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IMF sees #Saudi growth at 2.4% this year with non-oil sector leading rebound | Reuters

IMF sees Saudi growth at 2.4% this year with non-oil sector leading rebound | Reuters The International Monetary Fund said on Thursday Saudi Arabia's economy is recovering well from the COVID-19 pandemic and the fund expected the non-oil economy to grow by 4.3% this year, with overall GDP growth seen at 2.4%.Real oil GDP is expected to shrink by 0.4%, the IMF said in a statement, as production is assumed to stay in line with an agreement between the Organization of the Petroleum Exporting Coun...
Tags: Travel, Saudi Arabia, Russia, Opec, International Monetary Fund, PPP, Imf, Reuters, Rupert Neil Bumfrey, Public Investment Fund


Import rebound behind the decline in #Saudi reserves, c.bank chief says | Reuters

Import rebound behind the decline in Saudi reserves, c.bank chief says | Reuters A recent drop to record lows in Saudi Arabia's foreign reserves, a measure of its ability to support its dollar-pegged currency, was partly due to a lag between import payments and export receipts, the Saudi central bank governor told Reuters.Net foreign assets at the central bank, known as SAMA, dropped monthly by roughly $8 billion to $436 billion in April, their lowest in more than a decade, and dropped further...
Tags: Travel, Saudi Arabia, Reuters, Sama, Rupert Neil Bumfrey, Fahad al Mubarak, Public Investment Fund, Reuters Net


#SaudiArabia plans second national airline - by @Ahmed Al Omran - @RiyadhBureau

Saudi Arabia plans second national airline - by Ahmed Al Omran - Riyadh Bureau Saudi Crown Prince Mohammed bin Salman has announced plans to launch a second national airline as part of a broader push to turn the kingdom into a hub for transport and logistics to help diversify the economy and decrease dependence on oil revenues. The announcement came Tuesday shortly after the cabinet, chaired by his father the king, approved renaming the “Ministry of Transport” to “Ministry of Transport and Log...
Tags: Travel, Saudi Arabia, Kingdom, Riyadh, Mohammed bin Salman, Ministry of Transport, Rupert Neil Bumfrey, Public Investment Fund, Al Omran, Ahmed Al Omran Riyadh Bureau, Ministry of Transport and Logistic Services, National Transport and Logistics Strategy


#AbuDhabi sovereign fund Mubadala prepares to launch two Spacs | Financial Times

Abu Dhabi sovereign fund Mubadala prepares to launch two Spacs | Financial Times Investor mania for special purpose acquisition companies is accelerating in the oil-rich Gulf, where Abu Dhabi sovereign fund Mubadala is poised to launch two Spacs and a Dubai-based asset manager is raising $200m to target mergers with companies in the Middle East.  Regional financiers have for months been planning an expansion into the booming market for Spacs, or blank-cheque companies, which first l...
Tags: Travel, Asia, Singapore, Africa, US, Middle East, Dubai, Abu Dhabi, Uae, Financial Times, Gulf, Jpmorgan, SPAC, Middle East Africa, EFG Hermes, Rupert Neil Bumfrey


Ambani’s Reliance appoints head of #Saudi wealth fund to board | Financial Times

Ambani’s Reliance appoints head of Saudi wealth fund to board | Financial Times Mukesh Ambani’s Reliance Industries has appointed the head of Saudi Arabia’s Public Investment Fund to its board, deepening ties between the powerful Indian conglomerate and the oil-rich Gulf kingdom.  Yasir al-Rumayyan, managing director of the kingdom’s sovereign wealth fund, will join the board as an independent director, Ambani said at the company’s annual meeting on Thursday.  Rumayyan’s app...
Tags: Travel, Google, Facebook, Saudi Arabia, Financial Times, Gulf, Reliance, Saudi Aramco, Reliance Industries, Mukesh Ambani, Rupert Neil Bumfrey, Mukesh, Ambani, Public Investment Fund, Dhirubhai, Yasir al Rumayyan


MIDEAST STOCKS #Dubai index up on property shares as major Gulf bourses ease | Reuters

