Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium
The new stadium is likely to host games during the Kingdom’s 2034 FIFA World Cup. File/@spagov
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Updated 03 October 2024
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Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

JEDDAH: Saudi Arabia’s project developer Qiddiya Investment Co. has awarded a Spanish consortium an SR4 billion ($1 billion) contract for the Prince Mohammed bin Salman Stadium initiative. 

The agreement was granted to the company FCC Construction and the Kingdom’s leading contracting firm Nesma & Partners for the building of the sports facility at the project on the outskirts of Riyadh.

With the US-based architect Populous as the undertakings consultant, the contract covers the construction of a multipurpose stadium on top of the 200-meter-high Tuwaiq cliff in the new sports and entertainment district within the city, according to media outlet MEED.

In July, Saudi Arabia submitted its official bid to host the 2034 FIFA World Cup at a ceremony organized by the Federation Internationale de Football Association, known as FIFA, in Paris, France. The official announcement of the host nation for the tournament will be made on Dec. 11.

The new project marks a significant milestone in the realization of Vision 2030, aimed at enhancing tourism, generating thousands of jobs, boosting the national economy, and increasing annual visitors to the Kingdom by 1.8 million football fans and an additional six million drawn to non-football events.

The stadium’s design allows for multipurpose use, with the entire pitch capable of being transformed within hours to host various sporting and entertainment events, including rugby, boxing, and mixed martial arts, as well as esports championships, exhibitions, and concerts.

The facility will be built in the heart of Qiddiya, just 40 minutes from Riyadh, atop one of Tuwaiq Mountain’s peaks at an elevation of 200 meters, according to the Saudi Press Agency.

With a seating capacity of over 45,000, it is expected to attract international visitors with its innovative design and unique technological offerings, creating an immersive experience for guests. 

Among its features are retractable flooring, a foldable roof, and a movable upper wall that can open, revealing views of the lower city, home to key attractions like Six Flags Qiddiya and the water park.

The sports facility’s exterior frame, selected interior walls, and roof will also be covered with 1.5 km display screens. 

A standout feature of the stadium is its advanced climate control system, which will enable year-round events without excessive energy consumption. This will be achieved through an eco-friendly cooling lake located beneath the stadium, where rainwater collected from the surrounding area will be pumped into an ice wall to cool the air entering the central conditioning system.

Earlier in 2024, the investment company announced the launch of the stadium, which is set to be one of the world’s most prominent. 

The announcement followed Crown Prince Mohammed bin Salman’s unveiling of Qiddiya’s urban master plan and global brand, positioning it to become a leading destination for entertainment, sports, and culture globally.


Closing Bell: Saudi main index closes in red at 10,990 

Closing Bell: Saudi main index closes in red at 10,990 
Updated 11 sec ago
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Closing Bell: Saudi main index closes in red at 10,990 

Closing Bell: Saudi main index closes in red at 10,990 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, as it shed 62.35 points, or 0.56 percent, to close at 10,990.41. 

The total trading turnover of the benchmark index was SR10.20 billion ($2.72 billion), with 169 of the listed stocks advancing and 74 declining. 

The Kingdom’s parallel market Nomu also dropped 123.20 points to close at 26,809.75. 

The MSCI Tadawul Index declined by 0.70 percent to 1,403.80. 

The best-performing stock on the main market was Saudi Reinsurance Co. The firm’s share price soared by 9.31 percent to SR50.50. 

The share price of East Pipes Integrated Co. for Industry increased by 7.83 percent to SR124. 

Arabian Drilling Co. also saw its stock price edging up by 5.12 percent to SR84.20. 

Conversely, the share price of Makkah Construction and Development Co. declined by 5.65 percent to SR96.80. 

On the announcements front, Al Moammar Information Systems Co., also known as MIS, said that it signed a contract valued at SR58.93 million with the Saudi Data and Artificial Intelligence Authority to operate and maintain the National Unified Visa Platform.

In a Tadawul statement, the company stated that the contract is valid for 36 months, with no related parties involved in the deal. 

MIS added that the contract is expected to have an impact on the company’s financial results starting from the third quarter of this year. 

The share price of MIS rose by 1.66 percent to SR134.80. 

