Saudi Arabia’s $320 billion sovereign-wealth fund known as the Public Investment Fund (PIF) is the driving force behind Saudi Arabia’s vision for economic diversification and mission as a powerhouse investor on the global stage. Despite the global economic slowdown due to the COVID-19 pandemic, PIF has taken advantage of investment opportunities to grow and diversify Saudi Arabia’s assets and develop long-term strategic partnerships with international players. In the first quarter of this year, PIF targeted stakes […]
The sports and recreation industry in Saudi Arabia is opening significant investment opportunities as the Saudi Government aims to promote physical and social well-being and a healthy lifestyle, encourage widespread and regular participation in sports and athletic activities, diversify the economy and boost the sector’s contribution to GDP. Saudi Arabia made sports a priority in […]
Continuing the momentum that was witnessed in 2019, the number of foreign investment licenses in Saudi Arabia grew to 348 in Q1 2020. This marks a year-on-year increase of 19 percent and reflects the growing appetite foreign institutions have in the Saudi market. The Kingdom’s transparent regulatory transformation over the last few years caught the […]
McDermott International was awarded propane dehydrogenation contract by Saudi Petchems, a subsidiary of Advanced Petrochemical Company. The agreement includes providing license and basic engineering services for a “CATOFIN” propane dehydrogenation unit at Advanced Global Investment Company’s petrochemical complex located in Jubail, Saudi Arabia and will be able to produce 843,000 metric tons of propylene per year. The value of the contract […]
B20 Saudi Arabia and the International Chamber of Commerce Meet with Business Leaders to Discuss the Role of Trade Amidst the COVID-19 Pandemic
The B20 Saudi Arabia and the International Chamber of Commerce (ICC) held a virtual roundtable on May 19 that brought together more than 70 business leaders from various sectors to discuss the significance of trade in addressing economic and health implications due to the COVID-19 pandemic. The virtual session was co-hosted by B20 Chair, Yousef Al-Benyan and ICC Secretary General, John W.H. Denton […]
The Boeing Company has secured a $1.9 billion contract from the United States Navy to supply 650 Stand-off Land Attack Missile – Expanded Response (SLAM-ER) missiles to Saudi Arabia. Boeing will further provide non-recurring engineering for obsolescence redesign efforts and is scheduled to finish the work by December 2028. The SLAM-ER arms Saudi Arabia’s fleet of F-15S and F-15SA fighters, a variant of the U.S. Air Force’s F-15E Strike Eagle.
McDermott International and CB&I Storage Solutions announced three contracts awarded to provide engineering, procurement, fabrication and constructions services of 38 tanks and 13 spheres in several locations in Saudi Arabia. The value of the contracts is estimated to be between $50-250 million for one contract and $1-50 million for the second and third contract.
B20 Saudi Arabia on Developing Recommendation that Will Allow Working Women to Thrive in the Next Normal
Amidst the COVID-19 pandemic, businesses and schools have closed adding responsibilities for families to maintain work, children’s education and entertainment at home with 70% of women, according Morning Consult survey, stating they have full responsibility for schoolwork and 66% for childcare. With businesses embracing the role of technology in the workforce, this digital shift provided the […]
The G20 Digital Economy Task Force (DETF) organized a virtual workshop today to address the “G20 Roadmap Toward a Common Framework for Measuring the Digital Economy” report. The DETF discussed key indicators for jointly adopting and monitoring trends in jobs, skills, and development in the digital economy to measure their performance and impact, as well […]
G20 Saudi Arabia supports the launch of Access to COVID-19 Tools (ACT) Accelerator, a global collaboration to accelerate the development, production and equitable access to the latest COVID-19 therapeutics, vaccines, and diagnostics. ACT Accelerator will become a global platform for action to improve connectivity and leverage strengths of global partnerships to work with speed and scale. The Saudi Minister of […]