黑料社区

黑料社区 taps French bank to expand local debt market

As part of ongoing efforts to deepen and diversify its domestic debt market under Vision 2030, the Ministry of Finance and the NDMC have taken new steps to strengthen the role of international and local institutions in supporting sukuk and bond issuance. Reuters/File
As part of ongoing efforts to deepen and diversify its domestic debt market under Vision 2030, the Ministry of Finance and the NDMC have taken new steps to strengthen the role of international and local institutions in supporting sukuk and bond issuance. Reuters/File
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黑料社区 taps French bank to expand local debt market

黑料社区 taps French bank to expand local debt market

RIYADH:聽The Saudi Ministry of Finance and the National Debt Management Center have signed an agreement appointing France鈥檚 Societe Generale as a primary dealer for the Kingdom鈥檚 local debt instruments, according to an official statement.

Societe Generale will join five other international institutions already operating as primary dealers, namely BNP Paribas, Citigroup, and Goldman Sachs, as well as J.P. Morgan, and Standard Chartered Bank.

As part of ongoing efforts to deepen and diversify its domestic debt market under Vision 2030, the Ministry of Finance and the NDMC have taken new steps to strengthen the role of international and local institutions in supporting sukuk and bond issuance.

鈥淭his agreement fits within the Financial Sector Development Program strategy as a step toward achieving the objectives of Saudi Vision 2030 by strengthening financial sector institutions and advancing the financial market,鈥 NDMC stated.

The NDMC stated that the deal reaffirms its role in enhancing access to local debt markets by diversifying the investor base. This approach aims to ensure sustainable access to the secondary market and support its growth.

鈥淚t is noteworthy that applications for subscription in the primary market for the government's聽local debt instruments are submitted to the NDMC through the appointed primary dealers on a scheduled monthly basis where these dealers receive the applications submitted by investors,鈥 the statement said.

The French bank will also be added聽to the list of 10 local institutions participating in the program, including Saudi National Bank, Saudi Awwal Bank, and AlJazira Bank, as well as Alinma Bank, AlRajhi Bank, Albilad Capital, AlJazira Capital, AlRajhi Capital, Derayah Financial Co., and Saudi Fransi Capital.

The Kingdom鈥檚 sukuk market has witnessed significant growth in recent years, underpinned by its strategic role in the Kingdom鈥檚 Vision 2030 economic diversification plans. In the first quarter of 2025, corporate bond and sukuk issuance more than doubled to $37 billion, up from $15.5 billion in the same period of 2020.

黑料社区 accounted for more than 60 percent of all sukuk and bond issuance across the Gulf Cooperation Council during that period, according to the Kuwait Financial Center, also known as Markaz.

The NDMC surpassed the $1鈥痓illion threshold with its May sukuk issuance, raising SR4.08鈥痓illion ($1.08鈥痓illion)鈥攁 9.09鈥痯ercent increase from April and a 54.5鈥痯ercent rise compared to March鈥檚 SR2.64鈥痓illion.

In June, the NDMC raised SR2.355鈥痓illion, marking a decline from May but demonstrating typical monthly funding fluctuations.

The July issuance rebounded sharply to SR5.02鈥痓illion, an increase of 113.6鈥痯ercent month on month. That issuance was split into tranches maturing in 2029, 2032, 2036, and 2039.

According to S&P Global, the Kingdom鈥檚 domestic debt markets are expected聽to expand further amid Vision 2030 reforms, with sovereign and corporate issuance at 20.7鈥痯ercent聽of gross domestic product and聽corporate debt alone rising from 1.9鈥痯ercent聽in 2020 to 3.4鈥 percent聽in early 2025.


Fitch affirms 黑料社区鈥檚 鈥楢+鈥 rating with stable outlook

Fitch affirms 黑料社区鈥檚 鈥楢+鈥 rating with stable outlook
Updated 28 sec ago

Fitch affirms 黑料社区鈥檚 鈥楢+鈥 rating with stable outlook

Fitch affirms 黑料社区鈥檚 鈥楢+鈥 rating with stable outlook

RIYADH: Fitch Ratings has affirmed 黑料社区鈥檚 long-term foreign-currency issuer default rating at 鈥淎+鈥 with a stable outlook.

