Saudi municipalities offer 57 investment opportunities across commercial and residential sectors
Initiatives intended to enhance service levels, improve quality of life, boost regional investment and increase municipal revenues
Interested investors can review the details of these opportunities at Furas
Updated 04 August 2024
Arab News
RIYADH: Saudi Arabia’s Hail, Qassim, and Asir municipalities have unveiled 57 new investment opportunities across entertainment, sports, commercial and residential sectors, aimed at boosting economic growth and supporting the private sector.
These initiatives are intended to enhance service levels, improve quality of life, boost regional investment and increase municipal revenues, the Saudi Press Agency reported.
The move is part of the municipalities’ ongoing efforts to stimulate economic activity, enhance regional development, improve urban landscapes and boost tourism and entertainment attractions.
It also highlights Saudi Arabia’s commitment under Vision 2030 to foster a more resilient and inclusive economy by promoting growth in areas beyond major cities like the capital, Riyadh, and the Red Sea port city of Jeddah.
In Hail, the municipality has announced 33 investment opportunities through the Saudi Cities Investment Gate, known as Furas, during the third quarter of 2024.
These opportunities include two commercial complexes, a fuel station, and a commercial kiosk. They also cover a store, multipurpose locations, a site for second-hand clothes, and two residential-commercial sites. Additionally, the projects include four car maintenance centers, three pedestrian bridges, and 12 cash dispensers.
The Qassim Municipality, through its branch in Riyadh Al-Khabra, has announced six investment opportunities via Furas. These opportunities are available for private sector entities in the commercial, sports and entertainment, and industrial sectors.
Representing the Asir Municipality, the Dhahran Al-Janoub branch has announced 18 investment opportunities via the municipal investment portal, spanning commercial, sports and entertainment, and industrial sectors as well.
Interested investors can review the details of these opportunities at Furas and contact the relevant investment departments through the portal.
Syria to re-open stock market starting June 2, finance minister says
Updated 52 min 11 sec ago
Reuters
CAIRO: Syria is set to re-open its stock market starting June 2, the state news agency SANA reported on Tuesday, citing Finance Minister Yisr Barnieh.
Syria’s stock market stopped trading on Dec. 5, SANA said, citing the need to assess the operational and financing status of contributing companies.
In December, rebels ousted former President Bashar Assad.
Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains
Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel
US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel
Updated 28 May 2025
Reuters
SINGAPORE: Oil prices inched up on Wednesday as investors considered supply risks after the US barred Chevron from exporting crude from Venezuela under a new asset authorization, though expectations of more output from OPEC+ continued to limit gains.
Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel by 08:40 a.m. Saudi time, while US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel.
The Trump administration has issued a new authorization for US-major Chevron that would allow it to keep assets in Venezuela but not to export oil or expand its activities, Reuters reported on Tuesday, citing sources.
“The loss of Chevron’s Venezuazelan barrels in the US will leave refiners short and thus relying more on Middle Eastern crude,” Westpac’s head of commodity and carbon strategy Robert Rennie wrote in a note.
US President Donald Trump had revoked the previous license on February 26.
In recent years, the licenses to Chevron and other foreign companies supported a slight recovery in sanction-hit Venezuelan oil output to about 1 million barrels per day.
However, price gains were capped on Wednesday amid expectations that OPEC+ will decide to increase output at a meeting this week.
A full meeting of the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, is scheduled for Wednesday, though market watchers expect no change to their policy of increasing output.
A July output hike could be decided on Saturday when eight members of the group hold talks, according to sources.
“Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Sachdeva added that OPEC members’ failure to comply with production quotas and Trump’s trade policies negatively impact global oil demand.
The market also found some support after Trump said earlier this week he was weighing new sanctions on Russia.
“This increases the risk of further sanctions against Russia, putting Russian energy flows at risk,” said ING commodities strategists on Wednesday.
Saudi Arabia’s weekly POS spending holds above $3bn as apparel sales climb: SAMA
Updated 28 May 2025
Nirmal Narayanan
RIYADH: Consumer spending in Saudi Arabia remained resilient, staying above $3 billion for the fourth consecutive week, as strong demand for clothing and footwear helped offset broader declines in other sectors.
According to data from the Saudi Central Bank, also known as SAMA, point-of-sale transactions totaled SR11.71 billion ($3.12 billion) in the week ending May 24, down 5.5 percent from the previous week, while the number of transactions dipped 5.3 percent to 205.98 million.
Despite the overall drop, the apparel sector posted a 2.1 percent increase, reaching SR702.61 million, the only category to record weekly growth.
