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  • Markets Rattled by Saudi Shake-Up, Rising Regional Tensions
     

    Rising tensions between Saudi Arabia and Iran, as well as the kingdom’s crackdown on corruption last week that has seen over 200 jailed and $100b in assets frozen, have rattled markets in the region and kicked off efforts for wealthy Saudis to move money abroad, according to reports. In Lebanon, where tensions are escalating between the two […]

     
  • UK Government Agrees to $2b Loan Guarantee For Saudi Aramco
     

    The U.K. government agreed to a $2 billion loan guarantee for Saudi Aramco as competition to host the likely largest in history IPO heats up, according to Bloomberg. “The unusually large export credit guarantee, designed to finance the purchase of British goods, will be seen by many as an attempt to help woo the IPO to the […]

     
  • Trump Tweets U.S. Interest for Aramco IPO, but can the NYSE Compete?
     

    President Donald Trump used his Twitter account to encourage Saudi Arabia to list shares of Saudi Aramco on the New York Stock Exchange (NYSE) as markets around the world compete for the sought-after listing. “Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United […]

     
  • Investors, Analysts with Mixed Interpretations After Wild Weekend in Saudi Arabia
     

    Investors and analysts are mixed in their reactions after a wild weekend for Saudi Arabia that put the Kingdom into the international spotlight. Within the span of just days, Saudi Arabia said it shot down a missile that nearly hit Riyadh’s international airport, launched a new corruption body that immediately arrested some of Saudi Arabia’s wealthiest international businessmen and […]

     
  • Fitch Ratings Affirms ‘A+’ Outlook for Saudi Arabia as Finance Ministry Pushes Back Date of Deficit Elimination
     

    Fitch Ratings on Thursday affirmed Saudi Arabia’s long-term foreign-currency Issuer Default Rating (IDR) at ‘A+’ with a stable outlook, saying the ratings are “supported by strong fiscal and external balance sheets, including exceptionally high international reserves, low government debt, significant government assets and strong commitment to an ambitious reform agenda.” The Fitch report said central […]

     
  • Despite Progress, WEF Ranks Saudi Poorly on Gender Gap Index
     

    Saudi Arabia was among the lowest-ranked countries on in the World Economic Forum’s Global Gender Gap index, despite recently issuing new rules on women driving and other progress in the Kingdom. Saudi Arabia placed 138th out of 144 countries. The Kingdom’s Vision 2030 economic and social reform plans call for greater participation and empowerment of women in Saudi […]

     
  • Saudi Arabia Takes Significant Step Toward Formal Tender for Peaceful Nuclear Power Plants
     

    Saudi Arabia has sent a request for information (RFI) to international suppliers to build two nuclear power plants, a first step towards a formal tender, three sources told Reuters. Saudi Arabia has announced plans to extract uranium domestically as part of its nuclear power program and will start building its first nuclear reactors next year. Extracting […]

     
  • Saudi Arabia to Boost Spending Next Year as Foreign Reserves Reach New Lows
     

    Saudi Arabia will boost state spending next year despite dwindling foreign reserves as the Kingdom looks to turbo charge economic growth, according to reports. Saudi Arabia’s Finance Minister Mohammed al-Jadaan told the Financial Times that Saudi Arabia “would set out an expansionary budget in 2018” to respond to the needs of the struggling private sector, which is […]

     
  • KAPSARC’s New Headquarters Near Riyadh, Designed by Zaha Hadid Architects, Receives LEED Platinum Status
     

    The futuristic-looking new headquarters of the King Abdullah Petroleum Studies and Research Centre (KAPSARC) on the outskirts of Riyadh has received LEED Platinum certification—the first of Zaha Hadid Architects’ projects to receive the title. KAPSARC is a non-profit dedicated to studying energy and their environmental impacts. The new 230,000 square-foot campus comprises five buildings and cuts a striking figure against […]

     
  • Saudi Arabia Allows Foreign Investors into Local IPOs, Hopes to List Aramco on Tadawul
     

    Foreign investors are now able to participate in initial public offerings (IPO) on companies listed on the Nomu (parallel) market in Saudi Arabia, according to reports based on comments from Saudi Arabia’s Capital Market Authority (CMA) chairman Mohammed El Kuwaiz. El Kuwaiz said Thursday that foreign investors can take part in company flotations when asked about the […]

     

MUST-READS

  • Gulf still struggling to attract private cash for public projects

    “Four or five years ago the region began focusing more on PPPs, announcing pipelines of projects,” says Sami Neffati, managing partner of Investcorp Infrastructure Partners, part of Bahrain’s Investcorp (part-owned by Abu Dhabi sovereign wealth fund Mubadala). But when you look at the delivery, “you would have seen delays, process [challenges] and cancellations.” The region is still “teething”, Neffati says, and learning about the discipline of PPPs. While most countries have PPP offices, often housed within finance ministries, Neffati says the authorities, who own the assets, still struggle to delegate project management and “intervene too much”.  “They feel they need to control the process, but they don’t know how,” he says. “Very often, that leads to a failed or delayed process.” Progress is being made, Neffati says, but “delivery needs to accelerate”.

  • Saudi ID and visa – major new rules announced; and we couldn’t be happier

    As reported by Arabian Business, residents can now extend their exit and re-entry visas (single or multiple) while abroad. This means you can extend your holidays without having to worry about re-entering Saudi before you exit visa expires. The General Directorate of Passports also announced that dependents of residents and domestic workers who are outside of the Kingdom can now renew their resident IDs. This used to have to been done when the person was in Saudi – but now it can be done from abroad.

