Friday, April 25
18:51
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Riyadh

Investment

Saudi Aramco Unit Invests in Medtech Innovator Cispoly

Saudi Aramco's investment arm, Prosperity7 Ventures, has placed a strategic bet on the medtech industry by funding Cispoly, a Chinese startup specializing in the detection of gynecological cancers. Prosperity7 Ventures spearheaded the Series B investment round which successfully amassed over 100 million yuan ($14 million). The funding effort also saw contributions from Sunland Fund, a returning investor. These financial endorsements...

Saudi Arabia’s Push to Become a Tech and Business Hub

Saudi Arabia is undertaking a massive economic overhaul, aiming to recast itself as a major player in the global business and high-tech sectors. By committing over $3.2 trillion, the kingdom is strategically diversifying its economy, preparing for a future where oil may no longer be the dominant revenue source. Despite the region's volatile political landscape, with ongoing tensions from the...

Strategic Investment Bolsters Saudi Aviation: PIF Backs Saudia Technic

In a pivotal move toward enhancing its aviation sector, the Public Investment Fund (PIF) has declared its intention to channel funds into Saudia Technic, an arm of the Saudia Group. This firm, formerly known as Saudia Aerospace Engineering Industries, has a rich history in the region, established since the 1960s. It provides a broad scope of aviation maintenance, repair, and...

Saudi Aramco’s Subsidiary Backs Chinese Health Tech Firm

In a strategic move, Aramco Ventures, an affiliate of the globe's preeminent oil producer Saudi Aramco, has disclosed a significant investment in the Chinese health tech sector. The venture arm will channel 100 million yuan, equivalent to approximately US$14 million, into Shenzhen Cispoly Bio-Tec, a pioneering enterprise specializing in diagnostic technologies. This financial endorsement is a testament to the company's...

Asian Markets Experience Modest Gains

In a recent trading session, Asian stock markets saw a mostly positive trend, with key indices making modest advancements. The Nikkei 225 in Tokyo experienced a slight increase of 0.3%, reaching 33,254.03, signaling investor confidence in the market. Similarly, the Taiex in Taiwan reported a marginal gain of 0.1%, indicating steady yet cautious trading activity. Meanwhile, the SET index in...

Saudi Fund for Development Inaugurates Key Agricultural Venture in Mauritania

In a significant move towards bolstering agricultural productivity and food security in Mauritania, the Saudi Fund for Development (SFD) marked the commencement of the Arkiz Agricultural Project. This initiative has received substantial financial backing through a development loan of $34 million from the SFD. The inauguration event was graced by notable figures including Mohamed Ould Cheikh El Ghazouni, the President...

Strategic Shift Looms as Arab Fund Eyes Full Ownership of AC Milan

A strategic move is underway in the football business arena as an investment fund with ties to the Saudi Arabian Public Investment Fund is reportedly devising a strategy to secure complete ownership of the renowned football club, AC Milan, from Gerry Cardinale and his firm, RedBird Capital Group. Insights from La Repubblica suggest that the investment fund could assume the...

Boosting Saudi Arabia’s MRO Sector: PIF Invests in Saudia Technic

The Public Investment Fund (PIF) of Saudi Arabia has entered into a strategic investment with Saudia Technic, a branch of the prominent Saudia Group. This move is aimed at amplifying the country's revenue streams beyond oil and fostering economic diversification. Saudia Technic, once known as Saudia Aerospace Engineering Industries, specializes in a comprehensive range of aviation maintenance, repair, and overhaul...

Saudi Arabia Boosts MRO Industry with Significant Investment

The Public Investment Fund (PIF) of Saudi Arabia has disclosed plans for a substantial capital infusion into the nation's MRO sector, seeking to upgrade Saudia Technic and establish a specialized MRO village. This initiative aims to propel the country's maintenance, repair, and overhaul (MRO) capabilities forward. This investment will be pivotal in fostering the growth of Saudi Arabia's MRO sector,...

