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  • Blackstone Establishes Energy Investment Vehicle for MENA Region
     

    Blackstone, the world’s largest buyout group with over $15 billion of equity globally with the energy industry has established Zarou, a company designed to develop, finance, construct and operate energy-related projects in the MENA region. According to the Financial Times, Blackstone will team with Sameh Shenouda, former head of infrastructure equity investments at the UK’s development finance […]

     
  • Global Advisory Board for NEOM Includes Diverse Experts
     

    The Saudi government has appointed a global advisory board for Neom, the kingdom’s $500 billion city of the future planned for Saudi Arabia’s northwest coast near Egypt on the Red Sea. The board is composed of experts in a variety of sectors – including urban planning, architecture, design, technology, sustainability, energy and manufacturing – to provide […]

     
  • Oil Reaches Four Year High after OPEC+ Downplays Calls for Increased Production
     

    Oil rose to its highest price in four years on Tuesday, to above $81 on Brent, after Saudi Arabia and Russia appeared to downplay calls from the US to increase production. Saudi Arabia said it will boost its crude oil production “in the coming months” as it expects stronger demand, according to recent comments made by […]

     
  • Saudi Energy Minister Khalid Al-Falih in Washington Today to Meet with Secretary Perry
     

    Saudi Arabia’s Energy Minister Khalid Al-Falih is in Washington D.C. on Monday to meet with Secretary of Energy Rick Perry, according to a Reuters report which cited a Trump administration official and the Department of Energy. Saudi Arabia has markedly increased oil exports to America in recent months, according to Bloomberg. This weekend, the energy minister […]

     
  • Aramco Officials Begin Early Talks with Banks for SABIC Stake Financing, Report Says
     

    Saudi Aramco officials began early talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, Reuters reports, citing banking sources. JPMorgan and Morgan Stanley were picked to advise on Saudi Aramco’s plan in July. Aramco is looking at the 70% strategic stake in Sabic which […]

     
  • MSCI, Tadawul Sign Agreement to Launch a Tradeable Index Later This Year
     

    Global index provider MSCI announced the signing of an agreement with the Saudi Stock Exchange Co (Tadawul) to jointly launch a tradeable index later this year, Reuters reports, a “move that could spur the growth of derivatives and exchange-traded funds.” The Tadawul said it would introduce exchange-traded derivatives in the first half of 2019. According to a […]

     
  • Saudi Arabia Taps Aradhana Khowala for NEOM Tourism Chief
     

    Aradhana Khowala, former CEO and founder of Aptamind, a global private client advisory firm, has been appointed as NEOM’s managing director of tourism, according to reports. “We will be working alongside Aradhana to make NEOM an exceptional global tourism destination looking ahead to the future,” said NEOM’s CEO Nadhmi Al-Nasr in a tweet on NEOM’s official […]

     
  • SAMI CEO Gives Interview to DefenseNews.com: ‘SAMI itself is acting as a kind of active holding company’
     

    The CEO of Saudi Arabian Military Industries (SAMI) recently gave an interview with DefenseNews.com about how the organization works within Vision 2030 to develop the Kingdom’s future defense industry. Localizing Saudi Arabia’s military industry is a key part of the Kingdom’s ambitious social and economic reform plans. “SAMI itself is acting as a kind of active […]

     
  • Saudi Arabia’s Fiscal Deficit Narrows Dramatically, Jadwa Investment Report Finds
     

    Saudi Arabia’s total government revenue soared in Q2 2018 compared with the same period last year, according to a recent report by Jadwa Investment. Revenue jumped to SR273 billion ($72.7 billion) in Q2 2018, up by 67 percent, or SR110 billion ($29.3 billion), year-on-year. Non-oil revenue saw a rise of 42 percent year-on-year, and government oil […]

     
  • Saudi Aramco Appoints New Top-Level Positions During Board Meeting
     

    Saudi Aramco has made new appointments during a meeting of its board of directors, naming Khalid al-Dabbagh to become senior vice president for finance. Al-Dabbagh takes over the position from Abdallah al-Saadan, who is now chairman of the Royal Commission for Jubail and Yanbu. The board also appointed Motassim al-Maashouq to the post of president of treasury, […]

     

MUST-READS

  • China-Gulf free trade talks stall on Saudi industrial agenda, sources say

    Negotiations between China and an Arab bloc for a free trade agreement have stalled over concerns by Saudi Arabia that cheap Chinese imports could undermine its ambitions to transform the kingdom into an industrial powerhouse, sources say.
    Saudi Arabia has backed renewed efforts over the past two years for the Gulf Cooperation Council (GCC), the Arab bloc which includes the kingdom, United Arab Emirates and Qatar, among others, to finally seal a long sought deal with China.