The agency cited the Kingdom鈥檚 strong fiscal and external balance sheets, continued growth in the non-oil sector, and solid banking fundamentals as key drivers behind the rating.

Fitch also noted that 黑料社区鈥檚 government debt levels and sovereign net foreign assets remain well above the medians for 鈥淎鈥 and 鈥淎A鈥 rated countries, supported by significant fiscal buffers in the form of deposits and other public sector assets.

The latest rating action comes as Gulf economies navigate the impact of lower oil prices while advancing economic diversification plans. The 鈥淎+鈥 rating reflects 黑料社区鈥檚 fiscal and external buffers built over years of high oil revenues, even as the Kingdom faces widening deficits due to large-scale investment spending.

In its rating commentary, Fitch stated: 鈥淥il dependence, World Bank governance indicators and vulnerability to geopolitical shocks have improved but remain weaknesses.鈥 

Despite pressure from reduced oil revenues and rising fiscal and current account deficits, Fitch emphasized that 黑料社区鈥檚 external reserves are expected to remain 鈥渓arge relative to peers,鈥 averaging 12.8 months of current external payments in 2025 鈥 well above the 鈥淎鈥 median of 1.8 months.

However, the agency warned that the Kingdom is likely to gradually shift to a net external debtor position by 2027, due to sustained external borrowing and a strong domestic investment orientation.

The report also reviewed regional peers, highlighting that neighboring countries have maintained strong credit profiles. In July, the UAE鈥檚 long-term foreign-currency rating was affirmed at 鈥淎A-鈥 with a stable outlook, supported by low consolidated government debt, a strong net external asset position, and high gross domestic product per capita.

Fitch also pointed to Abu Dhabi鈥檚 sovereign net foreign assets 鈥 equivalent to 157 percent of the UAE鈥檚 GDP in 2024 鈥 as among the highest of all Fitch-rated sovereigns.

In May, Qatar retained its 鈥淎A鈥 rating with a stable outlook, driven by its expanding liquefied natural gas production capacity and one of the highest per capita GDP levels globally. The agency highlighted Qatar鈥檚 flexible public finance framework as a key factor in enhancing economic resilience.

Similarly, in March, Kuwait鈥檚 long-term foreign-currency rating was reaffirmed at 鈥淎A-鈥 with a stable outlook.

For 黑料社区, Fitch projected a budget deficit of 4 percent of GDP in 2025, mainly due to lower oil income and a significantly reduced dividend from Saudi Aramco.

鈥淕rowth in current spending should be contained, and we expect capex to fall in line with ongoing project recalibration,鈥 the report stated.

The deficit is expected to narrow to 3.6 percent by 2027, supported by rising non-oil revenue, higher oil production, and government spending growing more slowly than nominal GDP.

Fitch also underscored the Kingdom鈥檚 ongoing economic transformation under Vision 2030. It noted that GDP rebasing led to a 14 percent upward revision of the 2024 headline GDP figure, 鈥渁lmost entirely due to a 28 percent increase in the non-oil private sector (now 56 percent of GDP).鈥

Real GDP growth is projected at 4.3 percent in 2025, rising to 4.7 percent in 2026 before easing to 3.6 percent in 2027, driven by increased oil production and steady expansion in the non-oil sector. Non-oil growth is forecast to average 4.5 percent during this period, underpinned by continued public and government-related entity spending.


Oman Airports sees 2% rise in passenger traffic in June聽聽

Oman Airports sees 2% rise in passenger traffic in June聽聽
Updated 51 min 17 sec ago

Oman Airports sees 2% rise in passenger traffic in June聽聽

Oman Airports sees 2% rise in passenger traffic in June聽聽

RIYADH: Passenger traffic at Oman鈥檚 airports rose 2 percent year on year in June, driven by infrastructure upgrades, tourism campaigns, and the seasonal draw of Dhofar鈥檚 Khareef climate, according to the country鈥檚 airport operator. 

