Saudi Arabia Advances in 36 Global Indices

Saudi Arabia recorded a progress in several global indices (Asharq Al-Awsat)
Saudi Arabia recorded a progress in several global indices (Asharq Al-Awsat)
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Saudi Arabia Advances in 36 Global Indices

Saudi Arabia recorded a progress in several global indices (Asharq Al-Awsat)
Saudi Arabia recorded a progress in several global indices (Asharq Al-Awsat)

Saudi Arabia has recently secured advanced positions in 36 international indices, reflecting its strengthened economic and investment environment.

The progress encompasses notable categories such as consumer confidence, the business environment, government trust, and the World Competitiveness Rating.

Investment licenses issued in the year's second quarter saw a whopping 93.9 percent growth, surging to approximately 1,800 licenses compared to the 938 permits during the same period last year.

Construction and manufacturing led the surge, accounting for nearly 834 licenses in the second quarter of 2023.

A recent report from the Ministry of Investment, reviewed by Asharq Al-Awsat, revealed that Saudi Arabia clinched the second position in five international benchmarks, including Consumer Confidence Index Consumer Confidence in Local Economic Directions among 22 countries in July.

Saudi Arabia stood out in the National Entrepreneurship Context Index among 51 countries and the Global Competitiveness Cybersecurity Rating from 64 countries in 2022.

- Global competitiveness

Saudi Arabia garnered third place out of 26 in the Trust in Government index, fifth in Business Trust, and fifth in the Edelman Trust Barometer, spanning 26 countries.

Furthermore, the Kingdom ranked sixth in the Global Competitiveness Economic Performance Index from 64 countries this year and seventh in the Venture Capital Reception Index among 132 countries in 2022.

Saudi Arabia secured the 17th position among 64 countries at the Global Competitiveness Rating issued by the International Institute for Management Development this year.

The Kingdom also received multiple international credit ratings: Moody's at A1, Standard & Poor's at AA-1, and Fitch at A+.

- Investment Deals

The total nominal fixed capital formation in the second quarter witnessed a six percent annual increase, amounting to around $74.4 billion. The surge is attributed to government and non-government fixed capital formation rate growth at 22 percent and 3.5 percent, respectively.

The contribution of fixed capital formation to the nominal GDP rose to 28.8 percent in the second quarter, up from around 24.2 percent during the same period last year.

Report data indicates the completion of seven investment deals in the second quarter, including agriculture, food manufacturing, healthcare, and medical services.

China led the way among countries investing in Saudi Arabia with three deals, Jordan with two deals, and the UAE with one. Another joint venture emerged between the UAE and Singapore.

- General Authority, Defense

In recent data, Saudi Arabia revealed a prominent surge in the issuance of investment licenses during the second quarter of this year.

The most increased sectors included construction, manufacturing, professional, educational, technical activities, information and communications, accommodation services, wholesale and retail trade, and vehicle repairs.

The sectors together accounted for a staggering 80.7 percent of the total licenses issued.

The general authority and defense sector saw remarkable growth, notably the highest increase in investment licenses, skyrocketing by 100 percent compared to last year.

The information and communications sector and other services registered growth at 91.7 percent and 90 percent, respectively.

Analyzing the legal status of companies that received investment licenses in the second quarter, Limited Liability Companies (LLC) acquired around 464 licenses, whereas Single Member Limited Liability Companies amassed approximately 1.1 thousand licenses.

Egypt took the lead with 458 licenses, India followed closely with 205 licenses, Yemen in third place with 173, Jordan in fourth with 127, and Pakistan secured fifth position with 122 permits.



King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA
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King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA

King Salman International Airport (KSIA), a PIF company, has commenced construction works on the third runway, marking a strategic step that reflects continued progress in airfield development and enhances the airport’s operational readiness to support long-term growth in air traffic demand.

The third runway forms a key component of the KSIA Master Plan and represents a major milestone in the airport’s expansion journey.
According to a press release issued by the KSIA, the project is being delivered in collaboration with FCC Construcción SA and Al-Mabani General Contractors Company and has been designed in alignment with Riyadh’s prevailing wind patterns to ensure safe and efficient aircraft operations under all operating conditions, SPA reported.

