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Saudi-backed Softbank Technology Investment Fund Hits $100b Mark Ahead of Schedule
- January 6,2017
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- SUSTG Team
Oracle founder Larry Ellison will join Apple, Qualcomm and Foxconn in backing SoftBank’s record-setting technology fund, allowing the Japanese telecoms group to hit its $100 billion goal weeks ahead of schedule, the Financial Times reports. According to the report, the Saudi-backed fund may be oversubscribed by the time it closes. Abu Dhabi’s sovereign wealth fund is […]
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Another ‘Mixed Picture’ for Saudi Economy as Data Show Negatives on Consumer Spending, Inflation Down
- January 3,2017
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- SUSTG Team
Jadwa Investment’s recently released Chartbook for the month of January 2017 finds a mixed picture for the Saudi economy, including negative data on consumer spending and a significant dip in net change to government accounts with SAMA. Data on consumer spending came out negative “partly reflecting the impact of allowance reductions to public sector employees,” […]
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Saudi Government Publishes New Overview of Economy Highlighting Balanced Budget Goal by 2020
- December 28,2016
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- SUSTG Team
Saudi Arabia has published a new report highlighting its goals to achieve a fiscal balance by the year 2020. The 85-page report, which places the goal in the context of the Kingdom’s ongoing economic transformation plans, is the first of its kind since Saudi Arabia published its Vision 2030 and National Transformation Program overviews earlier this year. The […]
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For Saudi Arabia’s 2017 Budget, Jadwa Investment Sees ‘Expansionary Fiscal Stance’
- December 27,2016
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- SUSTG Team
Saudi Arabia unveiled its 2017 budget last week with a budgeted SR890b ($237.2b) in spending, which is a SR50b ($13.3b) increase over the 2016 budget of SR840b ($223.8b). In a note sent to investors, Riyadh-based Jadwa Investment released a report outlining Saudi Arabia’s efforts to reduce its deficit despite the increase in spending. Based on revenues […]
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Saudi Housing Authorities to Set Up Online Portal to Increase Transparency and Resolve Renter, Landlord Disputes
- December 20,2016
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- SUSTG Team
Saudi Arabia plans to set up a center to resolve disputes between tenants and landlords as authorities look to reform and modernize the way property is bought, sold, and leased in Saudi Arabia. According to the English language daily Saudi Gazette, the Saudi housing ministry plans to establish the “Center for Real Estate Dispute Redressal,” which will […]
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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
- December 19,2016
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- SUSTG Team
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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Saudi Arabia’s SIDF Gets New Investment Muscle to Enter New Industries
- December 16,2016
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- SUSTG Team
Saudi Arabia’s Energy Minister Khalid al-Falih said that Saudi Arabia plans to boost the capital of the Saudi Industrial Development Fund (SIDF) by SAR6bn ($1.6bn) to help finance the kingdom’s entry into new industries. The additional planned allocation would be on top of the SAR3bn ($800m) of capital recently injected in the fund, Falih said, […]
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Monetary and Financial Developments in the Kingdom
- December 15,2016
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- SUSTG Team
A recently released report by Jadwa Investment finds that, following the US Federal Reserve’s second rate hike since 2008, the US’s path to policy normalization “is expected to accelerate.” For the Saudi monetary system, the Saudi Arabian Monetary Authority (SAMA) has passed several measures to enhance liquidity in the domestic financial system, which has contributed […]
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Mixed Picture for Saudi Labor Market as Unemployment in Kingdom Hits 4-Year High
- December 12,2016
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- SUSTG Team
Saudi unemployment rose to a four-year high despite overall employment growth remaining positive, the Riyadh-based Jadwa Investment finds in a report on the Saudi labor market. The report is a mixed picture for Saudi Arabia. For example, during the first three quarters of 2016, total net employment in the Kingdom saw a “significant rise” of […]
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OPEC’s Oil Production Announcement Sends Prices Soaring, Raises Optimism for Reigning in Oversupply in 2017
- December 6,2016
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- SUSTG Team
In the wake of last week’s OPEC decision to reduce crude oil production, oil prices have surged roughly 15% in just one week. At roughly $55/barrel on Brent, that’s the highest level in more than a year. OPEC agreed to slash its output by 1.2 million barrels a day, or more than 1% of global output, […]
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MUST-READS
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Food and BeveragePepsiCo Ups Investments in Saudi Arabia to $1.6 Billion
PepsiCo has said that it seeks to invest over six billion riyals ($1.6 billion) in Saudi Arabia over the next five years. The governor of the Saudi Arabia General Investment Authority (SAGIA), Ibrahim al-Omar, and Ramon Laguarta, chairman and chief executive officer of PepsiCo, met in Riyadh on Wednesday to discuss the Kingdom’s investment climate. Among the topics of discussions were the reforms implemented by Saudi Arabia.
