The company has already spent around that amount to complete a third of the Red Sea project, which includes 24 resorts that are expected to be fully operational by the end of 2025
Future Investment Initiative
Latest in Future Investment Initiative
Abu Dhabi
New UAE laws; Petrol price increase; Dubai’s ‘viral chocolate’; Visa amnesty extended; Tax rules updated – 10 things you missed this week
UAE visa amnesty, new laws announced, petrol prices increased, Dubai real estate strategy and more of the top news stories this week
Entrepreneurs
Gulf region poised to rival Silicon Valley as next global tech hub, ‘unicorn factory’, tech investor says
Unicorn Hunters co-founder Silvina Moschini, speaking at FII in Riyadh, outlined plans for the Gulf to become a ‘unicorn factory’ through Latin American partnerships
FII
Saudi Arabia’s Riyadh Air secures SAR 3bn Islamic credit facility ahead of 2025 launch
Eight financial institutions have participated in the arrangement
automotive industry
Self-driving taxis to hit Riyadh streets by 2027, says CEO of PIF-backed TASARU
The PIF-backed investment vehicle is also eyeing significant investments in the logistics sector by year-end
clean energy
Middle East needs stronger policies to tap into $900bn green FDI flows, energy expert says
The region has seen limited green investment flows compared to Europe and the US despite offering the world’s lowest renewable energy production costs, Strategy& expert reveals
digital transformation
EXCLUSIVE: Globant inks major deal with Saudi’s Qiddiya mega-project, confirms new Riyadh office in Q1
The partnership marks a significant milestone for both entities as Qiddiya, one of Saudi Arabia’s ambitious giga-projects, continues its transformation from desert terrain into an entertainment destination and residential hub near Riyadh
FII
Gulf region is world’s ‘most ambitious economic reform story,’ says Templeton executive at FII 2024
Despite regional geopolitical tensions, investment risks in Gulf markets remain well-contained, with key markets maintaining stability, says Bassel Khatoun
FII
FII 2024 day 1: $300mn tech fund launch, AI initiative, global leaders shape investment future in Riyadh
The conference will continue through the week, with upcoming sessions focused on deepening partnerships and exploring innovative solutions to global challenges
cruise saudi
Cruise Saudi to launch first Arabian-focused luxury ship AROYA on Dec. 16, CEO reveals
The vessel, which is only five years old, was originally built for the Chinese market but has undergone a comprehensive refurbishment under Cruise Saudi’s direction, CEO Lars Clasen said
cruise saudi
Ultra-luxury AMAN cruise ship on track for Red Sea launch in Q2 2027
The 100-guest cruise ship will complement other luxury developments in the kingdom, including the recently launched Sindalah Island, says Cruise Saudi CEO Lars Clasen
cruise saudi
EXCLUSIVE: Cruise Saudi expanding to 10 destinations along Red Sea coast, 3 new ports underway
Operational ports like Jeddah, Yanbu, and Dammam are complemented by new developments, including AlWajh as a gateway to AlUla and private islands for cruise passengers
Future Investment Initiative
Saudi Arabia’s PIF pivots to domestic focus, eyes AI revolution, says Al-Rumayyan
The fund is reportedly in early discussions about a potential AI partnership worth up to $40 billion with venture capital giant Andreessen Horowitz
future investment
Saudi Arabia set to witness $28bn of new deals at Future Investment Initiative 2024 event
Future Investment Initiative 2024 will see an estimated $28bn of deals in food, sport, entertainment, energy and cybersecurity sectors: CEO
FII Institute
Saudi Arabia sees $17.9bn of investment at FII7 in Riyadh
Future Investment Initiative in Riyadh ended with $17.9bn of investments and globally-relevant announcements
circular economy
Saudi Arabia unveils new initiative to safeguard water security
Ten prominent companies have already pledged their support for Saudi Arabia’s “Voluntary Commitment to Water Sustainability” initiative
Future Investment Initiative
Prominent figures to attend Future Investment Initiative 2023 in Riyadh
The global meet will be held in the Saudi capital Riyadh from October 24 to 26