萝莉视频

萝莉视频鈥檚 Asir region revitalizes 95% of stalled projects

Special Hashim Al-Dabbagh, CEO of Asir Region Development Authority. AN photo by Huda Bashatah
Hashim Al-Dabbagh, CEO of Asir Region Development Authority. AN photo by Huda Bashatah
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Updated 28 May 2025

萝莉视频鈥檚 Asir region revitalizes 95% of stalled projects

萝莉视频鈥檚 Asir region revitalizes 95% of stalled projects
  • Asir is a vast region in the Kingdom with a population exceeding 2 million people
  • Interest from global players seeking early opportunities in the region鈥檚 evolving landscape has grown

ABHA: 萝莉视频鈥檚 Asir region has successfully revitalized 95 percent of its previously delayed project, an important milestone that is strengthening investor confidence as the region moves forward with SR29 billion ($7.73 billion) worth of initiatives across various sectors.

In an interview with Arab News, Hashim Al-Dabbagh, CEO of Asir Region Development Authority, stated that a dedicated committee, chaired by Asir Gov. Prince Turki bin Talal, was formed several years ago to tackle long-standing investment challenges that had stalled progress in the region.

鈥淭he total number of cases that have been brought to this committee to address has been 63, all brought to the table,鈥 Al-Dabbagh said.

He continued: 鈥淥f these 63 cases that have been brought to this committee to address and to solve, 60 cases have been solved, and three are in the pipeline right now, and they鈥檙e working on them, and they鈥檙e going to solve them relatively soon.鈥

Of the 60 resolved, 57 were concluded with outcomes that satisfied investors, reflecting a resolution rate of nearly 95 percent.

鈥淭his committee and the work that they have done has created some very positive vibes across the investment ecosystem in 萝莉视频, which you sense in this forum because there are some very large聽investors that are coming to Asir, some coming back to Asir which had not been interested in this region in the past,鈥 Al-Dabbagh said.

The board operates in collaboration with various public and private entities, including ASDA, the Ministry of Investment, the Ministry of Tourism, the Tourism Development Fund, and King Khalid University, ensuring a unified approach to accelerating investor activity in the region.

This resolution mechanism plays a key role in supporting the region鈥檚 development strategy, which focuses on unlocking investment potential across various sectors.

鈥淔irst of all, we have a strategy that drives everything that we are doing,鈥 Al-Dabbagh said.

He added: 鈥淭he strategy has been approved by the center of government, and it says that Asir should be a year-round preeminent destination, so already we know that we need to focus on the tourism sector and complementary and adjacent sectors to the tourism sector.聽That鈥檚 one, and that gives us a lot of momentum in working with the government ecosystem and the private sector.鈥

Al-Dabbagh emphasized that Asir is more than just a tourism destination, noting that it is a vast region in the Kingdom with a population exceeding 2 million people.

鈥淲ithin the Asir Development Authority, we have a whole department called Economic聽Development Department, and they are working diligently this year on sectoral studies across the board.鈥

He added: 鈥淭his includes, obviously, tourism-related sectors, but also other ones, so just as an example, we are looking at sports, we are looking at construction. We鈥檙e looking at fisheries and agriculture. We鈥檙e looking at renewable energy. We鈥檙e looking at mining among聽other sectors.鈥

The authority is also aligning its economic strategy with educational institutions to ensure the region鈥檚 workforce is equipped聽to meet the demands of upcoming sectors.

鈥淲e are working closely with King Khalid University, the TVTC (Technical and Vocational Training Corp.), Bishop University, and other educational institutions to align the strategies and to make sure that their graduates are able to聽find jobs in the opportunities that are going to be realized聽as we realize this strategy,鈥 he said.

On attracting investments, Al-Dabbagh stated: 鈥淲hat I call the investment ecosystem in Asir, it鈥檚 the framework that we use to assess investments, is comprised of three components. The first component is the Invest in Asir committee, and that鈥檚 headed by Prince Turki in his capacity as the chairman of the Aseer Development Authority and includes all the public and private sectors.鈥

He explained that the region offers a compelling opportunity for early movers due to its untapped potential, strategic government backing, and the ability to enter key sectors before they reach full maturity, providing investors with a critical advantage in shaping long-term development.

鈥淎sir relative聽to those mature,聽tourism destinations, offers relatively less mature areas, so when they鈥檙e coming in, they鈥檙e coming in early and聽they鈥檙e going to have a ... not a first mover advantage, but an early mover advantage compared to people that are going to see this place for five years or 10 years down the road when all these incumbents are already on the ground.鈥

Attracting FDIs

Foreign direct investment is also gaining momentum in Asir, with growing interest from global players seeking early opportunities in the region鈥檚 evolving landscape.

