Riyadh among world’s most ambitious entrepreneurial cities

Riyadh was the only Middle East city to rank in the top 20. (file/Reuters)
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Updated 26 May 2021
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Riyadh among world’s most ambitious entrepreneurial cities

  • Ranking looks at factors including number of new businesses registered
  • London topped the ranking, followed by Sidney and Cape Town

RIYADH: The Saudi capital is the world’s 14th most ambitious city for entrepreneurs, according to a study by UK-based card payment provider, Dojo.
The ranking is calculated by considering five factors including the number of new businesses registered, the cost of starting a business as a percentage of GNI per capita, GDP per capita, percentage of the population with access to education, and Google searches for starting a new business.
Riyadh scored 328 out of 500 after it saw 12,116 new businesses registered in the city in the past year, and 1,470 Google searches for “how to start a new business” and a 14 percent increase in searches for “how to fund a new business” compared with the previous year.
London was ranked as the most entrepreneurial city, with a score of 481, followed by Sidney at 402, Cape Town at 384 and New York at 379. Riyadh was the only Middle East city to feature in the top 20.


PIF convenes 1,000 global executives in Riyadh to shape next phase of governance

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PIF convenes 1,000 global executives in Riyadh to shape next phase of governance

JEDDAH: Saudi Arabia’s Public Investment Fund gathered over 1,000 top executives in Riyadh for its second Directors’ Gathering, unveiling new governance priorities amid rapid portfolio expansion. 

The event, which brought together representatives from approximately 220 portfolio firms — including over 100 established by PIF itself — focused on enhancing board performance, aligning strategic priorities, and promoting cross-sector synergies to deepen collaboration across the fund’s growing portfolio. 

Discussions were centered around redefining board impact in the context of national transformation, strengthening oversight in a changing risk landscape, and navigating new governance challenges posed by artificial intelligence and emerging technologies, according to a press release. 

The event comes as PIF accelerates its dual mandate of advancing Saudi Arabia’s economic diversification and generating long-term global returns. Since its 2015 transformation, the fund has grown into a globally influential investor, managing $941.3 billion in assets in 2024 and playing a key role in Vision 2030. 

Speaking to the delegates, PIF Governor Yasir Al-Rumayyan, highlighted PIF’s vision and that the roles of boards include three main priorities: brainstorming and setting strategy, ensuring the right governance frameworks are in place for management, and monitoring performance, with a view to the ever-changing macro-economic context and evolving innovations. 

“He stressed that this could transform challenges into opportunities to lead, grow and innovate,” the release added. 

Al-Rumayyan also urged directors to view PIF and its 220 companies as a unified ecosystem, emphasizing the importance of leveraging the group’s collective capabilities. He added that collaboration should be considered the primary measure of success. 

The Directors’ Gathering, launched in 2023, is a key pillar of PIF’s corporate excellence agenda and serves as a platform for knowledge exchange and governance development not only within its portfolio but across Saudi Arabia’s business ecosystem. 

PIF was ranked as the world’s second most active sovereign investor by deal value in February, committing $3 billion in global transactions, according to Global SWF, a data platform tracking sovereign wealth fund activity. 

In a fireside chat titled “Aligning the Economic Vision,” Minister of Economy and Planning Faisal Al-Ibrahim, who also sits on the the sovereign wealth fund’s board, said the existence of PIF portfolio companies and the related ecosystem is in itself a form of resilience, according to a post on the fund’s official X account. 

Al-Ibrahim added: “We are transforming our economy and restructuring the Saudi economy to create more engines of growth, more drivers of progress, and a diversified set of growth sources.”   

In another fireside chat titled “Evolving Investment Strategy,” Head of the Global Capital Finance Division and Head of the Investment Strategy and Economic Insights Division at PIF, Fahad Al-Saif, said the fund is responsible for investing in assets that generate maximum economic impact for Saudi Arabia while also maximizing financial returns for the fund. 

“This is done within a robust framework, across duration for us to become a generational fund in the future,” he said in another X post by PIF. 


