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Gulf Business gears up for debut Saudi summit on 3 September

The discussions will cover key themes relevant to any business aiming to operate or expand within Saudi Arabia

First hydrogen-powered taxi pilot project launches in Saudi

First hydrogen-powered taxi pilot project launches in Saudi

This initiative aligns with Saudi Arabia’s National Transport and Logistics Strategy, aiming to promote the use of modern technologies in transportation

PIF-backed Lucid says stock sale will provide ‘cash runway’ well into 2026

PIF-backed Lucid says stock sale will provide ‘cash runway’ well into 2026

Lucid said it expected the offering to raise $1.67bn, but on Monday, the company said the offering had raised nearly $1.75bn

Saudi Arabia’s PIF sets up company to build staff accommodation

Saudi Arabia’s PIF sets up company to build staff accommodation

SARCC will revolutionise the accommodation market by developing and operating complexes for staff in Saudi Arabia

Aramco CEO ‘fairly bullish’ on China oil demand after stimulus roll-out

Aramco CEO ‘fairly bullish’ on China oil demand after stimulus roll-out

Saudi Arabia is the number two oil exporter to China behind Russia and holds stakes in some Chinese refiners

Saudi Arabia’s United International Holding to sell 30% stake via IPO

Saudi Arabia’s United International Holding to sell 30% stake via IPO

The entire amount raised will be distributed to United Electronics Company (eXtra), the selling shareholder

Cityscape Global 2024: Tahaluf's Rachel Sturgess on aligning with Saudi's ambitious vision

Tahaluf’s Rachel Sturgess on how Cityscape Global aligns with Saudi’s ambitious vision

Cityscape Global 2024 offers a comprehensive platform for international city experts that addresses the future of urban development, real estate, and infrastructure, says the Tahaluf group director

Saudi Manara in advanced talks for stake in Zambian Copper mine

Saudi Arabia’s Manara in advanced talks for stake in Zambian Copper mine

First Quantum owns the Kansanshi and Sentinel copper mines in Zambia, which have become key to future output after Cobre Panama’s shutdown

Lucid

Saudi-backed Lucid expects to raise $1.67bn from stock sale

Lucid expects to report a loss from operations in the range of $765m to $790m for the quarter ended September 30

The Goldman Sachs Group Inc. logo is displayed in the reception area of the One Raffles Link building, which houses one of the Goldman Sachs (Singapore) Pte offices, in Singapore, on Saturday, Dec. 22, 2018. Singapore has expanded a criminal probe into fund flows linked to scandal-plagued 1MDB to include Goldman Sachs Group, which helped raise money for the entity, people with knowledge of the matter said. Photographer: Nicky Loh/Bloomberg

Goldman Sachs’ Saudi Arabia CEO set to resign – report

Khalid Albdah was appointed as managing director and chief executive for Goldman’s Saudi operations in 2015

Saudi Arabia, Egypt agree deeper investment ties

Egypt’s prime minister said last month that Saudi Arabia was planning to invest $5bn in Egyp

Saudi

Saudi Crown Prince not attending Russia’s BRICS summit

Russia has invited Saudi Crown Prince Mohammed bin Salman to attend the summit, foreign minister Sergei Lavrov said last month

Saudi's Cenomi Centers, GIB Capital unveil SAR1bn real estate fund

Saudi’s Cenomi Centers, GIB Capital unveil SAR1bn real estate fund

The fund aims to accelerate development in the Qassim region, including the facilitation of a land sale programme and development of the U Walk Qassim Mall

Rawabi Holding and World Wide Generation

Rawabi Holding, World Wide Generation new JV to drive sustainability

Rawabi will fast-track sustainability performance and financing especially in hard to abate sectors in Saudi Arabia and wider MENA region

Saudi PIF to acquire 40% stake in Selfridges Stores

Saudi Arabia’s PIF acquires 40% stake in Selfridges Stores

The deal includes new investment by both PIF and Central to strengthen Selfridges Group’s position and support future development

Saudi Arabia’s PIF eyeing stake in sports streamer DAZN

Saudi Arabia’s PIF eyeing stake in sports streamer DAZN

The streaming platform is a broadcasting partner for Italy’s Serie A, Spain’s LaLiga, Germany’s Bundesliga and France’s Ligue 1

Reboot for world’s tallest tower construction in Jeddah

Once completed, the Jeddah Economic Company (JEC) tower will rise over 1,000 metres and feature 157 floors, making it the tallest structure globally.

