عربي English Türkçe اردو فارسى
Logo
Latest News
Business

KSA: Group of Investors Briefed on 100 Privatization Opportunities

KSA: Group of Investors Briefed on 100 Privatization Opportunities
TT
TT

KSA: Group of Investors Briefed on 100 Privatization Opportunities

KSA: Group of Investors Briefed on 100 Privatization Opportunities

Saudi Arabia has hosted a huge banking and investment group in Riyadh, including 67 banks and financial companies that were briefed on up to 100 potential privatization opportunities in the Saudi public sector.

Spokesman of the National Center For Privatization (NCP) Hani al-Sayegh noted that the center is exploring more opportunities that can be privatized in government institutions.

There is a list of 100 current opportunities, he added, saying that the access of giant investment firms to privatization and the public-private partnership has been facilitated.

The gathering encompassed a number of executive managers of local and international banks as well as financial companies operating in the kingdom. Representatives of 67 commercial and investment banks and financial firms also attended.

This meeting showcased current investment opportunities to be issued from sectors targeted with privatization. It also shed light on the features and components of these sectors and presented the NCP’s plans to attract international and local investors to take part in the privatization opportunities.

Sayegh affirmed that convening with banks and financial companies is vital because of their role as partners in boosting privatization and public-private partnership via funding, consultations, and producing innovative financial products.

He stressed that banks play a positive role in stimulating international and local investments, introducing new prospects in the national economy, and upgrading services provided to citizens and residents.

Sayegh said this was the third meeting for NCP with the business sector since the beginning of the year. The first was with businessmen in a number of commercial chambers in the kingdom and then with businessmen in Eastern Province.

The center aims to hold meetings with various business sectors to establish a knowledge base for the private sector and to support public-private partnerships, in addition to supporting privatization opportunities.

Most Viewed

 
 
Business

HSBC Reportedly Plans Job Cuts Across UK Wealth Business in AI Push

HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic
HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic
TT
TT

HSBC Reportedly Plans Job Cuts Across UK Wealth Business in AI Push

HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic
HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic

HSBC is planning sweeping job cuts across its UK wealth management business, including a sharp reduction in financial advisers and specialist staff, as part of a broader push to integrate AI, the Financial Times reported on Wednesday.

The bank plans to cut about half of management and specialist roles in the business, while reductions among financial advisers could reach around 70%, the report said, citing people familiar with the plans.

HSBC does not disclose the number of employees in its UK wealth business, ⁠though it is ⁠thought to have hundreds of relationship managers across the country, according to the FT.

The bank did not immediately respond to a Reuters request for comment outside regular business hours.

"HSBC UK is a long-established, leading UK wealth manager and premium banking provider," the bank ⁠said in a statement to Reuters. "We're continuing to evolve to deliver more digitally enabled products and journeys to support our best-in-class wealth service and meet the changing needs of our customers."

The bank is currently in a consultation period on the proposed changes, the report said, adding that affected employees are expected to leave by the end of the month.

In May, Chief Executive Georges Elhedery said at an HSBC investor day event that staff needed ⁠to ⁠embrace AI-driven change rather than resist it and that "generative AI will destroy certain jobs".

Elhedery has made AI a central part of his strategy since taking over in 2024, deploying the technology across multiple functions and businesses to simplify operations and personalize content for customers.

Banks across the globe have increased investments in AI, reshaping workforces and leading to changes in job roles. This has deepened concerns among economists that AI will upend established industries, with job losses already emerging in sectors most exposed to automation.

