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  • Saudi’s PIF Continues Investment Drive in Kingdom’s Tourism and Hospitality Development
     

    Saudi Arabia’s Public Investment Fund (PIF) is continuing to expand its investment portfolio in Saudi Arabia’s travel, tourism, and leisure infrastructure across different regions of the country as part of the Kingdom’s Vision 2030 economic and social reform plans. The latest such development came in the form of an announcement by the PIF today that it […]

     
  • Saudi Arabia’s PIF Takes Charge of $5b Jeddah Corniche Redevelopment to create “New Downtown”
     

    Saudi Arabia’s Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a “unique tourist, residential and commercial destination” that aims to become the “New Jeddah Downtown.” The PIF will look to add 12,000 housing units as well as shops and other attractions like museums, a cultural and social area, an activities center, […]

     
  • Saudi-based Restaurant Management Startup Raises $4m
     

    A restaurant management startup in Saudi Arabia has raised a $4m Series A investment as the Kingdom sees signs of life for new small and medium-sized enterprises (SMEs). Foodics, which is a Saudi-based company, offers an all-in-one iPad-based point of sale and restaurant management system. Foodics raised its venture funding from Saudi VC firms Raed […]

     
  • Saudi Arabia to Get New Bankruptcy Law Next Year, Al-Qassabi Says
     

    Saudi Arabia will begin implementing a new bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, Reuters reports, citing Saudi-owned broadcaster Al Arabiya which aired comments from Minister of Commerce and Investment Dr. Majed Al-Qassabi. “(The) bankruptcy law has been passed to the Shura Council and […]

     
  • PIF $2.7b Bet on Entertainment an Investment Toward a ‘Vibrant Saudi Society’
     

    Saudi Arabia’s Public Investment Fund (PIF) announced on September 20 that it is setting up a new company to invest in the entertainment sector, as the Kingdom looks to achieve a more vibrant society – a stated goal of Saudi Arabia’s Vision 2030. The company, which will have $2.67 billion in initial capital to invest, will seek […]

     
  • Saudi Arabia Will Remove its Ban on Internet Phone Calls on Thursday
     

    Saudi Arabia will remove its ban on internet phone calls on Thursday, a government spokesman said, in a bid “aimed at stimulating online business as the kingdom looks to boost non-oil revenue,” Reuters reports. The news is sure to be welcomed by the many foreign men and women who travel to Saudi Arabia for business, […]

     
  • Third Monthly Issue of Domestic Sukuk Raises $1.9 Billion, Finance Ministry Says
     

    Saudi Arabia’s finance ministry issued 7 billion riyals ($1.9 billion) of Islamic bonds in its third monthly issue of domestic sukuk, the ministry said Monday. Reuters reports the issue comprised 2.4 billion riyals ($640 million) of five-year sukuk, 3.9 billion riyals ($1.04 billion) of seven-year and 0.7 billion riyals ($190 million) of 10-year sukuk. Bids for […]

     
  • Conflicting Reports on Delay of Saudi Aramco IPO ‘By a Few Months’ as Key Decisions Remain
     

    Bloomberg reported Wednesday that Saudi Aramco is “preparing contingency plans for a possible delay” to the initial public offering of its state-owned oil company “by a few months into 2019,” citing people familiar with the matter. The offering of part of Saudi Aramco is the most visible of the key pieces of the Kingdom’s Vision 2030 economic and social reform […]

     
  • Al-Falih: Steps Taken by OPEC Have Brought Greater Stability, Further Cuts Eyed
     

    Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources Khalid Al-Falih said he agreed with other OPEC nations to keep all options open in the organization’s push to re-balance world oil markets, “including the possible extension of output cuts beyond next March,” according to reports. According to three emailed statements from his ministry obtained by Bloomberg, steps taken by […]

     
  • ‘NTP 2.0’ Keeps Key Policies and Privatization Plans in Place, Report Says
     

    Revision to Saudi Arabia’s National Transformation Plan (NTP), dubbed ‘NTP 2.0’ that was released a year ago will keep key policies of fiscal reforms and a massive privatization program in place, sources familiar with the matter told Reuters. “It is looking increasingly unlikely that some of the targets can be hit by their 2020 deadline, however, partly […]

     

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