Al Kathiri Holding Co. said that its subsidiary, Saraya Al Diyar Investment Co., has entered into a long-term lease agreement valued at SR143.1 million with the Aseer Municipality to build and operate a mixed-use hotel and commercial complex in Abha. 

Under the deal, Saraya Al Diyar Investment Co. will establish a four-star hotel with 180 keys, as well as retail and entertainment facilities in the project that spans a total area of 53,000 sq. meters. 

The new contract is in line with Al Kathiri Holding’s strategic direction to diversify its investment portfolio and expand into promising, high-impact sectors, aligning with the goals of Saudi Vision 2030, the company said in the statement. 

Al Kathiri Holding Co.’s share price was unchanged at SR2.08 by the end of Thursday’s trading. 


Saudi Arabia’s Jeddah airport soars to top three in Middle East airport rankings

Saudi Arabia’s Jeddah airport soars to top three in Middle East airport rankings
Updated 29 May 2025
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Saudi Arabia’s Jeddah airport soars to top three in Middle East airport rankings

Saudi Arabia’s Jeddah airport soars to top three in Middle East airport rankings

JEDDAH: King Abdulaziz International Airport has secured third place in the 2024 Airport Connectivity Index for the Middle East, marking a significant milestone in Saudi Arabia’s ascent as a global aviation hub.

The ranking was announced at the Air Connectivity Conference 2025, held in Shanghai, where the Airports Council International Asia-Pacific and Middle East unveiled its annual index.

KAIA followed Dubai International Airport and Qatar’s Hamad International Airport in the regional rankings.

This recognition underscores both KAIA’s growing operational capacity and Saudi Arabia’s broader Vision 2030 goal of transforming the Kingdom into a leading logistics and transportation center. As part of that strategy, Saudi Arabia aims to handle 330 million passengers annually, connect to 250 international destinations, and transport 4.5 million tonnes of cargo by 2030.

Mazen Johar, CEO of Jeddah Airports Co., said the latest ranking reflects the airport’s progress in expanding its air network and enhancing connectivity.

“This milestone demonstrates our commitment to operational excellence and aligns with our strategy to establish KAIA as a pivotal global hub,” he said in a statement to SPA.

Johar noted that the airport’s improved ranking is a result of sustained efforts to boost competitiveness, upgrade infrastructure, and elevate passenger experience in line with national transport goals.

KAIA also held the third spot in the 2023 edition of the index, announced during ACI’s annual assembly in Riyadh.

As part of its long-term development plans, JEDCO is implementing upgrades aligned with the National Transport and Logistics Strategy. These enhancements aim to increase KAIA’s passenger capacity to 114 million annually by the end of the decade.

In 2024, KAIA served 49.1 million passengers — up 14 percent from 2023 — marking the highest annual passenger volume recorded by any airport in the Kingdom. The busiest day was December 31, when over 174,600 passengers passed through the airport. December also set a monthly record, with traffic exceeding 4.7 million passengers.

In the Asia-Pacific rankings, Shanghai Pudong International Airport claimed the top spot, followed by Incheon International Airport in South Korea and Guangzhou Baiyun International Airport. Hong Kong International Airport was recognized as the most improved airport in terms of connectivity across both regions.

Headquartered in Hong Kong with a regional office in Riyadh, ACI Asia-Pacific and Middle East represents airports in some of the world’s fastest-growing aviation markets. The Airport Connectivity Index— developed with PwC in 2023 and refined in its third edition — measures network scale, frequency, destination economic weight, and connection efficiency.

According to ACI, air connectivity in the Middle East grew 28 percent year on year, while Asia-Pacific saw a 13 percent increase, reflecting a 14 percent average growth across both regions. These gains signal a robust post-pandemic recovery and the continued momentum of global air travel.


Saudi EXIM Bank targets African markets with 4 new MoUs 

Saudi EXIM Bank targets African markets with 4 new MoUs 
Updated 29 May 2025
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Saudi EXIM Bank targets African markets with 4 new MoUs 

Saudi EXIM Bank targets African markets with 4 new MoUs 

RIYADH: Saudi Arabia is accelerating the expansion of its non-oil exports into African markets, with the Saudi Export-Import Bank securing four new strategic agreements to strengthen trade and investment ties across the continent.  

