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Saudi Arabia has partially opened the Riyadh metro system in an effort to modernize the capital and alleviate heavy traffic congestion. Three lines, including one to the main airport, have begun operations, with three more routes set to open gradually by January 5. The metro project is part of Crown Prince Mohammed bin Salman's plan to diversify the Saudi economy and attract more visitors, with a goal of growing Riyadh's population to 10 million by 2030. The system, with a budgeted cost of $35 billion, is expected to transport over 3.6 million passengers daily once fully completed. [Extracted from the article]

Saudi Arabia's largest chemical company, Sabic, reported lower-than-expected profits in the third quarter due to challenges such as overcapacity and weak demand in the industry. Despite an increase in revenue and profit compared to the previous year, higher feedstock costs and lower selling prices impacted Sabic's performance. The company's CEO highlighted ongoing struggles with overcapacity and export challenges to Europe, while industry giants like BASF SE and LyondellBasell Industries also face similar issues. Sabic remains cautiously optimistic about stable demand in the current quarter, with a focus on managing costs and maintaining a strong financial position amidst industry uncertainties. [Extracted from the article]

Saudi Arabia's largest chemical company, Sabic, reported a profit of 1 billion riyals in the third quarter, falling short of analysts' estimates. The industry is facing challenges due to overcapacity, low utilization rates, and margin pressure. Despite an increase in revenue, Sabic's profit was impacted by lower selling prices. The company's strong balance sheet may help it weather the slow industry recovery. Saudi Aramco, Sabic's majority owner, is also facing challenges in the industry. Sabic's credit rating remains stable, with Fitch Ratings citing geographic diversification and a conservative financial profile as strengths. [Extracted from the article]

The Middle East's largest broadcaster, MBC Group, saw a 10% increase in its stock price in Saudi Arabia after the country's sovereign wealth fund, PIF, agreed to purchase a majority stake in the company for approximately $2 billion. The deal involves the PIF acquiring 54% of MBC Group from the Saudi Ministry of Finance, with the finance ministry transferring its stake to the PIF at the closing share price of 41.60 riyals per share. This move is part of a broader trend of government assets being transferred to Saudi Arabia's sovereign wealth fund, which is driving economic diversification projects under Crown Prince Mohammed bin Salman's Vision 2030 agenda. [Extracted from the article]

The Middle East's largest broadcaster, MBC Group, experienced a 10% surge in Saudi Arabia after the Saudi sovereign wealth fund, PIF, agreed to purchase a majority stake in the company for approximately $2 billion. The PIF will acquire 54% of MBC Group from the Saudi Ministry of Finance, with the finance ministry transferring its stake at the closing share price of 41.60 riyals per share. This move is part of the PIF's strategy to diversify Saudi Arabia's economy under Crown Prince Mohammed bin Salman's Vision 2030 agenda. [Extracted from the article]

Red Sea Global Co., a Saudi developer, plans to invest an additional $27 billion by 2030 in luxury resort projects along the Red Sea coast to attract more tourists to the kingdom. The Red Sea project, covering 28,000 square kilometers, aims to have 24 fully operational resorts by the end of 2025. The project is fully owned by the state's sovereign wealth fund and is part of Saudi Arabia's efforts to become a top tourism destination, with a goal of attracting 150 million tourists annually by 2030. [Extracted from the article]

Saudi Aramco's venture arm, Wa'ed Ventures, has allocated $100 million to invest in artificial intelligence startups to enhance Saudi Arabia's global competitiveness in AI. The company has formed an advisory board with former employees from Meta Platforms Inc. and Amazon.com Inc. to focus on early-stage investments in the sector over the next three years. This investment aims to support local entrepreneurs and attract global talent, aligning with Saudi Arabia's Vision 2030 goal of economic diversification through data and AI utilization. [Extracted from the article]

