Saudi Arabia’s Almarai to invest over SAR18bn under five-year plan
Almarai, the GCC region’s biggest dairy producer, said it would invest $4.8bn (SAR18bn) over the next five years to boost growth while focusing on areas including supply chain capabilities and food security. Almarai, in a regulatory filing, said that the investment plan focuses on several strategic enablers to support its implementation including supply chain capabilities, […]
Aramco CEO: “We should abandon the fantasy of phasing out oil and gas”
Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday. The head of the world’s largest energy company urged a re-set of global energy transition plans in remarks […]
Saudi’s New Murabba ‘open for international investment’, says CEO
The New Murabba Development Company (New Murabba) showcased its ambitious plans for urban redevelopment and invited international investors to participate in the project at the global real estate trade show, MIPIM 2024, in Cannes, France. In February last year, Saudi Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz launched the company to undertake […]
Morgan Stanley expects oil prices to climb to $90 per barrel by summer 2024
Morgan Stanley raised its Brent crude oil price forecasts by $10 per barrel to $90 for the third-quarter of 2024. The forecasts have been changed citing tighter supply and demand balances on OPEC+ commitment and Russia’s oil production curtailments after recent drone attacks on its refineries. Oil supply forecast Morgan Stanley lowered its supply forecast for […]
Saudi Arabia “plans” $40bn push into artificial intelligence
Saudi Arabia plans to create a fund of about $40bn to invest in artificial intelligence (AI), the New York Times reported on Tuesday. Representatives of Saudi Arabia’s Public Investment Fund (PIF) have discussed a potential partnership with US venture capital firm Andreessen Horowitz and other financiers in recent weeks. Andreessen Horowitz and PIF governor Yasir Al-Rumayyan have discussed the […]
Big demand for mining licences in Saudi Arabia, says report
There has been a notable increase in the demand for mining licences across Saudi Arabia following the implementation of a new investment law in 2021, reported SPA, citing the Ministry of Industry and Mineral Resources. It is mainly aimed at promoting investment in the sector, spurring development and boosting the KSA’s mineral production. According to the […]
Gulf Capital, Saudi RDIA to allocate over $100mn for future tech sector
Gulf Capital has signed an agreement with the Saudi Research Development and Innovation Authority (RDIA) to deploy over $100 million into the Saudi technology and innovation sector over the next five years. The Letter of Intent (LoI) was signed in Riyadh by Dr Rami Niazi, Vice Governor of Strategy at the Saudi Research Development and […]
Saudi Railways, Maersk enter container transportation deal
Saudi Arabia Railways (SAR) has signed a contract with the sea shipping major Maersk to increase the number of containers transported on SAR trains between King Abdulaziz Port in Dammam and Riyadh Dry Port, a Saudi Press Agency report said. SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year […]
Zamil, Sami Land break ground on Saudi industrial complex
Zamil Steel Construction Company, a key subsidiary of Saudi-based Zamil Industrial Investment Company, has joined hands with Sami Land Services to break ground on its new industrial complex located at Al Kharj in Saudi Arabia. The partnership with the key unit of Saudi Arabian Military Industries (SAMI) marks a significant step forward for the company’s […]
SPARK Logistics signs 2 MoUs to explore leasing prospects
SPARK Logistics has signed two Memoranda of Understanding (MoUs) with ESAB, a world leader in welding equipment, and Petromasafi, a key supplier of oil and gas chemical products, to explore leasing opportunities. SPARK Logistics, a joint venture between King Salman Energy Park (SPARK) and Hutchison Ports, is the operator of the SPARK dry port and […]