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  • Saudi wealth fund to cut overseas investments

    Saudi Arabia's sovereign wealth fund plans to cut its overseas investments by about a third, its governor told a conference in Riyadh on Tuesday, as the Kingdom taps into its resources to fund plans to wean the economy off oil. Speaking on a panel of business, technology and finance leaders, Public Investment Fund Governor Yasir Al-Rumayyan said the sovereign wealth fund was more focused on the domestic economy and aiming to bring the fund's international investments down to between 18% and 20% of the total from 30%.

  • Finance minister expects Saudi investments in Africa’s private sector to reach $25 billion

    Saudi Finance Minister Mohammed Al-Jadaan forecasted on Monday that Saudi investments in the private sector across Africa will amount to $25 billion over the next ten years. During the Future Investment Initiative New Africa Summit in Riyadh, Al-Jadaan mentioned that $5 billion of these investments are currently being implemented. He emphasized Africa's pivotal role in addressing global challenges and highlighted the accelerating partnership between the Kingdom and the continent.

  • Inside Saudi Arabia’s Sindalah: All you need to know about NEOM’s luxury island

    The first guests can now step foot on the luxury island in the Red Sea , where they see a world-class yachting destination, mega luxury hotels, a golf course, a beach club, an array of restaurants and an international luxury retail offering dubbed ‘The Village’ - home to some 51 luxury retail outlets. Transforming Sindalah from idea to reality has been the result of an extensive two-year effort, from a 30,000-strong workforce at its peak across four local contracting partners and up to 60 subcontractors.

  • Saudi Arabia cleared to buy over 1,000 TOW missiles by US State Department

    Saudi Arabia has requested to buy 507 TOW 2A radio frequency (RF) (BGM-71E-4B-RF) missiles (including seven ‘fly-to-buy’ missiles) and 507 TOW 2B RF (BGM-71F-3-RF) missiles (including seven ‘fly-to-buy’ missiles). The following non-Major Defense Equipment is also included in the deal: support and test equipment; simulators; generators; integration and test support; spare and repair parts; communications equipment; software; facilities and construction support; publications and technical documentation; and various aspects of engineering, logistics, technical, training and programme support.

  • Saudi Arabia’s Neom Welcomes First Guests to Sindalah Island

    Situated to Saudi Arabia’s northwest, five kilometers off the coast, the luxury resort of Sindalah spreads itself out across over 9 million sqft. Its position at the top of The Red Sea ensures this new destination is only 17 hours by sea from key Mediterranean ports. Vital given that Sindalah will be looking to capture some of the yachting crowd that has traditionally headed to the Caribbean during winter.

  • Saudi ‘Davos in the desert’ opens with region on war footing

    The Future Investment Initiative (FII) debuted in 2017 as a showcase for de facto ruler Crown Prince Mohammed bin Salman's dream of diversifying the economy of the world's largest crude exporter away from oil. This year's three-day event is expected to draw more than 7,000 delegates including TikTok CEO Shou Zi Chew and the chief executives of Citigroup and Goldman Sachs.

  • Saudi Arabia’s PIF pivots to domestic focus, eyes AI revolution, says Al-Rumayyan

    Saudi Arabia’s Public Investment Fund (PIF), managing assets exceeding $900 billion, announced plans to reduce its foreign holdings from 30 per cent to 18-20 per cent, while intensifying its focus on domestic projects. The announcement came during the eighth Future Investment Initiative summit in Riyadh on Tuesday, often referred to as “Davos in the Desert.” “AI could add nearly $20 trillion to the global economy by 2030,” Al-Rumayyan stated, highlighting Saudi Arabia’s ambition to become a global AI hub. The fund is reportedly in early discussions about a potential AI partnership worth up to $40 billion with venture capital giant Andreessen Horowitz.

  • NEOM Sindalah: Saudi Arabia opens new luxury island resort in Red Sea

    NEOM has launched Sindalah, its first destination and a showcase of Saudi Arabia’s tourism ambitions, located 5km off the NEOM coastline in the Red Sea. The 840,000-square-metre island, which was announced by Mohammed bin Salman, Crown Prince and Chairman of the NEOM Board of Directors in December 2022, marks NEOM’s first completed project.

  • Saudi Finance Firm’s $264 Million IPO Sells Out in Minutes

    Saudi Arabian financial services firm United International Holding Co. had demand for all shares in its up to 990 million riyal ($264 million) initial public offering minutes after subscriptions opened, indicating continued demand for listings in the region. Books were covered throughout the price range of 120 to 132 riyals per share, according to the terms of the deal seen by Bloomberg News. Its parent United Electronics Co. — known as Extra — is selling 7.5 million shares, or a 30% stake in the firm. Local funds agreed to subscribe to 15.6% of the offer, according to a separate announcement Monday.

  • $50 Billion Saudi Debt Drive Reflects Rising Financial Strain

    The Saudi government and entities like its Public Investment Fund have issued around $50 billion in bonds in 2024, according to data compiled by Bloomberg, which includes corporate and sovereign sales in US dollars and euros. That flurry of activity has made the oil-rich country one of the biggest issuers of international debt in emerging markets this year. It’s likely to borrow tens of billions of dollars more in 2025, according to Nadim Amatouri, director of fixed income research at Arqaam Capital.