Dubai's stock market ended higher on Wednesday, buoyed by gains in real estate stocks, while other major Gulf markets were little changed.Dubai's main share index (.DFMGI) rose 0.4%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.4%, while logistics firm Aramex (ARMX.DU) advanced 1.5%.Dubai repaid $500 million in bonds due on Tuesday in what the government said was a sign of fiscal stability despite the coronavirus-driven economic downturn. read moreElsewhere, DAMAC Propertie...
Tags: Travel, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Adi, Tasi, Rupert Neil Bumfrey, Saudi Telecom, Damac, Abu Dhabi Commercial Bank ADCB, Public Investment Fund, Gulf Egypt, Emaar Properties EMAR


#Saudi Arabian Hospitality Firms Weigh $2.4 Billion Merger - Bloomberg

Saudi Arabian Hospitality Firms Weigh $2.4 Billion Merger - Bloomberg Taiba Investment Co. and Dur Hospitality Co. are in talks to combine their businesses, potentially forming a company with a market value of about $2.4 billion in Saudi Arabia’s real estate, hospitality and investment industry.Taiba, which has a market capitalization of 5.5 billion riyals ($1.5 billion), operates as an investment company in sectors ranging from real estate and tourism. Dur, valued at 3.5 billion riyals, is ma...
Tags: Travel, Saudi Arabia, Bloomberg, Belgium, North West, Taiba, Riyad Bank, Rupert Neil Bumfrey, Samba Financial Group, Public Investment Fund, National Commercial Bank, NEOM, Dur, Red Sea Development, Saudi Fisheries Co, Saudi Arabian Hospitality Firms Weigh


MIDEAST STOCKS Most Gulf markets rise as oil rebounds; Egypt bucks trend | Reuters

MIDEAST STOCKS Most Gulf markets rise as oil rebounds; Egypt bucks trend | Reuters Major stock markets in the Gulf ended higher on Thursday, supported by a rebound in oil prices, but the Egyptian index bucked the trend to close lower.Brent crude oil futures LCOc1 were up 18 cents, or 0.25%, at $72.40 a barrel by 1024 GMT, holding just shy of a high not seen since May 2019.Saudi Arabia's benchmark index (.TASI) edged up 0.1%, extending gains for the fourth consecutive session, with Al Rajhi...
Tags: Travel, Saudi Arabia, Qatar, Egypt, Dubai, Abu Dhabi, Gulf, Reuters, Adi, Reuters Major, Riyad Bank, Tasi, Rupert Neil Bumfrey, Industries Qatar, EIG Global Energy Partners, QSI


MIDEAST STOCKS Major Gulf indexes mixed in early trade | Reuters

MIDEAST STOCKS Major Gulf indexes mixed in early trade | Reuters Major Gulf stocks were mixed in early trade on Thursday, with the Saudi Arabia index on track to gain for a fourth consecutive session, buoyed by banking shares.Saudi Arabia's benchmark index (.TASI) edged up 0.1%, with Al Rajhi Bank (1120.SE) gaining 0.6% and Saudi National Bank (1180.SE) advancing 0.4%.Separately, Saudi Arabia's sovereign wealth fund, the Public Investment Fund, said on Tuesday it has established two deputy gov...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Gulf, Reuters, Tasi, Rupert Neil Bumfrey, EIG Global Energy Partners, Mubadala, Public Investment Fund, Qatar National Bank QNB, Al Rajhi Bank, First Abu Dhabi Bank, DFMGI


#Saudi Wealth Fund, Early Alibaba Investor Back Jordanian Startup - Bloomberg

Saudi Wealth Fund, Early Alibaba Investor Back Jordanian Startup - Bloomberg A unit of Saudi Arabia’s $400 billion Public Investment Fund has led a new financing round for OpenSooq.com, a Jordan-based online classifieds business that’s looking to triple its headcount across the Middle East.The Saudi Jordanian Investment Fund, a $3 billion entity created by the Saudi wealth fund and a group of Jordanian banks, is backing OpenSooq along with existing investors iMENA Group and FJLabs -- founded b...
Tags: Travel, Saudi Arabia, Middle East, Jordan, Arabian Peninsula, Levant, Alibaba Group Holding Ltd, Fabrice Grinda, Rupert Neil Bumfrey, Public Investment Fund, iMENA Group, Khaldoon Tabaza, Alibaba Investor Back Jordanian Startup Bloomberg, Saudi Jordanian Investment Fund, Salah Al Sharif OpenSooq, OpenSooq


