The recent return to the bond market by Saudi Arabia marks a significant shift in government policy, as the world’s biggest oil exporter taps capital markets to cover budgetary shortfalls and balance drawdowns of foreign reserves. The SR15bn ($4bn) issue in mid-July 2015 was the first sovereign bond offered by the Kingdom since 2007, with senior...
Given the size and breadth of the Saudi Arabian economy it is at first glance surprising that the government continues to play the leading role in supporting local start-ups and entrepreneurs. Where other countries in MENA, such as Egypt and Jordan, have seen the private sector address the segment through angel and seed investment operations,...
Over 2014, there has been a welcome recovery of initial public offering (IPO) activity in the GCC region. According to PwC, 16 GCC companies went to regional markets, raising a total of $10.8bn. The tail end of the year proved to be a particularly fruitful time, accounting for $7.3bn of the total and raising hopes that 2015 would see the...
The corporate governance regimes of Saudi Arabia’s family-owned businesses (FOBs) are a salient talking point in financial circles, for obvious reasons. Estimates as to their contribution to GDP vary, but a 2012 study by the Jeddah Chamber of Commerce & Industry claimed that the Kingdom’s FOBs in that year accounted for around SR350bn ($93...
Thanks to its large population, a renowned hydrocarbons industry and an increasingly diverse non-oil sector, Saudi Arabia is one of the world’s wealthiest nations and a member of the G20 group of major economies. IMF data shows its GDP to be larger than that of advanced economies such as Sweden, Norway and Austria, as well as those of Middle...
Home to the holiest site in Islam – the Grand Mosque and the Kaaba contained within it – and a place of pilgrimage for millions of Muslims, Makkah is a unique city. Its special status also presents local authorities with a unique set of challenges, not least how to expand capacity and facilities in a way that both satisfies the needs of...
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