Closing Bell: Saudi indices close in red at 11,405 

Updated 18 min 1 sec ago
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Closing Bell: Saudi indices close in red at 11,405 

  • Parallel market Nomu dropped 155.91 points to close at 27,499.65
  • MSCI Tadawul Index decreased by 1.62 points to end at 1,454.93

RIYADH: Saudi Arabia’s Tadawul All Share Index decreased on Monday, losing 33.66 points, or 0.29 percent, to close at 11,405.28.     

The total trading turnover of the benchmark index was SR4.8 billion ($1.2 billion), as 50 stocks advanced and 191 retreated.     

The Kingdom’s parallel market, Nomu, dropped 155.91 points, or 0.56 percent, to close at 27,499.65. This comes as 27 of the listed stocks advanced while 47 retreated.     

The MSCI Tadawul Index also decreased by 1.62 points, or 0.11 percent, to close at 1,454.93.      

TASI’s top performer was Al-Baha Investment and Development Co., which surged by 6.74 percent to reach SR3.96.    

Other top performers included Saudi Printing and Packaging Co., which gained 5.14 percent to close at SR11.86, and the National Co. for Learning and Education, which rose 4.82 percent to SR156.60.  

Fawaz Abdulaziz Alhokair Co. was also among the top performers, increasing 4.40 percent to SR17.54.     

Middle East Specialized Cables Co. saw the steepest decline, with its share price easing 5.83 percent to SR31.50. 

National Gas and Industrialization Co. also saw its stock prices decline 4.71 percent to SR76.80. United Electronics Co. also dropped to SR85.90, a 4.66 percent decrease.    

Alinma Bank announced plans to issue US dollar-denominated sustainable additional Tier 1 capital certificates, following a board resolution passed on May 5, 2025, authorizing the CEO to execute the process. 

The issuance, conducted through a special purpose vehicle, will target eligible investors in Saudi Arabia and abroad. It aims to bolster the bank’s Tier 1 capital and support general banking activities.  

The final size and terms will depend on market conditions, with the transaction subject to regulatory approvals and applicable legal requirements. 

Abu Dhabi Islamic Bank PJSC, Alinma Capital, and Emirates NBD Bank PJSC have been appointed as joint lead managers for the offer. Goldman Sachs International, J.P. Morgan Securities plc, and Standard Chartered Bank will also serve in the same capacity. 

Alinma’s share price dropped 1.97 percent to settle at SR27.40.  

Separately, Saudi Ground Services Co. signed a Shariah-compliant banking facility agreement with Banque Saudi Fransi for up to SR300 million. 

Dated May 15, the flexible credit line allows the company to draw funds as needed to meet working capital requirements. 

The facility is valid through April 30, 2026, with an option to renew for one year, and is secured by a promissory note. 

Saudi Ground Services said the facility aims to boost liquidity, support working capital needs, and back its strategic growth plans. 

SGS saw a 1.03 percent drop in its share price to settle at SR48.20.  


Saudi Arabia’s PIF expands global footprint with new Paris office 

Updated 49 min 51 sec ago
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Saudi Arabia’s PIF expands global footprint with new Paris office 

  • PIF invested $84.7 billion across Europe between 2017 and 2024
  • French President Emmanuel Macron and PIF Gov. Yasir Al-Rumayyan will headline the opening ceremony

RIYADH: Saudi Arabia’s sovereign wealth fund is expanding its global presence with a new subsidiary company office in Paris.  

The Paris office marks the Public Investment Fund’s latest effort to deepen ties in Europe, following previous openings in New York, London, Hong Kong, and Beijing, underscoring the fund’s commitment to strengthening its presence in key international markets. 

This comes as PIF invested $84.7 billion across Europe between 2017 and 2024, contributing $52 billion to the continent’s gross domestic product and generating over 254,000 direct and indirect jobs. In France alone, its investments totaled $8.6 billion, adding $4.8 billion to GDP and creating 29,000 jobs. 

“PIF is an active, long-term investor in the world’s most innovative and transformational industries, businesses, and markets. This new office will enable PIF to further strengthen its partnerships in the region,” the fund said in a release. 