鈥淥ne of the speakers in today鈥檚 forum was Fatih (who is managing partner of FTG Development), and they are looking at an investment worth billions in Asir. That is just one example, and foreign direct investors, they look for successful local investors to partner with,鈥 Al-Dabbagh said.

He concluded: 鈥淥ur doors are open. We鈥檙e very happy聽to meet with the investors from anywhere.鈥


Saudi Aramco lowers July oil prices for Asian markets

Saudi Aramco lowers July oil prices for Asian markets
Updated 04 June 2025

Saudi Aramco lowers July oil prices for Asian markets

Saudi Aramco lowers July oil prices for Asian markets

RIYADH: Saudi Aramco has slashed its official selling price for crude oil destined for Asia in July, the company confirmed in an official statement on Wednesday.

The state-owned oil giant cut the price of its benchmark Arab Light crude by $0.20, setting it at $1.20 per barrel above the average of Oman and Dubai crude prices.

Saudi Aramco prices its crude oil across five density-based grades: Super Light (greater than 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29).

The company鈥檚 monthly pricing decisions impact the cost of around 9 million barrels per day of crude exported to Asia and serve as a pricing benchmark for other major regional producers, including Iran, Kuwait, and Iraq.

In the North American market, Aramco set the July OSP for Arab Light at $3.50 per barrel above the Argus Sour Crude Index.

Aramco determines its OSPs based on market feedback from refiners and an evaluation of crude oil value changes over the past month, taking into account yields and product prices.

Plans by OPEC+ producers to increase output by 411,000 barrels per day in July are also weighing on the market.

Yet, there was some support as wildfires reduced Canada鈥檚 production by some 344,000 bpd, according to Reuters calculations.

 


PIF-backed Lucid inks graphite supply deal to bolster US EV battery material sourcing

PIF-backed Lucid inks graphite supply deal to bolster US EV battery material sourcing
Updated 04 June 2025

PIF-backed Lucid inks graphite supply deal to bolster US EV battery material sourcing

PIF-backed Lucid inks graphite supply deal to bolster US EV battery material sourcing

RIYADH: Lucid Group, the electric vehicle manufacturer backed by 萝莉视频鈥檚 Public Investment Fund, has signed a multiyear supply agreement with Graphite One to source natural graphite from the US.

The move is aimed at reinforcing the company鈥檚 domestic supply chain for battery production. The agreement aligns with Lucid鈥檚 broader strategy to secure critical raw materials domestically.

It follows similar deals with Graphite One and Syrah Resources as the company ramps up efforts to localize its EV production ecosystem.

According to the terms, the graphite will be supplied through Lucid鈥檚 battery cell partners for use in upcoming vehicle models.

Lucid is majority-owned by PIF, which holds a 60 percent stake, amounting to 1.77 billion shares. The partnership underscores the sovereign fund鈥檚 long-term commitment to advancing electric mobility as part of 萝莉视频鈥檚 Vision 2030.

In September 2023, Lucid opened its first international manufacturing facility in King Abdullah Economic City. The plant currently produces 5,000 vehicles per year, with plans to scale up to 155,000 units annually. The expansion is expected to support 萝莉视频鈥檚 ambitions to diversify its economy and become a regional hub for electric vehicle manufacturing.

鈥淎 supply chain of critical materials within the United States drives our nation鈥檚 economy, increases our independence against outside factors or market dynamics, and supports our efforts to reduce the carbon footprint of our vehicles,鈥 said Marc Winterhoff, interim CEO at Lucid.

Under the latest deal, Lucid and its battery suppliers will begin receiving natural graphite from Graphite Creek, a deposit located near Nome, Alaska, starting in 2028. This builds on a prior agreement signed in 2024, in which Graphite One will provide synthetic graphite from its proposed anode materials facility in Warren, Ohio 鈥 also set to begin production in 2028.

鈥淭his agreement complements the deal we struck with Lucid in 2024 鈥 which marked the first synthetic graphite agreement between a US graphite developer and a US EV company,鈥 said Anthony Huston, CEO of Graphite One.

He added: 鈥淲e made history then 鈥 and we鈥檙e continuing to make history now as we build momentum for our efforts to develop a fully domestic graphite supply chain, to meet market demands and strengthen US industry and national defense.鈥

Lucid is also expected to receive natural graphite active anode material from Syrah Resources starting in 2026, as part of its ongoing diversification of supply sources.