Riyadh’s Sports Boulevard Sets Milestone with SAR 1 Billion Real Estate Fund

The Sports Boulevard Foundation (SBF) has established a pioneering alliance with Ajdan real estate development company and Albilad Capital, unveiling a private mixed-use real estate fund of SAR 1 billion. This fund is dedicated to the development of private plots situated within the Arts District, which is part of the eight distinct zones of the Sports Boulevard project. Designed as...

U.S.-Backed Fund Manager Seeks Approval for First Mutual Fund to Track Saudi Arabian Stock Market

What’s new: A U.S.-backed fund manager is seeking regulatory approval for what may become the first mutual fund available to Chinese mainland investors that tracks the Saudi Arabian stock market. The China Securities Regulatory Commission on Wednesday received an application from Huatai-PineBridge Fund Management Co. Ltd. to register a mutual fund that would invest in the CSOP Saudi Arabia ETF,...

Saudi Arabia’s Public Investment Fund in Talks to Finance Second IPL

Saudi Arabia’s Public Investment Fund (PIF) is engaged in advanced negotiations to finance a second Indian Premier League (IPL) that would be held annually in the autumn, potentially posing a significant threat to international cricket. The Board of Control for Cricket in India (BCCI) has been considering launching a second franchise competition for many years, and discussions with PIF representatives...

Saudi Arabia and China Strengthen Aquaculture Investments

Investments in the aquaculture sector between Saudi Arabia and China are set to grow as discussions took place at the Global Investment Promotion Conference in Shenzhen, China. Representatives from Saudi Arabia's Ministry of Environment, Water, and Agriculture engaged with specialized Chinese firms to explore and expand opportunities in the sector. The conference aimed to showcase investment prospects in Saudi Arabia's...

Yasir Al-Rumayyan: Most Influential Person in Sports Business 2023

SBJ's Most Influential People in Sports Business for 2023 highlights Yasir Al-Rumayyan, the governor of Saudi Arabia's Public Investment Fund (PIF), as the top figure reshaping the industry. Al-Rumayyan's global influence spans various sports, including golf, soccer, combat sports, and motorsports, solidifying his position as the most influential person in sports business for 2023. In an op-ed by SBJ's Abe...

Saudi Arabia Grants 83.9% More Industrial Licenses in Q3

Saudi Arabia has witnessed a significant increase in industrial licenses granted in the third quarter, with a surge of 83.9% compared to the same period last year, according to data from the Investment Ministry. This growth is attributed to the government's efforts to enhance the competitiveness of the industrial environment, promote local content, and support domestically manufactured products. The rise...

Saudi Arabia to Invest $100 Million to Boost Tourism and Aviation

Saudi Arabia's General Authority of Civil Aviation (GACA) has revealed plans to invest $100 million in order to further enhance the country's tourism efforts and aviation strategy. The investment aligns with Vision 2030, Saudi Arabia's long-term economic development plan. The announcement was made by Abdulaziz Al-Duailej, the president of GACA, during the 15th International Conference on Air Services Negotiations in...

Saudi Arabia’s NEOM Investment Fund Acquires 6% Stake in Technogym

Saudi Arabia NEOM Investment Fund (NIF) has announced its acquisition of a 6% stake in Technogym, the Italian fitness equipment maker. The investment, totaling €111 million ($120.83 million), establishes NIF as a long-term minority shareholder in Technogym. In a reverse accelerated bookbuilding operation, NIF purchased 8.8 million shares from other investors and entered a derivative solution for the purchase of...

Saudi Arabia to Begin Construction on $7 Billion Terrestrial Bridge Project

Saudi Arabia to Begin Construction on $7 Billion Terrestrial Bridge Project

Saudi Arabia is poised to undertake a grandiose venture, connecting its eastern and western coasts through an extensive terrestrial bridge. Spanning an extraordinary 1300 km, this project is expected to stand as a momentous achievement in the kingdom's path of growth. The esteemed company "SAR" has been entrusted with the execution of this awe-inspiring endeavor, which comes with a staggering...