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  • Saudi-Led Coalition Faces Mounting International Criticism of Yemen Blockade
     

    Saudi Arabia is under growing international pressure from the U.N., U.S. Congress and global media outlets to unconditionally lift its blockade of Yemen, amid warnings of a serious deterioration to the already dire humanitarian situation in the war-torn country. In an unusual joint statement from the United Nations, the heads of the World Food Program, Unicef, and […]

     
  • Aramco Set to Invest $300 billion over 10 years in Oil and Gas Projects
     

    While speaking at the ADIPEC Energy Conference in Abu Dhabi, Aramco CEO, Amin Nasser, declared Saudi Aramco’s plans to invest $300 billion over 10 years in upstream oil and gas projects, Reuters reports. Preceding Nasser’s comments, Saudi Aramco announced on November 9 that it had signed eight agreements worth $4.5 billion with a number of […]

     
  • Fitch Ratings Affirms ‘A+’ Outlook for Saudi Arabia as Finance Ministry Pushes Back Date of Deficit Elimination
     

    Fitch Ratings on Thursday affirmed Saudi Arabia’s long-term foreign-currency Issuer Default Rating (IDR) at ‘A+’ with a stable outlook, saying the ratings are “supported by strong fiscal and external balance sheets, including exceptionally high international reserves, low government debt, significant government assets and strong commitment to an ambitious reform agenda.” The Fitch report said central […]

     
  • Despite Progress, WEF Ranks Saudi Poorly on Gender Gap Index
     

    Saudi Arabia was among the lowest-ranked countries on in the World Economic Forum’s Global Gender Gap index, despite recently issuing new rules on women driving and other progress in the Kingdom. Saudi Arabia placed 138th out of 144 countries. The Kingdom’s Vision 2030 economic and social reform plans call for greater participation and empowerment of women in Saudi […]

     
  • What We Know About Neom, Saudi Arabia’s New Planned Mega-City
     

    Saudi Arabia’s new massive planned city, Neom, is set to be the most ambitious undertaking of Saudi Arabia’s ambitious reform plans to-date. Here’s what we know about Neom so far. The new planned city is massive. At 10,000 square miles (26,500 square kilometers), the city extends across the borders of three countries, the first special […]

     
  • Reports: China Offers to Buy 5% of Aramco IPO
     

    Chinese state-owned oil companies PetroChina and Sinopec have written to Saudi Aramco in recent weeks to express an interest in a direct deal to purchase up to 5% of Saudi Aramco, according to an exclusive report in Reuters, in a move that would shelve the Company’s plans to list on international markets in favor of a direct […]

     
  • Saudi Arabia and Russia sign S-400 MOU, with Some Manufacturing in the Kingdom
     

    Saudi Arabia wants to produce a range of Russian military products, including parts for the S-400 air defense system, as part of agreements signed during King Salman’s visit to Russia this week. The agreement to produce military equipment covering the procurement of S-400 long-range air defense systems includes manufacturing part of the system in the Kingdom, […]

     
  • Saudi’s PIF Continues Investment Drive in Kingdom’s Tourism and Hospitality Development
     

    Saudi Arabia’s Public Investment Fund (PIF) is continuing to expand its investment portfolio in Saudi Arabia’s travel, tourism, and leisure infrastructure across different regions of the country as part of the Kingdom’s Vision 2030 economic and social reform plans. The latest such development came in the form of an announcement by the PIF today that it […]

     
  • The Impressive New Cranes Custom Built to Make the World’s Tallest Building in Saudi Arabia
     

    A video posted to YouTube shows the impressive array and implementation strategy for the custom cranes that will build the world’s tallest building in Jeddah, Saudi Arabia. The Kingdom Tower Jeddah is set to be the world’s tallest skyscraper when construction is completed, soaring up to 1 KM (almost 3,300 feet). The original design was to be one-mile-high […]

     
  • PIF $2.7b Bet on Entertainment an Investment Toward a ‘Vibrant Saudi Society’
     

    Saudi Arabia’s Public Investment Fund (PIF) announced on September 20 that it is setting up a new company to invest in the entertainment sector, as the Kingdom looks to achieve a more vibrant society – a stated goal of Saudi Arabia’s Vision 2030. The company, which will have $2.67 billion in initial capital to invest, will seek […]

     

MUST-READS

  • Saudi crown prince meets European Council president in Riyadh

    Saudi Arabia’s Crown Prince Mohammed bin Salman met in Riyadh on Wednesday European Council President Charles Michel, the Saudi Press Agency said. The meeting discussed relations and ways of enhancing cooperation between the Kingdom and EU countries.