French President Emmanuel Macron and PIF Gov. Yasir Al-Rumayyan will headline the opening ceremony of the fund’s Paris office, coinciding with the “Choose France” summit that began on May 19 in the capital. 

The event will also draw senior officials and leading business figures, underscoring the strategic significance of PIF’s investment in France.

The 8th edition of the “Choose France” summit, held at the Palace of Versailles, is expected to secure €20 billion ($22.47 billion) in commitments across key sectors such as defense, energy, and industry, surpassing last year’s €15 billion, according to Reuters.

Ahead of the 2025 summit, €17 billion in projects were already pledged, including a €6.4 billion data center investment by US logistics firm Prologis and €1 billion from fintech Revolut for expansion.  

Other major announcements are expected from Amazon, UAE’s MGX, and rare earth firm Less Common Metals, alongside a €100 million drone factory by Portugal’s Tekever, Reuters reported. 

The PIF Tower in the King Abdullah Financial District in Riyadh stands as the tallest building. International High-Rise Award 2022/23

According to UN Trade and Development, France retained its top spot in 2024 for the sixth consecutive year, attracting 1,025 projects despite a 14 percent decline. It remained ahead of the UK with 853 projects and Germany with 608. France captured 19 percent of all foreign investment into Europe, slightly above its 18.7 percent share in 2019 — highlighting its continued appeal to investors despite global economic uncertainty.

“The addition of Paris also aligns with PIF’s strategy to drive global economies and lead the economic transformation of Saudi Arabia,” the fund added in the release. 

Since 2017, PIF has backed around 220 portfolio companies and supported the creation of 103 new firms, contributing to global economic activity and employment. The fund has generated over 1.1 million jobs worldwide and maintains a focus on forming strategic partnerships with innovative players across sectors.  

In February, the PIF ranked as the world’s second most active sovereign investor by deal value, committing $3 billion in global transactions.  

Global SWF, a data platform tracking activity in the sector, reported that the Kingdom’s PIF emerged as the most active sovereign wealth fund, completing three overseas deals through its portfolio companies. 


Egypt achieves 3.9% growth in first half of fiscal year, prime minister says

Updated 19 May 2025
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Egypt achieves 3.9% growth in first half of fiscal year, prime minister says

  • Comments came after Mostafa Madbouly held a meeting with IMF deputy managing director
  • Central Bank of Egypt expects the annual inflation rate to slow down during 2025 and 2026

RIYADH: Egypt has achieved real growth of 3.9 percent in the first half of the current fiscal year, signaling positive resilience of the economy, Prime Minister Mostafa Madbouly revealed.

In media statements following a meeting with the Deputy Managing Director of the International Monetary Fund Nigel Clarke, Madbouly noted that private sector investment rose by 80 percent, while foreign direct investment increased by approximately 17 percent during the period from July to December.

He also clarified that Egypt’s fiscal year runs from July 1 to June 30 of the following year.

The figures align with global credit rating agency Moody’s decision in February to affirm the North African country’s Caa1 long-term foreign and local currency ratings with a positive outlook, citing improved debt service prospects, stronger foreign exchange reserves and lower borrowing costs following the Egyptian pound’s devaluation and flotation.

Egypt’s Prime Minister Mostafa Madbouly said the country is witnessing a downward trend in debt. Egyptian Cabinet/Facebook 

According to the newly released statement, Madbouly said: “The Egyptian economy has proven its resilience and ability to absorb the very significant external shocks that Egypt, like other countries around the world, has been exposed to in the recent period.”

He added: “This was confirmed by the IMF’s certification that Egypt is proceeding at a steady pace on the path of economic reform.”

The prime minister further noted that non-oil exports also witnessed a growth of approximately 33 percent during the first nine months of the year.

He highlighted that these indicators have supported strong growth in key productive sectors, such as industry, communications and information technology, tourism, and others, helping to boost investor confidence in the Egyptian economy.

“Furthermore, we have witnessed a decline in unemployment rates to less than 7 percent, which is the lowest rate witnessed in Egypt today throughout history,” Madbouly said.

