Home GCC Saudi Arabia

Saudi Arabia

Billionaire Olayan family considers reviving plans for Saudi IPO

Established in 1969, Olayan Financing controls the billionaire family’s investments in the Middle East

Saudi’s Red Sea project signs agreements for nine hotels with 1,700 keys

The nine hotels are part of the 16 properties currently under development in the first phase of the project

Saudi Arabia

Saudi: 44 global companies shift regional HQ to Riyadh ahead of 2024 deadline

The licenses were issued at the 5th edition of the Future Investment Initiative

Kuwait’s wealth fund plans to invest in Saudi green initiatives

The Kuwaiti authority is a founding member of the One Planet Sovereign Wealth Fund Working Group established in Paris in 2017

UAE’s Pure Harvest Smart Farms secures funding worth $64.5m to accelerate expansion

The company operates three farms in the UAE

NEOM

Oracle signed on as first tenant of hyperscale data centre in Saudi Arabia’s NEOM

Oracle’s second cloud region in Saudi Arabia will enable support of Vision 2030 technology ambitions

Abha International Airport Saudi Arabia

Saudi forces destroy armed drone attacks targeting Abha airport and Najran

The Abha International Airport has faced numerous drone attacks in recent months

Saudi Crown Prince says climate goals to boost Mideast economies

The kingdom will establish a fund to improve carbon-capture technology and back an initiative to develop clean fuels

Saudi Arabia to use $110bn gas project for blue hydrogen

The kingdom also has plans to export green hydrogen

Brent oil rises above $85 as Saudi Arabia vows caution on supply

Oil has more than doubled over the past 12 months as the global economy rebounded from the dislocation caused by the coronavirus pandemic

Different Arab money

Saudi VC firm STV looking to raise $1bn for Middle East tech fund

Interest in the technology industry in the Middle East has increased the past few years

Saudi to start electric-vehicle push in Riyadh

The kingdom aims to ensure at least 30 per cent of the cars in its capital are electric by 2030

Saudi Green Initiative

Saudi Arabia aims to achieve net zero emissions by 2060

It involves an investment of SAR700bn, with the minister of energy adding that the initiative will not have an adverse economic impact on oil exporters

Saudi’s Dar Al Arkan and Katara Hospitality join hands to develop sea-front project in Qatar

The project marks Dar Al Arkan’s first entry into Qatar with the aim of driving the development of the luxury property market

Mobily and Ericsson sign agreement to recycle old electronic devices in Saudi Arabia

The partnership is in line with Mobily’s efforts to reduce its emissions through using environmentally responsible methods for recycling old devices

Saudi ARabia

Saudi hoard of US Treasuries shrinks most since oil-price rout

The kingdom sold $4bn in US government debt, the most in over a year

Aramco oil pipeline investors ready multi-billion dollar bond

The consortium, led by Washington-based EIG Global Energy Partners, may raise at least $4.5bn

Saudi warns citizens not to travel to Lebanon

The warning comes after deadly clashes in Beirut last week

Saudi wealth fund PIF announces oil platform themed tourism project, ‘The Rig’

According to PIF, it is the world’s ‘first tourism destination on offshore platforms’ 

Saudi Arabia

Saudi Arabia: Face masks no longer required to be worn in most public spaces

The Grand Mosque in Makkah and the Prophet’s Mosque in Madinah will also be allowed to operate at full capacity

Tunisia in talks with UAE, Saudi Arabia for funds, official says

Tunisia is battling long-running economic troubles and has been mired in fresh political upheaval since late-July

Saudi British Bank makes kingdom’s first green deposit to finance sustainable initiatives

The funds were deposited with HSBC in the UAE

Saudi Arabia considers freezones for cloud computing and manufacturing

At the outset Saudi Arabia plans to build four or five zones

Digital Tranformation

The digital revolution in the Middle East

Gartner predicts that the IT spending in the MENA region is set to grow 4.5 per cent annually and reach $171.3bn this year as businesses increasingly digitise amid pandemic

Saudi mining plan gets $3bn EV boost from Australian firm

EV Metals is developing the battery chemicals processing facility with a view to supplying a potential automotive manufacturing cluster in the kingdom

Saudi Crown Prince launches National Investment Strategy

The strategy will contribute to the growth and diversification of the kingdom’s economy

Biggest Saudi IPO since Aramco jumps 30% on trading debut

ACWA Power is now valued at $14.2bn, making it one of the biggest listed companies in Riyadh

Solar Energy Masdar Armenia

Biggest Saudi IPO since Aramco set for Riyadh trading debut

Initial demand amounted to several billion dollars

UK starts trade deal process with Saudi Arabia, Gulf

British trade with the GCC was worth about $61bn in 2019

Umrah Saudi Arabia Grand Mosque

Saudi Arabia: Umrah, visit to two holy mosques restricted to fully vaccinated individuals

The directive is effective October 10 onwards