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ICD Aims To Finance Saudi NEOM, Red Sea Project

The headquarters of the Islamic Corporation for the Development of the Private Sector in Jeddah. In the framework, CEO Ayman Sejiny. (Photo: Asharq Al-Awsat)
The headquarters of the Islamic Corporation for the Development of the Private Sector in Jeddah. In the framework, CEO Ayman Sejiny. (Photo: Asharq Al-Awsat)
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ICD Aims To Finance Saudi NEOM, Red Sea Project

The headquarters of the Islamic Corporation for the Development of the Private Sector in Jeddah. In the framework, CEO Ayman Sejiny. (Photo: Asharq Al-Awsat)
The headquarters of the Islamic Corporation for the Development of the Private Sector in Jeddah. In the framework, CEO Ayman Sejiny. (Photo: Asharq Al-Awsat)

Ayman Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), which is affiliated with the Islamic Bank, said that the corporation was looking to provide financing and credit facilities, including Sukuk, for major Saudi projects such as NEOM and the Red Sea.

In an interview with Asharq Al-Awsat, Sejiny noted that the Saudi government was the largest supporter of the ICD, adding that the Corporation established in partnership with the Public Investment Fund (PIF), the Bidaya real estate finance company - one of the largest real estate finance companies owned by the private sector in the Kingdom.

Dealing with the pandemic

Sejiny stressed that the Islamic Corporation for the Development of the Private Sector responded to the COVID-19 pandemic by developing and implementing a dedicated action plan for the period 2021-2023, focusing mainly on increasing its development effectiveness.

“Even during the pandemic, we continued financing these companies, and we focused on helping them if they needed an increase in financing… At the same time, we were interested in providing sukuk during this period,” he stated.

Financing Major Saudi Projects

Sejiny stated that the Saudi government was the largest supporter of the Islamic Corporation for the Development of the Private Sector.

“The Kingdom has given us opportunities to provide our services within the state, and we have the Bidaya real estate finance company, which is one of the largest real estate financing companies owned by the private sector, in partnership with the Public Investment Fund, and we have also financed hospitals in Saudi Arabia,” he underlined.

The CEO of ICD revealed that the Corporation aims to finance major projects in the Kingdom, especially new projects such as NEOM and the Red Sea

The Members’ Projects

Sejiny explained that the Corporation aims in the future to help member states faster, and to double the amounts of funding provided to them.

“We also have 119 banks in the network… Therefore, we asked them to be present in our own platform – Bridge - to improve communication, knowledge sharing, and investment interactions between financial institutions,” he remarked.

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Business

Venture Capital Records Two Historic Milestones, Reinforces Saudi Arabia’s Regional Leadership

Venture Capital Records Two Historic Milestones, Reinforces Saudi Arabia’s Regional Leadership
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Venture Capital Records Two Historic Milestones, Reinforces Saudi Arabia’s Regional Leadership

Venture Capital Records Two Historic Milestones, Reinforces Saudi Arabia’s Regional Leadership

The Saudi Venture Capital Company (SVC) announced on Sunday that Saudi Arabia’s venture capital ecosystem achieved two historic leaps in 2025, in terms of total investment value and number of transactions, further reinforcing the Kingdom’s position as the leading venture capital market in the Middle East for the third consecutive year.

This performance reflects the tangible impact of Saudi Vision 2030 and the structural economic transformation taking place across the Kingdom.

In a statement, the SVC said that the Saudi market recorded its highest-ever number of venture capital transactions, reaching 254 deals in 2025, alongside a record investment value of $1.66 billion during the year.

This compares to approximately $60 million in 2018, representing a 25-fold increase in venture capital investment since the establishment of SVC and the emergence of its role as a market maker within the ecosystem.

CEO and Board Member of SVC Dr. Nabeel Koshak said: “What we are witnessing today in Saudi Arabia’s venture capital sector is the direct result of the unlimited support provided by the Kingdom’s wise leadership across all sectors.”

“This support has been translated into a deliberate and well-calibrated economic transformation, moving private capital into a more mature and impactful phase. These figures reflect the strength of the Saudi economy, the clarity of national vision, and the growing confidence of investors, confirming that venture capital has become a core pillar of growth and economic diversification,” he added.

He stressed that the 25-fold growth in investment since 2018, together with the record-breaking figures for both investment value and deal volume, underscores the maturity of the Saudi venture capital market.

“Venture capital today is enabling the creation of scalable companies, generating high-quality jobs, and transforming innovation into sustainable economic value, fully aligned with the objectives of Saudi Vision 2030,” he said.

Business

Türkiye to Ink 33 bcm Natural Gas Import Deal with Azerbaijan, Minister Says

Türkiye's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
Türkiye's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
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Türkiye to Ink 33 bcm Natural Gas Import Deal with Azerbaijan, Minister Says

Türkiye's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
Türkiye's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)

Türkiye has reached a new long-term agreement to import a total of 33 bcm natural gas from Azerbaijan, Energy ‌Minister Alparslan ‌Bayraktar ‌said ⁠on Sunday in ‌a televised interview.

Under the deal, Türkiye will receive 2.25 billion cubic meters of ⁠gas per year ‌for 15 ‍years ‍from Azerbaijan's Absheron field, ‍totaling 33 billion cubic meters, Bayraktar said. Deliveries via pipeline are set to begin in ⁠2029.

He added that final negotiations were concluded on Friday and that the agreement was expected to be signed shortly.

Business

Saudi Arabia Approves Annual Borrowing Plan with $58 Billion Financing Needs

The logo of Saudi Arabia’s Ministry of Finance (Asharq Al-Awsat)
The logo of Saudi Arabia’s Ministry of Finance (Asharq Al-Awsat)
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Saudi Arabia Approves Annual Borrowing Plan with $58 Billion Financing Needs

The logo of Saudi Arabia’s Ministry of Finance (Asharq Al-Awsat)
The logo of Saudi Arabia’s Ministry of Finance (Asharq Al-Awsat)

Saudi Arabia has approved its annual borrowing plan for the 2026 fiscal year, setting projected financing needs at about $58 billion as the Kingdom seeks to fund its budget deficit while maintaining long-term debt sustainability.

The plan was endorsed by Finance Minister Mohammed Al-Jadaan, who also chairs the board of the National Debt Management Center, following approval by the center’s board. It outlines key developments in public debt during 2025, initiatives to deepen the domestic debt market, and the financing strategy and guiding principles for 2026. It also includes the issuance calendar for the kingdom’s local riyal-denominated sukuk program for 2026.

According to the plan, total financing requirements for 2026 are estimated at around SAR 217 billion ($57.9 billion). These will be used to cover the projected budget deficit of about SAR 165 billion ($44 billion), as set out in the Ministry of Finance’s budget statement for the year, as well as the repayment of maturing debt principal amounting to roughly SAR 52 billion ($13.9 billion).

In a statement, the National Debt Management Center said the strategy prioritizes preserving public debt sustainability, expanding the investor base, and diversifying funding sources at home and abroad. This will be pursued through a combination of public and private channels, including the issuance of bonds and sukuk and the use of loans at competitive and reasonable costs.

The plan also points to an expanded use of alternative government financing tools, including project and infrastructure financing, and greater reliance on export credit agencies in 2026 and over the medium term. These measures will be implemented within carefully structured risk-management frameworks to support the Kingdom’s broader economic and fiscal objectives.