  • Saudi Arabia Plans to Deploy 48GWh of Battery Storage by 2030

    According to foreign media reports, the Saudi Power Procurement Company (SPPC) has officially announced the list of prequalified bidders for its first battery energy storage system (BESS) procurement. The state-owned enterprise revealed on December 30 the companies selected for its upcoming Build-Own-Operate (BOO) model tender for a 2GW/8GWh energy storage system. The list of successful bidders includes prominent companies from the Middle East and abroad, such as Masdar, headquartered in Dubai, Saudi Arabia's ACWA Power, and France's EDF and TotalEnergies. Leading renewable energy and energy storage companies from China, South Korea, and Japan are also among the selected bidders. A total of 33 companies passed the qualification review for the tender, with 21 applying to provide technology and manage the BESS and the remaining 12 focusing solely on system management.

  • Saudi PIF-Backed Cooling Firm Taps Citi, SNB Capital for IPO

    Saudi Tabreed District Cooling Co. is working with Citigroup Inc. and SNB Capital for a potential initial public offering in Riyadh, according to people familiar with the matter. The PIF, as the wealth fund is known, acquired a 30% stake in Saudi Tabreed in 2022. The holding was valued at about $250 million, Bloomberg News had reported at that time. The Dubai-listed National Central Cooling Co., also known as Tabreed, holds a 21.8% stake in its Saudi affiliate, according to its 2023 annual report.

  • Saudi king and crown prince congratulate Joseph Aoun on being elected president of Lebanon

    Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman congratulated Joseph Aoun on being elected president of Lebanon on Thursday. In a congratulatory cable, King Salman wished Aoun success and the Lebanese people further progress and prosperity.The crown prince sent a similar cable. Lebanon’s parliament voted Thursday to elect the country’s army commander, Joseph Aoun, as head of state, filling a more than two-year-long presidential vacuum. Thursday’s session was the 13th attempt to elect a successor to Michel Aoun, whose term ended in October 2022.

  • Saudi Arabian women break into the Rally-Dakar world

    In parallel to the Rally-Dakar 2025 competition, which is being held for the sixth consecutive year in Saudi Arabia, the Arab giant has organised for the first time a training programme for promising young Saudi sportsmen and women called ‘Saudi Next Gen’, in which women such as Merryhan Albaz, an influencer, sports enthusiast and the first female mechanic in the world of motorsport, also took part.  Five pairs of drivers took part in this first edition: four male and one female. The young participants, chosen by the Saudi Automobile Federation, will enjoy a coaching session and will fight for a place in next year's Dakar Rally, which will also be held in Saudi Arabia.

  • Lenovo to build $2 billion PC and server plant in Saudi Arabia

    As leading PC makers try to reduce their reliance on manufacturing in China, they sometimes expand production capacity in unexpected places. Lenovo Group said on Thursday that it would build a PC and server assembly factory in Saudi Arabia that will primarily serve markets in the Middle East and Africa. The project is backed by a $2 billion investment from Alat, a subsidiary of Saudi Arabia's Public Investment Fund (PIF). The PC and server assembly plant in the Kingdom of Saudi Arabia (KSA) will be quite large: it will employ thousands of people and produce millions of PCs per year when it comes online in 2026, according to the company. Lenovo also plans to establish local research and development (R&D) operations "for fully end-to-end 'Saudi Made' products," which possibly implies tailoring products to local market needs. At the same time, a $2 billion computer assembly factory is a large industrial facility potentially with huge capacity. Without a doubt, this will be one of the most extensive high-tech facilities in the region and one of the major computer plants in the world.

  • Saudi EXIM is the Strategic Partner of the FUTURE MINERALS FORUM 2025

    The Saudi Export-Import Bank (Saudi EXIM) will participate as a strategic partner in the 4th edition of the FUTURE MINERALS FORUM 2025, organized by the Ministry of Industry and Mineral Resources. The event will take place from January 14 to 16 at the King Abdulaziz International Conference Center in Riyadh, under the theme: “Year of Impact." Saudi EXIM's partnership aims to support and empower the mining sector, and stimulate investment opportunities through active participation in panel discussions, the exhibition, and by showcasing its financing and credit solutions. These initiatives are specifically designed to enhance the global reach and growth of Saudi mining and mineral exports.

  • Warning of thunderstorms and flash floods in Saudi Arabia for next 4 days

    Residents of Saudi Arabia were warned on Wednesday that the country could be hit by thunderstorms and flash floods between now and Sunday. The General Directorate of Civil Defense advised people to remain sheltered and stay away from canyons. Many regions can expect medium-to-heavy rain, hail or strong gusts of wind, with a high risk of flooding. Forecasters predict Riyadh, Jeddah, Al-Baha, Asir and Jazan will be among the affected regions, the Saudi Press Agency reported.

  • Saudi Crown prince and Zelenskyy discuss Ukrainian-Russian crisis in phone call

    Saudi Crown Prince and Prime Minister Mohammed bin Salman received a phone call from Ukraine’s President Volodymyr Zelenskyy on Wednesday. During the call, they discussed relations between Saudi Arabia and Ukraine. They reviewed several issues of mutual concern, as well as regional and international developments. The two leaders also discussed the latest developments on the Ukrainian-Russian crisis and the efforts being made to address them.