Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah meeting with officials from Eva Pharma. SPA
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Updated 16 December 2024
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Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip
  • Key highlight of the trip was a tour of Almarai’s “Beyti” factory in Beheira Governorate
  • Meeting emphasized leveraging Industry 4.0 technologies to boost productivity in both nations’ industrial sectors

RIYADH: Boosting pharmaceutical ties was the centerpiece of a visit by leading Saudi ministers to Egypt as the two countries sought to enhance industrial cooperation and explore investment opportunities.

The Kingdom’s Minister of Industry Bandar Alkhorayef traveled to the north African country on Dec. 15, with a focus on boosting collaboration in the industrial and mining sectors while identifying mutual opportunities in areas such as food and pharmaceuticals, according to a statement. 

He was joined by Deputy Minister Khalil bin Salamah, Saudi Export-Import Bank CEO Saad Al-Khalb, and Saudi Export Development Authority CEO Abdulrahman bin Sulaiman Al-Thukair. 

During the visit, Alkhorayef met with senior Egyptian officials and major private sector leaders to highlight Saudi Arabia’s competitive investment environment, incentives for investors, and strategic industrial priorities, the Saudi Press Agency reported. 

The official visit aims to strengthen the countries’ strategic partnership. In 2023, Saudi Arabia’s non-oil exports to Egypt amounted to SR9.9 billion ($2.6 billion), while non-oil imports from Egypt totaled SR9.6 billion. 

A key highlight of the trip was a tour of Almarai’s “Beyti” factory in Beheira Governorate, where Alkhorayef reviewed its role in local community development and supply chain localization. He also visited several pharmaceutical facilities to gain insights into Egypt’s manufacturing expertise. 

Bin Salamah held bilateral talks with Mohamed Zaki El-Sewedy, chairman of Egypt’s Federation of Industries, with the discussions focused on encouraging the private sector to capitalize on available industrial investment opportunities across both countries.

The deputy minister also met with executives from leading pharmaceutical companies, including Minapharm, to discuss localizing medical industries in Saudi Arabia and exploring potential collaboration in biopharmaceutical manufacturing. 

He also held talks with officials from Eva Pharma around opportunities in generic pharmaceutical production and veterinary vaccines. 

Additionally, there were discussions with the chairman of Medical Union Pharma regarding the integration of active pharmaceutical ingredients in the Saudi market, with a focus on both chemical and biological components. 

Moreover, Bin Salamah met with the chairman of the British Egyptian Co. for General Development, also known as Galina, to explore potential investment opportunities in Saudi Arabia and discuss the growth of the frozen and packaged fruits and vegetables trade.

The meeting also emphasized leveraging Industry 4.0 technologies to boost productivity in both nations’ industrial sectors. 


Saudi Arabia leads MENA private equity market in H1: MAGNiTT 

Saudi Arabia leads MENA private equity market in H1: MAGNiTT 
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Saudi Arabia leads MENA private equity market in H1: MAGNiTT 

Saudi Arabia leads MENA private equity market in H1: MAGNiTT 

RIYADH: Saudi Arabia emerged as the most active private equity market in the Middle East and North Africa during the first half of 2025, accounting for 45 percent of all recorded transactions.

According to MAGNiTT’s MENA Private Equity Report, the Kingdom posted 13 deals, an 8 percent increase year on year, outpacing the UAE, which recorded 12 transactions, representing a 25 percent annual decline. 

Combined, the two markets comprised 86 percent of total regional PE deal activity, highlighting their growing dominance in the MENA investment landscape. 

Overall, the region continued to see a contraction in transaction volumes, with total activity dropping by 38 percent year on year to account for just 29 percent, marking the third consecutive half-year decline.

Disclosed deal value dropped only 11 percent from the first half of the year 2024 to $2.88 billion, as capital shifted toward larger, high-conviction investments. 

“The MENA region’s PE recalibration is being led by scale-ready SMEs (small and medium-sized enterprises) and high-conviction strategies, not withdrawal,” said Farah El-Nahlawi, research department manager at MAGNiTT, adding: “The growing dominance of $100M+ deals signals a maturing landscape ready to absorb larger pools of capital.” 

