Saudi Arabia has been focusing heavily on investments designed to boost its economy as part of its Vision 2030. It has been hosting multiple summits and events to attract investment in several fields.
One of the most prominent is the Future Investment Initiative (FII) summit. The event served as a strategic platform to promote Saudi Arabia as a premier investment destination. It highlighted its economic diversification efforts and attracted high-profile investors willing to deploy their petrodollars on international ventures.
Here is an overview of the most prominent investments made during the summit:
Energy sector
In a strategic move, ENOWA, an energy and water company, has agreed to establish a synthetic e-fuel demonstration plant. This will produce 35 barrels per day of low-carbon synthetic gasoline from renewable-based hydrogen and captured carbon dioxide. The Hydrogen Innovation and Development Center (HIDC) will also generate 12 tons of synthetic methanol daily. It will be using green hydrogen and CO2 and powered by a 20-megawatt electrolyzer fueled by renewable energy sources.
On the other hand, ACWA Power’s CEO, Marco Arcelli, emphasized the necessity for investments in renewable energy and natural gas-fired electricity. This will meet its ambitious generation capacity targets. The project entails constructing 60 to 80 gigawatts of power plants using renewable sources like wind and solar. In addition, it will construct about 30 gigawatts of gas-fired plants.
Entertainment industry
Meanwhile, Film AlUla, in collaboration with Hollywood production company Stampede Ventures, has signed a groundbreaking $350 million three-year deal. This partnership will bring 10 film projects to Saudi Arabia’s historic AlUla. This aligns with the Royal Commission for AlUla’s vision to transform the city into a creative hub. Furthermore, the film agency is also providing lucrative rebates and incentives to attract major film productions. Greg Silverman, CEO of Stampede Ventures, renowned for his successful work at Warner Brothers, will oversee this transformative endeavor.
Connectivity and transportation
NEOM’s subsidiary, Tonomus, has entered into a multi-year agreement with the stc Group. The agreement is to acquire Tonomus’ Low Earth Orbit (LEO) satellite connectivity capacity in Saudi Arabia. Thus, this deal will enable the stc Group to offer high-speed broadband internet and data services to the country. Additionally, it will enable business continuity solutions for government institutions, large enterprises, and SMEs across the Kingdom.
Additionally, the Royal Commission for AlUla (RCU) has awarded the rolling stock contract for the AlUla experiential tramway project to Alstom. The project’s design is environmentally friendly and will consist of 20 trains. They will be running on a 22.4-kilometer line with 17 strategic stations and stops. The project will connect five core historical districts and is slated for activation in the second half of 2027. Its infrastructure development will commence in 2024.
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Service and financial sector
In another significant investment, GFH Financial Group (GFH) acquired the food services and logistics business of Gulf Central Company in Saudi Arabia at a value of SAR500 million. GFH cited the company’s robust financial performance, diverse product portfolio, and extensive customer base of over 1,000 blue-chip clients. This acquisition aligns with the Saudi National Industrial Development & Logistics Program’s goal. It will significantly boost private sector investment, contribute to GDP growth, and create numerous job opportunities by 2030.
Meanwhile, the Islamic Development Bank and the World Bank have unveiled a strategic partnership. It is aimed at making a lasting impact in the Middle East and North Africa (MENA) region. This collaboration is expected to support joint initiatives involving up to $6 billion in financing through 2026. Moreover, key areas of focus include managing water, energy, and food resources. It will tackle those challenges amidst the challenges of climate change, empowering women and youth for the digital transition. Â It will promote regional and cross-border trade and cooperation.
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