POS refers to transactions made using electronic payment methods — such as credit or debit cards — at retail outlets, restaurants, and service providers.
The sustained spending momentum highlights consumer confidence and the ongoing digital transformation of payments, driven by initiatives under the Kingdom’s Vision 2030 strategy.
The food and beverage category remained the largest in value at SR1.65 billion, though it saw an 8.4 percent decrease. Spending at restaurants and cafes declined 6.7 percent to SR1.65 billion, while transactions at gas stations fell 6.2 percent to SR872.03 million.
POS activity in health services dropped 6.1 percent to SR742.22 million, while miscellaneous goods and services fell 4.4 percent to SR1.46 billion. Recreation and culture remained relatively stable, down just 0.8 percent at SR227.67 million.
Geographically, Saudi Arabia’s capital city Riyadh dominated POS transactions, with a value amounting to SR4.31 billion. However, compared to the previous week, the value of transactions in Riyadh declined by 4.1 percent.
Jeddah followed with a 2.9 percent decrease, reaching SR1.69 billion, while Dammam came third with transactions amounting to SR620.65 million.
Hail experienced the most significant decrease in spending, dropping by 11 percent to SR172.08 million. Tabouk followed with a 10.1 percent reduction to SR213.94 million.
POS spending in Makkah witnessed a drop of 3.5 percent to SR379.61 million.
In Madinah, POS spending stood at SR408.84 million, marking a weekly decline of 6 percent.
In Khobar, the value of transactions amounted to SR365.15 million, a drop of 3.2 percent, while Abha registered SR146.08 million in transaction value, registering a weekly decline of 4.9 percent.
Saudi authority approves new guidelines for sustainable debt instruments
Updated 27 May 2025
Nour El-Shaeri
RIYADH: Saudi Arabia’s Capital Market Authority has approved new guidelines for issuing green, social, sustainable, and sustainability-linked debt instruments.
These guidelines, which came into effect on may 27, represent a crucial milestone in the CMA’s broader strategy to deepen the domestic debt market and align the Kingdom’s financial sector with the sustainability objectives outlined in Vision 2030.
The initiative is part of the CMA’s strategic plan for 2024–2026 and supports the Sustainability Strategy of the Ministerial Committee for Corporate Sustainability Strategy.
Developed in collaboration with both public and private sector stakeholders, the guidelines serve as a key deliverable under the initiative titled “Establish the regulatory framework for sustainable debt instruments.”
This initiative aims to encourage local issuances and enhance the role of debt financing in the national economy.
The approval of these new guidelines aligns with the CMA’s comprehensive strategy, which includes over 40 initiatives designed to advance sustainable finance and develop the capital markets.
Among these efforts are the creation of regulatory frameworks for green and ESG-linked bonds, the adoption of open finance practices to foster innovation, and the strengthening of corporate governance regulations to boost accountability and investor confidence.
This development is particularly important as it accelerates the adoption of sustainable finance by creating a clear framework for issuing ESG-compliant debt instruments, enabling public and private entities to raise funds for environmentally and socially responsible projects.
Furthermore, it strengthens the local debt market by encouraging wider participation from issuers and investors through enhanced regulatory clarity, which in turn improves market liquidity and access to capital.
The CMA highlighted that while the new guidelines are non-binding, issuers offering green, social, sustainable, or sustainability-linked debt instruments denominated in Saudi riyals — whether through public or private placements — are required to disclose any deviations from the guidelines in their issuance framework or offering documents.
“The guideline does not entail any changes to the regulatory rules and procedures currently in place in the capital market,” the CMA stated.
According to the regulator, the guidelines define four categories of instruments: green debt, social debt, sustainable debt, and sustainability-linked debt.
Green, social, and sustainable instruments require that proceeds be used exclusively for projects that deliver positive environmental and/or social outcomes.
Saudi Arabia’s Asir region secures $1.06bn boost as total investments climb past $6.6bn
Updated 27 May 2025
Nadin Hassan
ASIR: Saudi Arabia’s Asir region is set to receive a fresh investment boost of SR4 billion ($1.06 billion), raising the total value of government-backed projects in the area to more than SR25 billion, according to a senior official.
Speaking at the second Asir Investment Forum in Abha, Prince Turki bin Talal, governor of Asir, announced that over SR5 billion in investments are already underway. The newly pledged SR4 billion will be formally revealed during the two-day forum.
This investment surge is part of the Asir Region Development Strategy — the Kingdom’s first development plan tailored to a specific region — launched in 2021 by Crown Prince Mohammed bin Salman. The strategy aims to transform Asir into a world-class tourism destination, with a goal of attracting more than 10 million visitors annually by 2030, while driving sustainable development through tourism and strategic investment.
