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Saudi Arabia’s Public Investment Fund and Hyundai are partnering to build a $500 million car manufacturing plant in the kingdom, with an aim of producing 50,000 vehicles annually including electric vehicles starting in 2026
Saudi Arabia’s Public Investment Fund (PIF) is set to raise $3.5 billion in its first sale of dollar-based Shariah-compliant bonds known as Sukuk which will be listed on the London Stock Exchange’s International Securities Market.
Saudia has extended its partnership with Newcastle United Football Club , becoming its Official Airline Partner, with the aim of making it the most popular Premier League club in Saudi Arabia.
The PIF has launched ‘Ardara,’ an exciting new company with the AlWadi Project in Abha as its first development. AlWadi Abha is due to be a new Highland tourist destination in the Aseer Region, covering a huge area of 2.5 million square meters including 16km of waterfront, 17km of sports trails and 30% green spaces
The PIF launches the electric vehicle infrastructure company which aims to deliver the best electric vehicle charging infrastructure across Saudi Arabia with over 5,000 fast chargers at over 1,000 locations by 2030
California-based Electric Vehicle (EV) startup Lucid Motors has obtained a license to begin electric vehicle production in a special economic zone in Saudi Arabia. Lucid plans to produce 150,000 EVs annually in the King Abdullah Economic City.
The PIF has announced the creation of a new company called Al Balad Development Co. This exciting project aims to transform the historic district of Al Balad in Jeddah into a Global Tourist Destination whilst preserving historical buildings and improving infrastructure with 1,800 new hotel units over an area of 2.5 million sq meters.
Saudi Arabia is set to develop the Soudah Peaks, an ambitious $7.7 billion luxury mountain resort project. The luxury mountain tourism destination will be set 3,015m above sea level on Saudi Arabia’s highest peak. On completion it is due to offer world class hotels, chalets and villas in a stunning environment.
Saudi Arabia has announced real estate and infrastructure projects valued at over $1.25 trillion since 2016, with key Giga projects including NEOM and the Red Sea Coast Development.
Saudi Entertainment Ventures, A PIF company, also known as SEVEN, is investing $290 million in a new entertainment destination in Yanbu, which is to be located on Nawras Island to help enhance the city’s entertainment sector and support economic diversification in Saudi Arabia.
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