Saudi Arabia to achieve FDI target of $24bn in 2024: Standard Chartered
Kingdom’s future economic growth will be driven by rising FDI inflow and investments in public capital expenditure and private sector, says Standard Chartered
Saudi Arabia aims to attract $100 billion in FDI by 2030
Updated 26 August 2024
Nirmal Narayanan
RIYADH: Saudi Arabia’s updated investment law and a slew of recent reforms could help the country achieve its goal of attracting foreign direct investments worth $24 billion this year, according to an analysis.
In its latest report, Standard Chartered said that the Kingdom’s future economic growth will be driven by rising FDI inflow, as well as investments in public capital expenditure and the private sector.
Aligned with its economic diversification efforts, Saudi Arabia aims to attract $100 billion in FDI by the end of this decade.
Earlier this month, the Kingdom approved an updated investment law to elevate FDI into the nation. At that time, the Ministry of Investment said that the law would boost transparency and ease the process of investing in the Kingdom.
The updated law also promises enhanced protections for investors, including adherence to the rule of law, fair treatment, and property rights, while ensuring robust safeguards for intellectual property and facilitating smooth fund transfers.
“We believe Saudi Arabia’s inward $24 billion FDI target in 2024 is likely to be attained, although this is some distance away from its $100 billion 2030 FDI target,” said Standard Chartered.
The financial institution added: “FDI is likely to remain supported by the slew of reforms implemented since the 2014 oil price crash, the latest being the updated investment law, which effectively levels the legal playing field by broadening the scope of investors to include both domestic and foreign investors.”
Amid media speculations regarding the scaling back of high-profile projects, Standard Chartered noted that Saudi Arabia’s ability to calibrate its investment decisions more finely bodes well for fiscal flexibility.
The report also added that the investment landscape in the Kingdom is expected to continue strong in the coming years.
“Looking ahead, we think investment will remain in the driving seat, given slowing consumption, with households squeezed by rising house prices and a moderation in mortgage growth,” said Standard Chartered, adding: “Indeed, capex is budgeted at its highest level in six years at $50.4 billion, of which more than half was realized in the first half.”
Speaking to CNBC earlier this month, Saudi Arabia’s Assistant Minister of Investment Ibrahim Al-Mubarak said that the Kingdom is keen to attract more FDI from countries in Europe and Asia, as the nation’s economic diversification efforts progress steadily.
He added that the country’s financial sector is providing “huge opportunities” for investors due to its strong debt capital market and low debt to gross domestic product ratio.
Gold set for 3rd weekly loss amid stronger dollar, reduced Fed rate cut hopes
Updated 01 August 2025
Reuters
BENGALURU: Gold prices held steady on Friday, but were poised for a third consecutive weekly loss pressured by a stronger dollar and diminished expectations for US rate cuts, while uncertainty from US tariffs on trading partners offered support.
Spot gold was steady at $3,293.56 per ounce, as of 12:34 p.m. Saudi time. Bullion is down 1.4 percent so far this week.
US gold futures edged down 0.1 percent to $3,344.60.
The dollar index hit its highest level since May 29, making gold more expensive for other currency holders.
“Gold remains weighed by reduced bets for Fed rate cuts for the rest of 2025. This week’s US GDP, weekly jobless claims, and PCE figures also shored up the Fed’s reluctance to commit to a rate cut,” said Han Tan, chief market analyst at Nemo.Money.
Fed held rates steady in the 4.25 percent to 4.5 percent range on Wednesday and dampened expectations for a September rate cut.
US President Donald Trump slapped steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan, pressing ahead with his plans to reorder the global economy ahead of a Friday trade deal deadline.
“The precious metal should, however, remain supported amid the still-uncertain impact from US tariffs on global economic growth,” Tan said.
US inflation increased in June as tariffs on imports started raising the cost of some goods.
Focus now shifts to US jobs data, due later on Friday, as investors assess the Federal Reserve’s policy trajectory, with July job growth expected to have slowed and the unemployment rate projected to rise to 4.2 percent.
Gold, often considered a safe-haven asset during economic uncertainties, tends to perform well in a low-interest-rate environment.