#Saudi Jeddah Port Eyes Overseas Deals After Wealth Fund Backing - Bloomberg

Saudi Jeddah Port Eyes Overseas Deals After Wealth Fund Backing - Bloomberg The operator of Saudi Arabia’s Red Sea Gateway Terminal is looking to invest in ports in Africa and the Middle East, following backing from the kingdom’s sovereign wealth fund.The RSGT plans to invest in at least three international ports in the next five years, with each investment totaling as much as $500 million, port chief Jens Floe said. It’s also aiming to spend up to $1.7 billion developing its main port in Jedd...
Tags: Travel, Saudi Arabia, Africa, Bloomberg, Middle East, Jeddah, Red Sea, Rupert Neil Bumfrey, Public Investment Fund, Cosco Shipping Ports, Red Sea Gateway Terminal, RSGT, Jens Floe, Floe


#SaudiArabia hopes to raise $55bn through privatisation | Financial Times

Saudi Arabia hopes to raise $55bn through privatisation | Financial Times Saudi Arabia hopes to raise about $55bn over the next four years as it plans to step up its nascent privatisation programme with the government seeking to boost revenue and narrow its yawning budget deficit.  Mohammed al-Jadaan, the finance minister, told the Financial Times that Riyadh had identified a pipeline of 160 projects across 16 sectors, including asset sales and public-private partnerships, through to 2...
Tags: Travel, Saudi Arabia, Financial Times, Mohammed, Riyadh, Saudi Aramco, Mohammed bin Salman, Jadaan, Rupert Neil Bumfrey, Public Investment Fund, Mohammed al Jadaan, Financial Times Saudi Arabia


#Saudi Wealth Fund Loads Up on Video-Game Makers and Exits Suncor - Bloomberg

Saudi Arabia’s sovereign wealth fund doubled down on its pandemic-era investments in video-game makers and added new bets as it raised holdings of U.S. stocks by about a fifth to $15.4 billion.The Public Investment Fund brought its total commitment to video-game makers including Activision Blizzard Inc., Electronic Arts Inc. and Take-Two Interactive Software Inc. to $6 billion during the first quarter, according to regulatory filings on Monday. Those holdings were valued at $3.3 billion at the e...
Tags: Travel, Saudi Arabia, SoftBank Group Corp, Take Two Interactive Software Inc, Rupert Neil Bumfrey, Public Investment Fund, Activision Blizzard Inc Electronic Arts Inc, Coupang Inc


#Saudi Wealth Fund-Owned Digital Security Firm Hires IPO Adviser - Bloomberg

Saudi Wealth Fund-Owned Digital Security Firm Hires IPO Adviser - Bloomberg A digital security firm owned by Saudi Arabia’s sovereign wealth fund has hired Riyad Capital to advise on a planned initial public offering that could value the company at about $2 billion, according to people familiar with the matter.Elm is aiming to complete the sale of shares on the Saudi stock exchange by next year, the people said, asking not to be identified as the information is private. The IPO could see the k...
Tags: Travel, Saudi Arabia, Riyad Bank, Rupert Neil Bumfrey, Riyad Capital, Public Investment Fund


#SaudiArabia Considers Starting a Homegrown Electric-Car Maker - Bloomberg

Saudi Arabia Considers Starting a Homegrown Electric-Car Maker - Bloomberg Saudi Arabia has hired advisers including Boston Consulting Group to explore establishing its own domestic electric-car maker, according to people familiar with the matter.The project is linked to existing plans to build up automotive infrastructure in the country and boost local manufacturing, said the people, who asked not to be identified because the deliberations aren’t public.A spokesperson for Saudi Arabia’s sover...
Tags: Travel, Elon Musk, Saudi Arabia, Tesla, Bloomberg, Turkey, Pif, Lucid, Jeddah, Riyadh, Bloomberg News, Red Sea, Boston Consulting Group, Rupert Neil Bumfrey, Public Investment Fund, Tesla Inc