Oman Airports, a government-owned company that manages and operates the civil airports, reported 1.13 million passengers across its network last month, up from 1.10 million in June 2024, the Oman News Agency reported.  

The company attributed the growth in passenger volumes to ongoing efforts to position Oman as a year-round travel destination, along with improved airport facilities, the adoption of advanced technologies, and coordinated tourism initiatives. 

This comes as the Sultanate accelerates its Vision鈥2040 efforts to diversify the economy, strengthen non-oil sectors like tourism, and reduce reliance on oil revenues. 

The ONA report stated: 鈥淭he start of the Khareef season in Dhofar also represents an additional factor in attracting visitors, as the governorate is renowned for its stunning natural beauty and unique weather during this period.鈥  

Oman Airports said it continues to invest in infrastructure and digital solutions to enhance the passenger experience, reduce processing times, and support growing travel demand. The company expects traffic momentum to remain strong in the coming period, supported by tourism events and expansion plans across the airport network.   

Earlier in July, Oman Airports signed a cooperation agreement with Singapore鈥檚 Changi International Airport to boost non-aeronautical revenues. The deal includes joint development of themed activity zones and optimization of land leasing strategies, aligning with Oman鈥檚 broader push to diversify income sources beyond oil. 

Under the agreement, Changi will provide technical support and practical solutions aimed at improving Oman Airports鈥 long-term revenue generation. This includes commercial master planning and initiatives targeting both international travelers and local residents.  

Oman Airports manages all airports across the Sultanate, including Muscat International, Salalah, Duqm, and Suhar airports. The company has also extended its services to operate regional airports in the oil concession areas of Fahud, Marmul, and Qarn Alam for Petroleum Development Oman. 

Oman鈥檚 tourism industry has been identified as a key non-oil growth sector, with government initiatives focused on increasing international arrivals, expanding hospitality offerings, and promoting cultural and eco-tourism experiences.  

Authorities have been working to streamline visa processes, attract foreign investment into the leisure sector, and market Oman鈥檚 natural assets 鈥 such as its coastline, desert landscapes, and historic sites 鈥 to a broader global audience. 


Saudi and Syrian business leaders commit to energy sector revival

Saudi and Syrian business leaders commit to energy sector revival
Updated 27 July 2025

Saudi and Syrian business leaders commit to energy sector revival

Saudi and Syrian business leaders commit to energy sector revival
  • Syrian Minister of Energy Mohammed Al-Bashir outlined the ministry鈥檚 recent achievements and its strategic direction
  • He said economic partnerships and investor engagement are essential to advancing the energy sector

RIYADH: Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria鈥檚 energy infrastructure following a high-level meeting in Riyadh. 

The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration. 

During the meeting, which included members of the Syrian expatriate community and Saudi business executives, Syrian Minister of Energy Mohammed Al-Bashir outlined the ministry鈥檚 recent achievements and its strategic direction despite prevailing challenges, the Syrian Arab News Agency reported. 

He said economic partnerships and investor engagement are essential to advancing the energy sector and welcomed collaborative initiatives aimed at bolstering development efforts. 

The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus. 

In a follow-up to that momentum, business leaders at the recent Riyadh meeting 鈥渁ffirmed their readiness to help rebuild infrastructure and expand investment opportunities in both conventional and renewable energy,鈥 according to the report by SANA. 

The forum united over 120 investors and executives from the Kingdom鈥檚 public and private sectors and witnessed the signing of 47 agreements and memoranda of understanding valued at SR24 billion ($6.4 billion). 

The conference also marked a significant deepening of bilateral cooperation across various sectors, including energy, real estate, infrastructure, telecommunications, and finance. 

The recent meeting builds on the SR11 billion in infrastructure commitments made during the forum, notably the inauguration of the Fayhaa White Cement Factory in Adra Industrial City. 

The plant, backed by a $20 million investment from Northern Region Cement Co., is the first of its kind in Syria and is projected to create over 1,100 direct and indirect jobs. 

Additional agreements worth SR4 billion targeted the telecommunications sector, while cooperation in agriculture, financial services, health care, education, and IT were also highlighted. 

