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  • Foreign direct investment inflows to Saudi Arabia hit $4.53bn in Q3 2023

  • Saudi Aramco in investment discussions with Indian companies – exec

    State oil giant Saudi Aramco is in investment discussions with companies in India, a senior executive said on Wednesday. "Hopefully we will see some announcements soon on investment in Indian companies," Faisal Faqeer, senior vice-president, liquids to chemicals development, downstream, at Saudi Aramco, told delegates at the India Energy Week in Goa, without specifying its plans. The world's largest crude oil exporter and OPEC kingpin has been boosting its investments in refining and petrochemicals across Asia to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.

  • Saudi Arabia’s investment ministry withdraws budget data

    Saudi Arabia's investment ministry removed fiscal data from a monthly bulletin published earlier on Monday on its website that showed the kingdom would record a budget surplus in 2023. There was no fiscal data in an updated version of the report on the website. A government official told Reuters that the numbers published earlier were not based on the latest 2023 fiscal data forecasts calculated by the finance ministry and were published in error.

  • PGA Tour announces $3 billion investment by SSG, negotiations continue with PIF

    The PGA Tour has finalized a $3 billion deal with Strategic Sports Group (SSG), the Tour announced Wednesday. It held meetings with the PGA Tour Player Advisory Council as well as the larger membership of the PGA Tour, Korn Ferry Tour and Champions Tour to announce the news. PGA Tour commissioner Jay Monahan touted the deal as a win in a memo to the players. “By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” Monahan said. “Fans win when we all work to deliver the best in sports entertainment and return the focus to the incredible — and unmatched — competitive atmosphere created by our players, tournaments and partners.”

  • Saudi investment fund fights Senate subcommittee subpoena

    The Saudi Arabian Public Investment Fund (PIF) urged the leaders of a Senate subcommittee to back off on subpoenas issued to four of its U.S.-based consultants, according to a new letter disclosed Tuesday by the Senate Permanent Subcommittee on Investigations. The letter, dated Jan. 12, was included as an attachment to a Monday letter from subcommittee chairman Richard Blumenthal (D-Conn.) and ranking member Ron Johnson (R-Wisc.) to PIF Governor Yasir Al-Rumayyan.

  • PGA Tour lands $3B investment from U.S. group as Saudi talks continue

    The PGA Tour signed a $3 billion investment agreement with a consortium led by Fenway Sports Group, as talks with Saudi Arabia's Public Investment Fund remain ongoing. Why it matters: This will allow the pro golf group to beef up its commercial business and provide a financial stake to players. Details: The deal will see Strategic Sports Group become a minority investor in the newly-created PGA Tour Enterprises, a for-profit entity that will manage the PGA's commercial business.

  • Saudi Arabia set to allow foreign investments in real estate of companies in Makkah and Madinah

    Mohammed Elkuwaiz, chairman of the Board of Directors of the Saudi Capital Market Authority (CMA), said that the authority intends to allow non-Saudis to invest for the first time in listed companies that own real estate in the holy cities of Makkah and Madinah. The authority is working to diversify financing products in the capital market during the current year by developing the debt market, real estate contributions, and a number of developments in the funds sector.

  • E-Sports in Saudi Arabia receives $45 million investment

    The rapidly growing gaming market in Saudi Arabia has received a huge boost after Dubai-based e-sports brand, True Gamers, signed a franchise deal worth $45 million with investment firm, Falak, reports Meed. The investment will involve the creation of 150 e-sports clubs across Saudi and seeks to capitalize on a market that is expected to expand by over 8% annually over the next three years, eventually meeting a market value of $1.3 billion by 2027.

  • Formula E attracts backing from Saudi Arabia’s Public Investment Fund

    Now the Saudi Arabian PIF has agreed a multi-year deal with Formula E, offroad electric series Extreme E and electric powerboat championship E1. The three series will be promoted under the new brand Electric 360. Formula E founder Alejandro Agag called the deal “a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology.” “PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration, education and skills development for the next generation worldwide.”

  • Real estate prices in Saudi Arabia to rise by 40%: Al Rajhi Investment exec

    Real estate prices in Saudi Arabia are likely to rise by 25% to 40% in the coming period, Asharq News reported, citing Sales Director at Al Rajhi Investment Co. Hossam Ahmed.   On the sidelines of the Real Estate Future Forum, Ahmed said that premium residency is a unique opportunity for the real estate market. It can contribute to the sector’s growth in the coming period by more than 300%.   The Kingdom is currently experiencing a real estate boom, as more than 50% of real estate traffic is concentrated in Riyadh.