Saudi Wealth Fund's Global Deal Spree Has a Local Twist
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here.
This week, Saudi Arabia's wealth fund blocks PwC from advisory work for one year, Dubai's job market is becoming a ' victim of its own success,' and First Abu Dhabi Bank is hiring Citi veterans. But first, let's take a look at how the PIF's global deals push fits into the kingdom's Vision 2030 plans.
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Miami Herald
5 hours ago
- Miami Herald
Satellite Images Show Giant Port Emerge at World's Biggest Construction Site
Satellite imagery showed advances in construction of Oxagon, a floating industrial complex that is a key component of Saudi Arabia's Neom, currently the world's largest construction site. Newsweek has contacted Neom for comment. The new port city has a strategic location in one of the world's busiest maritime trade routes connecting Asia, Africa, and Europe. Neom is the flagship element of Saudi Arabia's Vision 2030 aimed at diversifying its economy away from oil dependence. Oxagon, The Line and the Trojena Ski resort are among its most ambitious pieces. Neom has recently announced several progress reports, with a new CEO now in charge of resolving the project's budget overruns and delays amid multiple simultaneous, ambitious, and costly projects. Images captured by the Copernicus Sentinel-2 satellites showed rapid progress made on Oxagon city and port, set to become one of the world's most advanced port terminals, the facility lies on the Red Sea in northwestern Saudi Arabia. The Port of NEOM has received Saudi Arabia's first fully automated, remote-controlled cranes, marking a key step in boosting Red Sea trade, automation, and tech-driven job creation, the company announced this week on LinkedIn. The Red Sea corridor is a major shipping route linking Asia via the Indian Ocean, to Europe and Africa via the Suez Canal. Oxagon's proximity to the canal, which facilitates almost 12% of global trade, provides it with a strategic edge, according to Blackridge Research & Consulting, an Indian-based specialized market research firm. The port is part of an envisioned cutting-edge industrial city which will fully rely on renewable energy and aims to host some 90,000 inhabitants by 2030, according to the government's vision. Saudi Arabia's Crown Prince Mohammed bin Salman had announced the establishment of Oxagon in 2021. "It will contribute to Saudi Arabia's regional trade and commerce, and support creating a new focal point for global trade flows," Al-Arabiya's English website quoted him as saying. Neom's Green Hydrogen Company (NGHC) is developing the world's largest green hydrogen facility-a $8.4 billion project- at Oxagon. Melissa Blake, Port Director at Neom wrote on Linkedin: "Port of Neom is excited to receive the first batch of cranes and other cargo handling equipment as we come another step closer to delivering our vision." Saudi Arabia's Government Vision 2030's website: "Sitting at the crossroads of 3 continents, Oxagon is a place where people, nature and technology come together in harmony." Vishal Wanchoo, CEO of Oxagon said in May: "Industrial development cannot continue at the expense of people or the environment. We're offering a compact, mixed-use city where industry, nature, and community coexist." The port is planned to act as the main trade gateway to northwestern Saudi Arabia, with a smart logistics hub, connects Asia, Europe, and Africa. Related Articles Images Show Power Plant Nears Completion at World's Biggest Construction SiteNew Progress Report From World's Biggest Construction ProjectWill Saudi Arabia's Alcohol Ban be Lifted? Reports Prompt Flare-UpNew Boss Named for World's Biggest Construction Project 2025 NEWSWEEK DIGITAL LLC.
