MUST-READS

• Saudi Arabia’s $800B investment to build human connections

  During an interview at The Phocuswright Conference, Hazim Al-Hazmi, president of Americas & Europe markets for the Saudi Tourism Authority, discussed the importance of authentic experiences and Saudi's ambitious plans with Siew Hoon Yeoh, founder of WIT and editorial director, Northstar Travel Group Asia. Key projects include infrastructural developments, new airports and hotels and focusing on the Red Sea as a top sun and sea destination. “This year, we launched four resorts that were announced, two, three years ago. Next year, we have 16 more that will be operational and bookable,” he said. Al-Hazmi highlighted the importance of “authenticity and personalization” in creating unique travel experiences and the need to improve storytelling.

• Individual investment portfolios in Saudi stock market grows 12% in 3Q 2024

  The number of individual investment portfolios in the Saudi main stock market achieved a year-on-year growth of approximately 12 percent in the third quarter of 2024, reaching 12,755,615 investment portfolios. This figure records an increase of more than 1.32 million investment portfolios, compared to the same period in 2023, when it stood at 11,434,692 investment portfolios, according to the quarterly statistical bulletin issued by the Capital Market Authority.

• The Architect of Saudi Arabia’s Investments

  Born in Saudi Arabia, Yasir Al-Rumayyan earned a degree in accounting from King Faisal University and later attended Harvard Business School’s Program for Management Development. His education equipped him with a strong foundation in financial management, which he applied early in his career at prominent institutions like the Saudi Hollandi Bank, where he gained experience in asset and risk management. Al-Rumayyan’s rise in the financial sector was swift. He joined the Capital Market Authority (CMA) of Saudi Arabia, where he played a key role in developing the kingdom’s financial markets. This experience solidified his reputation as a forward-thinking leader capable of navigating complex economic landscapes.

• Alat, a Company Created by the Public Investment Fund of Saudi Arabia, Has Become a Strategic Corporate Partner of EvoNexus

  EvoNexus is California’s premier non-profit technology incubator with locations in San Diego and Irvine. Alat, a PIF company, will create a global sustainable technology manufacturing hub in Saudi Arabia focused on advanced industrials and electronics. Alat will focus on seven key Strategic Business Units: advanced industrials, semiconductors, smart health, smart appliances, smart devices, smart buildings, as well as next generation infrastructure and create products both for Saudi Arabia and the world. In December, EvoNexus and Alat entered into a strategic corporate partnership.

• France targets Saudi PIF’s ‘colossal’ investment power

  During a three-day official state visit focused on boosting business ties, Mr Macron told a Saudi-French business forum in Riyadh that one of his objectives was to convince Saudi Arabia to invest more in France. “We want to partner with you, meaning we want to create jobs here. We want to produce with you,” Mr Macron said. “We want to be partner of your vision and the vision of the Crown Prince [Mohammed bin Salman] for 2030.” Saudi Energy Minister Prince Abdulaziz bin Salman said France “feels like home” as he stood alongside Mr Macron at the forum, where a flurry of business deals have been announced. They include a consortium between Electricite de France (EDF) and China's SPIC Huanghe Hydropower Development to build a 1,000-megawatt solar power plant in Al Masaa and a 400-megawatt plant in Al Hinakiyah. The value of the new contracts was not shared.

• Aramco, TotalEnergies, and Saudi Investment Recycling Company (SIRC) assess development of sustainable aviation fuels plant

  Aramco, one of the world’s leading integrated energy and chemicals companies, TotalEnergies, a global multi-energy company that produces and markets energies, and Saudi Investment Recycling Company (SIRC), a major player that collects and turns organic materials into sustainable products in Saudi Arabia, today announced the signing of a Joint Development and Cost Sharing Agreement (JDCSA) to assess the potential development of a sustainable aviation fuels (SAF) plant in the Kingdom of Saudi Arabia.

• Saudi Arabia secures metals investment deals worth $9.3bn

  Saudi Arabia has signed nine significant investment agreements in the metals and mining sector, exceeding $9.3bn (SR34.88bn) in value, with major global companies such as Vedanta from India and China’s Zijin Group, Reuters reported. Vedanta is set to establish copper facilities at Ras Al-Khair with a capital expenditure of SR7.5bn, including a smelter, a refinery with a capacity of 400,000 million tonnes per annum (mtpa) and a 300,000mtpa copper rod plant. Zijin plans to invest between SR5bn and SR6bn, with the initial phase dedicated to constructing a zinc smelter capable of producing 100,000 tons per annum (tpa) of zinc ingots and 200,000tpa of sulphuric acid.

• Saudi Arabia unveils world’s largest food park in Jeddah, eyes $5.3bn in investments

  Saudi Arabia has officially launched the Jeddah Food Cluster, a major project aimed at transforming the city into a global business hub with an investment target of SR20 billion ($5.3 billion). Spanning 11 million sq. meters, the cluster is now recognized by Guinness World Records as the largest food park in the world by area. The development is expected to create over 43,000 jobs, driving both local and national economic growth. Located in Jeddah’s Second and Third Industrial Cities, the Jeddah Food Cluster is part of a larger industrial network in the Makkah region, which also includes industrial cities in Makkah and Taif. This region, which spans more than 50 million sq. meters, hosts over 2,000 industrial facilities specializing in sectors such as food production, pharmaceuticals, metals, and chemicals. The new food cluster is designed to enhance industrial productivity through cutting-edge infrastructure and strategic investments in key enablers.

• Saudi Arabia signs $9.32 bln investment deals with foreign companies

  Saudi Arabia on Tuesday signed nine investment deals worth more than 35 billion riyals ($9.32 billion) with foreign companies including India's Vedanta (VDAN.NS), opens new tab and China's Zijin Group (601899.SS), opens new tab to boost global supply chains, said the Global Supply Chain Resilience Initiative, a government initiative under Saudi Arabia's National Investment Strategy.

• Saudi Arabia’s NEOM gigaproject a ‘generational investment,’ minister says
  "NEOM was not meant to be a two-year investable opportunity. If anybody expected NEOM to be foreign investment in two, three or five years, then they have gotten (it) wrong - it's a generational investment," Minister Khalid al-Falih said on the sidelines of the World Investment Conference in Riyadh. "The flywheel is starting and it will gain speed as we go forward, as some of the foundational assets come to the market," he said.

  The world's top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom's $925 billion sovereign fund, the Public Investment Fund (PIF), as it undergoes an economic agenda dubbed Vision 2030 to cut dependence on fossil fuels.

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