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  • Saudi Aramco Selects D.C.-Based FTI Consulting as Media Advisor for IPO, Report Says
     

    Saudi Aramco has chosen Washington, D.C.-based FTI Consulting as global media adviser for what is expected to be the world’s largest initial public share offer, industry sources told Reuters. FTI Consulting will join already-tapped financial houses to assist with the listing, including Moelis & Co., Evercore, JPMorgan Chase & Co and Morgan Stanley. FTI “will support Aramco’s communications […]

     
  • U.S., Saudi Arabian Agribusiness Majors May Partner to Bid on Saudi Grains Milling Privatization
     

    Saudi Arabia’s largest private agriculture company, Almarai, and U.S. agribusiness Archer Daniels Midland Co. are reportedly among companies eying Saudi Grains Organization’s (SAGO) milling operations, the kingdom’s sole supplier, according to an exclusive report by Reuters. The state-owned SAGO handles the Kingdom’s grains purchases, and is one of the world’s largest wheat and barley buyers. The company […]

     
  • Despite Major Investments in Uber, Careem, Saudi Arabia Bans Ride-Sharing Apps from Airport Pickups
     

    Saudi Arabia’s government has banned ride-sharing apps from making airport pickups, a report in Al Arabiya said, less than a year after the Kingdom’s Public Investment Fund (PIF) invested $3.5 billion into Uber and STC put $100m into Careem. The announcement is a setback for customers who prefer the ease, convenience, dependability, and safety of ride-sharing apps […]

     
  • Aramco Taps Three Banks to Underwrite ‘Largest Ever’ IPO
     

    Saudi Aramco has asked JPMorgan Chase & Co. and Morgan Stanley to assist with its upcoming initial public offering and could call on another bank, HSBC, with access to Chinese investors, according to separate reports in Reuters and the Wall Street Journal, which cited unnamed sources. The major U.S. banks join Moelis & Co., a […]

     
  • Seven Saudi Soldiers Killed on Yemen’s Border Last Week
     

    At least seven Saudi soldiers have been killed in the past week in clashes with Yemeni rebels, Al Jazeera reports, citing the Saudi Press Agency (SPA). Mohammed al-Manjahi was the latest soldier to be killed on the kingdom’s southern borders in the fight against Houthi rebels. According to an AFP news agency tally compiling reports by the Saudi […]

     
  • Secretary of State Tillerson Calls Saudi King Salman, Applauds Saudi Role in Regional Stability
     

    U.S. Secretary of State Rex Tillerson called Saudi Arabia’s King Salman by phone yesterday, and commended the Kingdom on its role in “promoting stability across the region,” the SPA reports. Tillerson also “stressed on the importance of working with the Kingdom, developing a comprehensive plan to strengthen bilateral relations and cooperation both military and counter-terrorism […]

     
  • December Data a Mixed Picture for Saudi Economy
     

    Saudi Arabia’s total government accounts with SAMA fell $80 billion last year, representing a significant slowdown from 2015 which saw a $116 billion net decline, according to a recently released chartbook by Jadwa Investment. The net monthly change to government accounts with SAMA remained negative in December, falling for the seventh consecutive month, part of […]

     
  • Trump Turns Up Rhetoric, Threats Toward Iran
     

    The Trump administration says it is putting Iran “on notice” following two incidents in the region in the past week, including an attack on a Saudi navy ship by Iran-backed Houthi rebels. The comments came from President Trump on Twitter as he blasted the agreement to disarm Iran’s nuclear program. “Iran was on its last legs […]

     
  • U.S.-Saudi Arabia Continue Strong Defense Ties in Trump Administration’s Early Days
     

    Saudi Deputy Crown Prince Mohammed bin Salman spoke by phone with Secretary of Defense James Mattis today to discuss mutual cooperation on security issues, according to the SPA and the Saudi Gazette. The Deputy Crown Prince also serves as minister of defense and chair of the powerful Council on Economic and Development Affairs (CEDA). The U.S.-Saudi relationship is […]

     
  • Economy Rebounds in Saudi Arabia as Money Supply Grows
     

    Saudi Arabian money supply growth has picked up in latest data for the month of December “in a sign that the economy is regaining strength after a slump last year caused by low oil prices and government austerity measures,” Reuters reports, citing central bank data. Key notes among the Central Bank data reported by Reuters: -Annual […]

     

MUST-READS

  • NEOM announces the opening of Sindalah

    Sindalah’s surrounding waters are home to an impressive marine ecosystem that features over 300 coral species and 1,100 species of fish. Preservation of this unique habitat has been central to Sindalah’s development, so that guests will be able to explore these ecologically-rich waters for themselves for generations to come.

  • Israeli strike kills dozens in north Gaza residential block, US calls incident ‘horrifying’

    At least 93 Palestinians were killed or missing and dozens wounded in an Israeli strike on a residential building in the northern Gaza town of Beit Lahiya on Tuesday, the Gaza health ministry said, and the U.S. called the incident "horrifying". Medics said at least 20 children were among the dead. "A number of victims are still under the rubble and on the roads, and ambulance and civil defence crews cannot reach them," the territory's health ministry said in a statement.

