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 & 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 & 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
Construction Saudi targets superyacht owners with Neom’s Sindalah launch Saudi Crown Prince Mohammed bin Salman announced the development of Sindalah on Monday, the first luxury island destination in the $500 billion giga project Neom. A main gateway to the Red Sea offering bespoke nautical experiences, Sindalah is expected to start welcoming guests from early 2024. It is anticipated that the development will create 3,500 […] December 5, 2022
Analysis World Cup 2022 Saudi and Mexico get back to business after World Cup exit The deepening relationship between Saudi Arabia and Mexico may have been tested for 90 minutes on Wednesday as the central American team prevailed 2-0 in their World Cup match in Qatar. Both teams went out of the tournament due to results elsewhere in their group, but, more importantly, the two countries are enjoying a bounce […] December 1, 2022
Analysis Tourism Global hotel brands rush to be part of Saudi tourism push International hotel brands are flooding into Saudi Arabia as the transformation of Diriyah, the birthplace of Saudi Arabia, gathers pace. Diriyah Gate Development Authority (DGDA), responsible for the Diriyah project, has announced the addition of 16 new global hotel brands to its hospitality portfolio. This brings the total of hotel management agreements to 32, with […] November 30, 2022
Energy Saudi to build Gulf’s largest solar power plant near Mecca Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and ACWA Power will build the Middle East’s largest solar power plant in Mecca province, the duo announced on Wednesday, as the kingdom accelerates efforts to expand its renewables capacity. Slated to begin commercial operations in late 2025, the 2,060-megawatt (mw) solar photovoltaic Al Shuaibah […] November 30, 2022
Saudi Arabia Vision 2030 Saudi plans to create global ‘aerotropolis’ with new airport Saudi Arabia has drawn up a masterplan for King Salman International Airport, a major transport hub expected to span 57 sq km and boost annual passenger numbers from the current 29 million to 120 million by 2030. The new airport in the kingdom’s capital city Riyadh is intended to be one of the largest in […] November 29, 2022
Analysis Banking & Finance Inside Riyadh’s plan to be a global fintech player Saudi Arabia is poised to launch three digital banks over the next 12 months, plus new regulations, as part of its aim to become a major player in the financial technology (fintech) industry. The sector is “on the cusp of being propelled onto the global stage,” said Nezar Alhaidar, director of Fintech Saudi – an […] November 18, 2022
