Dubai-listed investment bank Shuaa Capital has sold its stake in a Saudi hospitality portfolio as part of its strategy to streamline investments and reduce liabilities. The portfolio, managed by Shuaa Capital Saudi Arabia, included three properties located in Riyadh, Jeddah, and Dammam. Shuaa, which owned a 33% stake in the portfolio, finalized the sale to...
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has invested $200 million in the first internationally listed exchange-traded fund (ETF) centered on Saudi Arabia. The fund, known as the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF, is managed by State Street Global Advisors. The announcement was made during a bell-ringing ceremony...
Saudi Arabia is set for a surge in initial public offerings (IPOs) over the next two years, with up to 56 new listings expected, according to Al Rajhi Capital. Dr. Sultan Altowaim, Head of Research at Al Rajhi Capital, shared that seven IPOs have already been approved or closed, with two scheduled for listing this...
Saudi Arabia has taken a major step in advancing its renewable energy goals by prequalifying 33 companies for its first batch of large-scale battery energy storage system (BESS) projects. The Saudi Power Procurement Company (SPPC), under the Ministry of Energy, announced the list of selected firms on December 30, 2024. These projects, known as the...
Saudi Arabia ended 2024 on a high note with the successful IPO of AlMoosa Health, which saw overwhelming interest from retail investors. The offering attracted 395,986 individual investors who subscribed at SR127 per share, resulting in a staggering 408.7% oversubscription for the retail tranche. This marks the second healthcare IPO in Saudi Arabia this year,...
Citigroup has received approval from Saudi Arabia to establish its regional headquarters in Riyadh, a move that highlights the kingdom’s ongoing efforts to attract leading global financial institutions. The announcement was made after the Saudi Ministry of Investment granted the necessary approval. In a staff memo seen by The National, Fahad Aldeweesh, CEO of Citi...