Deputy Managing Director of the International Monetary Fund Nigel Clarke said Egypt has made tangible and clear progress regarding its macroeconomic reform program. Egyptian Cabinet/Facebook 

He also explained that inflation rates and indicators in Egypt have declined significantly, noting that last month saw inflation rates fall to 13.9 percent, compared to more than 37 percent during the same period last year.

According to the Prime Minister, the country is also witnessing a downward trend in debt. Madbouly pointed out that the general budget deficit has also decreased over the past 10 months to 6.5 percent, compared to 6.7 percent.

He noted that the Egyptian state aims to reduce debt to approximately 85 percent of gross domestic product by the end of June, compared to 96 percent in June 2023.

The prime minister went on to affirm the state’s commitment to continuing its path of economic reform and exerting maximum efforts, thanking the IMF and its task force.

Madbouly highlighted the successful completion of four previous reviews under the current program and noted that the fifth review is now underway, in coordination with the fund’s task force.

Governor of the Central Bank of Egypt Hassan Abdalla, Prime Minister Mostafa Madbouly, and Deputy Managing Director of the International Monetary Fund Nigel Clarke. Egyptian Cabinet/Facebook 

The IMF’s Clarke emphasized that Egypt has made tangible and clear progress regarding its macroeconomic reform program.

“This is an Egyptian program that has resulted in a strong decline in inflation and unemployment rates, while foreign exchange reserves have increased, along with the availability and abundance of foreign currencies. This is no longer a problem as it was before,” he said, adding: “We have also witnessed a steady increase in GDP growth rates, as the Egyptian economy continues on its path toward stability.” 

The deputy managing director of the IMF went on to say that these significant positive results achieved by the Egyptian economic reform program were due to the bold decisions and actions of the government.

He noted that these reforms include the transition to a flexible exchange rate system, the adoption of a monetary policy based on economic stability, and the intensive efforts being made to mobilize domestic revenues to ensure a sustainable and stable fiscal policy.

In the same context, Clarke shed light on how the progress in Egypt’s economic reform program also includes the social dimension and provides support to the neediest groups.

Egypt’s Prime Minister Madbouly said private sector investment rose by 80 percent, while foreign direct investment increased by approximately 17 percent during the period from July to December. Egyptian Cabinet/Facebook 

“I welcome these reforms that have led to these positive results,” he said, calling for continued implementation of the economic reform program.
The official also addressed the increase in the percentage of financing provided to the private sector and the growth in the private sector’s share of GDP, stressing that all of this was a direct response to the improvement and stability witnessed in the macroeconomic environment.

Clarke further justified that a rapid transition to a more sustainable economic standard requires a model in which the private sector leads growth and economic activity.

“This is already the current path, and we are moving forward together to accelerate it, reducing the state’s role in economic activity, making room for the private sector, and promoting equal opportunities for various economic sectors,” he said.

The IMF’s deputy managing director added: “This will enhance economic dynamism and attract both local and international investment. It will also lead to further progress and prosperity for the Egyptian economy, and, most importantly, it will lead to a more sustainable economic model.”

Deputy Managing Director of the International Monetary Fund Nigel Clarke expressed his optimism that the Egyptian economy would achieve positive results in the future. Egyptian Cabinet/Facebook 

During his speech, Clarke also addressed the economic shocks that have become a defining feature of today’s global landscape, emphasizing that the region’s most critical issue is its economic resilience in the face of these disruptions.

Toward the end of his talk, the deputy managing director expressed the IMF’s appreciation for the long-standing partnership with Egypt, a key member of the fund. He stressed that the IMF continues to support Egypt in completing the implementation of bold economic reforms, which will contribute to achieving positive outcomes for the country and its people.

The Central Bank of Egypt expects the annual inflation rate to slow down during 2025 and 2026 compared to the sharp decline witnessed in the first quarter of this year, according to the bank’s monetary policy report.

‎The newly released report reveals that the Central Bank of Egypt expects an inflation rate of 14 percent to 15 percent on average in 2025 and 10 percent to 12.5 percent ​​in 2026. The bank has attributed the slowdown in the annual rate of inflation decline in 2025 and 2026 to the relatively slow decline in non-food inflation.