Physical gold demand in key Asian markets improved slightly this week as a pullback in prices sparked buying interest, though volatility kept some buyers cautious.
Spot silver fell 0.8 percent to $36.46 per ounce, platinum lost 1.7 percent at $1,268.45 and palladium was down 0.5 percent to $1,185.19. All three metals were headed for weekly losses.
Startup Wrap: Saudi firms surge as AI, food tech deals highlight ecosystem’s rapid ascent
Updated 01 August 2025
Nour El-Shaeri
RIYADH: Saudi Arabia’s startup ecosystem continues to gain momentum, with a surge of early- and growth-stage investments across technology-driven sectors including AI, food tech, logistics, and sports.
Kamco Invest has announced it acquired a stake in Foodics, a fast-growing restaurant technology and payments platform based in Saudi Arabia.
The transaction, completed in the fourth quarter of 2024 but only now made public, aligns with Kamco Invest’s strategy to back high-growth, tech-enabled businesses in the Middle East and North Africa, particularly those with initial public offering potential.
Founded in 2014, Foodics serves over 33,000 restaurants with an annual gross merchandise value of over $10 billion in 2024.
The cloud-based platform offers an integrated solution for restaurant operators to manage orders, operations, finances, and access to capital through a single interface.
Kamco Invest Director of Private Equity Dalal Al-Shaya said: “We are proud to back a regional tech champion like Foodics. Its scale, innovation, and strong investor base signal an exciting growth trajectory.”
The company is targeting a public listing on Tadawul within the next two to three years.
Foodics’ most recent $170 million funding round was led by Prosus and Sanabil Investments, a fund owned by the Public Investment Fund, with participation from Sequoia Capital India, STV, Raed Ventures, and Endeavor Catalyst.
Calo raises $39m in series B extension to fuel global growth
The Calo team. Supplied
Saudi food tech startup Calo has secured a $39 million series B extension led by AlJazira Capital, bringing its total series B funding to $64 million.
The latest round follows a $25 million tranche closed in December 2024 and was oversubscribed beyond the originally targeted $50 million due to strong investor interest.
Proceeds from the round will support Calo’s international expansion, continued product development, and integration of recently acquired UK-based meal subscription companies.
Calo, which delivered more than 10 million meals in 2024, reports high-growth, nine-figure annualized revenue and claims to be the world’s fastest-growing meal subscription service.
CEO Ahmed Al-Rawi said: “We’re living in an interesting time where AI is transforming our lives, and we’re excited to be investing in cutting-edge innovation to explore how Calo can use AI to influence the future of how we discover and eat healthy food.”
The company acquired Fresh Fitness Food and Detox Kitchen to enter the European market and has since integrated both into its operations and technology stack.
Calo says it operates more than 10 physical locations across the GCC, including hospital-based outlets, and has launched operations in the UK and Oman.
Its customer base spans Saudi Arabia, the UAE, and Bahrain, as well as Qatar, and Kuwait, with over 5,000 customers already on the waiting list in Oman, the company claimed.
In the first half of 2025, Calo said it achieved over 50 percent year-on-year growth, bolstered by a localization strategy that included the appointment of General Managers in each regional market.
Calo recently partnered with Armah Sports Co. to explore co-located retail outlets and wellness collaborations.
Armah’s founder, Fahad Al-Hagbani, has joined Calo’s board as an independent member. Calo remains headquartered in Riyadh and is planning for an IPO in Saudi Arabia.
Flex League closes seed round to build unified racquet sports platform
Flex League currently serves nearly 10,000 players. flexibleleague.com
Flex League, a Saudi sports-tech company focused on padel and tennis, has raised a six-digit dollar seed round led by the Professional Tennis Academy and PAD-L Group.
The new capital will be used to develop a court booking system, support expansion into new Saudi cities and across the MENA region, and grow its team across engineering, product, and operations.
The platform currently serves nearly 10,000 players and allows users to join competitive leagues, book courts, and track match results.
It also offers court operators tools to manage tournaments and engage local sports communities.
CEO Ibrahim Akeel said: “With this investment, we’re creating a unified platform where players can compete, connect, and now book courts – all in one app.”
