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Saudi Arabia Signs 100 Investment Deals Worth $4Bn during Q1

Investments increase in Saudi Arabia amid foreigners' interest in the market (Asharq Al-Awsat)
Investments increase in Saudi Arabia amid foreigners' interest in the market (Asharq Al-Awsat)
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Saudi Arabia Signs 100 Investment Deals Worth $4Bn during Q1

Investments increase in Saudi Arabia amid foreigners' interest in the market (Asharq Al-Awsat)
Investments increase in Saudi Arabia amid foreigners' interest in the market (Asharq Al-Awsat)

Saudi Arabia has signed 101 investment deals during the first quarter of this year, amounting to $4 billion.

Supervised by the Ministry of Investment, the deals are expected to provide more than 5,000 new job opportunities.

The Kingdom is the sixth among the G20 economies with the highest foreign exchange reserve.

A recent report issued by the Ministry, a copy of which was obtained by Asharq Al-Awsat, said the Kingdom has one of the fastest recovering economies from the effects of the pandemic, with a 9.6 percent growth in gross domestic product during the first quarter of 2022 compared to the same quarter of 2021.

The report indicated that the Kingdom provided opportunities for investors, making it easier to access untapped sectors by providing an attractive investment environment.

Foreign direct investment (FDI) in Saudi Arabia grew by 257.2 percent to reach $19.3 billion in 2021.

The Kingdom's industrial production index (IPI) continued to rise for the eleventh consecutive month, with a 24.8 percent increase in March, compared to 2021, the highest growth in the past three years.

The report indicated that the IPI increase was primarily driven by a 26.6 percent increase in mining activity after the Kingdom increased its oil production to more than 10 million barrels per day in March.

Foreign exchange reserves maintained their strength during Q1, reaching $45.7 billion in April, making Saudi Arabia the sixth-highest foreign exchange reserves among G20 economies.

The interest of foreign investors in the Kingdom rose to historical levels in the first quarter, with 9,383 new licenses.

This significant increase is due to the Kingdom's efforts to improve the investment environment and increase investor confidence after the global economic recovery in the post-COVID-19 era.

The number of companies that decided to open their regional headquarters in Riyadh has increased, and several small foreign-owned enterprises and institutions want to regulate their commercial status within the anti-concealment law in the Kingdom.

The Ministry of Investment added that after revoking the company licenses that regulated their status, it issued 1.2 thousand investment licenses in the first quarter of this year, a 153.7 percent growth compared to the same period in 2021.

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Business

LEAP 2026: Healthcare Technology Collaboration to Support University Hospitals and Strengthen Integration

Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems. (SPA)
Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems. (SPA)
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LEAP 2026: Healthcare Technology Collaboration to Support University Hospitals and Strengthen Integration

Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems. (SPA)
Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems. (SPA)

Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services, a company specializing in enabling digital healthcare transformation, signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems and open new horizons for university hospitals to benefit from advanced technologies.

During the signing ceremony, TETCO CEO Eng. Fahd AlSolaie told the Saudi Press Agency (SPA) that the agreement focuses on integrating both parties' capabilities.

TETCO has extensive experience designing and operating national platforms for the education sector, while Lean specializes in developing digital solutions and automating procedures in the healthcare sector, including systems supporting university hospitals and programs aimed at improving the patient experience.

The collaboration extends the two companies' efforts to leverage national expertise and modern technologies to develop sustainable digital solutions that directly improve service quality. It also supports the goals of Saudi Vision 2030 to develop the education and healthcare sectors and to enable digital transformation in government institutions.

Business

Russia Cuts Expected 2026 Oil Output to 17-Year Low on War Fallout

A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. (Reuters)
A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. (Reuters)
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Russia Cuts Expected 2026 Oil Output to 17-Year Low on War Fallout

A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. (Reuters)
A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. (Reuters)

Russia downgraded oil output forecast for this year to a 17-year low and revised fuel exports outlook for 2026 and 2027 due to the war with Ukraine, according to a government draft forecast seen by Reuters.

The forecasts, which are expected to be finalized at the end of September and ‌are used in drafting the budget, reduced oil production estimates for 2026-2029 by between 16 million and 20 million tons compared to the previous outlook published in May.

