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  • Al-Khateeb: Saudi Arabia has become a global hub for innovations with SR800 billion investments

    Saudi Minister of Tourism Ahmed Al-Khateeb said that Saudi Arabia has become a hub for innovations around the world with investments reaching SR800 billion. In his speech at the inaugural session of the GREAT FUTURES initiative conference at King Abdullah Financial District in Riyadh on Tuesday, he said that the Kingdom has witnessed a robust growth with regard to the issuance of tourist licenses by about 90 percent. “This vital sector contributes 5 percent of the gross domestic product,” he said. GREAT FUTURES is one of the initiatives of the Saudi-UK Strategic Partnership Council, co-chaired by Crown Prince and Prime Minister Mohammed bin Salman and British Prime Minister Rishi Sunak.

  • Saudi Esports Investment: $1.5 Billion Merger Finalized

    Rick Horrow breaks down the state of Esports after the $1.5 billion Saudi Arabian merger. This now includes college scholarships and an Esports World Cup.

  • Saudi Arabia plans $100 billion investment to develop aviation sector

    A significant portion of the investments, over $50 billion, will go to developing the country’s airports. Moreover, the Kingdom expects airlines to place new aircraft orders worth around $40 billion. The remaining $10 billion will go to other aviation projects across Saudi Arabia, including $5 billion to special logistics zones in the major airports of Riyadh, Jeddah and Dammam.

  • Saudi Arabia to boost private sector investments in manufacturing: deputy minister

    Saudi Arabia aims to bolster private sector investment in the manufacturing industry, capitalizing on the Kingdom’s swift growth, according to a top official. During his opening speech on the second day of the Riyadh International Industry Week 2024, Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah pointed out that partnership with non-government bodies is of great importance in achieving industrial development in the Kingdom.

  • Saudi Arabia’s $100bn tech investment shows global leadership on AI, says Microsoft executive

    Saudi Arabia’s plan to invest $100 billion in technology is propelling the Kingdom to the forefront of innovation and talent development worldwide, said a senior Microsoft Arabia executive. In February, the Kingdom launched Alat, a technology and artificial intelligence firm backed by the Public Investment Fund, with the aim of pouring funds into Saudi Arabia’s technological sector.

  • Saudi Arabia’s Vision 2030 will need around $1 trillion in investments over several years: Report

    Debt buildup in the Saudi economy will remain in focus. However, S&P expects its growth to be gradual and concentrated with companies in the PIF portfolio. Moreover, the report expects real gross domestic product (GDP) growth of 2.2 percent in 2024 and 5 percent in 2025 for Saudi Arabia. It also notes that the non-oil economy will continue to grow, contributing a larger share of the economy due to government investments in Saudi Arabia’s Vision 2030 projects. Saudi Arabia still faces some risks including higher-for-longer interest rates and geopolitical risks, which could mean higher spreads for the weakest companies. In addition, banks will have to find alternative ways to fund their growth. This is why the report expects the increase in leverage to be gradual.

  • Saudi-Uzbek energy investments reach $14B: Minister

    Prince Abdulaziz bin Salman, Minister of Energy, stated that the energy sector represents an important aspect of the growing relationship between Saudi Arabia and Uzbekistan, especially in the field of renewable energy. The size of investments between the two countries in this sector exceeded $14 billion, aimed at producing more than 11 gigawatts of electricity from renewable energy.

  • Saudi Arabia sees 16% increase in net direct foreign investment

    During a meeting of the Council of Economic and Development Affairs (CEDA), the Ministry of Economy and Planning reported a notable 16% increase in net direct foreign investment inflows for the fourth quarter of 2023 compared to the previous quarter.

  • BlackRock to launch Saudi investment firm after $5bn deal with Riyadh

    BlackRock has struck a deal with the Saudi Arabian government to open a multi-class investment firm in Riyadh, anchored by a $5bn mandate from the kingdom’s Public Investment Fund. BlackRock Riyadh Investment Management will be a wholly owned subsidiary of the $10.5tn US asset manager. Riyadh-based professionals will manage funds that invest primarily in Saudi Arabia but also the rest of the Middle East and north Africa. The goal is to attract additional overseas capital to Saudi Arabia and deepen its capital markets through a range of investment funds managed by BlackRock.

  • BlackRock signs agreement with PIF to accelerate growth of capital markets in Saudi Arabia by launching a Riyadh-based multi-asset investment management platform

    BlackRock Saudi Arabia and PIF have expressed the intention to establish BlackRock Riyadh Investment Management (BRIM), which will encompass investment strategies across a range of asset classes, all of which are expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s industry-leading global asset management platform.
    PIF is playing a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as driving global economies and shaping the future of industries. Locally since 2017, PIF has created 94 new companies and created over 644,000 direct and indirect jobs.