Saudi Arabia-based United Electronics Co., known as Extra, is planning to list a 30% stake in its financial services unit on the Saudi main market. The subsidiary, United International Holding Co., which owns Tasheel Finance, will float 7.5 million shares, with all proceeds going to Extra. The offering is being arranged by HSBC Saudi Arabia and EFG Hermes KSA, and follows a trend of significant share sales in Saudi Arabia this year, including Saudi Aramco's $11.2 billion secondary offering in July. Tasheel Finance, established in 2019, saw a profit of 59 million riyals ($15.7 million) in the third quarter, reflecting an 11% year-on-year growth. [Extracted from the article]

Saudi Arabia-based United Electronics Co., known as Extra, is planning to list a 30% stake in its financial services unit on the Saudi main market. The subsidiary, United International Holding Co., which owns Tasheel Finance, will float 7.5 million shares, with all proceeds going to Extra. The offering will be arranged by HSBC Saudi Arabia and EFG Hermes KSA, and follows a trend of increased IPO activity in Saudi Arabia, including a $15 billion share sales this year. Tasheel Finance, established in 2019, saw a profit of 59 million riyals ($15.7 million) in the third quarter, showing 11% growth year on year. [Extracted from the article]

Saudi Arabia's King Salman bin Abdulaziz has recovered from a lung inflammation that he was treated for in May. The 88-year-old monarch underwent medical tests and has since recovered, according to the Saudi Press Agency. King Salman's health is closely monitored for any potential impact on the country's oil policies and international relations, although Crown Prince Mohammed bin Salman is considered the de facto ruler. The 39-year-old prince handles most day-to-day affairs and is next in line to the throne. [Extracted from the article]

Saudi Arabia's King Salman bin Abdulaziz has recovered from a lung inflammation that he experienced in May. The 88-year-old monarch underwent medical tests and has since recovered. King Salman's health is closely monitored due to its potential impact on the country's oil policies and international relations, although Crown Prince Mohammed bin Salman is considered the de facto ruler. The crown prince, also known as MBS, handles most day-to-day affairs and is next in line to the throne. [Extracted from the article]

Saudi Arabia is reportedly planning to invest billions of dollars in hydrogen production and has created a new company called Energy Solutions Co. to finance green hydrogen power production. The Public Investment Fund expects the firm to invest at least $10 billion, with potential for further investment depending on demand and the investment pipeline. The new company is expected to be led by Cord Landsmann, the former CEO of Thyssenkrupp Uhde. Saudi Arabia aims to become a major producer of hydrogen, particularly green hydrogen, as it looks to reduce its reliance on oil sales while remaining a global energy supplier. However, producing green hydrogen is expensive and faces challenges in terms of infrastructure and transportation. Saudi Arabia wants to avoid losing out on the hydrogen business to other countries and plans to provide 15% of global blue hydrogen production in addition to investing in green hydrogen. [Extracted from the article]

The Saudi stock market is experiencing a decline in the fourth quarter due to escalating regional tensions. The Tadawul All Share Index has dropped 3.7% in the first four trading days of October, erasing its year-to-date gain. Investors are concerned about the possibility of further conflict and the impact on crude prices, which are crucial for Saudi Arabia's economic diversification. Some experts predict that the market will remain under pressure in the short-term, while others see the selloff as an opportunity. The situation highlights the country's reliance on energy revenues and the need to recalibrate investment plans. [Extracted from the article]

Saudi Arabia is reportedly planning to invest billions of dollars in hydrogen production and has created a new company called Energy Solutions Co. to finance green hydrogen power production. The Public Investment Fund expects the firm to invest at least $10 billion, with potential for further investment depending on demand and the investment pipeline. The new company is expected to be led by Cord Landsmann, the former CEO of Thyssenkrupp Uhde. Saudi Arabia aims to become a major producer of hydrogen as it looks to reduce its reliance on oil sales while remaining a global energy supplier. The country wants to provide 15% of global blue hydrogen production and invest in green hydrogen. However, producing green hydrogen is expensive and faces challenges in terms of infrastructure and transportation. Saudi Arabia wants to compete with China, Europe, and Australia in the hydrogen market. [Extracted from the article]