Newsweek
11 hours ago
- Newsweek
Satellite Images Show Giant Port Emerge at World's Biggest Construction Site
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Satellite imagery showed advances in construction of Oxagon, a floating industrial complex that is a key component of Saudi Arabia's Neom, currently the world's largest construction site. Newsweek has contacted Neom for comment. Why It Matters The new port city has a strategic location in one of the world's busiest maritime trade routes connecting Asia, Africa, and Europe. Neom is the flagship element of Saudi Arabia's Vision 2030 aimed at diversifying its economy away from oil dependence. Oxagon, The Line and the Trojena Ski resort are among its most ambitious pieces. Neom has recently announced several progress reports, with a new CEO now in charge of resolving the project's budget overruns and delays amid multiple simultaneous, ambitious, and costly projects. What To Know Images captured by the Copernicus Sentinel-2 satellites showed rapid progress made on Oxagon city and port, set to become one of the world's most advanced port terminals, the facility lies on the Red Sea in northwestern Saudi Arabia. Drag slider compare photos The Port of NEOM has received Saudi Arabia's first fully automated, remote-controlled cranes, marking a key step in boosting Red Sea trade, automation, and tech-driven job creation, the company announced this week on LinkedIn. The Red Sea corridor is a major shipping route linking Asia via the Indian Ocean, to Europe and Africa via the Suez Canal. Oxagon's proximity to the canal, which facilitates almost 12% of global trade, provides it with a strategic edge, according to Blackridge Research & Consulting, an Indian-based specialized market research firm. The port is part of an envisioned cutting-edge industrial city which will fully rely on renewable energy and aims to host some 90,000 inhabitants by 2030, according to the government's vision. Update🚨: Recent images posted by Giles Pendleton (Chief Operating Officer THE LINE at NEOM | Chief Development Officer) of Oxagon, showing immense progress in infrastructure works + Oxagon village is about to have more construction work coming as the site being prepared. — Saud (@Saudfromabove) April 13, 2025 Saudi Arabia's Crown Prince Mohammed bin Salman had announced the establishment of Oxagon in 2021. "It will contribute to Saudi Arabia's regional trade and commerce, and support creating a new focal point for global trade flows," Al-Arabiya's English website quoted him as saying. Neom's Green Hydrogen Company (NGHC) is developing the world's largest green hydrogen facility—a $8.4 billion project— at Oxagon. What People Are Saying Melissa Blake, Port Director at Neom wrote on Linkedin: "Port of Neom is excited to receive the first batch of cranes and other cargo handling equipment as we come another step closer to delivering our vision." Saudi Arabia's Government Vision 2030's website: "Sitting at the crossroads of 3 continents, Oxagon is a place where people, nature and technology come together in harmony." Vishal Wanchoo, CEO of Oxagon said in May: "Industrial development cannot continue at the expense of people or the environment. We're offering a compact, mixed-use city where industry, nature, and community coexist." What Happens Next The port is planned to act as the main trade gateway to northwestern Saudi Arabia, with a smart logistics hub, connects Asia, Europe, and Africa.
Yahoo
2 days ago
- Yahoo
River Island owners draw up rescue plan for high street chain
The family behind River Island, the high street fashion retailer, is drawing up a radical rescue plan which could put significant numbers of stores and jobs at risk. Sky News has learnt that the chain's owners have drafted in advisers from PricewaterhouseCoopers (PwC) to devise a formal restructuring plan. The proposals, which are expected to be finalised within weeks, are subject to sign-off, with sources insisting this weekend that any firm decisions about the future of the business have yet to be taken. River Island is one of Britain's best-known clothing chains, operating roughly 230 stores across the country, and employing approximately 5,500 people. ADVERTISEMENT Previously named Lewis and Chelsea Girl, the business was founded in 1948 by Bernard Lewis, finally adopting its current brand four decades later. Accounts for River Island Clothing Co for the 52 weeks ending 30 December, 2023 show the company made a £33.2m pre-tax loss. Turnover during the year fell by more than 19% to £578.1m. A restructuring plan is a court-supervised process which enables companies facing financial difficulties to compromise creditors such as landlords in order to avoid insolvency proceedings. In recent years, it has been used by companies including the casual dining chain Prezzo and, more recently, Hobbycraft, the retailer now owned by Modella Capital. One source said that if it proceeded a restructuring plan at River Island could emerge within weeks. This weekend, it was unclear how many stores and jobs might be under threat from a formal rescue deal. ADVERTISEMENT In its latest accounts at Companies House, River Island Holdings Limited warned of a multitude of financial and operational risks to its business. "The market for retailing of fashion clothing is fast changing with customer preferences for more diverse, convenient and speedier shopping journeys and with increasing competition especially in the digital space," it said. "The key business risks for the group are the pressures of a highly competitive and changing retail environment combined with increased economic uncertainty. "A number of geopolitical events have resulted in continuing supply chain disruption as well as energy, labour and food price increases, driving inflation and interest rates higher and resulting in weaker disposable income and lower consumer confidence." In January, Sky News reported that River Island had hired AlixPartners, the consulting firm, to undertake work on cost reductions and profit improvement. ADVERTISEMENT AlixPartners' role is now understood to have been superseded by that of PwC. Retailers have complained bitterly about the impact of tax changes announced by Rachel Reeves, the chancellor, in last autumn's Budget. Since then, a cluster of well-known chains, including Lakeland and The Original Factory Shop, have been forced to seek new owners. Poundland, the discount retail giant, is in the latter stages of an auction process, with Hilco Capital and Gordon Brothers remaining interested in acquiring it. A spokesperson for River Island declined to comment.