PIF mulls bigger stake in Nintendo.

Levelling up? Saudi’s PIF mulls bigger stake in Nintendo

PIF currently owns 8.58 per cent of Nintendo and has stakes in video game companies Nexon, Capcom, and Koei Tecmo

Saudia, Delta Air Lines team up to expand global network

Saudia, Delta Air Lines team up to expand global network

Delta customers will gain access to nine destinations in Saudi Arabia and the Middle East, while Saudia flyers will gain access to 12 destinations in the US

Saudi's ROSHN secures $2.4bn syndicated loan to drive growth

Saudi’s ROSHN secures $2.4bn syndicated loan to drive growth

The credit facility is expected to provide ROSHN with the financial flexibility needed to pursue new opportunities and strengthen its position

Saudi Arabia expects deficit of 2.9% of GDP in 2024

Saudi Arabia expects deficit of 2.9% of GDP in 2024

The Gulf state expects to post a fiscal deficit of SAR118bn, wider than the SAR79bn projected in the 2024 budget statement last December

ACWA Power Solar Plant Image for illustrative purposes Acwa Power

ACWA Power, Badeel, SAPCO report financial close on key solar PV projects

These projects, valued at $3.2bn, aim to generate a combined capacity of 5.5GW of solar power for Saudi Arabia

Saudi Arabia’s Diriyah agrees deals worth $1bn with European firms

Saudi Arabia’s Diriyah agrees deals worth $1bn with European firms

The $63bn project is one of the Public Investment Fund’s giant construction efforts aimed at boosting economic growth

Saudi Arabia ditches $100 crude target to win back market share

Oil prices are down nearly 5 per cent so far this year, amid increasing supply from other producers, especially the US

Aramco sets price guidance for dollar sukuk bonds

Saudi Aramco sets price guidance for dollar sukuk bonds, term sheet shows

The 5-year bond has price guidance of Treasuries plus around 120 basis points (bps) and the 10-year bond has Treasuries plus about 135 bps

Riyadh Air, Sutherland to develop digitally native financial operations

Riyadh Air, Sutherland to develop digitally native financial operations

This partnership supports Riyadh Air’s goal of becoming the world’s first fully digital airline as it prepares to expand to over 100 destinations by 2030

Golf Saudi, Topgolf Callaway to build golf venues in Saudi Arabia

Golf Saudi, Topgolf Callaway to build golf venues in Saudi Arabia

Golf Saudi plans to build three Topgolf venues by 2028, with the option to open two others in the future

Saipem secures $2bn offshore contract in Saudi Arabia

Italy’s Saipem wins offshore contract worth $2bn in Saudi Arabia

The contract was signed under the existing long-term agreement with oil giant Saudi Aramco

business

Five steps to help businesses scale to seven figures

Although barriers to entry are lower, the challenges of scaling a business have increased significantly

AI in construction

Why AI integration is critical for mega-projects: Lessons from the GCC

AI predictive models can help analyse historical data on the start and end dates of previous projects in order to create realistic timelines for future projects

Saudi miner Ma’aden to acquire SABIC stake in Alba for $1bn

Saudi Ma’aden to buy nearly 21% stake in Bahrain’s Alba for $1bn

The deal is valued between $963.25m and $1.06bn (BHD363m and 398m), and the proceeds will help SABIC grow in the chemicals industry