The forum鈥檚 economic significance builds upon recent diplomatic and financial milestones. 

黑料社区 officially reopened its embassy in Damascus in 2024 after a 12-year hiatus. 

In April, the Kingdom, in coordination with Qatar, settled Syria鈥檚 $15 million debt to the World Bank, enabling access to multilateral funding for redevelopment. 

Syrian and Saudi officials emphasized the historical and cultural ties between the two nations, framing the forum as a key moment in rebuilding economic cooperation. 

Syrian Economy Minister Mohammad Al-Shaar described the event as a 鈥渉istoric milestone,鈥 while Saudi Minister of Investment Khalid Al-Falih underscored the Kingdom鈥檚 long-term commitment to supporting Syria鈥檚 path to recovery and sustainable growth. 


Arab entrepreneurs convene at UK鈥檚 House of Lords to strengthen MENA ties聽

Arab entrepreneurs convene at UK鈥檚 House of Lords to strengthen MENA ties聽
Updated 27 July 2025

Arab entrepreneurs convene at UK鈥檚 House of Lords to strengthen MENA ties聽

Arab entrepreneurs convene at UK鈥檚 House of Lords to strengthen MENA ties聽

RIYADH: Economic and cultural ties between the UK and the Middle East and North Africa region are set to receive a boost following a high-level event hosted by the Arab Entrepreneurs Board at the House of Lords in London.  

Held on July 22, the first-of-its-kind gathering brought together business leaders, diplomats, and policymakers to highlight the role of Arab entrepreneurship in advancing cross-border collaboration and innovation. It marked the second major initiative by the board this year, following the Arab Women Awards in April. 

Lord Dominic Johnson, who delivered a powerful keynote highlighting the critical role of entrepreneurship in building resilient, inclusive economies. Supplied

Opening the event, Lord Dominic Johnson underscored the importance of entrepreneurship in fostering inclusive and resilient economies. Other key speakers included Bandar Reda, secretary-general of the Arab British Chamber of Commerce, and Faisal Abbas, editor-in-chief of Arab News, both of whom spoke on the need to deepen UK鈥揗ENA engagement across strategic, economic and cultural spheres. 

Wael Al-Zein, founder and CEO of the Arab Entrepreneurs Board, and Asma Ounnas, co-founder and chief strategy officer, led the evening鈥檚 discussions, focusing on how Arab entrepreneurs can act as a bridge between markets and communities. 

鈥淭his gathering was not just symbolic 鈥 it was strategic,鈥 said Asma Ounnas. 鈥淲e are reshaping the narrative around Arab enterprise by putting collaboration, creativity, and global ambition at the heart of our work.鈥 

A cultural exhibition featuring signed lithographs by King Charles III and Prince Khaled Al-Faisal 鈥 commemorating 25 years since their tribute to 黑料社区鈥檚 Asir Mountains 鈥 was part of the program. Guests also received signed copies of Anecdotes of an Arab Anglophile, reflecting ongoing UK鈥揂rab cultural engagement. 

The guest list included representatives from NEOM, Binghatti, and BMG Financial Group. Also in attendance were executives from The Ritz London, Aston Martin, and Harrods, along with delegates from Hill House Interiors, Luxury Magazine, and Bicester Village. Diplomatic envoys, members of the House of Lords, and officials from the London Chamber of Commerce and Industry and the British Chambers of Commerce were also present. 

鈥淲e were deeply inspired by the energy in the room 鈥 from startups to sovereign-level projects,鈥 said Wael Al-Zein. 鈥淭his is just the beginning of a movement that connects ideas with capital, and vision with execution.鈥 

The Arab Entrepreneurs Board announced upcoming initiatives, including further awards, summits, and strategic partnerships, along with the launch of a London-based communications division to enhance global visibility for Arab entrepreneurs. 

The Arab Entrepreneurs Board is a membership-based platform supporting Arab entrepreneurs through global partnerships, policy engagement, and strategic networking. It focuses on promoting innovation and long-term economic development in the Arab world. 


