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  • Saudi Arabia is not abandoning upstream investment

    The 13 million bpd capacity expansion plan would have cost Aramco $40 billion. A big focus area that was stressed by Aramco’s management this year is increasing gas production by 60 percent by the year 2030. The gas will mainly come from the Jaffoura basin and will help Aramco displace around 1 million bpd of liquids that are currently being burnt for power generation in the Kingdom.

  • Saudi Arabia is not abandoning upstream investment

    Saudi Arabia’s recent announcement of shelving plans to boost its oil production capacity to 13 million barrels per day (bpd) by 2027 and instead focusing on maintaining 12 million bpd caused a stir among energy news watchers. The knee-jerk reaction to the decision came in the form of questions surrounding the future of oil demand and how the Kingdom’s U-turn represents a win for all those advocating to “keep oil in the ground.” The reality of the situation is a lot more nuanced.

  • Saudi’s New Murabba ‘open for international investment’, says CEO

    The New Murabba Development Company (New Murabba) showcased its ambitious plans for urban redevelopment and invited international investors to participate in the project at the global real estate trade show, MIPIM 2024, in Cannes, France. In February last year, Saudi Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz launched the company to undertake an ambitious development project: building the world’s largest downtown in Riyadh by 2030. The project aims to add SAR180bn to the country’s non-oil GDP and create 334,000 direct and indirect jobs by 2030.

  • Saudi foodtech Barakah raises investment from FoodLabs

    Barakah, an online marketplace addressing commercial food waste in the region, proudly announces the strategic funding led by FoodLabs. This landmark investment marks FoodLabs' first foray into the MENA region, highlighting Barakah's exceptional growth trajectory and commitment to sustainability.  FoodLabs, a highly successful early-stage European VC specialising in foodtech and agritech startups, has an impressive portfolio that includes being the first investor in multiple unicorns and instrumental in building the fastest-growing European unicorn. The decision to partner with Barakah not only sends a strong market signal for startups in the Kingdom and across the MENA region but also aligns with FoodLabs' mission to support innovative ventures tackling pressing global challenges using proprietary technology. 

  • PGA’s Monahan Had Constructive Talks With Saudi’s PIF About Possible Investment

    PGA Tour Commissioner Jay Monahan said he had a “constructive” conversation on Monday with Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund, about an investment in PGA Tour Enterprises. The talks, which included players who are also on the entity’s board of directors, represent “an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises,” Monahan said in a memo to players reviewed by Bloomberg News.

  • Saudi-based investment group Energy Capital Group acquires Aujan Industrial Solutions

    Saudi Arabia-based investment group Energy Capital Group (ECG) has completed the acquisition of Aujan Industrial Solutions (AIS), a leading provider of solutions to the oil and gas, petrochemical, metals and mining and water markets with 30 years of experience and expertise. AIS' lines of business include value added distribution, fire and gas solutions, measurement intelligence and technology solutions. This marks the fourth investment of the fund which announced a first close in Q3 2023. The fund plans a further 4-5 investments within 2024. Energy Capital Group is investing in businesses that can capitalise on the significant investment going into regionally relevant value chains and driving the need for technology-based services and turnkey solutions across the industrial supply chain.

  • New Murabba leads Saudi investment drive at MIPIM 2024 in France

    New Murabba Development Company, a fully owned subsidiary of the Public Investment Fund, is showcasing its transformative vision at the MIPIM 2024, a prestigious real estate event gathering industry leaders from across the globe, currently underway at the Palais des Festivals, Cannes, France. Under the “Invest Saudi” umbrella, New Murabba Development Company aims to attract international investment and highlight the Kingdom’s commitment to economic diversification. New Murabba Development Company is currently in the development phase of New Murabba Modern Downtown, a transformative urban development in Riyadh. The company is creating the world’s most transformative and modern city center, which will serve as a model for future urban development and contribute to the city’s evolution in line with Saudi Vision 2030.

  • Report: Saudi Arabia’s PIF pitches $1bln investment into tennis

    Golf isn't the only sport Saudi Arabia's Public Investment Fund is trying to get its hands on. In the midst of negotiations with the PGA Tour, PIF is also looking to invest in tennis, specifically the ATP Tour and the WTA Tour, Sportico reported Wednesday. PIF is not looking to take over the tours, per the report. Instead, the money invested would primarily be used to acquire licensing that would bring a Masters 1000 event to Saudi Arabia. ATP chairman Andrea Gaudenzi reportedly made those on the tours aware of the offer last weekend at the BNP Paribas Open in Indian Wells, Calif.

  • Saudi Arabia Gets $13 Billion in Investment in Tourism Boost

    Saudi Arabia has attracted about $13 billion in private sector investment into its tourism industry as it aims to share the cost of spending associated with its plan to become a new travel hot spot. The investments are poised to add another 150,000 to 200,000 hotel rooms within the next two years, according to Princess Haifa M. Al Saud, Saudi Arabia’s vice minister for tourism. The kingdom is also targeting raising tourism revenue to $85 billion this year from around $66 billion in 2023, she said.

  • Aramco Equity Transfer Helps the Public Investment Fund, Hurts Saudi Government Budget

    Crown Prince Mohammed bin Salman announced March 7 that a further 8% of Saudi Aramco’s equity has been transferred to the Public Investment Fund. The PIF now holds 16% of Aramco’s equity and the government 82.2%, with the remainder held publicly following the company’s 2019 initial public offering. This latest equity transfer is no surprise given the ambitious target that has been set for growing the PIF’s assets under management. With the equity transfer valued at around 615 billion riyals ($164 billion), the PIF’s assets under management are now likely in excess of 3.3 trillion riyals ($890 billion) and rapidly closing in on the 2025 target of 4 trillion riyals ($1.1 trillion).