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Easing of Lockdown in Saudi Arabia Beginning to Show in Economic Data, Jadwa Report says
- July 1,2020
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- SUSTG Team
The partial easing of lockdown restrictions in May was reflected in some economic indicators during the month, Jadwa Investment reports in its latest economic chartbook for that month.
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Life in Saudi Arabia: After Weeks of Lockdown, Savvy Saudi Shoppers Hunt for Bargains Ahead of VAT Deadline
- June 30,2020
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- SUSTG Team
After weeks in lockdown with access to stores and malls restricted, Saudi shoppers found themselves under a time crunch to hunt for deals ahead of a planned increase in the Kingdom’s Value Added Tax (VAT) on July 1.
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Report: Kingdom Owns a Majority Stake in Tesla Rival Lucid Motors
- June 26,2020
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- SUSTG Team
Saudi Arabia has amassed a more than 50% stake in California EV startup and Tesla rival Lucid Motors, according to a report in The Verge.
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AMAALA, the Luxury Planned Seaside Resort on Saudi Arabia’s Northwest Coast, Picks Impressive Design for International Airport
- June 25,2020
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- SUSTG Team
AMAALA, the ultra-luxury planned travel destination located along Saudi Arabia’s northwestern coast has unveiled plans for a new international airport, employing an impressive design “inspired by the optical illusion of a desert mirage.”
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Saudi Arabia Announces ‘Limited’ 2020 Hajj to Prevent Coronavirus Spread
- June 23,2020
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- SUSTG Team
Saudi Arabia’s leaders said Monday the Kingdom will still allow for a “limited” Hajj which is open only to a small number of pilgrims who are already based in Saudi Arabia as they seek to stop the spread of the novel Coronavirus, according to reports.
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Saudi Arabia to Launch Tourism Development Fund with an Initial $4 billion Investment
- June 22,2020
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- SUSTG Team
Saudi Arabia plans to start a tourism development fund with an initial $4 billion investment, according to reports citing an announcement from the Ministry of Tourism.
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With Demand Recovery Accelerating, Oil Markets Tick Up
- June 19,2020
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- SUSTG Team
Stronger consumption of oil globally pushed markets higher on Friday as countries move forward with opening back up despite concerns about the Coronavirus pandemic.
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Report: PIF to buy 2.32% stake in India’s Jio Platforms for $1.49 billion
- June 18,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) will buy a 2.32% stake in Reliance Industries’ digital unit Jio Platforms for $1.49 billion, Reuters reports.
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1.2 million Expat Workers to Leave Saudi Arabia in 2020, Jadwa Estimates
- June 16,2020
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- SUSTG Team
As many as 1.2 million foreign workers will leave the Saudi labor market in 2020, with an estimated 300,000 already gone this year, according to a recent labor market update by Jadwa Investment.
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Saudi Aramco Completes Acquisition of 70% Stake in SABIC with Purchase of 2.1 Billion Shares on Tadawul
- June 15,2020
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- SUSTG Team
State-owned Saudi Aramco bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the Tadawul, the Kingdom’s stock market, on Sunday, completing its deal to buy 70% of the petrochemical giant, according to a report in Reuters.
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Saudi crown prince receives Greek PM in AlUla
Saudi Arabia’s Crown Prince Mohammed bin Salman received Greek Prime Minister Kyriakos Mitsotakis at the winter camp in AlUla on Monday, Saudi Press Agency reported. The two leaders discussed relations between their countries and ways of developing cooperation in various fields. They also exchanged views on regional and international developments of concern and efforts made with regard to them. Prince Mohammed and Mitsotakis also chaired the Saudi-Greek Strategic Partnership Council during which a number of topics were reviewed.
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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.
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Pakistan, Saudi Arabia finalise Hajj 2025 for 179,210 pilgrims
The agreement also focuses on providing better facilities for Pakistani pilgrims. Special spaces will be allocated for Pakistani pilgrims at Mina, and the rates will be reduced. The spokesperson added that the Saudi Minister of Hajj has assured full cooperation in providing better facilities for Pakistani pilgrims. To make the Hajj journey more accessible, convenient, and comfortable, a shorter Hajj program of 20 to 25 days has been introduced. Pilgrims will have the option to choose accommodation in Madinah for 4 to 8 days. Each pilgrim will receive a specially designed bag containing a Pakistani flag, a QR code for identification, and relevant information. The Ministry of Religious Affairs spokesperson also mentioned that a special mobile app will provide all information to pilgrims on their mobile phones.