In a further boost to its financial position, Lucid closed a $1.1 billion offering of convertible senior notes in April, due in 2030. The announcement came shortly after the company reported first-quarter deliveries of 3,109 vehicles 鈥 a 58 percent increase year on year.


Closing Bell: Saudi main index closes in green before Eid holidays聽

Closing Bell: Saudi main index closes in green before Eid holidays聽
Updated 04 June 2025

Closing Bell: Saudi main index closes in green before Eid holidays聽

Closing Bell: Saudi main index closes in green before Eid holidays聽

RIYADH: 萝莉视频鈥檚 Tadawul All Share Index climbed on Wednesday, gaining 172.1 points, or 1.59 percent, to close at 11,004.53. 

The total trading turnover on the benchmark index was SR4.61 billion ($1.23 billion), with 191 listed stocks advancing and 50 declining.

The Kingdom鈥檚 parallel market Nomu surged by 257.9 points to close at 27,307.74. 

Meanwhile, the MSCI Tadawul Index edged up by 1.67 percent to 1,406.49.  

The best-performing stock on the main market was Saudi Industrial Investment Group, with its share price surging 7.03 percent to SR17.36. 

The share price of ACWA Power Co. also rose by 6.72 percent to SR269.80.  

Al-Babtain Power and Telecommunication Co. saw its stock price increase by 5.40 percent to SR5.40. 

Conversely, the share price of Saudi Steel Pipe Co. fell by 6.33 percent to SR56.20. 

Saudi Research and Media Group also saw a dip, with its share price easing 2.26 percent to SR127. 

On the announcements front, Saudi National Bank completed its offer of Saudi riyal-denominated Additional Tier 1 sukuk, with the settlement finalized on June 3. 

According to a statement on the Saudi Exchange dated May 11, the issuance was conducted through a private offer to eligible investors in the Kingdom. The total value of the sukuk offering amounted to SR1.73 billion. 

The bank issued 1,730 sukuk, each with a par value of SR1 million. The sukuk will offer an annual return of 6 percent from the issue date until June 3, 2030. 

The share price of Saudi National Bank increased by 0.88 percent to close at SR34.45. 

The announcement coincided with the implementation of the unified regulation for cross-border registration of investment funds among Gulf Cooperation Council countries, which came into effect in 2025, according to the Capital Market Authority. 

The regulation outlines requirements for registering and marketing investment funds across GCC countries and introduces a dedicated regulatory guide. 

It aims to clarify procedures for handling both local and Gulf-based funds, enhance financial market services, and reduce regulatory challenges. 

Additionally, the framework seeks to support mechanisms that attract international investments to the Saudi financial market and boost foreign ownership in investment funds. 

The broader goal is to improve liquidity in regional financial markets, enhance the competitiveness of GCC economies, and foster integration by unifying the policies and systems governing domestic, regional, and foreign investment activities. 

The regulation also aims to ensure a transparent and stable investment environment. 

Under the framework, the legislative committee in each host country will have the authority to set standards for approving fund registrations and supervising funds within its jurisdiction, including overseeing the appointed agent and their interactions with investors. 

Cross-border registration must be conducted through the capital market authorities of both the fund鈥檚 country of origin and the host country. 

The regulation allows investment funds established in any GCC member state to be promoted in other countries applying the framework. 

It also outlines the process for offering Saudi funds in Gulf markets, with a focus on aligning with regulatory review mechanisms and cross-border registration requirements to ensure full compliance with approved guidelines. 


Saudi POS spending hits $4bn pre-Adha, fueled by increased spending across all sectors聽

Saudi POS spending hits $4bn pre-Adha, fueled by increased spending across all sectors聽
Updated 04 June 2025

Saudi POS spending hits $4bn pre-Adha, fueled by increased spending across all sectors聽

Saudi POS spending hits $4bn pre-Adha, fueled by increased spending across all sectors聽

RIYADH: 萝莉视频鈥檚 point-of-sale transactions climbed 33 percent to SR15.5 billion ($4.15 billion) in the week preceding Eid Al-Adha, driven by increased spending across all sectors. 

The latest data from the Saudi Central Bank, also known as SAMA, showed that the clothing and footwear sector led the growth seen in the week ending May 31, registering the largest jump in transaction value, up 72.7 percent to SR1.2 billion. 

The sector also saw a 61.6 percent rise in the number of transactions, reaching 8.6 million. 

The education sector followed, recording a 61.6 percent increase in transaction value to SR242.1 million. Telecommunication spending ranked next, rising 44.5 percent to SR136.2 million, with transactions up 19.9 percent to 2.1 million. 