#Saudi Tourism Fund Enlists Local Bank for $346.7 Million Project - Bloomberg

Saudi Tourism Fund Enlists Local Bank for $346.7 Million Project - BloombergSaudi Arabia’s Tourism Development Fund will help finance a 1.3 billion-riyal ($346.7 million) project in the holy city of Medina together with Riyad Bank, as the kingdom steps up fundraising for a key part of Crown Prince Mohammed bin Salman’s program to diversify the economy.The 15 billion-riyal TDF signed an agreement with Medina-based Knowledge Economic City Co. and Public Investment Fund-backed Riyad Bank to finance...
Tags: Travel, Bloomberg, Medina, Mohammed bin Salman, TDF, Riyad Bank, Rupert Neil Bumfrey, Public Investment Fund, Saudi Tourism Fund Enlists Local Bank, Knowledge Economic City Co, Prophet 's Mosque, Qusai Al Fakhri


#SaudiArabia: $3.5bn fraud case set to define crown prince’s anti-graft campaign | Financial Times

Saudi Arabia: $3.5bn fraud case set to define crown prince’s anti-graft campaign | Financial Times Once one of the most powerful security officials in Saudi Arabia, Saad al-Jabri was feted by western powers. He was integral to multibillion-dollar counter-terrorism efforts and advised senior members of the Saudi royal family before falling foul of Crown Prince Mohammed bin Salman’s rise to power and going into exile in 2017. He would later accuse the prince of sending a hit squad to Cana...
Tags: Travel, Saudi Arabia, Canada, Istanbul, Financial Times, Mohammed, Ontario, King Salman, Mohammed bin Salman, Interior Ministry, Jabri, Rupert Neil Bumfrey, Public Investment Fund, Jamal Khashoggi, al Jabri, Saudi Arabia Saad


Goldman’s #Saudi Investment Bank Chief Said to Leave for PIF Role - Bloomberg

Goldman’s Saudi Investment Bank Chief Said to Leave for PIF Role - Bloomberg Goldman Sachs Group Inc.’s head of investment banking for Saudi Arabia is leaving to join the kingdom’s sovereign wealth fund, according to people familiar with the matter, the latest in a string of departures at the U.S. lender in the Middle East.Eyas AlDossari will join the Public Investment Fund to help work on new investments, the people said, asking not to be identified as the information is private. Goldman Sachs ...
Tags: Travel, Saudi Arabia, Softbank, Bloomberg, Malaysia, Credit Suisse, United Arab Emirates, Dubai, Goldman Sachs, Goldman, Pif, Lucid, Saudi Aramco, Mohammed bin Salman, Mideast, Saudi Basic Industries Corp


MIDEAST STOCKS-Most Gulf markets rise in early trade; Qatari stocks ease | Nasdaq

MIDEAST STOCKS-Most Gulf markets rise in early trade; Qatari stocks ease | NasdaqMost major markets in the Gulf traded higher early on Thursday, with Sipchem supporting the Saudi index, while Qatar bucked the trend to open lower to snap a three-session winning streak.Crude oil prices rose after vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply.Saudi Arabia's benchmark index rose 0.3%, with Al Rajhi Bank gaining 0.7%, while Sahara International Petrochemical Compan...
Tags: Travel, Saudi Arabia, Qatar, Iran, Dubai, Abu Dhabi, Yemen, Gulf, Dana Gas, Qatar Islamic Bank, Rupert Neil Bumfrey, Public Investment Fund, Sipchem, Al Rajhi Bank, First Abu Dhabi Bank, Sahara International Petrochemical Company Sipchem


#SaudiArabia's PIF signs $15 billion loan | Reuters

Saudi Arabia's PIF signs $15 billion loan | ReutersSaudi Arabia’s sovereign wealth fund, the Public Investment Fund, said on Wednesday it has signed a $15 billion multi-currency revolving credit facility with a group of 17 banks, which it said gives it access to extra capital that can be deployed quickly when needed.Reuters reported last month that PIF could raise between $13 billion and $15 billion, according to one source. Sources said the one-year facility could be renewed four times. [Au...
Tags: Travel, Saudi Arabia, Reuters, Rupert Neil Bumfrey, Public Investment Fund, ReutersSaudi Arabia


