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Lucid Air Limited Assembly In Saudi Arabia To Start In September; Company Slashes ‘Air’ Model Price
Lucid Motors, an EV company in which the Saudi Arabian Public Investment Fund (PIF) has a majority ownership stake, announced its second-quarter financial results yesterday, and provided some updates on its plans during an earnings call lead by CEO Peter Rawlinson. Lucid on Monday reported revenue in the April-June period of $150.9 million, missing estimates […]
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Brazilian Miner Vale Nears Deal to Sell 10% of Its Base Metals Business to Saudi Arabia’s PIF, Ma’aden – Report
Brazilian miner Vale is reportedly close to completing a deal to sell a roughly 10% stake in its $25 billion base metals unit to a joint venture between Saudi Arabia’s sovereign-wealth fund, the PIF, and the Saudi mining company Ma’aden, people familiar with the matter told the Wall Street Journal.
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Saudi PIF Reports $11 Billion Loss in 2022 after Earning $19 Billion in 2021 – Reports
Saudi Arabia’s sovereign wealth fund lost $11 billion on its investments last year, as the fall in global stock and bond prices impacted its holdings, according to a report in Bloomberg.
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Congressional Hearing Puts Capitol Hill Focus on Saudi Arabia’s Role in PGA
Two top PGA Tour officials will meet with US lawmakers today on Capitol Hill and plan to tell them that Saudi Arabia would have little sway over the golf business if a proposed merger with LIV Golf goes through, according to Bloomberg.
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Kingdom at the Forefront of Air Taxi Tech with Test of Volocopter in Collaboration with Neom
Saudi Arabia’s NEOM hosted the first test campaign of air taxi flights in the northwest of Saudi Arabia, building on a reputation of a leader in technologies in the under-development futuristic zone.
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Saudi Arabia Targets Massive $800 Billion in Tourism Investment Over Next Decade – Report
Tourism Minister Ahmed Al-Khateeb said at an Arab-China investment summit that Saudi Arabia is investing $800 billion in the tourism sector over the next ten years, according to reports.
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NEOM Secures $5.6 billion Investment for Workforce Housing
Saudi Arabia’s planned mega-city NEOM has secured 21 billion riyals ($5.60 billion) in financing and has finalized contracts to develop the first phase of housing expansion for its workforce, it said in a statement on Tuesday, Reuters reports.
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Lucid Shares Tumble on News of $3 Billion in New Fundraising
Shares of Lucid Group’s stock tumbled today on news that the group is raising about $3 billion in a common stock offering, with the majority of the money coming from the electric vehicle maker’s Saudi owners, the Public Investment Fund.
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Neom Green Hydrogen Company to Start Producing Hydrogen by Next Year, Company Says — Report
Neom Green Hydrogen Co. said it will begin producing the fuel for transportation by 2024, the head of the venture said according to Bloomberg.
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Harold Varner III Wins LIV Golf DC Tournament at Crowded Trump National in Northern Virginia
Harold Varner III won his first professional tournament on US soil this weekend at the LIV Golf DC event held at Trump National in Northern Virginia, beating South Africa’s Branden Grace by one shot.
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Saudi largest sustainable tourism project to keep visitors numbers at environment-friendly levels: Official
Speaking on the sidelines of the Real Estate Future Forum held last week in Riyadh, the TRSDC official told Arab News: “Our offering from the beginning is luxury and ultra-luxury. It is not going to be a cheap destination. “We are limiting the number of tourists to the destination to keep it sustainable and to enhance the environment.” Hamzeh noted that the company has already started research and studies to sequester carbon naturally, by creating marine algae production farms and enhancing biologically diverse habitats.
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Saudi Tourism Organises Virtual Roadshow Series ‘Journeys Through Saudi’
The roadshows will be taking place in 12 key source markets across the globe and will provide insight into the opportunities the destination has to offer, create demand for Saudi and its products and ultimately, drive visitation among all segments.
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Saudi Arabia to Provide Financial, Logistical Support to Investors in Tourism
He emphasized that the Fund provided financial support for several activities and projects in the fields of nature preserves, cultural heritage, and sustainable destinations to better serve the tourists’ experience.
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Saudi Tourism Authority and Emirates airline sign pact to attract tourists to the kingdom
Under the agreement, Emirates and the STA will explore opportunities to collaborate on key initiatives to boost the kingdom’s global tourism competitiveness, including promotional activity and travel trade support across key global source markets to convert interest into bookings and sharing insights around market and customer trends, among other initiatives.
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Saudi fund inks deal for $80m Taif Front tourism destination
Named Taif Front, the 100,000 sq m destination will be located in the heart of Taif in Al Khalidiyyah district and will feature upscale accommodation with more than 150 hotel keys, premium retail and entertainment offerings including F&B outlets.
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Tourism Sector Sees Record Numbers in Saudi Arabia
The Ministry of Tourism said in a report that 60 million domestic trips, valued at $21.3 billion, were made in 2020, recording a 30 percent increase compared to 2019. The number of workers in the tourism sector increased by 10 percent compared to 2020.
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Rocks are changing the face of Saudi’s desert tourism landscape
Saudi's dominating desert features are now being incorporated in tourism and cultural projects and developments, bringing tourists closer to how Saudi live and interact with their environment
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Wego And Saudi Tourism Authority Form Strategic Partnership to Promote Tourism to Saudi
Wego, the largest online travel marketplace in the Middle East and North Africa (MENA), and Saudi Tourism Authority (STA) have announced a strategic partnership to inspire Middle East holidaymakers to visit Saudi after more than a year of hiatus.
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Saudi Arabia boosted its tourism credentials in 2021: mega-projects and music festivals
Pagano is confident it will create a thriving tourism ecosystem that will advance the domestic economy. More than 800 contracts have been signed to date, worth nearly Dh20 billion. “Our first phase of development remains on track to welcome our first guests by the end of 2022,” he says.
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Saudi group unveils $20bln leisure tourism project in Jeddah
The Jeddah Central Project is expected to achieve an estimated added value of SR47 billion for the kingdom's economy by 2030. It will include four notable landmarks (Opera House - Museum - Sports Stadium - Oceanarium) and contribute to opening the way for the local private sector to participate in the development, which will help shape the operation of promising economic sectors including tourism, entertainment, culture, and sports.
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