The Saudi stock market is experiencing a decline in the fourth quarter due to escalating regional tensions. The Tadawul All Share Index has dropped 2.2% in the first three trading days of October, erasing its year-to-date gain. Investors are concerned about the possibility of further conflict and the impact of low oil prices on the Saudi economy. Some experts predict that the market will remain under pressure in the short-term, while others see the selloff as an opportunity. The price of oil will continue to be a key factor in the market's performance. [Extracted from the article]

Saudi Arabia's foreign direct investment (FDI) has stagnated in the first half of 2024, indicating challenges in attracting cash to support the country's economic transformation plan. FDI inflows amounted to $9.7 billion, slightly higher than the previous year. The kingdom aims to achieve FDI inflows of $29 billion this year, but major investments and deals outside of the energy sector have been slow to materialize. High barriers to entry and reputation risk are cited as key challenges. The country has introduced reforms to its investment laws to encourage more foreign capital, but weak FDI remains a problem. [Extracted from the article]

Saudi Arabia has partnered with Topgolf Callaway Brands Corp. to build new golf facilities in the country and promote the sport locally. Golf Saudi, the commercial development arm of the country's golf federation, plans to construct three Topgolf venues by 2028, with the potential for two more in the future. As part of the agreement, Golf Saudi will also become a distributor for TopGolf brands. This move is part of Saudi Arabia's broader efforts to invest in global sports, including golf and football, and enhance its sports infrastructure. [Extracted from the article]

Saudi Arabian Mining Co. (Maaden) is in talks to sell its subsidiaries, Maaden Aluminium Co. and Maaden Bauxite and Alumina Co., to Aluminium Bahrain B.S.C. (Alba) in exchange for shares in Alba. The companies also plan to seek a cross-listing of Alba shares on the Saudi stock exchange. This partnership would make the combined company one of the world's largest aluminum producers. Maaden's CEO, Bob Wilt, believes that this partnership will enhance their competitive edge and provide a more reliable supply of aluminum. Maaden is also playing a significant role in Saudi Arabia's strategy to become a key supplier of metals and minerals for the energy transition. [Extracted from the article]

Saudi Arabian Mining Co. (Maaden) is in talks to sell its subsidiaries, Maaden Aluminium Co. and Maaden Bauxite and Alumina Co., to Aluminium Bahrain B.S.C. (Alba) in exchange for shares in Alba. The companies also plan to cross-list Alba shares on the Saudi stock exchange. This partnership would make the combined company one of the world's largest aluminum producers. Maaden's CEO, Bob Wilt, believes that this partnership will enhance their competitive edge and provide a more reliable supply of aluminum. Maaden's role in Saudi Arabia's strategy to become a key supplier of metals and minerals for the energy transition is also highlighted. [Extracted from the article]

Saudi Arabia has launched $1.3 trillion in real estate and infrastructure projects over the past eight years as part of its plan to diversify the economy away from oil and become a more attractive place to live, work, and travel. The projects include over a million residential units and mega developments such as Neom on the Red Sea coast. The largest chunk of the money has gone to Neom, with other significant projects including the National Housing Co., the development of Diriyah Gate, and the entertainment city of Qiddiya. The kingdom aims to draw in $100 billion in foreign direct investment by 2030 and hopes to host 150 million tourists a year by that same timeline. [Extracted from the article]

Saudi fintech company Tabby's acquisition of startup Tweeq has generated excitement among venture capitalists interested in investing in the Saudi Arabian market. The deal signifies the maturation of Saudi Arabia's startup market and offers potential exit strategies for investors. Saudi Arabia has become a prominent market for venture capital, raising over $400 million in funds in the first half of 2024 and surpassing the UAE as the top destination for VC investment in the Middle East. The country is expected to see increased M&A activity in the next few years, providing opportunities for startups to achieve exits. [Extracted from the article]

