Latest news with #gigaProjects
Arab News
26-05-2025
- Business
- Arab News
Eram Holdings gets B+/ BB+ rating from S&P
Eram Holdings, a private conglomerate headquartered in Saudi Arabia, announced its B+ and BB+ Saudi national credit rating, with a stable outlook, from Standard and Poor's. This rating action reflects external validation of the company's excellent track record and future growth potential in the Kingdom and beyond, while underscoring its strategic commitment to diversified financing in order to build up its business in a sustainable manner. Established in the 1990s, Eram Holdings operates across five business verticals globally from its Saudi Arabian headquarters. Its subsidiaries have a 95 percent client retention rate and cater to major companies across oil and gas, petrochemicals, utilities, airports, maritime and for high-profile giga-projects in the region. The company has gained an enviable reputation for being a preferred vendor for specialized technical services, a leading travel management company in the region, a rapidly expanding healthcare business, and for launching initiatives in support of the national vision for the development of import substitute products and services in Saudi Arabia. The subsidiary company involved in R&D and manufacturing exports Saudi-made power electronics products such as industrial grade UPS, battery chargers, frequency converters, and customized solar solutions for mission-critical applications. This financial transformation and shift in Eram's funding will attract strategic partnerships with global companies and financial institutions, providing access to syndicated loan, sukuk and private placement markets, and enabling it to facilitate expansion across key regional markets. 'Our company has been in a steady growth mode and we are now entering a transformative phase to better support our clients and capitalize on expanding regional opportunities. We have set a combined target of achieving 28-35 percent CAGR growth by 2028. 'As Saudi Arabia seeks greater global integration, through its Vision 2030 initiatives, hosting Expo 2030 and World Cup 2034, Eram is uniquely positioned to support these national milestones. 'This rating is a testament to the diligent efforts of the Eram team and our dedication to our clients,' said Dr. Siddeek Ahamed, chairman and managing director. 'We are excited about this next phase of our strategic expansion.' 'Lonmile and its affiliates have supported Eram in achieving this milestone credit rating over the last 12 months. We are thrilled to support Eram as it makes transformative steps from a private company to a firm with a public credit rating. Eram's foothold in Saudi Arabia and across the GCC, in multiple industrial sectors, make this a very exciting time for the firm, as it continues to expand its reach and scale at pace,' said Naveen Ayyaril, partner at Lonmile.
Telegraph
24-05-2025
- Business
- Telegraph
‘Everyone has a milkman who delivers bootleg booze': life as a British expat in Saudi Arabia
President Donald Trump's first foreign trip since returning to the White House was highly symbolic. In a typically Trumpian turn of phrase, he told business leaders in Saudi Arabia that 'the US is the hottest country, with the exception of your country.' He is not the only fan of the Middle Eastern country, which is urgently trying to shed its image as a repressive state with an appalling human rights record. Tens of thousands of British expats now call Saudi home, attracted by zero income taxes and salaries that surpass even those offered in Dubai. Yet, despite the presence of British comforts like Marks & Spencer, living a typical Western lifestyle remains tricky – with restricted access to alcohol and women still expected to cover up. Saudi's 'Vision 2030' projec t is fast diversifying its economy away from oil with renewable energy, technology, finance, tourism and sport. And a key part of the transformation are 35 infrastructure projects, or 'giga projects', the star of which is Neom, a new super-state the size of Belgium in a corner of desert next to the Red Sea. The Saudi housing market is booming with apartment prices up 70pc in Riyadh, the capital, since 2019, according to Knight Frank. The country has slowly been opening up to international buyers, expanding its 'golden visa' style Premium Residency scheme last year. With so many highly-paid jobs to fill, the financial allure of a stint in Saudi is strong. Like the other GCC countries (Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates) there is no personal income tax. Senior jobs in some sectors offer salaries between 15pc and 25pc more than in Dubai, and the cost of living is around 34pc lower than in Britain, according to An executive PA working for an energy company might earn between £50,000 and £90,000 tax-free, according to Oriel Partners, a recruitment agency, while the average teaching salary is £2,700 a month (plus benefits such as private healthcare and free housing). Expat salaries typically range from £2,010 to £7,036 a month, according to Hays, another recruiter. Yet the atrocious human rights record of the country ruled by an absolute monarchy remains a big deterrent for many. Although some reforms have been promised in the run-up to Saudi hosting the FIFA World Cup in 2034, there is still little tolerance for openly gay people, for instance. Its social conservatism can be tough to stomach. Jordan Henderson was one of the top-flight footballers tempted by eye-watering salaries offered at Saudi clubs, but he and his family only lasted six months. 