The Kingdom’s PE growth aligns with its venture capital growth. According to a separate report by MAGNiTT, Saudi Arabia led MENA VE activity in early 2025, raising $860 million — a 116 percent year-on-year increase — driven by sovereign backing and rising foreign investor interest. 

The report recorded 114 VC deals in the first half of the year, up 31 percent from the same period in 2024, highlighting the broader momentum across the nation’s investment ecosystem and its growing appeal as a capital destination for both private equity and venture capital. 

Investor activity varied notably among key markets. In Saudi Arabia, 12 out of 13 transactions involved local investors, highlighting strong domestic momentum.

In contrast, two-thirds of the UAE’s deals — eight out of 12 — were led by international investors, reaffirming the UAE’s role as a regional gateway for cross-border capital. 

The concentration of capital into larger deals was a defining trend. Transactions in the $500 million to $1 billion range rose to 29 percent of the total in the first half of 2025, while $1 billion-plus deals accounted for 14 percent — both the highest shares in five years. 

At the same time, smaller deals under $50 million dropped to just 14 percent, the lowest level on record. 

On a value basis, transactions in the $500 million to $1 billion bracket made up 42 percent of disclosed capital, overtaking the $1 billion-plus segment, which declined from 45 percent in 2024 to 36 percent in the first half of 2025. 

This evolution aligns with broader global investment patterns. According to S&P Global, international PE deal value rose 18.7 percent year on year in the first half of 2025 despite a 6 percent decrease in volume, suggesting an industry-wide pivot toward fewer but more substantial transactions. 

“Despite global macro uncertainty, the GCC, particularly Saudi Arabia and the UAE, continues to demonstrate structural strength and investor confidence,” El Nahlawi said, adding: “Backed by sovereign support, maturing SMEs, and a favorable regulatory environment, the region is poised to anchor future PE activity.” 

Beyond the Kingdom and the UAE, Egypt, Jordan, Morocco, and Qatar each recorded a single transaction, jointly accounting for the remaining 14 percent of regional activity. Egypt experienced the sharpest drop, with dealings down 89 percent year on year.


Saudi Arabia, UAE rank among top 20 nations for AI talent density

Saudi Arabia, UAE rank among top 20 nations for AI talent density
Updated 42 min 35 sec ago
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Saudi Arabia, UAE rank among top 20 nations for AI talent density

Saudi Arabia, UAE rank among top 20 nations for AI talent density

RIYADH: Saudi Arabia and the UAE have emerged as global hubs for artificial intelligence expertise, ranking among the world’s top 20 countries by talent density, a new survey showed.

According to the latest Global AI Competitiveness Index, issued as a collaboration between the International Finance Forum and Deep Knowledge Group, the Kingdom holds 0.7 percent of the global AI talent pool. In comparison, the UAE holds 0.4 percent, placing it ahead of countries like Russia and Italy.

This supports the nation’s National Strategy for Data and AI, which aims to place Saudi Arabia among the world’s top 15 in AI, the top 10 in the Open Data Index, and the top 20 for data and AI-related publications.

It also aligns with projections from PwC that AI will contribute $235.2 billion, around 12.4 percent, to the Kingdom’s gross domestic product by 2030.

“Saudi Arabia and the UAE’s strategic focus on AI, their significant investments in education, infrastructure, and innovation, and their ability to attract top talent and investments are setting the stage for a new era of growth in the region,” Dmitry Kaminskiy, general partner at Deep Knowledge Group, said in a press release.

“Both nations are making substantial strides toward becoming global AI leaders, with the UAE positioning itself as a major player in AI governance and technology, while Saudi Arabia is building a robust ecosystem for AI talent and applications,” Kaminskiy added.

The report further indicated that in a major milestone, King Abdullah University of Science and Technology has joined the ranks of the top 150 universities worldwide for AI talent production, making it the highest-ranking institution in the Middle East as a whole.

It also showed that the Kingdom has committed $20 billion to partnerships with leading institutions, including Stanford University, to establish KAUST as home to one of the world’s top AI research labs. Complementing this, national initiatives such as the 10,000 Coders program are equipping young Saudis with advanced AI skills to build local talent and drive innovation.

