Saudi Arabia Targets 70 Million International Tourists a Year - Bloomberg
Saudi Arabia has set itself the target of attracting 70 million international tourists a year by 2030, as it looks to accelerate an $800 billion plan to become a travel hotspot and one of the world’s most visited countries.
The kingdom has raised its goal from the previous one of 50 million visitors, Tourism Minister Ahmed Al Khateeb said in an interview. This year’s figure will end up being between 25 and 30 million, he said.
It’s “a very reasonable target” for the end of the decade given the sheer investment underway to create more resorts and a new airline to bring people to the country, he said.
Saudi Arabia, which until 2019 was largely closed off to tourists except Muslim pilgrims, is spending huge sums building hotels and resorts along the Red Sea coast. It’s also developing historical sites including the Al Ula desert region and Diriyah, the ancestral home of the Saudi ruling family.
The push for more holidaymakers is part of Crown Prince Mohammed bin Salman’s ambition to diversify the oil-dependent, $1.1 trillion economy. The de facto ruler wants tourism to account for 10% of gross domestic product by 2030, helping earn foreign currency from sources other than petroleum exports.
Thursday, 28 September 2023
#AbuDhabi group IHC sells out of two Adani companies | Financial Times
Abu Dhabi group IHC sells out of two Adani companies | Financial Times
Abu Dhabi conglomerate International Holding Company is to sell its stake in two of Indian tycoon Gautam Adani’s companies, in a blow to the business empire battling allegations of accounting fraud.
IHC announced in April 2022 that it was investing about $500mn each in renewables arm Adani Green Energy and power company Adani Transmission, and a further $1bn in the group’s flagship Adani Enterprises.
At the time, IHC’s chief executive Syed Basar Shueb described the decision to back Adani as a “long-term investment in India”, while Adani Green’s executive director Sagar Adani hailed it as “a start of a wider relationship between [t]he Adani Group and IHC”.
But the conglomerate, which is chaired by Sheikh Tahnoon bin Zayed al-Nahyan, one of the United Arab Emirates’ most powerful men, said on Thursday that it had found a buyer for its Adani Green and Transmission stakes.
The decision to exit the companies cuts IHC’s exposure to Adani’s companies by 50 per cent just 18 months after making the investments.
IHC said the Adani disposals were part of its “overall portfolio rebalancing strategy”, and that it was completing regulatory paperwork to complete the transaction with the unnamed buyer. The filing made no reference to its stake in Adani Enterprises.
Gulf shares dip on expectations for firm interest rates | Reuters
Gulf shares dip on expectations for firm interest rates | Reuters
Most Gulf equity markets dipped on Thursday, with investor confidence still fragile after the Federal Reserve's hawkish tone last week stoked expectations that U.S. rates will stay higher for longer, though Dubai edged up.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions, as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark stock index (.TASI) retreated 0.2% following its biggest gain in nearly four months on Wednesday, dragged down by financial and materials stocks.
Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, fell 1.2% and SABIC Agri-Nutrients (2020.SE) gave up 2.2%.
Oil behemoth and index heavyweight Saudi Aramco (2222.SE) was up 0.4%, however.
Aramco said on Thursday it had agreed to acquire a strategic minority stake in liquefied natural gas company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
The Qatari benchmark stock index (.QSI) extended the previous session's loss to finish 0.1% lower, with financial and industrial stocks acting as a major drag on the index.
Qatar National Bank (QNBK.QA), the Gulf's biggest lender, dropped 1.5%, and Qatar Navigation (QNNC.QA) lost more than 1.8%.
In Abu Dhabi, the benchmark index (.FTFADGI) was down 0.3% in its fourth negative day, led by a 2% slide in Abu Dhabi National Energy (TAQA.AD) and a 1.6% decline in Alpha Dhabi Holding (ALPHADHABI.AD).
Dubai's main share index (.DFMGI) however rose 0.5%, boosted by solid gains in property and industrial stocks.
Blue-chip developer Emaar Properties (EMAR.DU) climbed 4.4% and district cooling provider Emirates Central Cooling Systems Corporation (EMPOWER.DU) rose 3.8%.
Stock markets in Oman, Kuwait and Egypt are closed for a public holiday.