Domestic credit growth in #SaudiArabia to stay strong - S&P | ZAWYA MENA Edition

Domestic credit growth in Saudi Arabia to stay strong - S&P | ZAWYA MENA EditionDomestic credit growth in Saudi Arabia is likely to stay strong in 2021-2022, following the sharp 14 percent year-on-year increase in 2020, said S&P Global Ratings in a note Tuesday.“We anticipate solid mortgage and retail loan growth, supported by government efforts to meet Vision 2030 targets and strong demand for housing from Saudi nationals. Over the next couple of years, we forecast that mortgage portfolios will...
Tags: Travel, Saudi Arabia, Rupert Neil Bumfrey, Public Investment Fund, Saudiarabia


Middle East stocks: MidGulf markets dip as lender FAB, others go ex-div | Reuters

Middle East stocks: MidGulf markets dip as lender FAB, others go ex-div | ReutersMost major Gulf share markets traded in negative territory early on Tuesday as many stocks, notably First Abu Dhabi Bank, traded ex-dividend.The Abu Dhabi index fell 2.1% with FAB, falling 5.1%, roughly equivalent to the dividend payment.In Dubai, the index eased 0.7%, extending losses for a fourth consecutive session. Blue-chip developer Emaar Properties declined 1.9%, while Dubai Islamic Bank retreated 1.3%.Dubai’...
Tags: Travel, Saudi Arabia, Middle East, Dubai, Abu Dhabi, Gulf, Reuters, Salman, Emaar Properties, Rupert Neil Bumfrey, Dubai Islamic Bank, Barwa Real Estate, Saudi Basic Industries SABIC, Public Investment Fund, Al Rajhi Bank, First Abu Dhabi Bank


#Saudi PIF Investments to Spur Corporate Credit Growth, S&P Says - Bloomberg

Saudi PIF Investments to Spur Corporate Credit Growth, S&P Says - Bloomberg Investments by Saudi Arabia’s sovereign wealth fund will likely fuel corporate credit growth this year, according to S&P Global Ratings.The Public Investment Fund’s goals, particularly in sectors related to construction, are expected to “offset the gradual lifting” of government support during the pandemic, analysts including Roman Rybalkin wrote Monday.Saudi Arabia’s $400 billion fund is increasingly playing a major rol...
Tags: Travel, Saudi Arabia, Bloomberg, Rupert Neil Bumfrey, Public Investment Fund, Bloomberg Investments, Roman Rybalkin


#Saudi Wealth Fund PIF May Close Its Biggest-Ever Loan Deal This Week - Bloomberg

Saudi Wealth Fund PIF May Close Its Biggest-Ever Loan Deal This Week - Bloomberg Saudi Arabia’s sovereign wealth fund is set to close a deal for its biggest loan ever as soon as this week, according to people familiar with the matter.The Public Investment Fund is raising about $15 billion from a group of international banks to finance new investments, the people said, asking not to be identified as the information is private. The final bank group participating in the facility is still being dete...
Tags: Travel, Bloomberg, Pif, Saudi Aramco, Rupert Neil Bumfrey, Public Investment Fund, Bloomberg Saudi Arabia, Week Bloomberg


#Saudi Wealth Fund’s Lucid Windfall Will Make Up for Tesla Exit - Bloomberg

Saudi Wealth Fund’s Lucid Windfall Will Make Up for Tesla Exit - Bloomberg The second time proved the charm for Saudi Arabia’s foray into electric vehicles.The kingdom’s main sovereign wealth fund is sitting on paper gains of over 30-fold from its investment in Lucid Motors Inc., with the value of its stake set to rise as part of a deal to take the company public.The result is a boost for the $400 billion Public Investment Fund after missing out on an epic rally in Tesla Inc. shares when it sold...
Tags: Travel, Saudi Arabia, Lucid, Jeddah, Bloomberg News, SPAC, Mohammed bin Salman, Red Sea, Uber Technologies Inc, Mukesh Ambani, Rupert Neil Bumfrey, Public Investment Fund, Tesla Inc, Peter Rawlinson, Yasir al Rumayyan, Lucid Motors Inc