As part of Saudi Vision 2030, AI is recognized as a key pillar of the Kingdom’s economic transformation. The strategy aims to position the nation among the world’s top 10 countries in AI research and implementation by 2030, while drawing in $20 billion in investments and generating 200,000 high-tech jobs.

The Kingdom created the Saudi Data and Artificial Intelligence Authority to lead the country’s AI strategy. Key initiatives enjoy fast-track approvals, with decisions usually finalized within 30 days.

Sovereign wealth is also driving AI expansion, with the Kingdom’s Public Investment Fund launching a $1.5 billion fund dedicated to AI investments.

The nation is also channeling substantial resources into initiatives like Neom, where over 30 percent of the $500 billion budget is allocated to AI infrastructure, redefining the future of smart cities.


Oil Updates — prices steady amid economic concerns, US rate decision awaited

Oil Updates — prices steady amid economic concerns, US rate decision awaited
Updated 29 July 2025
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Oil Updates — prices steady amid economic concerns, US rate decision awaited

Oil Updates — prices steady amid economic concerns, US rate decision awaited
  • Brent crude had hit highest level since July 18 on Monday
  • US and China officials at Stockholm for trade talks
  • Market looks to U.S. Fed Reserve interest rate decision -analyst

SINGAPORE: Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the US-EU trade deal, and as investors awaited the US Federal Reserve’s interest rate decision.

Brent crude futures were up 1 cent at $70.05 a barrel at 8:10 a.m. Saudi time, while US West Texas Intermediate crude was at $66.69, down 2 cents.

Both contracts settled more than 2 percent higher in the previous session, and Brent touched its highest level since July 18 on Monday.

The trade agreement between the US and the European Union, while imposing a 15 percent import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand.

The agreement also calls for $750 billion of EU purchases of US energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the US over the course of President Donald Trump’s second term.

While the US-EU trade deal finalization came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note.

“We think the 15 percent rate will pose headwinds to the Euro area’s growth outlook but is unlikely to push the economy into recession.”

Meanwhile, top economic officials from the US and China met in Stockholm on Monday for more than five hours of talks to resolve longstanding economic disputes at the center of a trade war between the world’s top two economies. The discussions are expected to resume on Tuesday.

Oil market participants are also awaiting the US Federal Open Market Committee meeting on July 29-30, where the Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

“Momentum favors the upside in the near term, but the market is vulnerable to volatility triggered by central bank surprises or a breakdown in trade negotiations,” said Sachdeva.

“The likelihood of an economic slowdown and the Federal Reserve’s potential rate cuts remain uncertain, limiting the upside in oil.”

Meanwhile, Trump set a new deadline on Monday of “10 or 12 days” for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made.


Neom port cuts cargo transit time with new trade corridor

Neom port cuts cargo transit time with new trade corridor
Updated 28 July 2025
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Neom port cuts cargo transit time with new trade corridor

Neom port cuts cargo transit time with new trade corridor

RIYADH: Neom port has completed a trial of a new multimodal regional trade corridor linking Saudi Arabia, Egypt, and Iraq, cutting cargo transit times by more than half, according to the Saudi Press Agency.

The pilot, conducted in partnership with the Logistics Partnership Council, demonstrated significantly faster delivery compared to traditional shipping routes.

The trial shipment originated in Cairo, Egypt, and traveled via Safaga Port across the Red Sea to Neom port. From there, it continued overland to Irbil in northern Iraq, covering more than 900 km.

The initiative brought together multiple government and regulatory bodies — including the Transport General Authority and the Zakat, Tax and Customs Authority — alongside private sector stakeholders such as shipowners, exporters, importers, export councils, and logistics firms.

The successful test comes as Neom port accelerates infrastructure upgrades and moves toward full automation. In June, it received Saudi Arabia’s first remote-controlled ship-to-shore and electric rubber-tyred Gantry cranes. Operated from ergonomic control rooms, the cranes mark a milestone in the development of Terminal 1.

A 900-meter quay wall has also been completed, and the port’s access channel has been deepened to 18.5 meters, enabling it to accommodate the world’s largest container ships.

