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  • Saudi Wealth Fund’s Alat Unit Buys 15% Stake in TK Elevator

    Alat, a unit of Saudi Arabia’s sovereign wealth fund, has bought 15% of TK Elevator and unveiled a joint venture that will make escalators and moving walkways, as the kingdom looks to boost domestic manufacturing. The deal comes five years after TK Elevator, formerly owned by Thyssenkrupp AG, was sold to a group backed by Advent International, Cinven, Abu Dhabi Investment Authority and Germany’s RAG Foundation for €17.2 billion in one of the largest private equity deals in Europe. Alat will also form a €160 million joint venture with TK Elevator, according to a statement. This newly-formed entity, headquartered in Saudi Arabia, will over time locally manufacture elevators, escalators and moving walkways for use in the kingdom’s construction projects, which include everything from luxury resorts to entirely new cities.

  • DHL enters Saudi logistics market by acquiring AJEX

    DHL eCommerce, the e-commerce logistics specialist of DHL Group, and AJEX Logistics Services, have entered into an agreement in which DHL will acquire a minority stake in the Saudi Arabian parcel logistics company. For DHL eCommerce, whose core business is domestic parcel transport in selected European countries, the United States, and certain key Asian countries, this agreement represents an expansion into the rapidly growing Saudi Arabian e commerce parcel market.

  • PIF unit to manufacture lifts in Saudi Arabia

    Alat, a Public Investment Fund-backed manufacturing company, is setting up a €160 million ($168 million) joint venture with Germany’s TK Elevator to manufacture lifts and escalators in Saudi Arabia, the German company said in a statement. Alat, which was launched in February last year by Saudi Crown Prince Mohammed bin Salman, has acquired a 15 percent stake in the Dusseldorf-based TK Elevator, becoming a direct shareholder, the company said. The deal is expected to close by the third quarter of the year. The new entity will have its headquarters in Saudi Arabia and will manufacture lifts, escalators and moving walkways in the kingdom for the region’s giga-projects and other large-scale developments. In February 2020 Germany’s Thyssenkrupp sold its elevator division, later renamed TK Elevator, for €17.2 billion.

  • Saudi Airline Confirms It Is Studying Flying To Miami

    A newly launched Saudi airline is looking at adding service to Miami. Riyadh Air is planning to begin flying by the end of 2025. CEO Tony Douglas was in Miami last week for the Saudi-sponsored FII Priority Summit investment conference at the Faena District. Donald Trump was among those who attended. Douglas said the airline was looking at 100 international destinations by 2030, according to the Saudi Gazette. Miami is among the potential destinations, he said. A 12-hour test flight between Miami and Riyadh was already conducted in 2023.

  • Investors Snap Up Saudi Arabia’s Debut Euro Green Bond

    Saudi Arabia is on track to sell a €1.5 billion ($1.58 billion) debut green euro bond after drawing in €7.25 billion of investors bids as it seeks to fund its ambitious economic-transformation plan. The transaction, the first such trade from a sovereign in the Middle East and North Africa, is being sold alongside a €750 million 12-year conventional bond that is expected to price at 145 basis points over mid-swaps, the person said. Books on that tranche are over €2.7 billion. The green offering is a first for the Saudi central government as the world’s top crude-oil exporter looks to reach net zero emissions by 2060. The Saudi sovereign wealth fund known as the PIF started issuing green debt in 2022.

  • Flow48 Secures $69M Series A Funding to Expand into Saudi Arabia and Scale Operations

    Flow48, a leading fintech transforming SME lending across emerging markets, is excited to announce today the successful close of its $69 million Series A funding round. The round, which is a combination of debt and equity, was led by Breega and has seen further investments from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others. This milestone marks a major step forward in the company’s mission to redefine access to capital for underserved SMEs across the Middle East and Africa.

  • New Saudi Netting Regulation Creating a Buzz

    However, it was the introduction two days prior, on the 17 February, by the Saudi Central Bank (SAMA) of the Close-out Netting and Related Financial Collateral Regulation that caused the excitement. It is effective from that date.The impact of this regulation on cross-border transactions and business in Saudi Arabia is significant. By streamlining the process of settling obligations between defaulting and non-defaulting parties, the regulation reduces the risk and uncertainty associated with financial transactions. Firms can now engage in transactions with greater confidence, knowing that their netting agreements will be upheld even in the event of a default.

  • Saudi Arabia, UK gird to forge strategic minerals alliance

    Saudi Arabia and the United Kingdom last month announced the signing of a landmark agreement in the critical minerals sector, marking a pivotal step in addressing global shortages while advancing mutual economic and strategic priorities. The accord, inked at the recent Future Minerals Forum in Riyadh, seeks to bolster supply chains, attract foreign investment and unlock new opportunities for British businesses. The collaboration on minerals such as copper, lithium, and nickel aligns closely with Saudi Arabia's strategy to diversify its economy beyond hydrocarbons. It also positions the Kingdom as a global hub for critical minerals trade, placing it at the center of efforts to meet growing global demand. For the UK, the deal is in line with ambitions to secure vital materials for emerging technologies in its industrial sector. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has emphasized the scale of the opportunity, saying, “The world will require 6T USD in investments over the next decade to meet surging demand for critical minerals, driven by the energy transition and artificial intelligence.”

  • Saudi Arabia’s housing market challenged with soaring prices, high borrowing costs

    Saudi Arabia faces growing challenges in its residential real estate market as soaring prices and high borrowing costs cool appetite for home ownership, according to the real estate consultancy Knight Frank. Demand from first-time buyers looking to purchase a home has slipped to 29 percent from 40 percent in 2023, the firm said, citing a survey of more than 1,000 households. Many home buyers believe prices are too high, need more time to save and want more financing options, according to Knight Frank’s 2025 Saudi report. Apartment prices in the capital of Riyadh rose almost 11 percent to the equivalent of about $1,500 per square meter in 2024, according to the research firm. “The crux of the issue is the misalignment between buyer expectations and the current pricing or market realities,” Faisal Durrani, head of Middle East research at Knight Frank, said in an interview in the kingdom.

  • Saudi Arabia welcomes convening of Syria’s national dialogue conference

    Saudi Arabia on Tuesday welcomed the convening of Syria’s national dialogue conference, expressing hope that it would help fulfill the aspirations of the Syrian people and strengthen national unity. In a statement carried by state news agency SPA, the Saudi foreign ministry emphasized the Kingdom’s support for rebuilding Syrian state institutions and achieving stability and prosperity for its citizens. The statement also reaffirmed Saudi Arabia’s “steadfast position in support of Syria’s security, stability, sovereignty, and territorial integrity.”