#Saudi Wealth Fund Commits $3 Billion to Build Mountain Resort - Bloomberg

Saudi Wealth Fund Commits $3 Billion to Build Mountain Resort - Bloomberg Soudah mountains in southern Saudi Arabia   Source: Soudah Development Co. Saudi Arabia’s sovereign wealth fund will invest almost $3 billion on a tourism project in a mountainous region near the kingdom’s border with Yemen.The Public Investment Fund will provide 11 billion riyals to Soudah Development Co., which will build 2,700 hotel rooms and 1,300 homes in an area that includes Al-Soudah, the tallest...
Tags: Travel, Saudi Arabia, Yemen, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Public Investment Fund, Almadani, Build Mountain Resort Bloomberg, Build Mountain Resort Bloomberg Soudah, Soudah Development Co, Al Soudah, Husameddin AlMadani Soudah


#Saudi Wealth Fund Bets on Startups With Hambro Perks Investment - Bloomberg

Saudi Wealth Fund Bets on Startups With Hambro Perks Investment - Bloomberg Saudi Arabia’s sovereign wealth fund is backing a Middle East venture-capital fund run by Hambro Perks Ltd., joining the trend for state investors in the region to put money into early-stage companies.The Public Investment Fund of Saudi Arabia is an anchor investor in the $50 million Oryx Fund, which will target fintech, health and education technology startups across the Middle East and North Africa, according to Domini...
Tags: Travel, London, Saudi Arabia, Middle East, Jada, North Africa, Oryx, Rupert Neil Bumfrey, Public Investment Fund, Hambro Perks Investment Bloomberg, Hambro Perks Investment Bloomberg Saudi Arabia, Hambro Perks Ltd, Dominic Perks co, Hambro Perks He, Hambro Perks Other, Saudi Venture Capital Co


#Saudi Wealth Fund’s Spending Programs Will Boost Banks, S&P Says - Bloomberg

Saudi Wealth Fund’s Spending Programs Will Boost Banks, S&P Says - Bloomberg Saudi Arabia’s banks are expected to benefit from the sovereign wealth fund’s spending spree this year, although low interest rates and a rollback of central bank support may weigh on profits, S&P Global Ratings said.“Mortgage origination will remain buoyant and corporate lending is likely to pick up as Public Investment Fund programs create business for contractors,” the ratings agency said in a report.The sovereign in...
Tags: Travel, Bloomberg, Pif, Rupert Neil Bumfrey, Public Investment Fund, Bloomberg Saudi Arabia


The ultimatum: #SaudiArabia pushes foreign companies to relocate from #Dubai to #Riyadh - tks @RiyadhBureau

The ultimatum: #SaudiArabia pushes foreign companies to relocate from #Dubai to #Riyadh - tks @RiyadhBureau From the Saudi Press Agency:An official source stated that the Kingdom of Saudi of Arabia intends to cease contracting with companies and commercial institutions with regional headquarters not located in the Kingdom. The cessation will include agencies, institutions and funds owned by the government and will take effect January 1st, 2024.The source stated that the decision aims to in...


#Saudi Wealth Fund Made $3.3 Billion Bet on Video-Game Makers - Bloomberg

Saudi Wealth Fund Made $3.3 Billion Bet on Video-Game Makers - Bloomberg Saudi Arabia’s sovereign wealth fund is pursuing investments in an industry long favored by Crown Prince Mohammed bin Salman: video games.The Riyadh-based Public Investment Fund acquired more than $3 billion worth of stock in three U.S. video-game makers during the fourth quarter, according to a regulatory filing. They include Activision Blizzard Inc., Electronic Arts Inc. and Take-Two Interactive Software Inc.The sovereign...
Tags: Travel, Bloomberg, Bloomberg Businessweek, Activision, Riyadh, Mohammed bin Salman, Take Two Interactive Software Inc, Rupert Neil Bumfrey, Public Investment Fund, Prince Mohammed, Bloomberg Saudi Arabia, MiSK Foundation, Samurai Shodown, Activision Blizzard Inc Electronic Arts Inc, Mohamed bin Salman Foundation, SNK Corp



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