The company aims to drive deeper engagement in the region’s growing racquet sports ecosystem by blending digital matchmaking with physical play.
Sawt secures $1m to advance Arabic voice AI customer support
Sawt, a Saudi startup focused on Arabic-native voice AI systems, has closed a $1 million pre-seed round led by T2 and STV.
The funding will be used to enhance its proprietary models, scale its technical infrastructure, and grow its team as it prepares to serve millions of voice interactions.
The platform enables businesses to conduct customer support, bookings, and sales through AI voice agents that operate 24/7 with natural and intelligent responses.
In just two months since its launch, Sawt claims it served dozens of businesses and processed hundreds of thousands of calls.
Co-founder and CEO Abdulmalik Al-Saeed said: “We’re proud to contribute to this movement by building Arabic voice technology from the ground up, right here in the Kingdom.”
STV General Partner Ahmad Al-Naimi added: “Sawt exemplifies a new wave of Saudi AI-native ventures. With a strong tech edge and commercial momentum, they’re poised to lead the $800 million to $1.2 billion GCC AI call center automation market.”
Abdulkarim Al-Jarba, CEO of T2, noted that the investment supports T2’s strategy to deliver advanced technology solutions across its network.
OmniOps unveils platform to deliver sovereign AI inference services
Supplied
OmniOps has launched Bunyan, the Kingdom’s first sovereign Inference-as-a-Service platform.
The announcement follows a strategic meeting with the Minister of Communications and Information Technology, Abdullah Al-Swaha.
The platform supports AI applications in text, vision, and speech, with a focus on data sovereignty and enterprise-grade compliance.
CEO Mohammed Al-Tassan said: “Bunyan delivers unprecedented performance improvements that revolutionize how organizations deploy and scale AI applications.”
He added that the platform has demonstrated efficiency gains, including a doubling of inference speed, over 50 percent reduction in energy use, and at least 40 percent lower latency.
Bunyan provides an end-to-end infrastructure stack with model deployment tools, support for NVIDIA and Groq hardware, and access to both public and private models.
It enables organizations to build AI-driven applications such as natural language chatbots, document summarization tools, and systems for rapid insight extraction from unstructured data.
Olivery secures seed funding from Ibtikar Fund and Flat6Labs Mashreq
Olivery, a B2B Software-as-a-Service company focused on digitising logistics operations, has raised seed funding from Ibtikar Fund and Flat6Labs Mashreq Seed Fund.
The platform allows logistics providers and merchants to manage order creation, routing, delivery, and customer engagement through a no-code/low-code interface.
Since its founding in 2020, Olivery has scaled to serve over 200 active clients across nine countries.
The company plans to use the new funding to expand regionally and roll out AI-driven features including predictive routing, automated data entry, and proactive customer support.
CEO Ram Merei said: “Together with Ibtikar and Flat6Labs, we’re delivering technology that allows national couriers and independent merchants alike to operate with the speed, transparency, and reliability that modern commerce demands.”
Ibtikar’s Managing Partner Habib Hazzan stated: “Their platform is not only scalable and robust — it’s thoughtfully designed for the realities of local markets.”
Rasha Manna, general manager of Flat6Labs Mashreq Seed Fund, noted that the firm has backed Olivery from its earliest stages and remains committed to supporting its expansion.
Mataa closes seed round to expand Libya’s e-commerce infrastructure
Mataa, a Libya-based e-commerce platform, has completed its first seed investment round with backing from Libyan business angels.
The funding will be used to strengthen Mataa’s logistics network, expand its warehouse capacity, and onboard new suppliers and product categories.
Founder and CEO Ibrahim Shuwehdi stated that the round reflects growing investor confidence in Libya’s entrepreneurial potential and geographic advantage.
The company supports merchants in reaching over 6 million internet users and offers Facebook integration for easier product listing and reduced advertising costs.
“This round is not just a financial boost but a signal to the wider ecosystem to encourage more venture investment in Libyan startups and SMEs,” Shuwehdi said.
Mataa is also looking to recruit experienced regional talent to support its long-term strategy.
Oil Updates — crude steadies as investors mull US tariff impacts
Updated 01 August 2025
Reuters
LONDON: Oil prices were little changed on Friday and heading for a weekly gain, as investors weighed the impact of further tariffs and sanctions by US President Donald Trump.
