Saudi capital market sees 20.9 per cent growth rate in 2024
Saudi Arabia
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SABIC
Saudi chemical giant SABIC exploring IPO for its gas subsidiary
Bloomberg reports discussions held with Lazard, HSBC Holdings, JPMorgan Chase and Morgan Stanley on listing National Industrial Gases Company
Artificial intelligence
Cisco announces major deal with Saudi Arabia’s HUMAIN to develop AI infrastructure
The multi-year initiative aims to position Saudi Arabia as a centre for digital innovation, building on Cisco’s 25-year presence in the Kingdom
PIF
Saudi wealth fund PIF opens Paris office to boost European investments
French President joins PIF Governor Al-Rumayyan to inaugurate Paris office during ‘Choose France’ summit
Brookfield Asset Management
Brookfield, Lunate form $1bn Middle East residential property joint venture
The venture will target build-to-sell and buy-to-sell residential assets in the UAE, Saudi Arabia, and other regional markets
Future Investment Initiative
Saudi Arabia’s PIF plans to double European investments to $170bn by 2030
Saudi sovereign wealth fund governor warns EU ‘outrageous’ sustainability rules could drive away investment
Moscow
Saudi visitors to Moscow surge 470% as Russia boosts tourism ties
Saudi Arabia ranks second for Russian e-visas, with over 80,000 issued since August 2023
commercial real estate
E-commerce boom forces Gulf property developers to shift from office towers to mixed-use commercial projects
The ongoing drive for economic diversification, the surge in digital adoption and e-commerce, and the rising flexible job market are triggering demand for different types of commercial real estate
Hail
Saudi Arabia highlights $13.3bn investment opportunity in Hail region
Saudi Arabia showcases more than 100 investment opportunities worth more than $13bn in Hail
Saudi ministry of commerce
Saudi Arabia warns firms to submit financial statements or face fines
Saudi Arabia’s Ministry of Commerce highlights approaching deadline for financial and accountancy submissions
Bolt
Donald Trump’s $2tn Gulf tour; Dubai Golden visa for nurses; Etihad Rail announces UAE launch – 10 things you missed this week
Donald Trump visits Saudi, Qatar and UAE, Dubai offers golden visa for nurses, Etihad Rail launch plan and more top stories this week
Saudi Arabia and China announce $3.7bn of deals at business forum
Saudi Arabia and China agree 57 deals worth combined $3.7bn
ACWA Power
ACWA Power expands US ties with $500mn green energy agreements
At the Saudi–US Investment Forum in Riyadh, ACWA Power deepens ties with American firms in clean energy, hydrogen, and desalination technologies
Ministry of Hajj and Umrah
Saudi Arabia announces upcoming Umrah season calendar
Saudi Arabia will welcome foreign Umrah pilgrims from June 11
BlackRock
PIF strikes deals with BlackRock and Neuberger Berman to boost Saudi capital markets
PIF unveils $5 billion anchor investment in BlackRock infrastructure fund and a $6 billion partnership with Neuberger Berman to deepen Saudi capital markets and boost asset management
E-commerce
Trendyol, Zid join forces to grow revenue for SMEs in Saudi Arabia and UAE
Trendyol and Zid’s partnership provides Saudi and UAE merchants with tools to scale operations, reach new customers, and grow online