The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers Index (PMI) rose slightly to 57.1 in January from 57.0 in December. The 50.0 mark separates growth from contraction.
Saudi Arabia raises $5 billion through dual-tranche bonds
27 Jan 2021 A money changer displays Saudi riyal banknotes at a currency exchange in Riyadh, Saudi Arabia. Saudi Arabia raised $5 billion in a dual-tranche bond sale with tenors of 12 and 40 years, a document showed, as it seeks to plug a large fiscal deficit.
The kingdom sold $2.75 billion in 12-year bonds at 130 basis points (bps) over 10-year US Treasuries and $2.25 billion in 40-year notes at 3.45 per cent, the document from one of the banks on the deal showed. It tightened the 12-year tranche by 35 bps and the 40-year by 30 bps from initial price guidance.
It drew more than $13 billion in orders for the 12-year bonds and over $9 billion in orders for the 40-year paper.
How Saudi Cup 2021 will race to new highs despite Covid restrictions
Exclusive: JCSA s Prince Bandar said sponsorship for event’s second edition has risen more than 600%
Horses race along the back stretch at King Abdulaziz Racecourse on Saudi Cup day 2020. Douglas de Felice
Irad Ortiz celebrates after winning the Saudia Sprint on New York Central. Neville Hopwood
Sibylle Vogt, Mike Smith, Lisa Allpress, and Mickaelle Michel with their trophies. Martin Dokoupil
Trackwork at the Saudi Cup. Mahmoud Khaled
Full Flat moves into the Winners enclosure during the Saudi Cup Day. Jockey Club of Saudi Arabia/Mahmoud Khaled
The Saudi Cup logo is seen on a saddle during trackwork at the Saudi Cup. Douglas de Felice
Saudi Arabia’s crown prince unveiled plans on Sunday to build a zero-carbon city at NEOM, the first major construction project for the $500 billion flagship business zone aimed at diversifying the economy of the world’s largest oil exporter.
RIYADH: The World Bank has forecast that economic activity in the Middle East and North Africa will recover modestly to 2.1 percent this year, but it predicted that any recovery is dependent on the containment of the pandemic, no further escalation in geopolitical tensions and stabilization of oil prices.
By next year, the bank estimates that output will still be 8 percent below what was projected before the pandemic. In Saudi Arabia, activity is expected to get a boost from the restarting of paused public capital investment projects.
The signs for the Kingdom do look positive, as this week it was reported that in December a surge in new orders saw business conditions in the non-oil sector rise to the highest levels in more than a year.