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  • Saudi Arabia’s Almoosa Surges in Debut Post $450 Million IPO

    Saudi Arabia’s Almoosa Health Co. surged in its trading debut following a $450 million initial public offering in Riyadh, bucking the recent trend of disappointing listings in the Middle East. The strong debut comes against a backdrop of tepid starts from high-profile regional IPOs like Talabat Holding, Lulu Retail Holdings and Oman’s OQ Exploration & Production SAOG. Saudi listings such as United International Holding and Tamkeen Human Resources Co. have been relatively resilient. Shares of the hospital operator rose to as much as 165 riyals ($43.9) — the maximum allowed 30% increase from the offer price — before paring gains to 15%. The rally gave the company a market capitalization of around 6.3 billion riyals.

  • Saudi Arabia completes $12B international bond issue

    Saudi Arabia closed investor requests for international bond issuance, as part of the Saudi Government International Bond program, the National Debt Management Center (NDMC) announced. Total subscription requests reached approximately $37 billion, exceeding three times the total issuance of $12 billion (SAR 45 billion), divided into three tranches, NDMC said in a statement. The first tranche amounted to $5 billion (SAR 18.75 billion) for three-year bonds maturing in 2028. The second tranche was $3 billion (SAR 11.25 billion) for six-year bonds maturing in 2031, while the third tranche was $4 billion (SAR 15 billion) for 10-year bonds maturing in 2035.

  • Saudi Arabia’s National Water Company will implement water supply projects worth $426 million

    The National Water Company (NWC), represented by the Western Cluster, announced that it has started implementing water supply projects in the holy city of Makkah at a cost of more than 1.6 billion Saudi Riyals (about $426 million). These projects are part of NWC’s strategies to develop the infrastructure of the water and environment sectors and increase the coverage rates in cities and governorates. The company explained that the projects would serve about 3 million beneficiaries annually. This would be done through the implementation of projects to replace the main transmission lines of drinking water in the third ring road for the first and second phases.

  • Saudi cement sales up 19% to 5.23M tons in Dec 2024

    The aggregate sales volumes of 17 Saudi cement producers jumped 19% to 5.23 million tons in December 2024, from 4.39 million tons a year earlier, according to recent data released by Yamama Cement Co. A total of 13 companies reported higher domestic sales volumes for the month, led by United Cement Co. rising 75.4% year-on-year (YoY). Al Jouf Cement Co. came in second with a 56.6% YoY leap.

  • 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.

  • World Cup award adds pressure to Saudi Arabia’s construction challenge

    Fifa’s decision to award Saudi Arabia the 2034 World Cup has started the clock on a huge logistical undertaking to build the infrastructure needed to welcome football fans from around the world. With eight new stadiums including a futuristic clifftop venue planned, the World Cup has become the kingdom’s latest infrastructure deadline as it invests heavily to become a global sports hub. It will host football’s Asian Cup in 2027 and the multi-sport Asian Winter Games in 2029. The demands add to several big projects that are part of Vision 2030, Crown Prince Mohammed bin Salman’s plan to reduce the economy’s dependence on oil revenues. Despite the bold vision, Saudi officials acknowledge that they have recalibrated some plans as they assess the kingdom’s ability to complete projects on time.

  • Secretary Blinken’s Call with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud

    Secretary of State Antony J. Blinken spoke today with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud. The Secretary reaffirmed U.S. support for a Syrian-led and Syrian-owned peaceful political transition to an inclusive, representative, and accountable government. He stressed the international community’s shared goal for all Syrian parties to respect the rights and fundamental freedoms for all Syrians, including members of minority groups, and to prevent Syria from being used as a base for terrorism. The Secretary also emphasized the need for the international community to facilitate the flow of humanitarian assistance throughout Syria and thanked the Saudi government for providing aid to the Syrian people.

  • Saudi Arabia to host Royal Rumble in 2026

    WWE, in partnership with The General Entertainment Authority (GEA), on behalf of HE Turki Alalshikh, announced that the 39th annual Royal Rumble will be held in January 2026 in Riyadh, Saudi Arabia. This landmark event marks the first time the Royal Rumble will be hosted outside of North America. Royal Rumble is an annual WWE Premium Live Event that includes both a men’s and women’s match with the winners eliminating all opponents and securing a Championship opportunity at WrestleMania. In a statement, HE Turki Alalshikh said, “Saudi Arabia’s hosting of the Royal Rumble for the first time outside North America reflects the General Entertainment Authority’s ongoing commitment to bringing the world’s largest and most important entertainment events to the Kingdom. Through this partnership with WWE, we aim to enhance the entertainment sector and deliver a transformative experience that attracts a wide audience.”

  • Saudi Coffee Company and Alliance for Coffee Excellence launch Sip of Excellence Competition

    Saudi Coffee Company has launched its second annual Saudi Sip of Excellence Competition in partnership with the global nonprofit Alliance for Coffee Excellence. Designed to educate, empower, and reward coffee farmers from Saudi Arabia’s Southern Region, this year’s competition will give entrants from Jazan, Al Bahah, Muhayil Aseer, and Rijal Almaa a platform to showcase their finest green coffees to a distinguished panel of international judges from Alliance for Coffee Excellence. Through careful inspection and evaluation of a 25-kilogram sample from each contender over a one-month period, the jury will select 12 winners from the participating cities. The prizes for the top three positions in each city are: SAR 25,000 (US$6,657) for first place, SAR 15,000 (US$3994) for second place, and SAR 10,000 (US$2663) for third place.

  • Saudi Arabia boosts desalinated water supply to 50% in Vision 2030 push

    Saudi Arabia’s water sector witnessed significant shifts in 2023, with a 31 percent increase in desalinated seawater production, now comprising 50 percent of the country’s distributed water supply, up from 44 percent in 2022, official data showed, Azernews reports, citing Arab News. According to the General Authority for Statistics’ latest Water Accounts report, non-renewable groundwater consumption by the agricultural sector dropped by 7 percent to 9,356 million cubic meters, compared to 10,044 million m³ in 2022.