarter of 2024 due to ongoing oil production cuts, but non-oil growth was up 3.4 percent in the same period, according to adjusted figures released this week. Last week Opec+ agreed to extend its existing crude output cuts into 2025 in a […] June 10, 2024
Giga-projects Neom brands its 12 Red Sea resorts as ‘Magna’ Saudi Arabian giga-project Neom said this week that 12 Red Sea coastal resorts for the ultra-rich that it has rolled out over the past year would be branded collectively under the name Magna. Last month Neom announced its twelfth project, Jaumur, the latest in a series of separate announcements of futuristic resorts inside Neom, an […] June 6, 2024
Tech Saudi Arabia campaign aims to attract chipmakers Saudi Arabia has launched a National Semiconductor Hub in a bid to attract international chipmakers. The kingdom is targeting at least 50 semiconductor design companies to set up business by 2030, aiming to cut its reliance on imported computer chips. The global semiconductor industry, once plagued by shortages, is now showing signs of recovery and […] June 6, 2024
Finance Ministry issues record Saudi business licences in Q1 Saudi Arabia’s Ministry of Investment issued a record number of business licences in the first quarter of 2024, as the country tries to drum up foreign investor interest for its economic expansion plans. The ministry issued 3,157 licences, a 9 percent rise from 2,884 issued in the last quarter of 2023, which was the previous […] May 31, 2024
Giga-projects Saudi review says 87% of Vision 2030 projects ‘on right track’ Saudi Arabia’s top economic body discussed the progress of the kingdom’s Vision 2030 plan this week, citing a recent government report that 87 percent of its projects are “on the right track”. The Council of Economic and Development Affairs, which is headed by Crown Prince Mohammed bin Salman, convened on May 28 in a meeting […] May 30, 2024
Tourism Saudi Arabia grants first maritime tourism licence Saudi Arabia has granted its first maritime tourism licence to a Public Investment Fund company ahead of the launch of its own cruise ships off the Red Sea coast this year. The government’s Saudi Red Sea Authority granted the licence on May 28 to Jeddah-based Cruise Saudi, which this month opened bookings for its ship […] May 30, 2024
Opinion Aviation Is Saudi Arabia’s aviation strategy cleared for landing? The masterplan is in place – all the kingdom needs now is passengers May 24, 2024
Analysis Tourism Pressure on Saudi tourism exposes mixed feelings about AI Saudi Arabia is trying to limit the use of artificial intelligence technology in its expanding tourism industry in an effort to boost job numbers, despite strides being made elsewhere in the sector to make the kingdom a leader in digitalisation. Speaking at an economic forum in Doha last week, tourism minister Ahmed Al-Khateeb expressed concerns […] May 22, 2024