Brent crude futures were up 19 cents, or 0.26 percent, to $71.89 a barrel at 11:23 a.m. Saudi time. US West Texas Intermediate crude was up 20 cents, or 0.29 percent, to $69.46 a barrel.
Prices stabilized on Friday after losing more than 1 percent in the previous session. However, for the week Brent was on course for a 5 percent gain, and WTI around 6.6 percent.
Investors have focused on the potential impact of US tariffs on oil prices this week, as tariff rates on US trading partners are set to go into effect from August 1.
Trump signed an executive order on Thursday imposing tariffs ranging from 10 percent to 41 percent on US imports from dozens of countries and foreign territories including Canada, India and Taiwan that failed to reach trade deals by his August 1 deadline.
Partners that managed to secure trade deals include the European Union, South Korea, Japan and Britain.
“We think the resolution of trade deals to the satisfaction of the market – more or less, barring a few exceptions – has been the key driver for oil price bullishness in recent days, and further progress on trade talks with China in future could be a further confidence booster for the oil market,” said Suvro Sarkar, energy sector team lead at DBS bank.
Prices were also supported this week after Trump threatened to impose 100 percent secondary tariffs on Russian crude buyers in a bid to pressure Russia into halting its war against Ukraine, stoking concerns of potential disruption to oil trade flows and the removal of some oil from the market.
JP Morgan analysts said in a note on Thursday that Trump’s warnings to China and India of penalties on their ongoing purchases of Russian oil potentially put 2.75 million barrels per day of Russian seaborne oil exports at risk. The two countries are the world’s second- and third-largest crude consumers, respectively.
However, some analysts remain concerned that US levies will limit economic growth by raising prices, which could weigh on oil demand.
On Thursday, there were signs that existing tariffs are already pushing prices higher in the US, the world’s biggest economy and oil consumer, inflation data for June showed.
Saudis to get more leadership roles as PepsiCo expands, says regional CEO
Updated 01 August 2025
Hind Al-Khunaizi
DHAHRAN: Food manufacturer PepsiCo will offer more leadership roles to Saudis, its regional CEO pledged at the inauguration of the SR300 million ($79.97 million) expansion of its Dammam facility.
Speaking to Arab News, Ahmed El-Sheikh explained how the company supports the Kingdom’s Vision 2030 economic diversification plan through three main areas — using local resources, Saudization, and increasing exports.
The announcement came during a visit to the site by Minister of Industry and Mineral Resources Bandar Alkhorayef, who praised the facility’s contribution to job creation, export growth, and the overall development of the food manufacturing sector in Saudi Arabia.
The site serves as a key hub in the region, which supplies local markets and exports products to 20 countries across the Middle East.
The PepsiCo MENAP CEO said: “We’re proud to say that 85 percent of our workforce at the Dammam plant are Saudi nationals, one of the highest rates across any of our facilities in the region. With 280 employees currently, this is just the beginning. We plan to grow even further.”
He added: "As we move toward greater digitization and automation, we’re also opening up more opportunities for Saudis to step into technical and leadership roles.”
Recent regulatory changes, which have been made possible through collaboration with the Kingdom’s Ministry of Environment and Agriculture, now permit PepsiCo to utilize locally grown potatoes for export.
This development has been described by Alkhorayef as a “significant milestone” for both local farming and policy reform.
“It demonstrates how we’ve been able to work with PepsiCo over the last few years to ensure the entire supply chain, from farming to production and export, is well managed,” the minister told Arab News.
“As a result of our success working as a team, we were able to amend the policy so that PepsiCo can now use Saudi grown potatoes for export,” he added.
Bandar Alkhorayef cutting the ribbon on the Dammam facility. Supplied
Sustainability and resource efficiency were focal points during the visit, and Alkhorayef noted that the Kingdom now holds “a record in terms of water efficiency in potato cultivation,” a development he called inspiring, not only locally, but globally.
The Dammam plant sources 100 percent of its potatoes from Saudi farms, and uses local materials for secondary packaging, with 70 percent of primary packaging now locally sourced, a percentage PepsiCo aims to push to full localization.