Most Gulf equity markets dipped on Thursday, with investor confidence still fragile after the Federal Reserve's hawkish tone last week stoked expectations that U.S. rates will stay higher for longer, though Dubai edged up.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions, as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark stock index (.TASI) retreated 0.2% following its biggest gain in nearly four months on Wednesday, dragged down by financial and materials stocks.
Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, fell 1.2% and SABIC Agri-Nutrients (2020.SE) gave up 2.2%.
Oil behemoth and index heavyweight Saudi Aramco (2222.SE) was up 0.4%, however.
Aramco said on Thursday it had agreed to acquire a strategic minority stake in liquefied natural gas company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
The Qatari benchmark stock index (.QSI) extended the previous session's loss to finish 0.1% lower, with financial and industrial stocks acting as a major drag on the index.
Qatar National Bank (QNBK.QA), the Gulf's biggest lender, dropped 1.5%, and Qatar Navigation (QNNC.QA) lost more than 1.8%.
In Abu Dhabi, the benchmark index (.FTFADGI) was down 0.3% in its fourth negative day, led by a 2% slide in Abu Dhabi National Energy (TAQA.AD) and a 1.6% decline in Alpha Dhabi Holding (ALPHADHABI.AD).
Dubai's main share index (.DFMGI) however rose 0.5%, boosted by solid gains in property and industrial stocks.
Blue-chip developer Emaar Properties (EMAR.DU) climbed 4.4% and district cooling provider Emirates Central Cooling Systems Corporation (EMPOWER.DU) rose 3.8%.
Stock markets in Oman, Kuwait and Egypt are closed for a public holiday.
#Dubai’s Emaar in Talks to Build Housing Projects in #SaudiArabia - Bloomberg
Dubai’s Emaar in Talks to Build Housing Projects in Saudi Arabia - Bloomberg
Emaar Properties PJSC, the Dubai-based builder of the world’s tallest tower, is exploring opportunities to develop housing communities in neighboring Saudi Arabia where an oil-fueled construction boom is underway.
The developer is in talks with the kingdom’s housing ministry to build large mixed-use developments, according to Emaar founder Mohamed Alabbar. Emaar could start working on a 4,000-unit housing project if they reach an agreement, he said.
“We’re in serious discussions with the ministry of housing on working together,” Alabbar said in an interview in Abu Dhabi. “We’re quite active” and “we have stuff we’re looking at.”
Saudi Arabia is drawing the attention of international developers and builders amid a state-push to boost homeownership in the kingdom. Construction contracts worth $250 billion have been awarded in the country since 2016 as the oil producer seeks to transform itself into a top tourism destination and end its reliance on revenue from hydrocarbons.
Emaar Properties PJSC, the Dubai-based builder of the world’s tallest tower, is exploring opportunities to develop housing communities in neighboring Saudi Arabia where an oil-fueled construction boom is underway.
The developer is in talks with the kingdom’s housing ministry to build large mixed-use developments, according to Emaar founder Mohamed Alabbar. Emaar could start working on a 4,000-unit housing project if they reach an agreement, he said.
“We’re in serious discussions with the ministry of housing on working together,” Alabbar said in an interview in Abu Dhabi. “We’re quite active” and “we have stuff we’re looking at.”
Saudi Arabia is drawing the attention of international developers and builders amid a state-push to boost homeownership in the kingdom. Construction contracts worth $250 billion have been awarded in the country since 2016 as the oil producer seeks to transform itself into a top tourism destination and end its reliance on revenue from hydrocarbons.
#Saudi Aramco to buy stake in EIG's MidOcean Energy to tap into LNG | Reuters
Saudi Aramco to buy stake in EIG's MidOcean Energy to tap into LNG | Reuters
Saudi Arabia's oil group Aramco (2222.SE) said on Thursday it had agreed to acquire a strategic minority stake in liquefied natural gas company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
MidOcean is owned and managed by U.S. investment firm EIG Partners, which led a consortium to buy a 49% stake in Aramco's oil pipelines business in 2021, a deal that raised $12.4 billion for Aramco.
"This is an important step in Aramco's strategy to become a leading global LNG player," Aramco Upstream President Nasir K. al-Naimi said in a statement, which did not disclose the size of the stake.
"MidOcean Energy is well-equipped to capitalise on rising LNG demand, and this strategic partnership reflects our willingness to work with leading international players," he added.