Food and beverages 鈥 the sector with the biggest share of total POS value 鈥 recorded a 34.2 percent increase to SR2.2 billion. 

Transportation spending rose 29.7 percent to SR898.8 million, while restaurants and cafes saw a 24.3 percent increase, totaling SR2 billion and claiming the second-biggest share of this week鈥檚 POS. 

The smallest spending gains were in hotels, rising by 9 percent to SR207.5 million, and construction and building materials, which increased by 12.9 percent to SR267.6 million. 

Health outlays rose by 28.4 percent to reach SR952.8 million, while the public utilities sector increased by 29.1 percent to SR55.3 million. 

Spending on electronics followed the trend, rising 23.1 percent to SR187.2 million, and recreation and culture edged up 42.5 percent to SR324.3 million. 

Miscellaneous goods and services claimed the third-largest share of total transactions value, with an uptick of 34.4 percent to SR1.9 billion. 

The top three categories 鈥 food and beverages, miscellaneous goods and services, and clothing and footwear 鈥 accounted for 39.9 percent of the week鈥檚 total spending, amounting to SR6.2 billion. 

Geographically, Riyadh dominated POS transaction value, with expenses in the capital reaching SR5.4 billion, a 42.7 percent increase from the previous week. 

Jeddah followed with a 27.7 percent rise to SR2.1 billion, while Dammam ranked third, up 25.1 percent to SR776.5 million. 

Hail saw the biggest weekly increase in transaction value, inching up 52.6 percent to SR262.6 million, followed by Tabuk with a 51.3 percent uptick to SR323.6 million. 

Hail recorded 4.3 million deals in transaction volume, up 24.7 percent, while Tabuk reached 5.2 million transactions, rising 21.1 percent. 


Hong Kong-based Gaw Capital plans to step up Middle East investments

Hong Kong-based Gaw Capital plans to step up Middle East investments
Updated 04 June 2025

Hong Kong-based Gaw Capital plans to step up Middle East investments

Hong Kong-based Gaw Capital plans to step up Middle East investments
  • Gaw Capital targets UAE, 萝莉视频 for investments
  • Firm plans separate investment vehicle for Middle East

HONG KONG: Gaw Capital plans to bolster investments in the Middle East, its top executive said, as the Hong Kong-based multi-asset investment manager looks to tap into the post-COVID boom in the region鈥檚 real estate and other industrial sectors.

Christina Gaw, Gaw鈥檚 managing principal and global head of capital markets, said the firm is looking at real estate and other businesses in the UAE and 萝莉视频 as their population has a large demand for real assets.

Gaw acquired a residential building in Abu Dhabi in May for more than $150 million, and signed a pact in November with Expo City Dubai and Lingang Group to explore creating the Expo Life Science Park in Dubai.

The firm, which had $34.4 billion of assets under management as of the end of 2024, expects to close another deal in the region in the second half of the year, said Gaw, whose two elder brothers founded the company in 2005.

Gaw鈥檚 interest in the Middle East comes against the backdrop of a post-pandemic property boom there, fueled by business demand and foreign investment.

鈥(The Middle East) is very wealthy, what can you bring to them? It鈥檚 the expertise ... they want to attract talents and different businesses,鈥 Gaw said in an interview. 鈥淎nd we have tenants and business who want to expand there, so we act as a bridge ... to provide them funding and local connections.鈥

The firm plans to set up a separate vehicle to build an investment track record in the Middle East first before using its main funds in the future.

Gaw, whose main focus has been Greater China and in recent years in Japan and Australia, is also raising a $2 billion fund for private equity and private credit opportunities in Asia Pacific.

The fund is receiving interest from Middle Eastern and Asian investors, as well as in North America, who are looking to diversify amid changing geopolitics.

鈥淐urrently the US has many uncertainties. Investors who have been overweighting the US and have done well for many years now may say, 鈥業 need a little level play鈥,鈥 Gaw said.

鈥淎sia, on the other hand, has underperformed in the past five years, creating relative value, and people feel they need a repositioning and add some positions in Asia.鈥

Besides the Middle East, Gaw this year also made investments including more than $1 billion in the Tokyu Plaza Ginza mall in Tokyo with a joint venture partner, and a 45 percent stake in Agility Asset Advisers, a real estate manager in Japan.

In its home market, Gaw said that the firm was focusing on a private credit business linked to upper-middle class residential projects, and was in talks with developers with liquidity needs as well as banks that are selling their non-performing loans.