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How Saudi Arabia became the world’s plastic cheerleader
Saudi Arabia, the world’s biggest crude oil exporter, was the ringleader of a group of oil-rich nations including Russia and Iran that successfully blocked efforts to limit plastic production during last month’s talks in Busan, South Korea. And there’s no reason to think they won’t try to pull the same thing this year. “Saudi Arabia is now investing heavily in its environmental diplomacy,” said one negotiator from within the self-named high-ambition coalition, who was granted anonymity to discuss the closed-door talks. “I think there aren’t many delegations that can boast such a talented team of negotiators. [It] has the firing power.” For nations like Saudi Arabia, whose wealth depends on oil, it’s existential. The $700-billion-per-year-and-growing plastics industry is set to become a key driver of oil demand as the world slowly switches from gas to electric modes of transport.
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Saudi ports sector achieves key milestones in 2024
In 2024, Saudi Arabia’s global ranking in container handling improved markedly, as reported by Lloyd’s List. The Kingdom ranked 15th globally, with three of its ports listed among the world’s top 100 ports. Jeddah Islamic Port climbed from 41st to 32nd place, King Abdullah Port advanced from 71st to 70th, and King Abdulaziz Port in Dammam rose from 90th to 82nd. To enhance the competitiveness of Saudi ports, Mawani signed agreements, broke ground, and inaugurated projects to establish eight logistics zones and centres at Jeddah Islamic Port and King Abdulaziz Port in Dammam. These private-sector investments, totaling approximately SAR2.9 billion, are part of a broader plan involving SAR10 billion for 18 logistics zones across the kingdom.
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Strong post-IPO performance bodes well for Saudi flotations
Recently floated Saudi Arabian companies have thrived since listing on Riyadh’s bourse, thanks in part to astute pricing of initial public offerings and foreign institutional investors’ growing participation. Since the start of 2024, there have been 14 IPOs in Saudi Arabia that raised more than $100 million, according to data compiled by AGBI and London Stock Exchange Group (LSEG). Eleven of these companies trade at above their IPO price as of market close on January 12 and nine are up more than 10 percent. These gains come despite the wider market’s stutters, with the main index near-flat over the past 12 months. This bodes well for this year’s IPOs. Five companies have approval to go public, including Derayah Financial, technology business Ejada Systems, animal feed maker Arabian Agricultural Investments and packaging company United Carton Industries. About 30 more are awaiting the regulatory nod to do likewise.
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Riyadh seeks to become ‘rule shaper, not rule taker’ in mining
The fourth Future Minerals Forum opens in Riyadh on Tuesday, highlighting Saudi Arabia’s non-oil natural resources and the mining industry that seeks to extract them. The forum, held in the King Abdulaziz International Conference Centre attached to the famous Ritz-Carlton hotel, has become progressively bigger. Now the target is 9,000 attendees, putting it on a par with the autumn gathering of the Future Investment Initiative Institute. That is a sign of the importance attached to minerals and mining as part of the Vision 2030 transformation. The message – as propounded by Bandar Alkhorayef, the minister of industry and mineral resources – is twofold.
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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.
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UK to sign critical minerals partnership with Saudi Arabia
Britain will sign a minerals cooperation partnership with Saudi Arabia that could help strengthen supply chains, create opportunities for British businesses and attract investment into the UK, the British government said on Tuesday. Britain needs a secure, long-term supply of critical minerals, such as copper, lithium and nickel, which are used to make smartphones and electric cars, but are also vital to build data centres that help develop artificial intelligence systems. On its part, Saudi Arabia, which estimates the value of its untapped mineral resources at $2.5 trillion, is aiming to become a major global hub for critical minerals trade.
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Saudi and Omani Ministers of Finance Sign MoU Regarding Cooperation in Financial Sector
His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, and His Excellency the Omani Minister of Finance, Mr. Sultan bin Salem Al-Habsi, signed a Memorandum of Understanding (MoU) to bolster cooperation in financial affairs between the Kingdom of Saudi Arabia and the Sultanate of Oman, on the sidelines of the Board of Governors' retreat of the Islamic Development Bank Group, which was held on January 12, 2025, in Madinah, Saudi Arabia.
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