MidOcean is in the process of buying interests in four LNG projects in Australia as part of its growth strategy to create a global LNG business, the statement said.
Saudi Arabia's oil group Aramco (2222.SE) said on Thursday it had agreed to acquire a strategic minority stake in liquefied natural gas company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
MidOcean is owned and managed by U.S. investment firm EIG Partners, which led a consortium to buy a 49% stake in Aramco's oil pipelines business in 2021, a deal that raised $12.4 billion for Aramco.
"This is an important step in Aramco's strategy to become a leading global LNG player," Aramco Upstream President Nasir K. al-Naimi said in a statement, which did not disclose the size of the stake.
"MidOcean Energy is well-equipped to capitalise on rising LNG demand, and this strategic partnership reflects our willingness to work with leading international players," he added.
MidOcean is in the process of buying interests in four LNG projects in Australia as part of its growth strategy to create a global LNG business, the statement said.
Lucid opens first international EV factory in #SaudiArabia
Lucid opens first international EV factory in Saudi Arabia
Electric-vehicle maker Lucid Group said on Wednesday it had opened its first international manufacturing plant in Saudi Arabia's Jeddah city, under a deal designed to further the Middle Eastern country's electrification push.
Lucid announced plans for the Jeddah factory last year and said the kingdom had signed an agreement to buy up to 100,000 vehicles from the company over 10 years.
Saudi's sovereign wealth fund, Lucid's largest shareholder, has been tasked with driving the kingdom's ambitious plan to reduce reliance on oil revenue as it ventures into an EV industry dominated by countries like China and the United States.
In 2022, the kingdom launched its first EV brand Ceer and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant.
Electric-vehicle maker Lucid Group said on Wednesday it had opened its first international manufacturing plant in Saudi Arabia's Jeddah city, under a deal designed to further the Middle Eastern country's electrification push.
Lucid announced plans for the Jeddah factory last year and said the kingdom had signed an agreement to buy up to 100,000 vehicles from the company over 10 years.
Saudi's sovereign wealth fund, Lucid's largest shareholder, has been tasked with driving the kingdom's ambitious plan to reduce reliance on oil revenue as it ventures into an EV industry dominated by countries like China and the United States.
In 2022, the kingdom launched its first EV brand Ceer and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant.
Unemployment among #Saudi s falls to 8.3% in Q2 | Reuters
Unemployment among Saudis falls to 8.3% in Q2 | Reuters
Joblessness among citizens in Saudi Arabia declined to 8.3% in the second quarter, down from 8.5% in the previous quarter and 9.7% in the same period a year ago, official data published on Thursday showed.
The overall rate of unemployment - which includes foreign nationals - stood at 4.9% in Q2, down from 5.8% in the prior year period, data from General Authority for Statistics showed.
Foreign nationals comprise just over 40% of the kingdom's total population according to the latest census, the majority of whom need an employment contract to live there.
The unemployment rate for female citizens - who have seen certain freedoms expanded under the crown prince - fell to 15.7%, from 19.3% a year ago, although the jobless rate among males remained almost the same from last year and stood at 4.6% in Q2.
Joblessness among citizens in Saudi Arabia declined to 8.3% in the second quarter, down from 8.5% in the previous quarter and 9.7% in the same period a year ago, official data published on Thursday showed.
The overall rate of unemployment - which includes foreign nationals - stood at 4.9% in Q2, down from 5.8% in the prior year period, data from General Authority for Statistics showed.
Foreign nationals comprise just over 40% of the kingdom's total population according to the latest census, the majority of whom need an employment contract to live there.
The unemployment rate for female citizens - who have seen certain freedoms expanded under the crown prince - fell to 15.7%, from 19.3% a year ago, although the jobless rate among males remained almost the same from last year and stood at 4.6% in Q2.
Allianz to sell 51% stake in Allianz #Saudi Fransi to ADNIC | Reuters
Allianz to sell 51% stake in Allianz Saudi Fransi to ADNIC | Reuters
German insurer Allianz (ALVG.DE) said on Thursday that it has entered into a binding agreement to sell its 51% stake in Allianz Saudi Fransi (8040.SE) (AzSF) in Saudi Arabia to ADNIC (ADNIC.AD), as the Munich-based group looks to streamline its primary insurance operations in the Middle East.