'Saudi Arabia is turning into an entrepreneurial country' Yet as the labour and rental markets have become fiercely competitive in Dubai, some Britons are packing their bags for Saudi, according to Harry Goodson-Wickes, head of Savills Northern Gulf. He says: 'There are still misconceptions and mental barriers about the country, but for many it's the most exciting story in the world right now. 'People who see the opportunities are coming with their eyes open. The door is ajar but has not swung open [to foreign property ownership].' It is believed that between 26,000 and 30,000 Britons live in Saudi, and evidence suggests that number is growing. The relocation company John Mason International moved three households between the UK and Saudi Arabia in 2018, and last year it was 277. The tally for this year so far suggests 2025 will surpass that. Amongst those attracted by the higher remuneration is Sarah*, who moved to Riyadh last year with her husband after he secured a job in the sports industry. 'Saudi Arabia is turning into an entrepreneurial country. I have found people here friendly, helpful and with a great sense of humour. It reminds me of Oman,' says Sarah, 40, who has two children in private school in Riyadh, the capital. She says the cost of living is slightly more in Saudi Arabia than in Dubai. They rent a three-bedroom home on a compound that costs £30,000 a year. Most families have drivers (public transport is minimal and the road network around Riyadh is changing rapidly) and domestic staff. Weekends sound rather like those in Dubai, revolving around pool parties, going to the shopping mall, a myriad of indoor-based activities for the children to escape the heat, and camping trips into the desert. The ban on women driving was lifted in 2018 and Sarah says she's noticed an influx of female entrepreneurs, especially fashion pop-ups. Around 36pc of the workforce in Saudi are now women, according to the Saudi government – double the proportion in 2017. The abaya (robe) is no longer mandatory but still commonplace, and women are expected to cover their arms and legs – for gyms this means leggings and a T-shirt, she says. 'As expats, we follow the money' But the influx of new expats has downsides. The British International School was 'massively oversubscribed', she says. Increased demand from expats has led to new schools, including an offshoot of Sherborne in Jeddah, and two new schools from the SEK Education Group this year. School fees are around £10,000 per year for her primary age children, but rise to £20,000 a year for older children. Reigate Grammar School Riyadh charges £15,000. Julie*, who has also moved from Dubai, sees more expats in public since she arrived more than three years ago from Edinburgh, for her husband's job at the airport. They live in a nearby compound with their toddler – with their rent covered by his employer. 'Like many, he came for a bigger and better job than in Dubai. The salaries are higher and, as expats, we follow the money. Who knows what life will be like here in four years' time?' She says it feels much more cosmopolitan than when they arrived. 'Saudi men now chat to me rather than avoiding eye contact. 'Life is more difficult after having everything easy. I was a 'Dubai brat' – but new shops and restaurants are arriving fast: Marks & Spencer, Boots and global brands like Zuma. There are glitzy bars set up with gleaming champagne glasses but of course you can't buy alcohol.' Equally at odds are the window displays of barely-there lingerie in Victoria's Secret. Julie explains every compound has their 'milkman' sourcing bootleg booze for residents (alcohol is only permitted in the Diplomatic Quarter). Western expats have always rented in compounds, but as rules on foreign ownership loosen, there's been a move towards a more inclusive society with resort-style and mixed-use schemes designed to tempt residents to buy. One is SEDRA, a new community of 30,000 homes in north Riyadh, where four-bedroom villas cost around SAR 2.8m (£571,069), and come with maid and driver rooms. 'A new Freehold Law is in the final draft. The country is cautiously opening the flood gates to foreign investment, but ensuring that domestic demand is first met,' says Goodson-Wickes. In the luxury market, branded residences have arrived – like The Armani Residences Diriyah – 15 homes styled by Giorgio Armani. The ancient mud-brick UNESCO World Heritage Site is being developed into a mega-city as toured by Donald Trump and Saudi Crown Prince Mohammed bin Salman last week week. Erick Knaider, from estate agent Saudi Arabia Sotheby's International Realty, says: 'We are at a turning point. International buyers are becoming curious. 