81 percent of Saudi population attends cultural events, activities in 2024: GASTAT
Riyadh, Saudi Arabia -- Nearly 81.6 percent of Saudi individuals visited at least one cultural event or activity in 2024, according...
Arts & Culture
UN chief slams ‘distressing’ spending on arms over climate
Without action, "the situation will deteriorate," he warned. "Conflicts are multiplying. The climate crisis is set to spiral, as emissions...
Business
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
- E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business
Crypto industry grapples with FTX fallout as boss goes on trial
London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
- Sam Bankman-Fried, once the wunderkind of crypto, will appear in a federal New York court on Tuesday facing seven counts of fraud.
- FTX, once the world's second-biggest crypto exchange, collapsed last November amid accusations that client money was being funneled to prop up its investment arm Alameda.
Business
Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
- The roof of the building, implemented by Qatar's Public Works Authority (Ashghal), has an area of 4,031 square meters.
- The new global achievement is the sixth world record achieved by Qatar's Public Works Authority in the previous years.
Geostrategy
Yemen carrier suspends international flights from rebel-held Sanaa
Yemenia operates near-daily commercial flights to the Jordanian capital Amman -- its only direct international destination from Sanaa's Houthi-controlled airport...
- In a statement, the airline blamed the rebels for the move, accusing them of restricting access to company accounts in Sanaa banks since March -- a charge the Houthis have denied.
- Yemenia said it was barred from accessing more than $80 million in deposits, causing "severe damage to the company's activity".
Geostrategy
Qatar calls for subjecting Israel’s nuclear facilities to IAEA safeguards
Vienna, Austria -- Qatar Friday called for intensifying international efforts to subject all Israeli nuclear facilities to International Atomic Energy...
- Qatar said this demand was confirmed by international legitimacy resolutions half a century ago, including the resolutions of the United Nations General Assembly since 1974.
- Qatar said AEA's subjecting Israel to comprehensive safeguards regime is a prerequisite for establishing a nuclear-weapon-free zone in the Middle East.
Business
Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
- When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.
- SAMA’s investments in foreign securities, which represent nearly 56 percent of its total assets, shrank by 12 percent year-on-year (YoY) to around SAR 986.2 billion last month.
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
- The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
- SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
Market Report
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
- The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.
- The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.
Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
81 percent of Saudi population attends cultural events, activities in 2024: GASTAT
Riyadh, Saudi Arabia -- Nearly 81.6 percent of Saudi individuals visited at least one cultural event or activity in 2024, according...
Arts & Culture
Company News
Latest News
Oman’s revenues drop by 17 percent in nine months of 2023
Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
Economy
NDMC secures syndicated international loan worth $11bn
Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...
Business
NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
Business
Most Read
Business
Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
- Qiddiya city will become, in the near future, the foremost global destination in the fields of entertainment, sports, and culture, Argaam reported.
- Work on the project has already begun by pumping about SAR 10 billion into the construction projects. The first assets are expected to be inaugurated in the next two years.
Geostrategy
North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow
Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...
- Speaking at Tehran’s Mehrabad airport before departing for Russia, Raisi indicated that both Iran and Russia are eager to accelerate the construction of this transport project.
- The Kremlin press service confirmed that the discussions between Putin and Raisi will cover various subjects, including trade and economic cooperation
Business
ROSHN, Retal sign $99m deal
363 single-family villas will be constructed in Riyadh.
- SEDRA, spanning eight phases over 35 million square meters, integrates nature and local heritage, creating a unique living experience.
- The latest agreement with Retal underscores the commitment to delivering a modern, upscale, and sustainable urban community, ROSHN said.