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Saudi Family Office Mithaq Capital Buys Majority Stake in Struggling Retailer Children’s Place
Saudi Arabia’s Mithaq Capital, a family office owned by the Al Rahji Family, snapped up shares in struggling children’s retailer The Children’s Place to take a majority stake in the company, Semafor reports.
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House Prices in Riyadh Continue Climb into Record Territory — Knight Frank Report
Global real estate consultancy Knight Frank released today its Winter 2023/24 Saudi Arabia Residential Market Review, available now on the company’s website.
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A Look at Saudi Arabia’s Latest Tourism Figures
Tourism minister Ahmed bin Aqeel Al Khateeb recently revealed Saudi Arabia’s latest tourism figures — key numbers for the Kingdom as it looks to diversify its economy in part by attracting visitors to the Kingdom.
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Discussing Saudi Arabia’s growth and construction projects with Waleed Abdel-Fattah, President of the MENA Region at Hill International
Waleed Abdel-Fattah, President of the MENA Region at Hill International, joins The 966 to talk about Saudi Arabia’s building boom and Hill’s traction in KSA since entering the market to help build out what is now known as KAFD. Hill has 100 offices across 42 countries, and its main geographical areas are the US, Europe […]
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Saudi Arabia Leads Arab Push for Palestinian State as Anger over Israel’s Brutality Mounts in East and West
Saudi Arabia is pushing for Arab states to take “a common position on how to end Israel’s war on Hamas as fears grow over its attacks on the refugee haven of Rafah — while increasing calls for an independent Palestinian state,” Bloomberg reports.
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Local content rate seen at 43% in Saudi Arabia with a 20% jump in spending – PIF
The growth rate of local content in Saudi Arabia has now reached 43 percent, a top PIF official noted at the Private Sector Forum in Riyadh yesterday, noting that overall spending on content has increased by 20 percent.
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2nd PIF Private Sector Forum Concludes; Expands Private Sector Interaction with PIF Portfolio Companies
Saudi Arabia concluded its second edition of the “PIF Private Sector Forum” in Riyadh, an event that brought together stakeholders from the PIF and its portfolio companies to engage directly with private sector companies at the King Abdulaziz International Convention Center in Riyadh.
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Fitch Affirms Saudi Arabia at ‘A+’ with Outlook Stable
Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook, the ratings agency said. “Saudi Arabia’s ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers […]
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The Public Investment Fund’s Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more…
Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement. Jerry Todd, who is also on the PIF’s Management […]
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Kingdom Launches ‘Alat’, A New Effort to Transform Saudi int Electronics and Advanced Industries Hub
Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Thursday the launch of a new Public Investment Fund company called “Alat,” which will contribute to the aim of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics, Saudi Press Agency reported.
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Saudi Arabia sees Pakistan as high priority opportunity, believes in its economic potential: Almubarak
Almubarak made the remarks at the two-day Pakistan Saudi Arabia Investment Conference, which began in Islamabad today, after arriving in the capital the previous night with a key Saudi delegation comprising dozens of investors as Pakistan aims to court foreign investors to boost its exports in collaboration with Saudi companies. The Saudi official said his country “believes in the economic potential of Pakistan” including its demography, location and natural resources.
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Saudi Arabia’s non-oil revenues rise 9 percent to $29.73 billion in Q1 2024: MoF
Saudi Arabia’s non-oil revenues saw a 9 percent increase to SAR111.512 billion ($29.73 billion) in the first quarter of 2024, compared to Q1 of 2023, the Ministry of Finance reported in its latest Quarterly Budget Performance Report. During Q1, Saudi Arabia’s total revenues saw a 4 percent annual increase to SAR293.433 billion. Meanwhile, the Kingdom’s expenditures increased by 8 percent annually to SAR305.82 billion. Therefore, Saudi Arabia posted a budget deficit of SAR12.39 billion during the first quarter of 2024.
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Saudi real GDP likely to grow 2.2% in 2024: S&P Global
S&P Global Ratings expects the real GDP of Saudi Arabia to grow by 2.2% in 2024, before rising further by 5% in 2025. In its latest report, the rating agency said that the surge in the non-oil sector will contribute an increasing share of this growth. This was attributed to government-led investments in Vision 2030 projects. Part of the investments in the Saudi-led transformation programs will come from the government and the Public Investment Fund (PIF), S&P Global said. However, it also projects banks and capital markets to contribute a significant amount.
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Saudi Arabia and Japan to collaborate on digital economy growth, technology innovation
Saudi Arabia’s Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha recently held a meeting in Jeddah with Taro Kono, Japanese minister for Digital Transformation, along with his accompanying delegation. During the meeting, Al-Swaha and Minister Kono discussed the potential for expanding investment opportunities in the digital field between their respective countries. The aim of this collaboration is to support the growth of the digital economy and foster innovation.
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Saudi budget deficit rises fourfold in Q1 2024
Saudi Arabia recorded a budget deficit in the first quarter of 2024 of SAR12.4 billion ($3.3 billion), four times higher than a year ago – confirming a revenue squeeze that has raised doubts about the funding of some of the kingdom’s giga-projects. The Q1 deficit in 2023 was SAR2.92 billion, the finance ministry’s quarterly budget review said, and the projected deficit for the whole of 2024 is SAR79 billion. Total Q1 revenue of SAR293.4 billion was 4 percent higher than last year’s SAR280.9 billion, but expenditure was up 8 percent at SAR305.8 billion.
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Saudi Arabia’s internet penetration reaches 99 percent in 2023: Report
Saudi Arabia witnessed in 2023 a notable surge in internet usage, reaching a penetration rate of 99 percent, indicating nearly universal access across its population.
According to the “Internet Saudi Arabia” report for 2023, published by the Communications, Space, and Technology Commission, both men and women demonstrated high levels of internet usage, with rates of 99.3 percent and 98.5 percent respectively.
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Saudi Arabia’s Qiddiya to build region’s largest water theme park
To be named Aquarabia, Qiddiya hopes to draw visitors from around the globe with 22 attractions and water experiences suitable for all family members, as well as some “world-first” attractions, Saudi Press Agency reported. These attractions include the world’s first double water loop, the tallest water coaster with the highest jump, the longest and highest water racing track, and the tallest water slide.
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Saudi Arabia warns against Rafah invasion, denounces Israeli ‘war machine’
Saudi Arabia warned Israel against targeting Rafah on Monday, calling it a “bloody and systematic” campaign aimed at forcefully displacing Palestinians from the Gaza Strip.
The deliberate targeting of civilian areas such as Rafah is a flagrant violation of international law and human rights principles, the Saudi Foreign Ministry said in a statement.
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Saudi Aramco maintains $31 bln dividend despite lower Q1 net income
Saudi Arabian state-owned oil giant Aramco (2222.SE), opens new tab expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the company's payouts, which also include royalties and taxes.The kingdom, the world's biggest oil exporter, is spending billions of dollars to diversify its economy away from crude.
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What’s behind Saudi Arabia’s increase in crude oil prices for Asian market?
According to Bloomberg, the increase is in line with Saudi Arabia’s efforts to keep prices up amid a fading risk of war in the Middle East. The outbreak of the war in Gaza in October led to spillover conflicts throughout the region, including strikes by the Iran-backed Houthi rebels in Yemen on international shipping in the Red Sea. Concerns of an all-out war rose further with Iran’s unprecedented attack on Israel last month, though Israel's response was perceived as limited, Al-Monitor reported at the time.
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