The current operational capacity stands at 65 aircraft movements per hour. With the implementation of operational enhancements and the introduction of the third runway, capacity is expected to increase to 85 aircraft movements per hour, contributing to improved operational efficiency and supporting long-term growth.

The third runway incorporates multiple access taxiways to ensure smooth aircraft flow and will span 4,200 meters in length.

Acting CEO of KSIA Marco Mejia said: “Launching construction of the third runway marks a pivotal step in delivering the KSIA Master Plan and reflects our commitment to developing world-class infrastructure capable of supporting future growth, enhancing operational efficiency, and expanding long-haul connectivity without constraints.”

King Salman International Airport is a strategic and transformative national project that reflects the Kingdom’s ambition to position Riyadh as a global capital and a leading aviation hub. The project was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of King Salman International Airport, underscoring its national significance and its role in advancing the objectives of Saudi Vision 2030.

Located on the existing site of King Khalid International Airport in Riyadh, the airport will incorporate the King Khalid terminals, in addition to three new terminals, residential and leisure assets, six runways, and logistics facilities. Spanning 57 square kilometers, it is designed to accommodate 100 million passengers annually and handle over two million tons of cargo by 2030.

This phase of construction contributes to strengthening King Salman International Airport’s international flight network across multiple global destinations, reinforcing Riyadh’s position as an internationally connected aviation gateway and supporting national development objectives within the air transport sector.


Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks
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Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

The Saudi Ports Authority (Mawani) signed a contract with Arabian Chemical Terminals Ltd. to establish storage tanks for chemical and petrochemical materials at Jubail Commercial Port, with an investment exceeding SAR500 million on an area of 49,000 square meters.

The project will contribute to enhancing operational efficiency and increasing handling capacity in line with the objectives of the National Transport and Logistics Strategy to consolidate the Kingdom’s position as a global logistics hub, SPA reported.

This step is part of Mawani’s efforts to strengthen the role of the private sector in supporting the gross domestic product and to reinforce the position of Jubail Commercial Port as a driver of commercial activity. The project’s storage capacity will reach 70,000 cubic tons, boosting the competitiveness of the Kingdom’s ports at both regional and international levels.

The project aims to develop and expand storage capacity and the export of chemical and petrochemical materials in accordance with the highest international standards while supporting supply chains. It includes the establishment and development of specialized facilities for storing and exporting chemical and petrochemical products, as well as the provision of storage and distribution services for local and international import and export of chemicals in line with global quality and safety standards.

The project will contribute to supporting national supply chains, boosting the Kingdom’s chemical logistics capabilities, and raising operational efficiency and capacity, thereby improving customer competitiveness. It also supports the achievement of Saudi Vision 2030 objectives by promoting the development of infrastructure to advance the energy, industry, and supply chain sectors in the Kingdom.


Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
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Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

Oil prices were little changed on Tuesday as investors took stock of ​dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen, Reuters reported.

Brent crude futures for February delivery, which expire on Tuesday, were up 15 cents at $62.09 a barrel as of 0918 GMT. The more active March contract was at $61.61, up 12 cents.

US West Texas Intermediate ‌crude gained 14 ‌cents to $58.22.

The Brent and ‌WTI ⁠benchmarks ​settled ‌more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting Putin's residence, denting hopes of a peace deal.

Kyiv dismissed Moscow's accusation as baseless and designed to undermine peace negotiations. After a phone call ⁠with Putin, US President Donald Trump said he was angered by details ‌of the alleged attack.

"I think the ‍markets are sensing that ‍a deal is going to be very hard ‍to come by," said Marex analyst Ed Meir.

Traders also watched other Middle East developments after Trump said the United States could support another major strike on Iran were Tehran to resume rebuilding its ballistic missile or nuclear weapons programs.

Despite renewed fears of potential supply disruptions, perceptions of an oversupplied global market remain and could cap prices, analysts say.

Marex's Meir said prices would trend downwards in the first quarter of 2026 due to ‌a "growing oil glut".