  • How Al Hilal won the Saudi Pro League title

    Hilal has been a ruthless, winning machine in the 2023-24 season - memorably setting a new world record of 34 successive victories in all competitions, 20 of which came in the Saudi Pro League. If Jorge Jesus’ side can avoid defeat in its final three games it has the chance to complete an invincible season, though the first of those is against a wounded Al Nassr team.

  • Economic Shocks Spur Saudi To ‘Reprioritise’ Reforms: Official

    Speaking at the Qatar Economic Forum on Tuesday, Saudi Finance Minister Mohammed al-Jadaan noted that Vision 2030 launched in 2016, well before the pandemic, wars in Ukraine and Gaza and problems like inflation and supply chain disruptions.
     "All of these collective shocks that are facing the world calls us also to reprioritise, to look at what we are doing, and how can we actually optimise what we are doing, optimise our plans," Jadaan said.
    Giving the reforms "more time" could ultimately be better for the Saudi economy, allowing the private sector to grow alongside the giga-projects, he said. "If you don't allow your economy to catch up with your projects, basically what will happen is you will import a lot more," Jadaan said.

  • Biggest Saudi IPO of the Year Draws $91 Billion in Orders

    Investors put in $91 billion of orders for the initial public offering of a Saudi hospital group that’s set to be the kingdom’s biggest listing of the year.

    Dr. Soliman Abdul Kader Fakeeh Hospital’s Riyadh IPO was covered 119 times by institutional investors, according to a statement on Tuesday. The company and the founding family are set to raise 2.86 billion riyals ($763.4 million) in the listing.

    The final price was set at 57.5 riyals, the top end of a marketed range, implying a total market capitalization of 13.3 billion riyals. The offering had sold out shortly after books opened earlier this month.

  • Biggest Saudi Arabia IPO of the Year Draws $91 Billion in Orders

    Investors put in $91 billion of orders for the initial public offering of a Saudi hospital group that’s set to be the kingdom’s biggest listing of the year. Dr. Soliman Abdul Kader Fakeeh Hospital’s Riyadh IPO was covered 119 times by institutional investors, according to a statement on Tuesday. The company and the founding family are set to raise 2.86 billion riyals ($763.4 million) in the listing.

  • Saudi Mega Projects Seek Partners in Bid to Hit Crown Prince MBS’s Goals

    Top officials from Saudi Arabia’s mega projects gathered in Riyadh to share progress updates and seek partners to help deliver a key pillar of Crown Prince Mohammed bin Salman’s plan to transform the economy. Executives from The Line, New Murabba and Diriyah Company — complex developments ranging from a futuristic mega city on the Red Sea to an urban development housing a cube-shaped skyscraper set to be the tallest in the Saudi capital — discussed challenges with supply chains, costs and finding skilled workers as they underscored the urgent need for experienced partners to assist in completing projects.

  • Saudi Arabia’s 60-Year Battle for Food Security

    For over half a century, food security has been a strategic issue for Saudi Arabia. More recently, the 2008 food price crisis and the 2020 food supply disruptions gave Saudi decision makers a taste of what the future might look like in a climate-changing world, as two of the most salient issues will be access to drinking water and food – essential resources the kingdom sorely lacks. With 90% of its land unfit for agriculture and 70% of its water coming from desalination plants, water and food security can look like an unwinnable battle for Saudi Arabia.

  • Oman Cultural Complex Highlights Shift in Arab Cultural Production

    Oman is not the first Gulf Arab state to build a cultural complex. The Saadiyat Cultural District of Abu Dhabi, which hosts the Louvre Abu Dhabi and Guggenheim Abu Dhabi as well as the National Museum, Performing Arts Center, and Arts Center, with five theaters, concert venues, and Abu Dhabi Performing Arts Academy, might be the most internationally recognized cultural complex.

  • What’s a Golden Visa and Where Can You Still Get One?

    Often known as a “residence by investment program,” a golden visa allows individuals to obtain temporary or permanent residency in a given country, so they can live and work there. The investments may include buying a house, creating a company or making a donation.

  • Commentary: What’s So Bad About Fixing Oil Prices?

    Oil’s history is full of attempts at stabilizing prices. Petroleum is an essential commodity that has high capital needs and long lead times: That lends itself to boom-and-bust cycles that are painful for consumers, governments and companies. There is no immediate cure for price spikes or plunges because it is impossible to turn on significant new oil supply or to turn off demand for it on short notice. Storage helps, but oil must be kept underground or in specialized tanks.