Saudi Arabia is implementing new measures to attract foreign investors and establish itself as the premier investment hub in the Middle East. The country plans to introduce a simplified registration process for investors, eliminating the need for multiple licenses and pre-approvals. The updated law will provide equal treatment for foreigners and locals, freedom to manage investments and repatriate funds, and the ability to appeal penalties and violations. However, the success of these measures will depend on how the laws are implemented. Saudi Arabia faces competition from other financial centers in the region, such as Dubai and Abu Dhabi. The country aims to increase its annual foreign direct investment to over $100 billion by 2030. [Extracted from the article]

Arabian Mills for Food Products Co. has successfully completed its initial public offering (IPO) in Saudi Arabia, with the offering being fully covered within an hour of books opening. The company plans to raise up to $271 million by selling a 30% stake on the local Saudi stock exchange. Institutional investors have covered the order book throughout the price range, and the final pricing is expected on September 11. This IPO follows the successful offerings of other Saudi companies, indicating a strong investor appetite in the kingdom's IPO market. Arabian Mills is the fourth Saudi flour milling company to go public after the government privatized the industry. [Extracted from the article]

Saudi Arabia has expressed interest in potentially hosting the Olympic Games as part of its efforts to diversify its economy and invest in sports. Prince Faisal bin Bandar bin Sultan Al Saud, chairman of the Saudi Esports Federation, stated that hosting the Olympics is a logical step for the country, but emphasized the need to be ready. The kingdom has already secured a 12-year deal with the International Olympic Committee to host the inaugural Esports Olympics in 2025 and is set to host the Asian Winter Games in 2029. Crown Prince Mohammed bin Salman has prioritized sports, entertainment, and tourism as part of Saudi Arabia's economic transformation. [Extracted from the article]

The Saudi stock exchange is seeking to attract Asian investors in order to increase activity in the Middle East's largest market. The Saudi Tadawul Group Holding Co. is particularly focused on connecting Chinese and Saudi investment flows, as this would benefit both exchanges and investors, as well as improve the liquidity of listed companies. This push for Asian investment is evident in the recent debut of two exchange-traded funds focused on Saudi Arabian stocks in Shanghai and Shenzhen. The Saudi bourse is also interested in tapping into the large amount of investment dollars available from Chinese, Indian, and other Asian investors. The company is looking to expand its presence in debt markets, commodities, indexes, data and analytics, as well as custody, settlement, and other post-trading activities. In order to compete internationally, the Saudi stock exchange anticipates engaging in more mergers and acquisitions, partnerships, and collaborations. [Extracted from the article]

Saudi Arabia has announced new business regulations aimed at attracting more foreign investment to support economic diversification. The updated investment law guarantees investor rights, including the rule of law, fair treatment, and the freedom to transfer funds without delay. Foreign investor licenses will be replaced with a simplified registration process, and service centers will be established to expedite the investment process. The country aims to bring in over $100 billion in foreign direct investment annually by 2030 to develop new industries and create jobs. The updated law takes international practices into account and was developed with input from global investors and organizations. [Extracted from the article]

Saudi Aramco's venture arm, Wa'ed Ventures, has invested $15 million in South Korean chipmaker Rebellions Inc. The investment is part of Saudi Arabia's efforts to accelerate the AI industry in the country. Rebellions is collaborating with Samsung Electronics to develop its proprietary chip for the generative artificial intelligence market. The funding will be used by Rebellions to establish a subsidiary in Saudi Arabia and launch operations there. Saudi Arabia has become a hub for startup activity in the Middle East, raising $412 million in VC funding in the first half of 2024. [Extracted from the article]

Dubai-based Gulf Islamic Investments (GII) has raised $100 million from investors, including Saudi Arabia's Al Nahdi Family Office, to expand its private equity business in the Middle East and India. GII manages around $4.5 billion in assets and has been pursuing deals in the medical and logistics sectors in the Gulf region. The Al Nahdi family, founders of Saudi Arabia's largest pharmacy retail chain, will join other investors in injecting growth capital into GII. The family office invests across various sectors, including healthcare, education, clean energy, and artificial intelligence. [Extracted from the article]

