Saudi PIF raises over $1bn with 2% stc stake sale
Saudi Arabia’s Public Investment Fund has raised SR3.86 billion ($1.03 billion) through the sale of a 2 percent stake in telecom firm stc. The offering, consisting of 100 million shares priced at SR38.6 each, was met with strong demand from both local and international institutional investors, according to a statement. The transaction represents the largest […]
Saudi Arabia’s industrial production holds steady in September: GASTAT
Saudi Arabia’s industrial production held steady in September, showing a slight year-on-year decrease of 0.3 percent due to a modest decline in manufacturing output, official data showed. According to data from the General Authority for Statistics, the Kingdom’s manufacturing sector decreased by 0.5 percent in September, bringing the Industrial Production Index to 105.6 points. This […]
Biban 24 concludes with $9bn in deals, boosting Saudi Arabia’s SME sector
Agreements exceeding SR35.4 billion ($9.42 billion) were signed at Biban 24 in Riyadh, an event organized by the General Authority for Small and Medium Enterprises, also known as Monsha’at The five-day event, themed “A Global Destination for Opportunities,” attracted over 182,000 visitors, reflecting the Kingdom’s rapid development in the SME sector and entrepreneurship, the Saudi […]
Qiddiya launches executive office to strengthen engagement with business partners
Qiddiya Investment Co., fully backed by Saudi Arabia’s Public Investment Fund, has launched an executive office dedicated to overseeing destination marketing and management. The new office, called “Spirit of Play,” represents the company’s first initiative to build strategic partnerships with businesses, investors, and professionals, according to the Saudi Press Agency. The development of cities like […]
Up to 77% of Swedish firms in Saudi plan to boost investment over the next year, official says
Up to 77 percent of Swedish companies operating in Saudi Arabia plan to increase their investment over the next year, according to a top official from the European country. In an interview with Arab News, Director General of Trade Policy at the Swedish Ministry of Foreign Affairs Camilla Mellander cited a recent study by Business […]
Saudi Aramco reports $27.52bn net profit in Q3
Energy giant Saudi Aramco reported a net profit of SR103.37 billion ($27.52 billion) in the third quarter of this year, exceeding analyst expectations, which projected a median net income of $26.9 billion. In a statement, the firm revealed that its net profit for the third quarter witnessed a decline of 15.40 percent compared to the same […]
Red Sea Global likely to spend another $27bn by 2030: Report
Red Sea Global, the developer of regenerative tourism hubs, The Red Sea and Amaala, is likely to spend another $27 billion over the next six years to push ahead with developments that are designed to draw more tourists to the kingdom, reported Bloomberg, citing its top official. RSG has already spent around that amount to […]
Saudi Arabia working on $798m road infrastructure projects
Saudi Arabia’s Roads General Authority (RGA) said the road sector in Riyadh region is witnessing a significant transformation with work under way on SAR3 billion ($798 million) projects. The region’s total length of roads is approximately 15,000 km, and efforts are currently underway to implement new road projects and other maintenance projects in all governorates […]
Saudi Arabia’s PIF to acquire 54% stake in MBC Group
Saudi Arabia’s sovereign wealth fund is set to acquire a 54 percent stake in media giant MBC Group for SR7.46 billion ($1.99 billion). In a bourse filing, MBC Group, listed on the Kingdom’s main market, said that it was notified by Istedamah Holding Co., one of its major shareholders, on the finalization of a sale […]
Saudi Arabia climbs 15 places to 12th in global tourist spending: UN Tourism
Saudi Arabia has made a remarkable leap, climbing 15 places to rank 12th in global tourist spending for 2023, according to the latest UN Tourism report. This is the largest jump among the top 50 countries. The ranking follows a September report from the UN Tourism, which highlighted the Kingdom’s leadership among G20 nations with […]