Business

Norway Plans to Spend $63.6 Billion from Wealth Fund in 2027

A general view of the cityscape in Oslo, Norway November 17, 2020. NTB SCANPIX/Cornelius Poppe via REUTERS
A general view of the cityscape in Oslo, Norway November 17, 2020. NTB SCANPIX/Cornelius Poppe via REUTERS
TT
TT

Norway Plans to Spend $63.6 Billion from Wealth Fund in 2027

A general view of the cityscape in Oslo, Norway November 17, 2020. NTB SCANPIX/Cornelius Poppe via REUTERS
A general view of the cityscape in Oslo, Norway November 17, 2020. NTB SCANPIX/Cornelius Poppe via REUTERS

Norway's minority Labour Party government said on Wednesday it plans to raise its spending level in 2027 from the country's $2.3 trillion sovereign wealth fund to help cover public expenses.

The government proposed withdrawing 608.4 billion Norwegian crowns ($63.61 billion) from the fund in 2027, up from a revised 583.4 billion in 2026, and must ⁠now negotiate with ⁠four centrist and left-wing parties to pass the budget.

Gross domestic product (GDP) outside the oil industry is now expected to grow by 1.1% this year, against 1.7% growth seen in ⁠May.

Growth is seen at 1.7% in 2027, an increase from 1.6% predicted previously.

"The budget proposal is estimated to have a neutral effect on the activity in the economy next year," the government said in a statement.

It saw core inflation in 2026 at 3.1%, down from 3.2% seen in May, easing to ⁠a ⁠rate of 2.8% in 2027 against 2.6% seen previously.

The structural non-oil deficit for 2027, a key measure of how much money the government will spend from the wealth fund, was expected to be 2.7% of the fund's projected value at the end of 2026, in line with the current year.

Business

Moody’s: Spending Restraint to Strengthen Saudi Arabia’s Fiscal Recovery in 2027

Saudi capital, Riyadh (Reuters)
Saudi capital, Riyadh (Reuters)
TT
TT

Moody’s: Spending Restraint to Strengthen Saudi Arabia’s Fiscal Recovery in 2027

Saudi capital, Riyadh (Reuters)
Saudi capital, Riyadh (Reuters)

Credit rating agency Moody’s said on Tuesday that the fiscal recovery planned for Saudi Arabia in 2027 supports its view that prudent fiscal management will remain a key factor in spending and borrowing decisions.

The agency also noted that reprioritizing state investments could preserve fiscal space while economic diversification continues.

Commenting on Saudi Arabia’s Pre-Budget Statement for next year, the rating agency said that prolonged trade disruptions and additional spending have limited the fiscal improvement it previously expected.

However, it said, Saudi Arabia’s move to rein in spending in 2027 reinforces its view that prudent fiscal management will remain a cornerstone of spending and borrowing decisions.

For 2027, the government projects a spending decrease to SAR 1.392 trillion ($371.2 billion), alongside a 1% rise in revenue to SAR 1.202 trillion ($320.5 billion); this would narrow the projected deficit to around SAR 191 billion ($50.7 billion), equivalent to 3.6% of GDP.

Moody’s said the government's ability to reprioritize investments linked to Saudi Vision 2030 could preserve fiscal space while economic diversification continues. Focusing resources on projects with strong returns would likely help reconcile growth objectives with spending restraint.

As for oil, the agency expected that disruptions to strategic shipping routes will persist through the end of the first half of 2027, which could affect oil production. However, it noted that higher oil prices have cushioned the impact of lower production and exports in recent months.

Saudi Arabia's real GDP is expected to contract 3.6% in 2026, largely because of a sharp decline in oil activity, even as the non-oil economy continues to expand, according to the Ministry of Finance's Pre-Budget Statement for 2027.

The Ministry estimates that oil activity will decline by around 21.8% this year, while non-oil activities are expected to grow 3.2%, helping cushion the impact of lower oil output on the wider economy.

Non-oil activity grew 1.8% in the first half of 2026, lifting its contribution to GDP to a record 57.3%, the statement said.

Moody’s review reflects a credit assessment of the Pre-Budget Statement for 2027 that places more emphasis on the government's capability to recalibrate investment and prioritize spending efficiency while explicitly preserving its overarching economic diversification goals. This, it said, would help preserve fiscal flexibility amid geopolitical strains and global market uncertainties.