‎The entity also expects inflation to stabilize around its current levels until the first half of 2026 before resuming its downward path, the report noted.


Aramco cuts methane emissions by 11.4%, sets 2030 target to reduce upstream carbon intensity

Updated 19 May 2025
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Aramco cuts methane emissions by 11.4%, sets 2030 target to reduce upstream carbon intensity

  • CEO Amin Nasser reaffirmed the company’s commitment to embedding sustainability across all areas
  • Aramco signed a non-binding agreement with Ma’aden to form a joint venture focused on mineral exploration

RIYADH: Saudi Aramco has achieved an 11.4 percent reduction in methane emissions in 2024 and set a new 2030 target to cut upstream carbon intensity, according to its latest sustainability analysis.

Saudi Aramco President and CEO Amin Nasser reaffirmed the company’s commitment to embedding sustainability across all areas of its operations in a new report, saying the target is part of the firm’s “broader roadmap” to achieve net-zero operational emissions by 2050.

Saudi Arabia is aiming to be carbon neutral by 2060, a commitment announced by Crown Prince Mohammed bin Salman during the Saudi Green Initiative forum in 2021.

As the Kingdom’s flagship energy producer, Saudi Aramco plays a pivotal role in this transition by implementing decarbonization measures, expanding low-carbon energy investments, and deploying climate-focused technologies.

“This is Aramco’s fourth Sustainability Report since announcing our ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050. To complement our net-zero ambition, we have also set a new 2030 interim target for reducing our upstream carbon intensity,” Nasser stated in the release.

The interim goal aims to reduce carbon intensity in upstream operations to 8.6 kg of carbon dioxide equivalent per barrel of oil equivalent or lower, compared to the current 9.7 kg CO2e/boe — already among its peers’ lowest upstream carbon intensity.

Aramco has also set a target to achieve a 15 percent reduction by 2035 compared to its 2018 baseline, and has outlined an ambition to mitigate 52 million tonnes of CO2 equivalent annually by 2035, relative to its business-as-usual emissions forecast.

Meanwhile, upstream methane intensity decreased to 0.04 percent in 2024, down from 0.05 percent the previous year.

The report outlines Aramco’s sustainability strategy, including efforts to minimize emissions from existing energy sources, increase efficiency through artificial intelligence, and boost investments in carbon capture, hydrogen, and renewables.

To underline the company’s drive to net-zero, Nasser highlighted a shareholder agreement signed by Aramco in 2024 to develop a carbon capture and storage hub in Jubail.

“When completed, this facility is expected to be one of the largest such projects in the world,” he said.

The CEO added that hydrogen is another area where the company sees potential growth opportunities, “leading to our acquisition of a 50 percent stake in a blue hydrogen company.” 

Aramco also signed a non-binding agreement with mining giant Ma’aden to form a joint venture focused on mineral exploration in Saudi Arabia.

“The joint venture would draw on Aramco’s extensive geoscience data and subsurface knowledge, with lithium production potentially commencing by 2027,” Nasser added.

The company’s growing use of AI is central to its decarbonization drive. AI-enabled analytics are now used to monitor and reduce greenhouse gas emissions across key facilities, while predictive algorithms help optimize equipment performance and reliability.

“Looking ahead, we believe a multi-source, multi-speed, and multi-dimensional approach is required for the global energy transition in order to properly address the energy security, affordability and sustainability priorities of individual countries,” Nasser concluded in his message.

According to the Net Zero Emissions in Saudi Arabia by 2060 report in 2023 by King Abdullah Petroleum Studies and Research Center, the Kingdom is targeting an annual reduction of 278 million tonnes of CO2 equivalent by the end of the decade in order to reach its net-zero goal by 2060.

The plan includes expanding renewables to 50 percent of the energy mix, phasing out liquid fuels in power generation, and planting 650 million trees.

The Kingdom is also aiming to capture 44 million tonnes of CO2 annually by 2035.