In his opening remarks, the governor said: “With more than SR25 billion committed to essential government projects and investments that have already begun implementation on the ground — through projects by the Public Investment Fund, the Tourism Development Fund, the Social Development Bank, and other financing entities — in line with the state’s belief that Asir is an economic powerhouse and a fundamental enabler for the private sector.”
He added: “Since the launch of the Asir strategy, committed investments exceeding SR5 billion have already begun implementation, in addition to SR4 billion whose details will be announced during this forum.”
Prince Turki bin Talal, governor of Asir, speaks at the forum in Asir.
Sultan Al-Shahri, chief of investment at the Aseer Development Authority, underscored the scale of ongoing activity, noting that the region is progressing with 79 investment projects worth more than SR29 billion. Of these, 49 projects valued at SR25.6 billion are in the attraction phase, while 30 confirmed initiatives account for SR3.8 billion.
He said private sector agreements signed during the first edition of the forum amounted to SR1.7 billion, with presented opportunities totaling SR3 billion, signaling growing domestic and international investor interest aligned with Vision 2030’s objectives.
Held under the theme “Asir Thrives… Invest Now,” the second edition of the forum opened on May 27 at King Khalid University in Al-Fara’a, Abha. Organized by the Aseer Development Authority, the event drew over 1,500 participants, including ministers, business leaders, and regional experts.
A key development announced at the forum was the launch of “Qimam Al-Sarrah,” a new investment arm intended to streamline land development and simplify regulatory processes to facilitate investor access.
Ministerial participation included Saudi Tourism Minister Ahmed Al-Khateeb, Qatari Minister of Municipal Affairs Abdullah Al-Atiyah, and Saudi Communications and Information Technology Minister Abdullah Al-Swaha.
During a plenary session, the ministers emphasized the strategic role of digital infrastructure, smart services, and mega-events — including Abha’s bid to host the 2034 FIFA World Cup — in driving economic momentum.
Saudi Commerce Minister Majid Al-Qasabi, addressing the forum virtually, affirmed the region’s transformation.
He stated that Asir is undergoing a qualitative transformation across various levels, positioning it as one of the most promising areas on Saudi Arabia’s investment map — thanks to its human, natural, and economic resources.
Al-Qasabi noted that the Ministry of Commerce is currently reviewing over 110 commercial regulations to enhance the business environment. These include reforms to the Companies Law, Franchise Law, Anti-Concealment Law, and E-Commerce Law, as well as expanding the role of the National Competitiveness Center.
Al-Qasabi added: “We succeeded in launching an extensive corrective campaign, allowing business owners to voluntarily adjust their status. This contributed to a significant drop in concealment cases and a notable increase in compliance.”
As of April 2025, the Kingdom has more than 1.7 million commercial registrations, including 90,000 in Asir — representing 5.3 percent of the national total.
According to Al-Qasabi, between 2018 and 2025, joint-stock companies in Saudi Arabia grew by 76 percent, from 2,300 to 4,000. Limited liability companies surged by 138 percent to 386,000, while sole proprietorships rose 32 percent to reach 1.2 million.
Al-Qasabi also revealed that Saudi Arabia aims to finalize 20 free trade agreements by 2030.
Capital Market Authority Chairman Mohammed El-Kuwaiz addressed efforts to mobilize regional investment through financial markets, including accessible financing mechanisms and regulatory support.
Tourism, a key pillar of the Asir strategy, featured prominently throughout the forum. The Saudi tourism minister emphasized the region’s competitive edge.
“The region’s rich natural and cultural assets are key drivers of tourism investment, which is essential for sustainable development and community empowerment,” Al-Khateeb said.
Figures released on the Ministry of Tourism’s X account during the event showed tourism momentum accelerating. Domestic tourism rose 11 percent year-on-year in the first quarter of 2025 to 1.4 million Saudi visitors. International tourism surged 42 percent to 68,900 visitors.
Tourism-related employment also climbed, with 47,700 jobs recorded — a 2.5 percent increase since late 2024.
The Saudization rate stood at 16.2 percent, with gender participation balanced. In Ministry-supervised sectors, 2,600 jobs were recorded, with a 29 percent Saudization rate and near-equal gender representation.
The concurrent exhibition showcased key regional projects and institutional stakeholders, highlighting growing public-private collaboration in the Asir region.
The forum concluded with a reaffirmation of Asir’s role as a cornerstone of Saudi Arabia’s diversification strategy — one that aims to balance economic opportunity with cultural preservation and long-term sustainability.