黑料社区鈥檚 high-end dining scene fuels culinary and cultural revival

黑料社区鈥檚 high-end dining scene fuels culinary and cultural revival
Updated 27 July 2025

黑料社区鈥檚 high-end dining scene fuels culinary and cultural revival

黑料社区鈥檚 high-end dining scene fuels culinary and cultural revival
  • Saudi food service market is projected to grow from $30.12 billion in 2025 to $44.67 billion by 2030

 

RIYADH: 黑料社区鈥檚 culinary heritage is deeply rooted in its diverse landscapes, climates, and tribal traditions 鈥 further shaped by centuries of global trade. 

Yet both locally and internationally, exposure to authentic Saudi cuisine has long remained limited to a few convenient, accessible formats.

That鈥檚 changing, not just in taste but in structure. In July, the Saudi government issued a formal regulatory framework for luxury restaurants, officially classifying fine dining as a distinct category with its own licensing code 鈥 requiring on-table service only, the elimination of cashier counters, and a curated, limited number of branded outlets per city.

Each establishment must feature a visible beverage prep station, maintain distinct employee-only rest areas, and meet strict kitchen zoning rules that separate raw, cooked, and served foods to minimize contamination.

By formalizing standards for luxury restaurants, the government aims to elevate service consistency, improve operational quality, and ensure a premium guest experience across the Kingdom.

The new framework will not only protect consumers but also encourage global investment by giving restaurateurs a clear, streamlined path to enter 黑料社区鈥檚 high-end dining market.

It reflects the broader goals of Vision 2030: to boost tourism, foster entrepreneurship, and position Saudi cities as regional lifestyle destinations.

The Saudi foodservice market is projected to grow from $30.12 billion in 2025 to $44.67 billion by 2030, at a compound annual growth rate of 8.2 percent, according to Mordor Intelligence, a market research firm.

Under Vision 2030, 黑料社区 is positioning itself as a global culinary destination 鈥 supporting local entrepreneurship and attracting international ventures 鈥 while reshaping its food and hospitality landscape.

Economic ripple effects 

The rise of high-end dining in 黑料社区 is generating widespread economic ripple effects, starting with job creation across multiple sectors.

According to Elena Caron, corporate services director at Fragomen, demand is growing not only for chefs and service staff, but also for professionals in logistics, supply chain, and technology.

鈥淎t the same time, restaurants and hospitality groups must navigate a more complex regulatory environment. Complying with labor laws, meeting Saudization quotas, securing commercial licenses and following foreign investment rules are all essential to ensure legal compliance and long-term business sustainability,鈥 Caron said.

She added that supply chain and food safety standards are also evolving, particularly with the growing emphasis on local sourcing.

鈥淎s partnerships with Saudi farms and producers expand, restaurants are expected to meet rigorous food handling and traceability requirements in line with Saudi Food and Drug Authority鈥檚 regulations,鈥 she said.

鈥淚n this environment, compliance isn鈥檛 optional 鈥 it鈥檚 essential to protect brand integrity and maintain consumer trust.鈥

Ahmad Al-Zaini, CEO and co-founder of cloud-based restaurant management and point-of-sale platform Foodics, noted that demand for skilled talent is rising across service, logistics, and food production, while the expansion of premium dining is also increasing the need for upscale real estate, smart kitchens, and efficient service systems.

鈥淎t Foodics, we鈥檝e seen a clear uptick in demand from premium and fine dining establishments that want operational clarity, advanced analytics, seamless integrations and customer experiences,鈥 he said. 

鈥淭hese businesses are anchors for the recently unlocked premium lifestyles in the Kingdom, and they play a role in attracting a new category of sophisticated investors, operators, and entrepreneurs.鈥

Alexander Sysoev, founder of international restaurant guide GreatList, an international restaurant guide, described fine dining as a powerful catalyst 鈥 driving demand for luxury real estate, elevating local production standards, and generating diverse employment opportunities across the culinary value chain.

鈥淭he real shift is cultural,鈥 Sysoev said. 鈥淚t raises expectations across industries 鈥 from education and sourcing to hospitality. Restaurants are no longer just places to eat 鈥 they鈥檙e becoming part of a national economic strategy.鈥

Patrick Samaha, partner at Kearney Middle East and Africa, said the Kingdom鈥檚 F&B sector grew 15 percent in 2025, creating hundreds of jobs through major restaurant openings in Riyadh and Jeddah.