'As soon as the legal framework allows off-plan purchase for foreigners it will level the playing field with Dubai.' Offering something starkly different from the traffic-clogged six-lane highways of Dubai is Neom, where Emma moved last year from Dubai, for her husband's job in logistics. Neom is where The Line is being constructed, probably the planet's most futuristic concept city. Originally meant to be 170km long, the project has been drastically scaled back and will now only be 2.4km long by 2030. Emma*, 44, an education consultant who grew up in Dubai, says her family have 'a very simple life' in a compound with her two children attending its only school. 'It's quite different from life elsewhere in Saudi, but we like it much more than we thought. 'The kids cycle to school, it's very safe and freer than in Riyadh, and we have supermarkets and restaurants on our doorstep, though the nearest mall is two hours' away. Buses take us around the compound, where I chat to the young [Saudi] women teachers in the school.' It would certainly not suit many, and while she misses all that was on tap in Dubai, she says she is not bored. 'We have a car to get out and do things: to the beach to snorkel – it's like the Maldives – or camping in the mountains. We have Alula, an ancient oasis city, nearby with its five-star hotels and a wellness festival.' How can you move to Saudi? Emma's visa came with her husband's job, as did private healthcare for the family. But if you're not being sponsored by a company, there are five types of the Premium Residency visa – the 'Saudi Green Card' – which can be for special talents (business), gifted (sport, culture arts), investors, entrepreneurs or investment of over four million Saudi riyals (£807,000) in real estate. There is also an option with a one-off payment of 800,000 riyals (£160,857). *Names have been changed.
Zawya
13-05-2025
- Business
- Zawya
Saudi Giga Projects undergo recalibration, not retreat: Experts
Saudi Arabia - Leading players in Saudi Arabia's construction industry yesterday emphasised that what may appear to be a slowdown in the kingdom's giga projects is, in fact, a strategic recalibration — not a retreat. Addressing perceptions of delay, a panel of C-suite executives at the Saudi Giga Projects Summit 2025 in Riyadh underlined that with $1.3 trillion in construction activity projected by 2030, Saudi Arabia remains the world's most dynamic development market. The panel featured: Charles Trad, CEO, Unimac; Ashraf Alameria, CEO, El-Seif Engineering Contracting; Husam Gawish, Partner and Head of Operations, HKA; Edward Surgeon, Regional Director MENA, Procore; and Saurabh Shekar, Principal, Kearney Middle East. Surgeon remarked that 'the ambition here rivals Apollo 11,' adding that the real challenge now lies in building an ecosystem that attracts greater international collaboration. The Saudi Giga Projects Summit 2025 (May 12–14) opened Monday in Riyadh, convening top construction leaders to advance a shared agenda for the kingdom's transformation. With $288.6 billion worth of projects awarded in the past 12 months, the summit comes at a pivotal time for the sector — sharpening focus on continued development and delivery across Saudi Arabia. Day One saw more than 500 leaders from 150 companies in attendance, setting the stage for a three-day programme featuring over 70 speakers, including CEOs, policymakers, and global tech innovators. Attendees heard progress updates from Saudi Arabia's most renowned projects. Executives from Roshn Group, NEOM, Diriyah, and Red Sea Global offered rare insight into the challenges of delivering large-scale developments. Projects such as Roshn's Sedra community and Red Sea Global's zero-emission resorts are already welcoming residents and visitors, signalling a shift from planning to reality. The panel discussion highlighted a common thread: the need for integrated collaboration, scalable delivery frameworks, and innovation in everything from workforce development to infrastructure logistics. Philip Gullett, Executive Director and Region Head of Trojena at NEOM, described progress as 'a military operation,' referencing the complexity of managing roads, dams, hotels, and homes within a remote mountain terrain. Key insights also came from Kingdom Holding Company, which confirmed that construction on the Jeddah Tower, poised to become the tallest building in the world at 1,005 metres, is well underway. In a fireside chat with Colin Foreman, Editor at MEED, Talal Almaiman, CEO of Kingdom Holding, described the project as a powerful statement of national pride, remarking: 'Height is pride… and we are very proud of this country. I think Saudi Arabia