Saudi Arabia ranked second in the emerging-market venture capital space in the first half of 2024, behind Singapore. Software startup Salla raised $130 million during this period, contributing to Saudi Arabia's venture capital fundraising total of $412 million, the highest in the Middle East and North Africa. However, startup funding in the MENA region and emerging markets, including Southeast Asia, decreased by over a third compared to the previous year. Investors are now focusing more on early-stage deals that raise less money, leading to a decline in mega-rounds of $100 million or more. Saudi Arabia's VC fundraising was down 7% from the previous year, but still performed better than its peers. The Saudi Public Investment Fund has been investing in tech firms and startups to diversify the economy and create job opportunities. The UAE ranked second in MENA fundraising, with startups raising $225 million, down 19% from the previous year. The e-commerce and retail industry received the most funding, while fintech had the highest number of deals. In Asia, Singapore startups raised over $1.3 billion, partly due to three mega deals. Overall, fundraising in Southeast Asia, the Middle East, Pakistan, Turkey, and Africa totaled $3.5 billion in the first half of 2024, a 34% decrease from the previous year. This decline is attributed to a shift towards more practical investing strategies and a focus on building sustainable companies. However, experts expect the market to pick up again [Extracted from the article]

According to VC data firm Magnitt, startup funding in the Middle East and North Africa (MENA) region decreased by over a third in the first half of the year, reaching $768 million. This represents a 34% decline from the same period in 2023 and the worst first-half performance since the Covid-19 pandemic. The decline in funding is attributed to investors shifting their focus towards early-stage deals that raise less money. Saudi Arabia stood out in the region, with software startup Salla raising $130 million, making it the highest venture capital fundraiser in the MENA region. The UAE ranked second in fundraising, with startups raising $225 million. The e-commerce and retail industry received the most funding, while fintech had the highest number of deals. The MENA region is drawing increased attention from investors, with a 30% increase in the number of investors in regional startups compared to the previous year. Overall, fundraising in emerging venture markets, including the Middle East, totaled $3.5 billion in the first half, down 34% from the previous year. Alexandre Lazarow, a global venture capitalist, attributes the decline to a more practical approach to investing and expects the market to pick up again in early 2025. [Extracted from the article]

Saudi Arabia is aiming to become a global hub for esports, with the country hosting the world's first Esports World Cup. The event features over 1,500 gamers competing for a record-breaking $60 million prize pot. Crown Prince Mohammed bin Salman has made esports a key part of his Vision 2030 agenda, which aims to diversify the economy and create new opportunities for the country's young population. However, the event has faced controversy, with some criticizing Saudi Arabia's record on LGBTQ and women's rights. Despite this, Saudi Arabia hopes to attract gaming companies, develop homegrown games, and add billions to its GDP through esports. [Extracted from the article]

Saudi fintech company Rasan Information Technology Co. experienced a 30% increase in its stock price during its debut on the Riyadh stock exchange. The company raised 841 million riyals ($224 million) through its initial public offering, which was oversubscribed 129 times. This listing is part of Saudi Arabia's efforts to diversify its stock exchange beyond traditional sectors like banking and industry. Rasan is one of the few fintech firms to go public in the kingdom, with other technology companies such as Tabby and Nice One also considering IPOs. [Extracted from the article]

Saudi Arabia is planning to implement measures to boost its debt capital market and attract foreign investors. The Capital Market Authority is considering eliminating a 5% withholding tax on interest payments, which it believes is discouraging investment. Additionally, the regulatory process for debt offerings may be simplified to make it more cost-effective and timely for companies to issue bonds. These initiatives are part of Saudi Crown Prince Mohammed bin Salman's economic transformation plan, which aims to establish advanced capital markets and diversify the kingdom's revenue streams. The local market for corporate debt has grown by about 8% annually since 2019, but the goal is to broaden the investor base to include more individuals and foreigners. The recent secondary offering of shares in Saudi Aramco, in which foreigners were allocated about 60% of the shares, suggests that Saudi Arabia's markets are becoming more appealing to international investors. [Extracted from the article]