Subject to regulatory approvals, the transaction is expected to be completed in a few months, the German company said.
Employees and customers of AzSF will not be affected by the transaction, the company added.
German insurer Allianz (ALVG.DE) said on Thursday that it has entered into a binding agreement to sell its 51% stake in Allianz Saudi Fransi (8040.SE) (AzSF) in Saudi Arabia to ADNIC (ADNIC.AD), as the Munich-based group looks to streamline its primary insurance operations in the Middle East.
Subject to regulatory approvals, the transaction is expected to be completed in a few months, the German company said.
Employees and customers of AzSF will not be affected by the transaction, the company added.
Gulf shares up in early trade on stronger oil prices | Reuters
Gulf shares up in early trade on stronger oil prices | Reuters
Stock markets in the Gulf advanced in early trade on Thursday, as oil prices jumped amid tight global supplies and a drop in crude stocks in the United States.
Oil prices - a catalyst for Gulf's financial markets - scaled one-year highs on Thursday, with a big drop in U.S. crude stocks stoking concern that fuel demand is outstripping production.
Brent crude was up 0.88% to $97.45 a barrel at 0750 GMT.
Saudi Arabia's benchmark stock index (.TASI) was up 0.5%, helped by gains in almost all sectors, with Riyad Bank (1010.SE) rising 1.6% and Saudi Aramco (2222.SE) adding 0.7%.
China's privately controlled Jiangsu Eastern Shenghong Co Ltd (000301.SZ) said on Wednesday it had struck a preliminary deal with Saudi Aramco for the Middle Eastern oil major to become a minority stakeholder in its refining and petrochemical unit.
Dubai's benchmark stock index (.DFMGI) rose 0.2% in early trade, with Emaar Properties (EMAR.DU) climbing 3.4% and Emaar Development (EMAARDEV.DU) surging 2.5%.
The emirate's largest lender Emirates NBD (ENBD.DU) gained 0.6%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) advanced 0.2%, aided by a 2% surge in Abu Dhabi Islamic Bank (ADIB.AD) and a 1.2% gain in Aldar Properties (ALDAR.AD).
The UAE's largest lender, First Abu Dhabi Bank (FAB.AD), added 0.4%.
In Qatar, the benchmark index (.QSI) rose 0.4%, with almost all sectors in the green.
Industries Qatar (IQCD.QA) and Ooredoo (ORDS.QA) climbed 1.1% and 1.6% respectively.
Stock markets in Oman, Kuwait and Egypt are closed for a public holiday.
Stock markets in the Gulf advanced in early trade on Thursday, as oil prices jumped amid tight global supplies and a drop in crude stocks in the United States.
Oil prices - a catalyst for Gulf's financial markets - scaled one-year highs on Thursday, with a big drop in U.S. crude stocks stoking concern that fuel demand is outstripping production.
Brent crude was up 0.88% to $97.45 a barrel at 0750 GMT.
Saudi Arabia's benchmark stock index (.TASI) was up 0.5%, helped by gains in almost all sectors, with Riyad Bank (1010.SE) rising 1.6% and Saudi Aramco (2222.SE) adding 0.7%.
China's privately controlled Jiangsu Eastern Shenghong Co Ltd (000301.SZ) said on Wednesday it had struck a preliminary deal with Saudi Aramco for the Middle Eastern oil major to become a minority stakeholder in its refining and petrochemical unit.
Dubai's benchmark stock index (.DFMGI) rose 0.2% in early trade, with Emaar Properties (EMAR.DU) climbing 3.4% and Emaar Development (EMAARDEV.DU) surging 2.5%.
The emirate's largest lender Emirates NBD (ENBD.DU) gained 0.6%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) advanced 0.2%, aided by a 2% surge in Abu Dhabi Islamic Bank (ADIB.AD) and a 1.2% gain in Aldar Properties (ALDAR.AD).
The UAE's largest lender, First Abu Dhabi Bank (FAB.AD), added 0.4%.
In Qatar, the benchmark index (.QSI) rose 0.4%, with almost all sectors in the green.
Industries Qatar (IQCD.QA) and Ooredoo (ORDS.QA) climbed 1.1% and 1.6% respectively.
Stock markets in Oman, Kuwait and Egypt are closed for a public holiday.