deserves to have the tallest building in the world.' A key thread across all sessions on Monday was the emergence of AI as an important factor in development. This was particularly crucial in a session with Howard Wu, Executive Director for International Investments and Manufacturing at Oxagon and Abdulaziz AlMubarak, Head of Business Development KSA at DataVolt, chaired by MEED's Energy and Technologies Editor, Jennifer Aguinaldo. The session included key insights from Oxagon and DataVolt, looking at the importance of AI in today's project, and how this can be used responsibly as part of sustainable development. The first day concluded with a session on Royal Institute of British Architects (RIBA) outlining their Plan of Work, benchmarking this across entities across the globe. Speaker Dale Sinclair, Head of Digital Innovation at WSP, outlined RIBA's process through 7 key stages of work. As the summit continues, Day Two (Tuesday) will include key updates and insights from Nemetschek Group, project showcase and updates from Roshn Group, AlUla and Sports Boulevard and a series of panel discussions including 'Securing the Future Beyond 2030' and 'The Role of Private Sector Investment and PPPs in Delivering Giga Projects'. - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
13-05-2025
- Business
- Trade Arabia
Saudi Giga Projects undergo recalibration, not retreat: Experts
Leading players in Saudi Arabia's construction industry yesterday emphasised that what may appear to be a slowdown in the kingdom's giga projects is, in fact, a strategic recalibration — not a retreat. Addressing perceptions of delay, a panel of C-suite executives at the Saudi Giga Projects Summit 2025 in Riyadh underlined that with $1.3 trillion in construction activity projected by 2030, Saudi Arabia remains the world's most dynamic development market. The panel featured: Charles Trad, CEO, Unimac; Ashraf Alameria, CEO, El-Seif Engineering Contracting; Husam Gawish, Partner and Head of Operations, HKA; Edward Surgeon, Regional Director MENA, Procore; and Saurabh Shekar, Principal, Kearney Middle East. Surgeon remarked that 'the ambition here rivals Apollo 11,' adding that the real challenge now lies in building an ecosystem that attracts greater international collaboration. The Saudi Giga Projects Summit 2025 (May 12–14) opened Monday in Riyadh, convening top construction leaders to advance a shared agenda for the kingdom's transformation. With $288.6 billion worth of projects awarded in the past 12 months, the summit comes at a pivotal time for the sector — sharpening focus on continued development and delivery across Saudi Arabia. Day One saw more than 500 leaders from 150 companies in attendance, setting the stage for a three-day programme featuring over 70 speakers, including CEOs, policymakers, and global tech innovators. Attendees heard progress updates from Saudi Arabia's most renowned projects. Executives from Roshn Group, NEOM, Diriyah, and Red Sea Global offered rare insight into the challenges of delivering large-scale developments. Projects such as Roshn's Sedra community and Red Sea Global's zero-emission resorts are already welcoming residents and visitors, signalling a shift from planning to reality. The panel discussion highlighted a common thread: the need for integrated collaboration, scalable delivery frameworks, and innovation in everything from workforce development to infrastructure logistics. Philip Gullett, Executive Director and Region Head of Trojena at NEOM, described progress as 'a military operation,' referencing the complexity of managing roads, dams, hotels, and homes within a remote mountain terrain. Key insights also came from Kingdom Holding Company, which confirmed that construction on the Jeddah Tower, poised to become the tallest building in the world at 1,005 metres, is well underway. In a fireside chat with Colin Foreman, Editor at MEED, Talal Almaiman, CEO of Kingdom Holding, described the project as a powerful statement of national pride, remarking: 'Height is pride… and we are very proud of this country. I think Saudi Arabia deserves to have the tallest building in the world.' A key thread across all sessions on Monday was the emergence of AI as an important factor in development. This was particularly crucial in a session with Howard Wu, Executive Director for International Investments and Manufacturing at Oxagon and Abdulaziz AlMubarak, Head of Business Development KSA at DataVolt, chaired by MEED's Energy and Technologies Editor, Jennifer Aguinaldo. The session included key insights from Oxagon and DataVolt, looking at the importance of AI in today's project, and how this can be used responsibly as part of sustainable development. The first day concluded with a session on Royal Institute of British Architects (RIBA) outlining their Plan of Work, benchmarking this across entities across the globe. Speaker Dale Sinclair, Head of Digital Innovation at WSP, outlined RIBA's process through 7 key stages of work.