Saudi Export-Import Bank CEO Saad bin Abdulaziz Al-Khalb signed memoranda of understanding with Africa50, the Ghana Export-Import Bank, Blend International Limited, and Guinea’s Ministry of Planning and International Cooperation, the Saudi Press Agency reported.  

The deals were finalized on the sidelines of the African Development Bank Group’s annual meetings, held in Côte d’Ivoire from May 26 to 30. 

The newly signed deals come as Saudi exports to Africa surged 20.6 percent year on year to SR7.84 billion ($2.09 billion) in March 2025, reflecting growing trade ties between the Kingdom and the continent.  

Al-Khalb said the bank’s participation in the meetings aims to deepen international trade relations and forge partnerships that support Saudi non-oil export growth in African markets. 

The SPA report added: “He stated that the memoranda of understanding are an extension of the bank’s efforts to promote trade exchange, stimulate development projects, and enable local exporters to export their services and products to African markets through effective and extended partnerships, contributing to supporting sustainable development goals and enhancing economic integration.” 

He also described the gathering as a valuable opportunity to boost economic cooperation and engage with officials from export credit agencies and financial institutions across African countries. 

The agreements were signed by Saudi EXIM CEO Saad bin Abdulaziz Al-Khalb, along with Alain Ebobisse, CEO of Africa50; Sylvester Mensah, CEO of the Ghana Export-Import Bank; Ravi Gupta, managing director of Blend International Limited; and Ismail Nabeh, minister of planning and international cooperation of Guinea.

The MoU with Africa50 is aimed at enhancing cooperation in infrastructure projects by partnering with Saudi companies. The agreement with the Ghana Export-Import Bank will focus on exploring cooperation opportunities and enhancing bilateral exports of services and products. 

Meanwhile, the MoU with Blend International Limited is aimed at targeting broader trade opportunities and international partnerships. The deal with Guinea’s Ministry of Planning and International Cooperation seeks to bolster development projects and investment in priority sectors, enabling Saudi exports of engineering services and industrial supplies. 

Also, on the sidelines of the event, Al-Khalb and his delegation held in-depth discussions with leaders of several international financial institutions, focusing on expanding trade ties and boosting the flow of Saudi non-oil exports into African markets.


Asia’s first Saudi sukuk ETF launched in Hong Kong

Asia’s first Saudi sukuk ETF launched in Hong Kong
Updated 29 May 2025
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Asia’s first Saudi sukuk ETF launched in Hong Kong

Asia’s first Saudi sukuk ETF launched in Hong Kong

RIYADH: Hong Kong has launched Asia’s first exchange-traded fund tracking Saudi sovereign sukuk, marking a major development in financial cooperation between East Asia and the Middle East.

The Premia BOCHK Saudi Arabia Government Sukuk ETF, listed on the Hong Kong Stock Exchange, follows the iBoxx Tadawul Government & Agencies Sukuk Index. It includes both riyal- and US dollar-denominated sukuk issued by the Saudi government and related agencies.

The ETF is traded under stock codes 3478 for the Hong Kong dollar counter and 9478 for the US dollar counter. It has been approved by the Securities and Futures Commission of Hong Kong. It offers quarterly US dollar distributions, with fees capped at 0.35 percent and an expected annual tracking difference of around -2 percent.

The launch coincided with the opening of the Capital Markets Forum, a two-day event hosted by Saudi Tadawul Group and Hong Kong Exchanges and Clearing Ltd., aimed at boosting cross-border investment.

This year’s forum, held under the theme “Powering Connections,” focuses on strengthening economic and capital market ties between the Middle East and East Asia.

The ETF is managed by Premia Partners, with BOCHK Asset Management Ltd. serving as investment adviser.

Speaking at the forum, Mohammed Al-Rumaih, CEO of the Saudi Exchange, said the CMF is becoming “a leading global platform for collaboration and dialogue on the future of capital markets and economic transformation.”

“We aim to strengthen ties with both local and international investors and to reinforce the Saudi capital market’s position as a leading global hub, serving as a bridge between capital markets in the East and West,” Al-Rumaih said.

Bonnie Y. Chan,  CEO of Hong Kong Exchanges and Clearing Ltd, said that the partnership with Saudi Tadawul Group underscores the strong ties between the two exchanges.

