Economy TAWUNIYA READS THE NEWS - June 2021
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TAWUNIYA READS THE NEWS
MARKET UPDATE
June 2021
Economy
National Information Center intends to establish a national data
reserve bank; to provide an integrated disaster recovery strategy
for the National Data Bank.
Menmo & Egis move their headquarters to the Kingdom
as a part of Riyadh turn into a global hub
Saudi Arabia host the
e-MotorShow® exhibition for electric and hybrid cars in Riyadh
on March 17-19, 2022
Strategy & Planning Department 2021
The Public Investment Fund ranked 7 of the largest sovereign
wealth funds in the world after the grown of its assets from $ 400
bn to $ 430 bn.
The Public Investment Fund (PIF) signed an agreement
with the Electric Marine Racing Company Limited “E1
Series” to create the world’s first electric powerboat
racing championship, which is scheduled to be held at the
beginning of 2023. KSA will be one of the sites
nominated to host the race in its first edition.
The Public Investment Fund (PIF) will focus on 13 sectors
as part of its core domestic strategy:
Aviation and Defense
vehicles
Transportation and logistics
Food and Agriculture
Building and construction materials and services
Leisure, tourism and sports
Financial Services
Communication, media and technology
Utilities and renewable energy
Metals and Mining
Healthcare
Consumer goods and retail
Real estate secto
Projects
The Red Sea Development Company (TRSDC), has appointed
ARCHIRODON to design and build a 1.2km iconic bridge which is
part of the 3.3km crossing to its main hub island, Shurayrah.
The Red Sea Development Company (TRSDC) intends
to announce construction contracts worth $5.3 b in
the coming months, including the construction of
airport terminals for the Red Sea Project
The Red Sea Development Company (TRSDC)
has inaugurated the first station to produce
water fully extracted from the sunlight and air.
Strategy & Planning Department 2021
Qiddiya Investment Company increased in the areas of Qiddiya
project from 334 km2 to 366 km2.
In the first phase of the Qiddiya project, there will be 6
flags,international golf course, recreational and sports
facilities, and more.
Saudi Arabia-based utilities developer Alfanar has been
named preferred bidder for the contract to develop the
multiple utilities infrastructure catering to Saudi Arabia's
334 square-kilometre Qiddiya entertainment city.
Ma’aden awarded a new $880 million contract at its Mansourah-
Massarah gold mines, marking the company’s largest-ever
investment in the gold sector.
Air Products, ACWA Power and NEOM Sign Agreement for $5 Bn
Production Facility in NEOM Powered by Renewable Energy for
Production and Export of Green Hydrogen to Global Markets
NEOM, KAUST to develop 40.5ha coral garden
in Shushah Island
Amaala begins utilities package qualification for the 4,155 km2
master-planned tourism scheme on the kingdom’s Red Sea coast
Strategy & Planning Department 2021
King Salman Energy Park (SPARK) and Riyad Bank signed a Collaboration
Agreement (CA) on establishing Future Initiatives, such as SPARK
Projects, SPARK Pay, SPARK Sustainability and Efficiency, SPARK
Scientists, SPARK Businesses and SPARK Business Enablers, SPARK Local
Content, SPARK Think, SPARK Quality of Life, and SPARK Pass.
Saudi Electricity Company (SEC) awarded the project for construction of
380kV Switching Substation in Riyadh to Saudi based construction firm,
Al-Babtain Contracting Company.
The value of the contract is SAR 295.9 m
Saudi Arabia is considering building a new airport in
Riyadh region
The Diriyah Gate Development Authority signed a memorandum of
understanding (MOU) with the Saudi Society for Heritage Preservation,
to implement a number of joint heritage projects and initiatives in the
field of protecting and preserving archaeological and heritage site
Strategy & Planning Department 2021
Insurance
The Capital Market Authority (CME) approved increasing the capital of
“Saudi Re" from SAR 810 m to SAR 891 m through issuing 1 bonus share for
every 10 existing share owned.
Central Bank approved increasing the share capital of "MedGulf" via
rights issue from SAR 700 m to SAR 1,050 m
Regulation
Saudi Arabia’s Cabinet approved merge the Public Pension Agency (PPA)
into the General Organization for Social Insurance (GOSI)
Strategy & Planning Department 2021
Technology
Saudi Arabia’s Cabinet grants digital banking license to STC Pay " with a
capital of SAR 2.5 bn" and several commercial entities one of them is Abdul
Rahman Saad Al-Rashed and Sons Company "with a capital of SAR 1.5 bn"
Al Moammar Information Systems Co ( MIS) Announces its
participation as a founding shareholder to establish a digital
bank in Saudi Arabia
National Digital Transformation Unit approved the digital transformation
strategy of the Ministry of Human Resources and Social Development
The General Authority for Competition (GAC) approved the completion of the
economic concentration process between Saudi Aramco and Cognite AS,
active in providing data services and artificial intelligence (AI) to establish a
limited liability company in Saudi Arabia, to provide digital transformation and
cloud services in Saudi Arabia and the Middle East and Africa (MENA) region
A venture capital unit of Saudi Aramco has invested
$25 m in Wasabi cloud storage company
Al Moammar Information Systems Co. (MIS) signed a binding memorandum
of understanding (MOU) with Saudi Fransi Capital (SFC) to establish a
private investment fund to develop, own, and operate data centers across
KSA, expect the fund to have an initial size of around SAR 700 m
Strategy & Planning Department 2021
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