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  • Al-Hogail highlights key milestones in Saudi urban, housing development in 2024

    Majid Al-Hogail, Minister of Municipalities and Housing, highlighted the key milestones witnessed by Saudi cities in 2024, reaffirming the ministry's commitment to achieving Vision 2030 goals and enhancing quality of life.

  • 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 deep tech startups raise more than $100 million since 2020

    Saudi Arabia’s Ministry of Communications and Information Technology (MCIT), in partnership with King Abdullah University of Science and Technology (KAUST) and Hello Tomorrow, has published a report on the Kingdom’s deep tech ecosystem. According to the study, Saudi deep tech startups have raised over $100 million in funding since 2020. Mapping Saudi Arabia’s Deep Tech Ecosystem defines five pillars for the sector: ecosystem development, investment, infrastructure, talent, and government incentives. It also identifies 43 high-growth startups: 50 percent of which focus on AI and IoT (Internet of Things) technologies.

  • Lucid Motors joins “Made in Saudi” Program

    Lucid Motors, a leading electric vehicle manufacturer, has joined the "Made in Saudi" program, earning the right to use the "Made in Saudi" logo on its products as a symbol of quality, excellence, and customer trust. Lucid is the first Original Equipment Manufacturer (OEM) in the automotive sector to receive this distinguished logo. This feat underscores Lucid's ability to produce world-class electric vehicles with Saudi expertise and highlights its role in advancing the Kingdom's automotive industry.

  • 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 cement sales up 19% to 5.23M tons in Dec 2024

    The aggregate sales volumes of 17 Saudi cement producers jumped 19% to 5.23 million tons in December 2024, from 4.39 million tons a year earlier, according to recent data released by Yamama Cement Co. A total of 13 companies reported higher domestic sales volumes for the month, led by United Cement Co. rising 75.4% year-on-year (YoY). Al Jouf Cement Co. came in second with a 56.6% YoY leap.

  • 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.

  • World Cup award adds pressure to Saudi Arabia’s construction challenge

    Fifa’s decision to award Saudi Arabia the 2034 World Cup has started the clock on a huge logistical undertaking to build the infrastructure needed to welcome football fans from around the world. With eight new stadiums including a futuristic clifftop venue planned, the World Cup has become the kingdom’s latest infrastructure deadline as it invests heavily to become a global sports hub. It will host football’s Asian Cup in 2027 and the multi-sport Asian Winter Games in 2029. The demands add to several big projects that are part of Vision 2030, Crown Prince Mohammed bin Salman’s plan to reduce the economy’s dependence on oil revenues. Despite the bold vision, Saudi officials acknowledge that they have recalibrated some plans as they assess the kingdom’s ability to complete projects on time.