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  • BlackRock to launch PIF-backed Saudi investment platform

    The world's largest asset manager BlackRock (BLK.N), opens new tab said on Tuesday it plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from Saudi sovereign wealth fund the Public Investment Fund (PIF).
    BlackRock and PIF said they had signed a memorandum of understanding under which BlackRock would establish a Riyadh-based multi-asset investment platform, anchored by PIF's initial cash injection, subject to certain agreed milestones being hit.

  • Saudi Aramco is looking at investment in new energies outside of the kingdom, CEO says

    Saudi Arabia's state-oil giant Aramco (2223.SE), opens new tab is looking at investments right now in new energies outside of the kingdom, CEO Amin Nasser said on Monday at the sidelines of a World Economic Forum special meeting held in Riyadh.

  • UK Launches Saudi Investment Drive to Grab Share of MBS’s Vision

    The UK and Saudi Arabia will hold a trade expo in Riyadh next month as Rishi Sunak launches an investment drive aimed at taking advantage of Crown Prince Mohammed bin Salman’s Vision 2030 project. A delegation of more than 300 British business executives will join Deputy Prime Minister Oliver Dowden at the Saudi Great Futures event on May 14-15, according to a statement from Dowden’s office. The event will mark the start of a year-long campaign to showcase UK firms to Saudi investors with a focus on sectors that support the country’s Vision 2030, which was established by bin Salman eight years ago to diversify the economy away from oil.

  • ‘Saudi hospitality sector to generate SR42 billion investments and 120,000 jobs by 2030’

    Eng. Mahmoud Abdulhadi, deputy minister of tourism for destination enablement, emphasized that Saudi Arabia is providing promising opportunities for both Saudi and international investors to draw investments into the Kingdom’s vital tourism sector. “The recently launched Hospitality Investment Enablers (HIE) initiative seeks to attract private investments in the hospitality sector, amounting to about SR42 billion ($11 billion) with creation of 120,000 new jobs by 2030,” he said while attending a dialogue session within the Saudi Ministry of Tourism’s participation at the International Hospitality Investment Forum (IHIF) in Berlin.

  • Saudi Arabia’s minister highlights $3 billion in Spanish real estate investments, announces upcoming development agreement

    The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, discussed the significant growth in investments between Saudi Arabia and Spain. He stated that Spain’s investment in Saudi Arabia has exceeded $3 billion over the past 10 years, with 40 percent of these investments in the real estate sector.

  • $410 billion in investments propel Saudi Arabia’s mining sector growth

    Saudi Arabia’s mining sector is undergoing a significant transformation and is gearing up to become one of the key pillars of economic diversification efforts outlined in Vision 2030. The latest report from the National Industrial and Mining Information Center reveals that Saudi Arabia issued 152 industrial licenses in January alone, bringing the total number of operating and under-construction factories in the Kingdom to 11,672. These factories represent a combined investment of SAR1.539 trillion ($410.4 billion).

  • Mobile esports reaches new heights in 2024 with a boost from Saudi Arabian investment

    It’s shaping up to be a banner year for the mobile esports industry, with an unprecedented amount of activity in the space in 2024. The secret to all this growth? A healthy amount of investment from Saudi Arabia. Mobile esports activity has been picking up gradually since 2021, but 2024 could be one of the most lucrative years yet for the esports teams and players participating in popular mobile games such as “PUBG Mobile” and “Mobile Legends: Bang Bang” (MLBB).

  • Riyadh eyes significant investment in Pakistan, Saudi FM says

    Saudi Arabia's foreign minister said on Tuesday that Riyadh will be "moving ahead significantly" to invest in projects in Pakistan, days after Islamabad announced that the Kingdom had pledged to expedite $5 billion in investment.
    Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday to lead a delegation on a two-day visit as part of efforts to boost economic cooperation.
    His Pakistani counterpart Ishaq Dar told a joint news conference that Pakistan gave extensive briefings to the delegation on potential investment projects.

  • Pakistan’s premier calls for closer cooperation with Saudi Arabia to enhance investment in Pakistan

    Pakistan’s prime minister called for closer cooperation between Saudi Arabia and his cash-strapped Islamic nation to enhance Saudi investment in his country, a government statement said Tuesday. Shehbaz Sharif made his remarks during a meeting with Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan who arrived Monday in the capital, Islamabad, to discuss a range of issues, including how to help Pakistan overcome its economic crisis. The previous week, Sharif met with Crown Prince Mohammed bin Salman in Saudi Arabia, one of Pakistan’s closest allies and a leading supplier of oil to Islamabad. According to Pakistani officials, Prince Mohammed had assured Pakistan that Saudi Arabia would invest $5 billion in Pakistan.

  • Saudi banks’ foreign assets surge by 22%, reflecting robust international investments

    The foreign assets of Saudi Arabia’s commercial banks surged by 22 percent in February, reaching a total of SR347.63 billion ($92.7 billion), compared to the same month of the previous year. This notable increase, as reported by recent data from the Kingdom’s central bank, also known as SAMA, reflects a significant expansion in the institution’s international holdings and investments. Conversely, Saudi banks witnessed a 38 percent surge in foreign liabilities over the same period, increasing to SR288.22 billion. This rise, which encompasses various financial obligations to banks outside the Kingdom, resulted in the calculation of net foreign assets amounting to SR59.41 billion.