PepsiCo operates in the Kingdom across 86 locations and employs nearly 9,000 people through direct and partner operations.
The company has opened a new regional headquarters in Riyadh’s King Abdullah Financial District, which will oversee operations across the Middle East, North Africa, and Pakistan, aligning with Saudi Arabia’s Regional Headquarters Program.
Further investment is also planned, and El-Sheikh said: “In addition to the SR300 million we’ve just invested in the Dammam plant, we’re preparing to open a state-of-the-art R&D facility in Riyadh in just two months’ time.”
The center will cost SR30 million and serve as a hub for product and packaging innovations in the Gulf Cooperation Council region, according to a statement from PepsiCo released in April.
When it comes to employment, Alkhorayef stressed that Saudization is driven by data and standards.
“This plant is a great example. It has around 85 percent Saudization, and female participation is about 22–23 percent, with more than 25 percent women in the plant workforce itself. That’s a significant achievement.”
He added that the government takes a comprehensive approach to measuring local content, and went on to say: “But measurement is not the goal, it’s a baseline. The real goal is to use it as a foundation to increase both local sourcing and hiring.”
The Dammam plant is one of PepsiCo’s most advanced in the region, and features energy efficient heating, ventilation, and air conditioning systems, solar panels generating 510 megawatt-hour yearly, and uses recycled water in its processing systems.
These investments align with the sustainability goals in the Kingdom’s National Industrial Strategy.
Closing Bell: Saudi stock market ends the week in green
Updated 31 July 2025
Nour El-Shaeri
RIYADH: Saudi Arabia’s Tadawul All Share Index ended the week on Thursday with a slight gain, rising 5.89 points, or 0.05 percent, to close at 10,920.27.
The total trading turnover reached SR4.38 billion ($1.16 billion), with 417.32 million shares traded. A total of 111 stocks advanced while 136 declined.
The MSCI Tadawul 30 Index also edged higher, adding 2.66 points, or 0.19 percent, to finish at 1,409.74.
On the Kingdom’s parallel market Nomu, the index advanced by 115.90 points, or 0.43 percent, closing at 26,924.98. Of the listed companies, 47 gained while 31 declined.
Sport Clubs Co. led the gainers, climbing 9.97 percent to SR11.25. They were followed by Al Babtain Power and Telecommunication Co., which rose 5.03 percent to SR56.40, and Bupa Arabia for Cooperative Insurance Co., which added 4.27 percent to close at SR168.60.
Miahona Co. and Saudi Azm for Communication and Information Technology Co. were also among the top performers, gaining 4.23 percent and 3.85 percent, to close at SR27.10 and SR29.66, respectively.
Saudi Steel Pipe Co. recorded the steepest decline of the session, falling 4.02 percent to SR51.30. It was followed by Yamama Cement Co., which dropped 3.8 percent to SR32.88, and Halwani Bros. Co., down 3.19 percent to SR42.42.
Arab Insurance Cooperative Co. and Astra Industrial Group also posted losses of 2.92 percent and 2.57 percent, respectively.
On the announcement front, Umm Al-Qura Cement Co. reported a 6.6 percent year-on-year decline in revenue for the first half of 2025, with sales amounting to SR122.5 million compared to SR131.2 million in the same period last year.
Net profit also dropped, falling 30.8 percent to SR20.8 million from SR30.1 million over the same period.
The company attributed the decline in revenue to a decrease in the average selling price per tonne.
The fall in net profit was linked to the lower sales value and a reduction in other revenues, despite a decline in general and administrative expenses, financing costs, and zakat.
Shares of Umm Al-Qura Cement Co. closed at SR15.61 on Thursday, down 0.32 percent.
Almarai Co. confirmed the completion of its acquisition of Pure Beverages Industry Co., following its initial agreement signed on June 15.
The company stated that the transaction reinforces its strategy to expand its beverage portfolio and strengthen its market presence, while supporting future growth plans.
Almarai added that the acquisition was finalized with no change to the previously disclosed cost of SR1.04 billion.
Shares of Almarai Co. closed at SR47.90 on Thursday, down 0.04 percent.