鈥淭his momentum is also reshaping the real estate landscape,鈥 he said, adding: 鈥淧remium F&B demand in districts like King Abdullah Financial District and Jeddah鈥檚 Corniche surged 20 percent in 2025, prompting developers to integrate signature dining into luxury mixed-use projects.鈥 

Vision 2030鈥檚 culinary impact 

Fine dining has become a core pillar of 黑料社区鈥檚 economic transformation under Vision 2030, with government support attracting top global chefs, brands, and investors.

According to Caron, a new generation of Saudi culinary entrepreneurs is rising.

鈥淰ision 2030 has empowered them to launch dining concepts that reflect local culture while meeting global standards,鈥 she said.

Al-Zaini added that global brands are expanding into 黑料社区 to tap new audiences, which in turn is raising service standards and fostering competition across the value chain.

鈥淭his has led to a rise in homegrown restaurateurs investing in premium concepts, training local talent, and demanding more reliable infrastructure for their operations,鈥 he said.

Sysoev agreed, emphasizing that 黑料社区 is emerging as a high-potential culinary market.

鈥淔or local entrepreneurs, it brings legitimacy, infrastructure, and 鈥 most importantly 鈥 a sense of momentum,鈥 he said. 鈥淭hey no longer need to prove that fine dining is possible. Now, they鈥檙e proving they can lead.鈥 

Samaha noted that recent reforms and giga-projects have fast-tracked international investment, with brands like COYA and Le Petit Chef entering the market. In the first half of 2025 alone, seven major openings were recorded.

鈥淰ision 2030 is cultivating local talent, despite the influx of international brands and concepts,鈥 he said, adding: 鈥淚nitiatives like the Culinary Incubator and Human Capability Development Program trained over 4,500 Saudis in hospitality and culinary arts in 2025, enabling a new generation of entrepreneurs to emerge.鈥 

He added that distinctly Saudi fine dining concepts are now emerging 鈥 blending local heritage with global techniques to redefine the Kingdom鈥檚 culinary identity.

Riyadh and Jeddah lead the way

Looking ahead, industry leaders agree that Riyadh and Jeddah will remain at the forefront of 黑料社区鈥檚 fine dining evolution.

Al-Zaini pointed to the Kingdom鈥檚 tech-savvy, affluent youth as key drivers of demand for globally inspired yet locally grounded dining experiences.

鈥淭his creates the perfect opportunity for restaurateurs to experiment with the plethora of technologies at their disposal today, from interactive culinary displays to personalized dishes, and gastronomical explorations with local ingredients from the Kingdom鈥檚 vast agricultural landscape,鈥 he said.

Sysoev noted that while AI can optimize menus and personalize service, true value lies in originality and cultural context.

He projected that soon 黑料社区 will not be copying Western models 鈥 it will be crafting its own.

鈥淭hat means a stronger focus on local ingredients, sustainability, and chef-driven concepts with a distinct point of view. Cities like Riyadh and Jeddah don鈥檛 need to follow the hype 鈥 their power will come from building identity. That鈥檚 how they鈥檒l stand out on the global culinary map,鈥 Sysoev said.

According to Samaha, three key trends are shaping the future of fine dining in the Kingdom: innovation, sustainability, and cultural storytelling.

He said restaurants are using AI and smart tech to personalize guest experiences. Sustainability is now central, with zero-waste kitchens, local sourcing, and green initiatives like AlUla鈥檚 solar-powered Desert Bloom project.

鈥淭hird, fine dining in the Kingdom is evolving into a platform for cultural expression. Events like Layali Diriyah and the Riyadh Food Art Festival position cuisine as a medium for storytelling, identity, and destination branding,鈥 he said.

As 黑料社区 reimagines its tourism and lifestyle sectors, fine dining is no longer just about food 鈥 it is a strategic lever for economic diversification, cultural diplomacy, and global identity.