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Saudi Arabia is set to place multi-billion-dollar orders for Airbus aircraft as part of its strategy to diversify its aviation partnerships and enhance its presence in the rapidly growing Gulf aviation sector. State-owned AviLease is in talks to acquire around 30 Airbus A320neo jets and is also considering Airbus A350 freighters. Meanwhile, Riyadh Air is leaning towards the Airbus A350 for its wide-body fleet, potentially ordering up to 50 aircraft, while maintaining a balance with Boeing following recent significant orders.
Oil prices rebounded over $1 a barrel after OPEC+ decided to maintain its output increase of 411,000 barrels per day for July, matching the previous two months. Brent crude rose to $64.24, while US West Texas Intermediate climbed to $62.45, as traders anticipated this decision. Analysts expect a similar increase in August, despite concerns over US fuel inventories and a potential slowdown in crude production due to lower prices.
Emirates airline will resume flights to Damascus starting July 16, aiming to enhance connectivity and support Syria's economic recovery. This move will benefit the Syrian diaspora across the Americas, Europe, and the GCC, allowing them to reconnect with their roots and contribute to development efforts.
Saudi Arabia and Qatar have announced a three-month financial support initiative for Syrian state employees, following a visit by Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud to Damascus. This support aims to bolster Syria's economic recovery and comes after both countries previously contributed to settling Syria's $15 million arrears to the World Bank. The visit also included discussions on cooperation in energy, agriculture, and infrastructure, coinciding with the recent lifting of economic sanctions on Syria by the US and the EU.
Khwarizmi Ventures, a Saudi-based venture capital firm, is launching a second fund of up to USD 120 million to support early-stage startups across the MENA region, focusing on Seed to Series A investments. Managing Partner Abdulaziz Al-Turki views this as a prime opportunity, projecting the number of unicorns in MENA could rise from eight today to 60 by 2035. While prioritizing Saudi Arabia, the fund will also consider startups with expansion plans into the Kingdom.
OPEC+ will increase oil production by 411,000 barrels per day in July 2025, following a virtual meeting of eight member countries. This decision is part of a gradual rollback of voluntary supply cuts initiated in 2023, driven by stable economic growth and low inventories. The group will continue to monitor market conditions and adjust production levels as necessary, with the next meeting set for July 6, 2025.
Stitch, a Saudi Arabia-based platform for financial product development, has secured $10 million in seed funding led by Arbor Ventures and others. The investment will enhance its technology and team, addressing challenges in the region's outdated financial systems and complex regulations. Currently serving clients in Saudi Arabia, the UAE, and East Africa, Stitch aims to streamline the launch of financial services, reducing deployment times by up to 80%.
The Saudi Exchange is considering listing thematic ETFs focused on Hong Kong AI and biotech firms, aiming to strengthen ties between the two markets. Proposed regulations may enable Hong Kong companies to list on the Riyadh exchange via Saudi depository receipts, enhancing investment opportunities and supporting Saudi Arabia's Vision 2030 initiative. This collaboration reflects a strategic diversification for both regions, reducing reliance on Western markets.
Saudi Aramco has filed a prospectus for its sukuk issuance program following a $5 billion bond sale, indicating plans to tap the debt markets again. The prospectus, dated May 30, allows for sukuk issuance within a year as the company navigates economic uncertainty and declining profits. Major banks including Citi, HSBC, and JPMorgan are involved in the program.
Saudi ed-tech startup Taawoni has secured $1.6 million in funding, led by M Capital, to enhance its AI-driven platform that automates cooperative training programs. Founded in 2021 by Aliyah Alghubayn, Taawoni connects universities with over 800 businesses and 14 academic institutions, having already supported 34,000 individuals. This investment aims to accelerate growth and expand its reach amid the rapid digital transformation in Saudi Arabia's education sector.
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Saudi Arabia diversifies aviation fleet with multi-billion dollar Airbus orders
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