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  • Saudi Arabia unveils Middle East’s largest livestock city worth SAR 9B

    The project, owned by Hafr Al-Batin Cooperative Association for Livestock and Marketing, will be located in Hafr Al-Batin Governorate, spanning an area of 11 million square meters. The project is expected to cover 30% of the Kingdom's needs for red meat and provide more than 13,000 jobs in the governorate. It will feature advanced facilities and barns for raising livestock, feed factories, a veterinary hospital, and state-of-the-art red meat processing factories. Further, the project will run on renewable energy through 15 billion kilowatt hours of green electricity annually. It will produce 140,000 liters of milk daily and 100 tons of feed per hour. Moreover, an automated slaughterhouse will be built on an area of 170,000 square meters. The city will also produce 1.5 million meters of hides.

  • Saudi Arabia condemns ‘greater Israel’ map

    Saudi Arabia condemned and rejected on Wednesday an Israeli map that claimed Jordanian, Syrian and Lebanese territories as part of so-called “greater Israel.” The Kingdom stressed that such extremist allegations demonstrated Israeli intentions to consolidate its occupation, continue blatant attacks on the sovereignty of states, and violate international laws and norms. The Kingdom’s foreign ministry renewed its call for the international community to play its role in stopping Israeli violations against countries and peoples of the region.

  • Saudi Arabia, Already Pumping Money Into Boxing, May Start League With TKO

    The potential investment in TKO follows a Saudi Arabian effort in June to create a multibillion-dollar boxing league that would aim to unite the world’s best boxers, who for decades have been divided by rival promoters and fighting for titles controlled by an alphabet soup of sanctioning bodies. That effort, while not completely abandoned, had proved complicated and expensive, even for a country like Saudi Arabia, which for the past half decade has disbursed billions to become a player across some of the world’s biggest sports.

  • Saudi Arabia taps Islamic banking to shore up mega-project financing

    Saudi Arabia has borrowed $7bn through Islamic loans as it looks to shore up financing to press ahead with costly mega-projects designed to diversify the kingdom’s economy from relying on energy revenue. The kingdom’s Public Investment Fund, or PIF, announced on Monday that it raised $7bn through "Murabaha" loans supported by a syndicate of 20 international and regional financial institutions. Murabaha is a type of Islamic financing mechanism in which the interest on a loan is already built into the final price paid by the borrower to avoid the payment of interest, which is barred by Islamic law. Investment in sectors such as alcohol, pornography and gambling are prohibited.

  • Saudi Arabia’s Almoosa Surges in Debut Post $450 Million IPO

    Saudi Arabia’s Almoosa Health Co. surged in its trading debut following a $450 million initial public offering in Riyadh, bucking the recent trend of disappointing listings in the Middle East. The strong debut comes against a backdrop of tepid starts from high-profile regional IPOs like Talabat Holding, Lulu Retail Holdings and Oman’s OQ Exploration & Production SAOG. Saudi listings such as United International Holding and Tamkeen Human Resources Co. have been relatively resilient. Shares of the hospital operator rose to as much as 165 riyals ($43.9) — the maximum allowed 30% increase from the offer price — before paring gains to 15%. The rally gave the company a market capitalization of around 6.3 billion riyals.

  • US dangles Saudi Arabia’s cash to push candidate for Lebanon’s presidency

    The US has told Lebanese officials that Saudi Arabia is prepared to deploy hundreds of millions of dollars to reconstruct their war-torn country if Lebanese army commander Joseph Aoun is elected president, one senior Arab official and one former senior US official told Middle East Eye. The carrot of an influx in Saudi cash was dangled by US envoy Amos Hochstein during his trip to Lebanon on Monday, where he lobbied intensely for Aoun, including with Lebanese parliamentary speaker Nabih Berri. Aoun already has the support of Lebanon’s Sunni Prime Minister Najib Mikati.“The Americans are dead set. They do not want any other candidate but Aoun,” the senior Arab official told MEE. “Hochstein has tied Aoun’s election to Saudi Arabia bankrolling Lebanon’s reconstruction.”

  • Saudi Arabia completes $12B international bond issue

    Saudi Arabia closed investor requests for international bond issuance, as part of the Saudi Government International Bond program, the National Debt Management Center (NDMC) announced. Total subscription requests reached approximately $37 billion, exceeding three times the total issuance of $12 billion (SAR 45 billion), divided into three tranches, NDMC said in a statement. The first tranche amounted to $5 billion (SAR 18.75 billion) for three-year bonds maturing in 2028. The second tranche was $3 billion (SAR 11.25 billion) for six-year bonds maturing in 2031, while the third tranche was $4 billion (SAR 15 billion) for 10-year bonds maturing in 2035.

  • Saudi Arabia’s National Water Company will implement water supply projects worth $426 million

    The National Water Company (NWC), represented by the Western Cluster, announced that it has started implementing water supply projects in the holy city of Makkah at a cost of more than 1.6 billion Saudi Riyals (about $426 million). These projects are part of NWC’s strategies to develop the infrastructure of the water and environment sectors and increase the coverage rates in cities and governorates. The company explained that the projects would serve about 3 million beneficiaries annually. This would be done through the implementation of projects to replace the main transmission lines of drinking water in the third ring road for the first and second phases.

  • Saudi Arabia’s Jeddah Tower to serve as magnet for surge in global investment in the Kingdom, say experts

    “The impact of Jeddah Tower will extend far beyond its architectural grandeur. The construction of such an iconic structure will be a catalyst for transformative change within the Kingdom’s real estate and broader economic sectors,” Sankey Prasad, Chairman and MD, Middle East and India, Colliers, a leading global diversified professional services and investment management company, told Arabian Business. “These types of landmark projects have historically been key drivers of urban development, creating attractive environments for businesses, residents, and tourists alike,” he said. Farooq Syed, CEO of Dubai-based Springfield Properties, said as the Middle East region continues to expand its influence on the global stage, projects like the Jeddah Tower will complement Dubai’s established position as a global hub, fostering increased connectivity, collaboration, and economic opportunity across the region.

  • Saudi Arabia Lays Out Its Strategic Vision For The Quantum Era

    Experts from The Centre for the Fourth Industrial Revolution in Saudi Arabia recently released its Quantum Economy Landscape in Saudi Arabia report, which outlines the country’s progress, challenges and future roadmap for building a robust quantum ecosystem. The plan is guided by its Vision 2030 blueprint, which sets the Kingdom on a path to better diversify its economy and establish itself as a global innovation hub. “This report marks a pivotal step towards charting a course for a national quantum roadmap harnessing quantum advancements, fostering innovation, and bolstering productivity across diverse industries, potentially revolutionizing the country’s technological and economic landscape,” the report states.