Saudi Arabia's Acwa Power Co. is planning to raise $1.9 billion by issuing stock to existing shareholders. The funds will be used to finance the company's plans to triple its assets by the end of the decade, including expansion into China and investment in renewables and green hydrogen projects. Acwa Power's shares have seen a significant increase since its listing in 2021. The company's fundraising efforts align with Saudi Arabia's goal of achieving carbon neutrality by 2060. The Saudi sovereign wealth fund, Public Investment Fund, owns 44% of Acwa Power. [Extracted from the article]

Saudi Arabia's Acwa Power Co. is looking to raise $1.9 billion through a stock sale to existing shareholders. The funds will be used to finance the company's plans to triple its assets by the end of the decade. Acwa Power is a significant player in Saudi Arabia's efforts to achieve carbon neutrality by 2060, with plans to develop solar, wind, and green hydrogen plants. The company's shares have seen a significant increase since its listing in October 2021. [Extracted from the article]

Saudi Aramco's venture capital arm, Wa'ed Ventures, has made a second investment in Tenderd, a UAE-based AI startup backed by Peter Thiel. Tenderd uses AI-generated insights to help reduce emissions, and Aramco is considering using their technology to cut emissions and increase AI utilization. The investment was part of a $30 million funding round led by A.P. Moller Holding, and Tenderd's CEO mentioned that their technology could also be utilized by Maersk to achieve net zero emissions by 2040. The exact amount of investment from Aramco was not disclosed, but Thiel had previously backed Tenderd with $5.8 million in seed funding. [Extracted from the article]

Saudi Arabia has launched a new strategy to become a hub for semiconductor design in an effort to diversify its economy away from crude oil. The National Semiconductor Hub aims to attract 50 fabless chip companies to the kingdom by 2030, focusing on simple chips rather than cutting-edge technologies. Manufacturing will be done internationally in the medium-term, and the initiative is part of Saudi Arabia's broader goal to lead in advanced technology and draw in revenue from non-oil activities. The country is offering incentives such as access to capital and salary support to attract companies to establish themselves in Saudi Arabia. [Extracted from the article]

Saudi Arabia has launched a new strategy to become a hub for semiconductor design in an effort to diversify its economy away from crude oil. The National Semiconductor Hub aims to attract 50 chip design companies to the kingdom by 2030, with a focus on simple chips rather than cutting-edge technologies. Manufacturing will initially be done internationally, but there are plans to eventually bring chip production to Saudi Arabia. The initiative is part of Crown Prince Mohammed bin Salman's broader goal of establishing regional leadership in advanced technology. [Extracted from the article]

Brazilian investment firm EB Capital Gestao de Recursos Ltda, backed by billionaire Marcelo Claure, is in talks with Saudi investors to launch a $600 million fund targeting the climate and energy sectors in Brazil. The fund is set to be launched in the third quarter of this year, with half of the amount expected to be raised from Saudi Arabia. The move aligns with Saudi Arabia's efforts to diversify its economy and reduce carbon emissions, while Brazil aims to attract capital for energy transition projects and agriculture. The Saudi sovereign Public Investment Fund has been a significant backer of institutional investors globally. [Extracted from the article]

Brazilian investment firm EB Capital Gestao de Recursos Ltda, backed by billionaire Marcelo Claure, is in talks with Saudi investors to launch a $600 million fund targeting the climate and energy sectors in Brazil. The fund is set to be launched in the third quarter of this year, with half of the amount expected to be raised from Saudi Arabia. The move aligns with Saudi Arabia's efforts to diversify its economy and reduce carbon emissions, while Brazil aims to attract capital for energy transition projects and agriculture. The Saudi sovereign Public Investment Fund has been a significant backer of institutional investors globally. [Extracted from the article]

