MUST-READS

• Saudi Arabia Seeks to Enhance Mining, Agricultural, and Financial Investments in Nigeria

  Leaders from Saudi Arabia’s private sector have agreed with senior Nigerian officials on a joint strategy to promote and attract Saudi investments in Nigeria, focusing on key sectors such as mining, agriculture, food products, banking services, and financial technologies. During a meeting today, President of the Federation of Saudi Chambers Hassan bin Moejeb Al-Huwaizi met with Minister of Solid Minerals of the Federal Republic of Nigeria Dele Alake and Minister of State Finance of the Federal Republic of Nigeria Doris Uzoka. The meeting was attended by Saudi investors. In his opening remarks, President Al-Huwaizi emphasized the importance of the Saudi-Nigerian Business Council in strengthening economic relations. He expressed Saudi Arabia’s interest in enhancing collaboration with Nigeria in the agriculture, livestock, and mining sectors.

• Saudi Arabia vows to be ‘fast and furious’ in mining as it reveals $100 billion investment

  Saudi Vice Minister of Mining Affairs Khalid al-Mudaifer announced Wednesday the development of a new mineral investment project valued at $100 billion, and that $20 billion of it was already in the final engineering phase or under construction. While the vice minister did not provide further details, Saudi officials have discussed plans to significantly expand the country’s exploration for lithium, as well as for other critical minerals and rare earth elements including copper, gold, zinc, phosphate and nickel. The minister highlighted Manara, a recently established venture between Ma’aden and the kingdom’s sovereign wealth fund, the Public Investment Fund, or PIF. Manara was established to invest in mining assets around the world and develop more resilient global supply chains. “We don’t claim to have all the resources or abilities, so we’ve created Manara to make sure we can reach out for the resources that we need,” bin Salman said. “We have to be doing it as fast and furious as possible.”

• PIF announces completion of investment in Saudi Reinsurance Company

  PIF announced today that it has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, with the suspension of preemptive rights in accordance with Capital Market Authority regulations. Saudi Re is a leading MENA reinsurance company and holds an A-minus rating from S&P Global and an A3 rating from Moody's. In the first nine months of 2024, Saudi Re's total written premiums reached SAR 1.94 billion ($520 million). It achieved a compound annual growth rate of 17% over the five years up to the end of the 2023 financial year.

• Saudi Arabia Said to Near at Least $1 Billion Investment in Dazn

  The sports investment arm of Saudi Arabia’s sovereign wealth fund is in advanced talks to invest at least $1 billion in billionaire Len Blavatnik’s streaming service Dazn Group, which holds the broadcasting rights of some of Europe’s top-tier football leagues, according to people familiar with the matter. The deal between SURJ Sports Investment, a unit of the $925 billion Public Investment Fund, and Dazn could be announced as soon as this month, the people said, asking not to be identified as the information is private. Final terms are yet to be finalized and could still change, the people said. Dazn is a prominent player in the broadcast of live sports, holding multi-year rights for football and Formula One racing in several European markets. It has won the main broadcasting rights deal for Ligue 1, France’s top professional football league and also this summer’s FIFA Club World Cup.

• Arab investments in Egypt’s economy reach nearly $40bn

  Foreign direct investments from Arab countries in Egypt totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE. The UAE’s investments in the construction sector stood at $37.5 billion, accounting for 95 percent of the total, Al Arabiya Business reported citing data from Egypt’s central bank. Last February Abu Dhabi sovereign wealth fund ADQ unveiled plans to invest $35 billion to build the “largest new city” in Egypt and drive economic growth. The fund acquired the development rights for Ras El Hekma for $24 billion and plans to develop the region as a Mediterranean holiday destination, including a free zone. ADQ will also convert $11 billion of deposits that will be used for investment in prime projects across Egypt.

• Lenovo and Alat Complete US$2 Billion Investment and Reach Strategic Collaboration Agreements

  The global technology powerhouse Lenovo Group Limited (HKSE: 992) (ADR: LNVGY) and Alat, a PIF company, have announced the completion of the US$2 billion investment (via three-year zero-coupon convertible bonds) alongside reaching the strategic collaboration agreements that were initially announced in May 2024. The deal has received shareholders’ approval and all regulatory approvals required for completion. Following the completion, Lenovo will establish a regional Middle East and Africa headquarters (RHQ) in Riyadh, Kingdom of Saudi Arabia (KSA), and a sustainable manufacturing facility in the Kingdom to serve customers in the region and beyond. The factory will manufacture millions of PCs and servers every year using local research and development (R&D) teams for fully end-to-end ‘Saudi Made’ products and is expected to begin production by 2026. The factory will join Lenovo’s extensive footprint of 30+ manufacturing sites around the world, spanning Argentina, Brazil, China, Germany, Hungary, India, Japan, Mexico, and the USA.  

• Saudi Aramco leads $30m investment in tech startup

  Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices outright, customers can subscribe to use them for a monthly fee, with options to upgrade, switch brands or return devices as needed.

• Saudi Arabia’s Jeddah Tower to serve as magnet for surge in global investment in the Kingdom, say experts

  “The impact of Jeddah Tower will extend far beyond its architectural grandeur. The construction of such an iconic structure will be a catalyst for transformative change within the Kingdom’s real estate and broader economic sectors,” Sankey Prasad, Chairman and MD, Middle East and India, Colliers, a leading global diversified professional services and investment management company, told Arabian Business. “These types of landmark projects have historically been key drivers of urban development, creating attractive environments for businesses, residents, and tourists alike,” he said. Farooq Syed, CEO of Dubai-based Springfield Properties, said as the Middle East region continues to expand its influence on the global stage, projects like the Jeddah Tower will complement Dubai’s established position as a global hub, fostering increased connectivity, collaboration, and economic opportunity across the region.

• Saudi Arabia’s PIF raises $7bn from first murabaha facility as it seeks to boost investments

  Saudi Arabia's Public Investment Fund plans to raise $7 billion from its first murabaha credit facility, as the fund diversifies its funding sources to boost investments. A murabaha facility follows an Islamic financing structure which does not involve any interest payments, where the two parties agree on the contractual terms. The financing is part of the fund's medium-term capital-raising strategy and is supported by a syndicate of 20 international and regional financial institutions, the PIF said on Monday. “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia,” said Fahad Al Saif, PIF’s head of the global capital finance as well as the investment strategy and economic insights divisions.

• Saudi Group Announces 1 GW of Renewables as Part of $50 Billion China Investment

  Saudi Arabia energy major ACWA Power announced it is developing more than 1 GW of renewable energy projects in China. The company in reports published Dec. 31 said the portfolio includes solar and wind power installations that would be owned jointly by ACWA Power and Chinese renewable energy developers. ACWA Power in a statement to Tadawul, the Saudi stock exchange, confirmed that the projects are sited across China and are in advanced stages of development. Yunhe Lyu, who leads ACWA’s operations in China, earlier in December said the company plans to invest as much as $50 billion to build renewable energy projects in that country by the end of this decade. Lyu said ACWA envisions as much as 20 GW of renewable energy generation capacity, along with development of green hydrogen projects.

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