As part of Neom’s workforce development strategy, the crane operations program includes training Saudi women in advanced technical roles.

According to SPA, the new trade corridor achieved high levels of operational efficiency across each stage of the journey, offering an integrated logistics solution that enhances competitiveness.

“This pilot project is a pivotal step in implementing a long-term vision to enhance Neom port’s role as a major logistics and maritime hub in the Kingdom of Saudi Arabia,” the agency stated.

Strategically located on the Red Sea and near the Arar border crossing — a key entry point into Iraq — Neom port aims to become a regional gateway connecting global trade routes and streamlining movement across Asia, Africa, Europe, and the Middle East.

The corridor project aligns with Saudi Arabia’s Vision 2030 objective of building a world-class logistics ecosystem by integrating ports, land crossings, and customs centers. It also presents a scalable model to strengthen domestic logistics connectivity and reinforce the Kingdom’s position as a central player in regional and international trade.


Saudi Arabia leads GCC IPO market with $1.8bn in Q2 listings: PwC

Saudi Arabia leads GCC IPO market with $1.8bn in Q2 listings: PwC
Updated 28 July 2025
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Saudi Arabia leads GCC IPO market with $1.8bn in Q2 listings: PwC

Saudi Arabia leads GCC IPO market with $1.8bn in Q2 listings: PwC
  • GCC equity markets raised $2.4 billion from four main market IPOs
  • Kingdom’s leadership underscored by high-profile IPOs such as Flynas and Specialized Medical Co.

RIYADH: Saudi Arabia dominated Gulf equity markets in the second quarter of 2025, securing 76 percent of total initial public offering proceeds amid strong investor demand for listings on its bourses. 

According to PwC Middle East’s latest IPO Watch report, Gulf Cooperation Council equity markets raised $2.4 billion from four main market IPOs and eight listings on Saudi Arabia’s Nomu Parallel Market. The proceeds were broadly in line with the $2.6 billion raised during the same period in 2024, despite a decline in the number of listings. 

The Kingdom’s leadership was underscored by high-profile IPOs such as Flynas, the region’s first airline listing in over 15 years, and Specialized Medical Co., which raised $500 million in June. Three IPOs in the region raised over $500 million each, reflecting strong investor appetite and a shift toward larger deals. 

“The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,” said Muhammad Hassan, capital markets leader, partner at PwC Middle East. 

“Despite slower IPO activity across the GCC, Tadawul and DFM witnessed landmark IPOs such as Flynas and Dubai Residential REIT," he added. "The outlook remains cautiously optimistic for the remainder of the year, subject to macroeconomic and geopolitical factors.”  

Strong IPO performance was further bolstered by rising foreign investor participation across Gulf stock markets, with net inflows jumping 50 percent quarter on quarter to reach $4.2 billion in the second quarter of 2025, according to a report by Kuwait-based asset management company Kamco Invest released earlier in July.  

This marked the sixth consecutive quarter of net foreign inflows into GCC equities.  

Kamco reported that Saudi Arabia attracted the highest inflows at $1.4 billion, up from $252.3 million the previous quarter, reflecting increased investor confidence amid the Kingdom’s ongoing market liberalization and economic diversification efforts. 

PwC reported that the Nomu market showed continued strength, with eight listings raising $128 million in the second quarter of the year, up from $81 million during the same period last year. 

In the UAE, the Dubai Residential REIT IPO marked the first real estate investment trust listing since 2014, signaling renewed investor interest in alternative assets.  

The Dubai Financial Market and Abu Dhabi Securities Exchange rebounded from early turbulence, with the Dubai Financial Market gaining 15 percent and the Abu Dhabi Securities Exchange rising 7 percent. 

Regional equity indices saw mixed performance, with early-quarter uncertainty followed by recovery later in the period. In Saudi Arabia, the Tadawul All Share Index declined 6 percent, influenced by a nearly 20 percent drop in Brent crude prices.  

Looking ahead, PwC said that while the third quarter typically experiences reduced IPO activity, the pipeline for late 2025 and early 2026 remains strong and diversified.