Saudi Arabia is working with Boeing and Airbus to have its aluminum and titanium approved for use in their planes, as part of its efforts to increase manufacturing within the country. This certification would help the manufacturers overcome supply challenges and secure raw materials. Saudi Arabia is also discussing the possibility of producing more aircraft components locally. The country aims to become a center for metals and mining as it diversifies its economy away from oil. Additionally, Saudi Arabia plans to attract $100 billion in investment to the aviation sector by 2030, with a focus on airports, infrastructure, and aircraft. [Extracted from the article]

Top officials from Saudi Arabia's mega projects gathered in Riyadh to discuss progress updates and seek partners to help deliver Crown Prince Mohammed bin Salman's plan to transform the economy. Executives from various complex developments highlighted challenges with supply chains, costs, and finding skilled workers, emphasizing the need for experienced partners. The projects, worth $880 billion, are crucial to Prince Mohammed's efforts to diversify the economy and reduce dependence on oil revenue. The event aimed to attract potential investors and contractors, as the kingdom faces difficulties in attracting foreign direct investment. [Extracted from the article]

Top officials from Saudi Arabia's mega projects gathered in Riyadh to discuss progress updates and seek partners to help achieve Crown Prince Mohammed bin Salman's economic transformation goals. Executives from various complex developments highlighted challenges with supply chains, costs, and finding skilled workers, emphasizing the need for experienced partners. The projects, worth over $880 billion, play a crucial role in turning Saudi Arabia into a hub for entertainment, tourism, and manufacturing, reducing dependence on oil revenue. The event aimed to attract investors and contractors, as the kingdom faces difficulties in attracting foreign direct investment. [Extracted from the article]

Saudi Telecom Co., the top telecom company in Saudi Arabia, reported its strongest first-quarter profit since 2006. Net income rose almost 6% year on year to 3.29 billion riyals ($877 million), beating analyst estimates. The company's revenue also exceeded expectations, driven by stronger activity in the commercial unit. Saudi Telecom recently agreed to sell a majority stake in its tower operations unit to Saudi Arabia's sovereign wealth fund for 8.7 billion riyals, which will be used to support its plans for expansion. The company has made several global acquisitions in the past year and is currently in a position to acquire Altice's Portuguese business. [Extracted from the article]

Saudi Arabia's football league, the Saudi Pro League (SPL), is in talks to produce a documentary series that it hopes to sell to streaming companies like Netflix. The SPL wants to showcase its impact on world football after signing star players like Cristiano Ronaldo and Neymar Jr. in recent years. Saudi Arabia has been investing heavily in football as part of its efforts to diversify the economy and reduce dependence on oil. The country has also made moves in the football industry, including buying English Premier League club Newcastle United and taking over four SPL clubs. Despite struggling to attract fans, the league has secured broadcasting deals in over 130 territories. [Extracted from the article]

Saudi Basic Industries Corp. (Sabic), Saudi Arabia's top chemicals company, reported a 62% drop in year-on-year profit due to weak demand in the industry. The company posted 250 million riyals ($67 million) in net income for the first quarter, significantly lower than the average analyst estimate. Sabic's CEO, Abdulrahman Al-Fageeh, stated that the gap between excess supply and moderated demand growth is expected to persist throughout 2024. The company also highlighted concerns about overcapacity, inflation, and the geopolitical environment. This decline in profit reflects the challenges faced by petrochemical producers globally. Sabic plans to maintain a disciplined approach to managing capital expenditure and expects to spend between $4 billion and $5 billion in 2024. [Extracted from the article]

Saudi Arabia's leading chemicals company, Sabic, has reported a 62% decrease in year-on-year profit due to weak demand in the industry. The company's net income for the first three months of the year was 250 million riyals ($67 million), significantly lower than the average analyst estimate of 556 million riyals. This decline in profit reflects the challenges faced by petrochemical producers, including subdued demand and high operating costs. Sabic's results follow a net loss in 2023 and a warning about the uncertain future of the industry. [Extracted from the article]