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  • 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.

  • Delivery Hero plans IPO of Middle East unit, shares rise

    Delivery Hero (DHER.DE), opens new tab is preparing an initial public offering (IPO) of its lucrative Emirati subsidiary Talabat on the Dubai stock exchange, the German food delivery company said, boosting its shares on Thursday. Delivery Hero's shares opened 7% higher, but pared gains to trade up 3% at 0839 GMT. The shares have fallen around 85% from their January 2021 highs as investors shunned food delivery stocks after a pandemic frenzy.

  • Barq, a Saudi financial services start-up led by former STC Pay CEO Ahmed Alenazi, has officially launched to the public.

    Founded last year, the start-up offers a financial app that enables users to transfer money to more than 200 countries. The company claims to have already transferred over $133 million (SAR 500 million) within just three weeks of its debut.

  • The New Nazaha Law: More Prosecution Prospects in Saudi Arabia’s Fight Against Corruption

    Saudi Arabia’s Council of Ministers has enacted a stringent new law designed to tackle corruption among government employees. The Saudi Oversight and Anti-Corruption Authority (Nazaha) Law (the New Law), approved on 23 July 2024, mandates (amongst other penalties) the immediate dismissal of any government employee found guilty of corruption. The New Law was published in Umm Al-Qura, the Kingdom's official gazette, on 9 August 2024 and will take effect on 7 November 2024.

  • Exploring the 6 Saudi Arabia UNESCO World Heritage Sites

    Al-Hijr, also known as Madâin Sâlih, was the first UNESCO World Heritage Site in Saudi Arabia. It is a remarkable archaeological site that dates back to the Nabatean Kingdom in the 1st century AD. The site served as an important trade hub along the incense route and is adorned with well-preserved monumental tombs, cave inscriptions, and rock-cut facades.