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Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go!
From 30th June to 07th July 2024
Saudi PIF leads in Middle East and ranks 2nd Worldwide in 2024 GSR scorecard
RIYADH: The PIF of Saudi Arabia has remained the top-ranked province in the Middle East and has moved up to the second position among the 100 sovereign wealth funds in terms of the Global SWFs ranking of the 2024 GSR Scoreboard. It has increased all the way to 96% from 92% as per the last year.
Over the past 5 and half years, PIF has established itself as a leader in mobilizing fresh capital. The GSR Scoreboard comprises areas like transparency, accountability, impact investing, legitimacy, and sustainability by totaling 25 factors that lie under three major categories namely governance, sustainability, and resilience.
The head of strategy development at the PIF, Chad Richard, highlighted the fund is an ideal investor with world-class governance and sustainable investing framework. PIF has acted as a financier of renewable energy, engaging in large-scale carbon credit trading and green bonds.
There were huge investment in the year 2024 even when the global economy experienced volatility, more specifically in renewable energy. It has also assisted Saudi Arabia’s Vision 2030 in the promotion of the private sector, effectively enhancing industrial industry, and diversifying employment.
The 2023 financial statement shows that PIF’s revenues stood at $88.3 billion, signifying its robust financial performance, it has remained strategic, expanding business investments to achieve sustainable growth. It’s also important to note that the fund has been awarded high credit ratings from both Moody’s and Fitch with regard to financial soundness and performance.
Fortis expands into Saudi Arabi’s SME Sector
Fortis, a UAE-based fintech firm, has unveiled plans to enter Saudi Arabia to provide the small and medium-sized enterprises (SMEs) with its point of sale, customer relationship management, and payment solution. This move is in line with Saudi Arabia’s Vison 2030 goals particularly in the areas of economic development and digital transformation.
The executive vice president Arseny Kosenko with regard to the immediate strategy of the company, said that Fortis has laid down its initial plan to expand UAE, Saudi Arabia and other countries within the MENA region. Its objective is to improve the overall functionality of SMEs with an aim of increasing the GDP and technological development.
In Saudi Arabia, Fortis is going to adapt its platform to local legal requirements and business practices adjusting pricing, marketing and partnerships. Fortis hopes to serve as a catalyst for Saudi Arabia’s digital transformation by keeping track of regulatory changes and implementing advanced technology and automation in maintaining compliance.
It has been funded by $20 million investment from Opportunity Venture where its expansion plan includes product development and market introduction more specifically in Saudi Arabia due to its big market and many development projects.
Distinguished global talents to be granted Saudi citizenship
RIYADH: A Royal decree has been passed recently to grant Saudi Citizenship to a group of scientists, medical doctors, researchers, innovators, entrepreneurs, and other respected talents. This was featured in the Saudi Press Agency (SPA) on Thursday as Saudi Arabia continues its efforts to attract outstanding talents from around the globe across different industries including religious, medical, scientific, cultural, athletic, and IT fields.
The decree supports to the Kingdom of Saudi Arabia’s Vision 2030 objective for creating a favorable environment for attracting and encouraging creative minds. It falls in line with ongoing efforts to attract renowned talents, whose expertise contributes to the country’s economic development, health, culture, sports, and invention.
A similar decree was issued in 2021 in order to grant Saudi Arabian citizenship to the first batch of selective people of exceptional brilliance in these fields.
Saudi Manpower Solutions Co. Plans to expand after its public listing
RIYADH: Saudi Arabia’s initial manpower service provider, the Saudi Manpower Solutions Co.(SMASCO), has planned its business growth through IPO. Mr. Abdullah Al-Timyat, the CEO of the company, said that IPO funds will be allocated for strategic growth plans. The move is expected to increase the company’s influence in Saudi Arabia and improve the confidence of the stakeholders.
Al-Timyat highlighted that SMASCO is free of debt and has sustainable cash management to expand the company at a varying pace in the Kingdom. The IPO will allow SMASCO to expand to new regions and increase market coverage in various sectors to expand brand visibility and credibility.
Al-Timyat focused on the Saudi Arabian market and stressed that manpower companies could benefit from SMASCO’s technological know-how and a well-established business model. He acknowledged the technological advance of artificial intelligence in improving efficiency and service delivery that aligns with Vision 2030 goals of economic growth and development.
Due to the specializations in SMASCO in various industries such as medical, logistics, tourism, and entertainment, it is capable of offering the most appropriate manpower services for every industry. This strategic focus also helps to position SMASCO effectively to tap into the existing market trends and contribute to the Kingdom’s ambitious vision.