  • Saudi Arabia lays plans for national ecommerce expansion

    “As the second-highest venture capital-funded sector in Saudi Arabia, e-commerce is booming, but there’s still room for growth,” according to The General Authority for Small and Medium Enterprises (Monsha’at), a government agency in the kingdom. “Compared to leading markets, where online sales account for 18% of retail, ecommerce is relatively untapped in the kingdom.” Additionally, the size of the Saudi B2C market is expected to reach $70 billion by next year and is expected to account for about 12% of the country’s gross domestic product.

  • Saudi PIF Is Among Investors Who Lost Money on Pluralsight Deal

    A handful of Vista’s big clients — including the Public Investment Fund — directly joined the acquisition and contributed equity, the people said, asking not to be named discussing a private transaction. The exact size of PIF’s loss could not immediately be determined. Vista acquired the educational-software company in 2021 and lost about $4 billion on the transaction along with its co-investors following a debt restructuring that wrapped up last week, Bloomberg News has reported.

  • Georgina Rodriguez spotlights Saudi Arabia on social media

    Originally posted by Visit Saudi, the video captures the diverse landscapes of Saudi Arabia, showcasing everything from the desert areas to the country’s seascapes. It highlights the Kingdom’s history and modern developments, featuring scenes of golden sand dunes, the Ithra cultural center, the ancient site of AlUla, the mirrored Maraya concert hall, the Red Sea and lush greenery in gardens and forests.

  • Saudi PIF secures $15bn revolving credit facility

    The credit facility has an initial term of three years, with the option to extend for a further two. A revolving loan allows for funds to be drawn, repaid, and drawn again within the agreed lending period.  PIF, a key driver of Saudi Arabia’s economic diversification under Vision 2030, has launched 95 companies since 2017, injecting at least SR150 billion ($40 billion) into the local economy annually.  “The financing reflects PIF’s strong credit rating as well as robust demand from PIF’s relationship banks and financial institutions. Signing this facility represents a continuation of PIF’s strategy of using a diverse range of financing instruments,” the fund said.

  • The Formation of the Saudi-Foreign Business Council

    GAFT oversees the Joint Business Councils, which are representatives from the Kingdom's business sector and their counterparts in other countries, who have investments or business operations, and they are (45) bilateral and regional business councils.

  • Saudi Vision 2030 boosts industrial facilities by 60%, official figures reveal

    The number of industrial establishments in the Kingdom increased from 7,206 in 2016 to 11,549 in 2023, reflecting Saudi Arabia’s efforts to diversify its economy and position itself as a global manufacturing power, according to a statement by the National Industrial Development and Logistics Program on the X platform. The report revealed that Riyadh currently leads in the number of facilities, with 4,502 factories, followed by the Eastern Province with 2,618 and Makkah with 2,209.

  • PGA Tour’s Jay Monahan says talks with PIF at ‘enhanced’ state

    PGA Tour commissioner Jay Monahan said Wednesday that there is no deadline for the tour to reach a deal with Saudi Arabia's Public Investment Fund but that negotiations to bring the fractured sport of golf back together have been "enhanced" and are "stronger." The PGA Tour, DP World Tour and PIF, which has financed the rival LIV Golf League the past three years, signed a framework agreement on June 6, 2023, to form an alliance that would potentially bring more than $1 billion in Saudi investment.

  • Saudi 7.8GWh energy storage contract worth over $800m

    The engineering, procurement and construction (EPC) contracts for the three energy storage system projects recently awarded in Saudi Arabia are estimated to be worth over $800m. National Grid Saudi Arabia awarded Riyadh-based investment group Algihaz Holding the contract to build the facilities, which will have a total combined capacity of 7.8 gigawatt-hours (GWh) across three locations in Saudi Arabia

  • Saudi Arabia’s GEA unveils details for 5th edition of Riyadh Season

    Saudi Arabia’s General Entertainment Authority (GEA) on Wednesday announced the details of the fifth edition of Riyadh Season 2024, set to begin on October 12. GEA chairman Turki Alalshikh said that the new season will feature 14 entertainment zones, 11 global championships, as well as 10 festivals and exhibitions.