“This second edition of the forum will serve as a dynamic platform to connect our broad base of investors and issuers, while encouraging deeper dialogue and collaboration among the capital-raising hubs of Mainland China, Hong Kong, and the Middle East,” Chan said.

The forum featured a series of keynote speeches and panel discussions focused on global economic trends, investment strategies, financial innovation, and the integration of sustainability into financial markets.

As part of the event, the Corporate Access Program enabled direct engagement between investors and senior executives from listed companies and capital market institutions across the region, fostering greater transparency and dialogue.

The launch of the ETF, alongside the Capital Markets Forum, reflects Saudi Arabia’s commitment to elevating its capital markets on the global stage. These efforts align with the Kingdom’s Vision 2030 strategy to enhance financial sector integration and attract foreign investment.

At the same time, Hong Kong continues to strengthen its role as a vital conduit for capital flows between East and West, reinforcing its position as a leading international financial hub.


Qatar’s debt market to surpass $150bn on steady issuance, Fitch says 

Qatar’s debt market to surpass $150bn on steady issuance, Fitch says 
Updated 29 May 2025
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Qatar’s debt market to surpass $150bn on steady issuance, Fitch says 

Qatar’s debt market to surpass $150bn on steady issuance, Fitch says 

RIYADH: Qatar’s debt capital market is expected to exceed $150 billion in the medium term, supported by continued momentum in issuance across sovereign, bank, and corporate segments, according to a new analysis.

In its latest report, Fitch Ratings said the Qatari DCM expanded 13 percent year on year in the first four months of 2025, pushing outstanding volume to $131.8 billion.  

The analysis noted that sovereign issuers accounted for the majority with 60 percent, while banks and corporates contributed 26 percent and 14 percent, respectively. 

The study positions Qatar’s growth within broader Gulf Cooperation Council trends, where the region’s overall DCM surpassed $1 trillion as of November, driven by robust oil revenues. In a February update, Fitch projected that the GCC will continue to rank among the top emerging-market issuers of dollar-denominated debt through 2025.

On Qatar’s DCM growth, Fitch stated: “Sukuk, ESG (environmental, social, and governance), and Qatari riyal market penetration are on an upward trajectory. The potential development of digital government bonds, as part of the Qatar Central Bank’s Central Bank Digital Currency project, can support the market’s depth and sophistication.”  
 
The DCM, which involves the trading of securities like bonds and promissory notes, serves as a key mechanism for raising long-term capital for both businesses and governments. 

Qatar ranks as the third-largest DCM source in the GCC, holding a 13 percent regional share by the end of April. However, issuance volume dropped to $9.6 billion in the first four months of the year, a 36 percent decline from the same period in 2024. 
 
The share of sukuk in the DCM rose to 16.9 percent or $22 billion, but sukuk issuance slumped 86 percent year on year. Bond issuance fell 18 percent during the same period. 
 
“Fitch’s base case is that the government is going to refinance upcoming external market debt maturities and tap markets to cover a small budget surplus in 2025 under the assumption of a Brent oil price of $65 per barrel (excluding QIA investment income), while banks and corporates are likely to continue to diversify funding sources,” the report stated.  
 
While 67 percent of outstanding Qatari DCM remains US dollar-denominated, 28 percent is in riyals. In 2024, approximately 90 percent of the sovereign’s bond issuance and all sovereign bond sukuk were riyal-denominated. 

The report highlighted that ESG debt is becoming a key dollar funding tool, accounting for almost 30 percent of all dollar DCM issuance in 2024. ESG DCM volume hit $4.1 billion by April, rising 204 percent year on year, with sukuk accounting for 18 percent. 
 
Qatar’s debt-to-GDP ratio is expected to rise to 49 percent in 2025 before falling below 45 percent by 2027 on the back of increased gas output and associated budget surpluses. 

Fitch projects the US Federal Reserve will cut interest rates to 4.25 percent by the end of 2025, a trend the Qatar Central Bank is likely to follow. 

In a separate February report, the agency forecast Saudi Arabia’s DCM would hit $500 billion by end-2025, spurred by the Kingdom’s Vision 2030 diversification plan.