Since the war began in February 2022, the European Union has banned most of Russian oil and fuel imports, an important source of revenue for Moscow.

Along with export bottlenecks, intensifying Ukrainian drone attacks on Russia's oil refineries in the past months have also reduced ⁠fuel production, triggering gasoline shortages across the country.

In its base case scenario, the government expects that Russia's crude oil production — the world's third-largest — will decline by 17.2 million metric tons this year to 494.2 million tons or 9.88 million barrels per day, its lowest since 2009.

Crude production is expected to recover to 500 million tons next year, but it will still be 16 million tons below the previous forecast. Output in 2028 and 2029 is seen rising further, but still remaining below 2025 levels.

Russia's Deputy Prime Minister Alexander Novak, an oil point man of President Vladimir Putin, acknowledged in June that the country's oil production had fallen since the ‌start of ⁠the year, blaming the decline on unplanned maintenance at refineries.

A reduction in fuel output caused by the drone attacks led to an increase of crude oil exports, mainly to China and India.

According to the draft forecast, Russia's crude oil exports could reach 244.7 million tons this year, up from 230.8 million tons in 2025 and 7.5 million tons above the previous outlook.

Crude oil ⁠exports are expected to decline to 232.5 million tons in 2027 and then fall sharply to 216.6 million tons in 2028-2029.

To address domestic market shortages, Russia introduced a ban on diesel exports, in addition to restrictions on overseas sales of gasoline and jet fuel.

As ⁠a result, the Russian government sees fuel exports falling by 27.3 million tons this year to 98.5 million tons, 24.1 million tons below its previous forecast.

While fuel exports are seen rising to 113.1 million tons next year, they ⁠will be almost 13 million tons below the 2025 level and 21 million tons below the previous forecast.

Business

Oil Prices Extend Gains as US and Iran Trade Fresh Strikes

An oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP)
An oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP)
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Oil Prices Extend Gains as US and Iran Trade Fresh Strikes

An oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP)
An oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP)

Oil prices rose in early trade on Wednesday, extending the previous session's surge, as concerns over supply disruption intensified after the US and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the Middle East.

Brent crude futures rose 75 cents, or 0.8%, to $95.40 a barrel by 0345 GMT, while US West Texas Intermediate crude futures climbed 44 cents, or 0.5%, to $90.66.

Both contracts soared more than $4 on Tuesday, marking Brent's largest gain since July 24 and WTI's largest since July 23.

The US said it had launched ‌a series ‌of airstrikes against targets in Iran overnight, prompting a response ‌from ⁠Tehran, in the most ⁠serious escalation of the conflict between the two countries in weeks.

The Revolutionary Guard Corps said the US attacks would further restrict traffic through the Strait of Hormuz, a critical waterway that carried about one-fifth of the global oil consumed before the conflict and which Iran has effectively closed to commercial shipping.

"Developments in recent days brought risks to regional oil supplies back into focus...We’ve seen oil flow through the Strait of Hormuz despite the ⁠stalemate between the US and Iran, but rising tensions clearly ‌put crossings at risk," said ING analysts in ‌a client note.

The IRGC also said it had targeted Jordan and Bahrain in response to the American strikes.

Jordan's military said its air defenses intercepted 10 ballistic missiles that entered its airspace, while two US officials said no American casualties had been ‌reported so far from the attacks. Separately, Kuwait said its armed forces were responding to hostile drone activity.

The latest exchange followed ⁠a weekend flare-up ⁠in hostilities, the first since July, and came after attacks on two tankers departing the Strait of Hormuz on Monday, causing further disruptions to oil supplies and forcing traders to seek alternative crude shipments.

"The oil market is no longer pricing just the risk of war; it is increasingly pricing the cost of an unresolved war," said Priyanka Sachdeva, Phillip Nova's head of market insights.

"Until there is clear evidence that negotiations can produce a lasting resolution and that normal oil flows through the Strait are returning, the risk premium in crude is likely to remain elevated."

Meanwhile, in the US, the world's largest oil producer, crude inventories fell by 2.6 million barrels in the week ended August 28, while distillate stocks, which include diesel and heating oil, declined by 265,000 barrels, market sources said, citing data from the American Petroleum Institute.