  • Saudi Arabia Upbeat on FDI as 2030 Goal Remains Distant

    Saudi Arabia’s FDI inflows amounted to about $26 billion last year, above the government’s self-set target but still the lowest level since 2020. The data was recently revised higher, from $19 billion, to reflect what Al-Falih said was a methodology in line with International Monetary Fund standards. The kingdom aims to quadruple FDI inflows by 2030 in a bid to share some of the financial burden of spending on its economic diversification plan. Crown Prince Mohammed Bin Salman’s government also sees foreign expertise as critical to training the local population in new industries like technology and minerals exploration and catalyzing growth in those sectors.

  • At a Glitzy Saudi Investment Forum, Almost No Mention of War

    “Notwithstanding the regional war ensuing, the Gulf political elites, in particular in Saudi Arabia, need to project that they are open for business,” said Aziz Alghashian, director of research at the Observer Research Foundation Middle East, a think tank. “Restructuring the economy is not a matter of preference or desire, but the Saudis are considering the restructuring of the economy as an existential matter,” he added. “They need to make sure regional turmoil does not hinder these economic ambitions.”

  • Abu Dhabi Heavy Hitters Skip FII, Showing Riyadh Competition

    Key figures from Abu Dhabi, like Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak, have previously attended the event. But not many prominent names from the emirate have made the short trip over to Riyadh this year for the eighth edition of the summit. To solidify its advantage, the emirate started a conference of its own, Abu Dhabi Finance Week. That’s drawn prominent names, including billionaire Alan Howard who last year said the emirate could become a global financial center, and Bridgewater Associates Founder Ray Dalio, who has become the face of Abu Dhabi’s success in drawing hedge fund luminaries.

  • Gulf region is world’s ‘most ambitious economic reform story,’ says Templeton executive at FII 2024

    “If you think about it, really, from a broad global landscape today, we’re seeing global growth is fairly sluggish. We’re seeing emerging markets being mixed bags,” Khatoun told Arabian Business. ”There’s a few areas of the world today where you can look at and say there’s an embedded structural, multi-year structural growth story.” The transformation encompasses multiple dimensions, he noted. “The stories are folding in many different ways. But there’s economic reform, there’s capital markets reform, and there’s social reform, and for investors like us, that’s unlocking tremendous opportunities.”

  • Compliance Issues in the Construction Supply Chain in the Kingdom of Saudi Arabia

    The construction industry in the Middle East, especially in the Kingdom of Saudi Arabia (KSA), has witnessed rapid growth due to the mega-projects and Vision 2030, which aims to diversify the KSA’s economy. This expansion has also brought about complex compliance challenges in the construction supply chain. Financiers, developers, contractors, suppliers and stakeholders must ensure adherence to local laws and international standards to enable the successful delivery of projects. Non-compliance with such requirements can result in financial penalties, delays, additional costs and reputational damage.

  • Saudi Arabia Vows to Maintain Its Status as an Oil Giant

    As Saudi Arabia prepares to tender 44 gigawatts (GW) of renewable energy projects, it will continue to maintain its oil-producing potential to ensure global energy security, officials from the Kingdom said at the annual investment forum in Riyadh on Tuesday. Saudi Arabia, the world’s biggest crude oil exporter, will keep its maximum sustainable capacity of 12.3 million barrels per day (bpd) going forward. By 2027, the Kingdom will have more than 1.1 million bpd of production of oilfields currently under development, which are expected to offset the natural decline of legacy fields.

  • Saudi Arabia Looks for More Global Investments in Chemicals Push

    The kingdom is already in talks to buy stakes in companies in China and the state-run Saudi Aramco has said it wants more deals this year and the next. Investing in plants that produce chemicals — which Riyadh sees as a driver of growth of future oil demand — as a way to ensure it has a ready market for its vast crude supply. “We will be using oil to chemicals, domestically and abroad, and that’s why you see us, or you see Aramco investing a lot in China and we will be investing a lot everywhere else on planet Earth,” Saudi Arabia Energy Minister Prince Abdulaziz Bin Salman said at the Future Investment Initiative summit in Riyadh. “In this room in 2019, I did say we will monetize every molecule of energy this land has. Period.”

  • Saudi’s first China-focused ETF to become the largest in Middle East

    Saudi Arabia's first exchange-traded funds (ETFs) that track Hong Kong-listed shares, mainly Chinese firms, are expected to be the largest such funds in the Middle East. Trading of the product, which kicks off on Wednesday on the Saudi Stock Exchange, has raised more than $1.2 billion at the start, issuer Albilad Capital and its partner Hong Kong's CSOP Asset Management said. The initial size will surpass the current largest Islamic ETF - Al Rayan Qatar ETF - listed on the Qatar Exchange, LSEG data shows.