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National Development FundSaudi Arabia’s $93bn fund finalising strategy for infrastructure co-investments by April
Saudi Arabia’s National Development Fund, a 350 billion Saudi riyals (Dh342.7bn) investment vehicle, expects to finalise by April a strategy that will lay the framework for its co-investments in the kingdom’s infrastructure projects with private sector investors, its governor said. “We have teams that are developing that approach now,” Stephen Groff told The National on the sidelines of the Milken Institute Middle East and Africa Summit in Abu Dhabi on Tuesday.
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Saudi-RussiaRussian, Saudi firms discuss joint projects, $10 bln investment – RDIF
Russia's RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects as well as potential investment worth more than $10 billion. The discussions took place in Saudi Arabia as Russia and the Organization of the Petroleum Exporting Countries discussed further cooperation on the global oil market. Saudi Arabia, a leading voice in OPEC, has been trying to persuade Russia to join deeper oil production cuts. Moscow has said it will disclose its stance on that proposal in the coming days.
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Saudi-IndonesiaIndonesia looks to boost Saudi trade, investment
Another major issue is Indonesia’s Hajj quota. Indonesia has been lobbying Saudi Arabia to set last year’s quota of 231,000 as an official count for Indonesia. The official quota provided by the Saudi government is still 221,000 but in 2019 Indonesia had an additional quota of 10,000.
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Public Investment FundSaudi Arabia’s Public Investment Fund Sold Tesla Stock Before Rally
Saudi Arabia’s sovereign-wealth fund sold almost all of its Tesla Inc. shares last quarter, nearly exiting what had been one of the largest holdings in the electric-car maker. The Saudi Arabia Public Investment Fund held just 39,151 shares at the end of the year, according to a regulatory filing. The fund previously had more than 8.2 million shares and ranked among the five biggest owners, according to data compiled by Bloomberg.
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InvestmentSaudi Minister of Commerce: Riyadh Is Looking for Investment Opportunities in Greece
During the meeting they discussed the possibilities of cooperation in the field of tourism and logistics. The Saudi side has asked for sharing of knowhow because it wants to organise tourist areas that do not have the restrictions that apply elsewhere. According to government sources, Saudis also want their country to become a logistics hub for the region, while they asked for a list of areas where Saudi Arabian capital can be invested.
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Desert SwingSaudi International will tee off investment in KSA leisure sector
More than $ 13 million in prize money and 15,000 ranking points are on offer during the “Desert Swing” alone, the three-week period in January and February which represents half of the European Tour tournaments now played in the region.
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EntertainmentSaudi cinema investment seen at $1.1 billion in 2020
Cinema investment in Saudi Arabia is expected to generate an estimated $1.06 billion in construction during 2020, according to data published ahead of Cinema Build KSA 2020, which takes place at Fairmont, Riyadh on Feb. 19-20, 2020. The latest market research done by The Great Minds Group, partner of Cinema Build KSA 2020, predicts that KSA will witness investment in cinema projects estimated to reach SR5 billion during 2020, with 140 cinemas planned to open in 30 malls.
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TechnologySaudi Prince Encouraged Amazon Investment Before Bitter Split
Texting over WhatsApp about a plan for Amazon to build a huge data center in Saudi Arabia, the men forged a cordial and mutually beneficial relationship...Amazon stood to gain broader access to the Middle Eastern market. Prince Mohammed could be aided in his efforts to reform the Saudi economy as well as burnish his personal brand.
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Yasir Al-RumayyanSaudi Aramco Chairman Yasir Al-Rumayyan: ‘We are confident in our investment story’
We are also working on expanding our downstream operations. Aramco is already the fourth largest integrated refiner in the world on a net refining capacity basis. We will further build on a portfolio that spans the entire hydrocarbon chain: refining, marketing, petrochemicals, lubricants and retail.
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