RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for Q4 of 2023, which show that the net flow of FDI in the Kingdom amounted to over US$3.4 billion (SAR13 billion), an increase of 16 percent or US$2.9 billion (SAR11...

The two firms will explore opportunities in various areas.

RIYADH, SAUDI ARABIA – The Board of Directors of the Qiddiya Investment Company (QIC) revealed on Sunday the launch of Dragon Ball theme park. The park will set new standards in the entertainment industry, offering anime fans, families.   Nestled within Qiddiya City, just 40 minutes from Riyadh, this never-seen-before...

Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both flight numbers and passenger traffic, according to a report by the General Authority of Civil Aviation (GACA). In a statement released by GACA, it was revealed that the Kingdom experienced...

Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the initial week of Ramadan, spanning from March 10 to March 16. The data, disclosed by the Saudi Central Bank (SAMA), outlines a total of 168 million transactions during this period....

Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the planned target of SAR12.4 billion ($3.348 billion) by 33%. They represented 5.2% of the total credit facilities for non-oil exports in the Kingdom. Saudi EXIM Bank disbursed a total of...

RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in Dammam, connecting the Kingdom to Southeast Asia and India, Saudi Ports Authority (Mawani) announced. This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime...

Riyadh, Saudi Arabia - The capital city of Riyadh is abuzz with excitement as preparations are underway for the premiere performance of the highly anticipated opera, "Zarqa Al-Yamama." Scheduled to debut on April 25 at the prestigious theater of the King Fahd Cultural Center, the opera is poised to make...

RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC 2024, Toronto, Canada under the umbrella of "Invest Saudi". The Saudi delegation was represented at the World’s Premier Mineral Exploration & Mining Convention by the CEO of the Saudi Geological...

Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit ratings of Saudi Arabia at 'A/A-1' with stable outlook. The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom's economic and...

Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and 201,000 tons of potatoes, along with notable quantities of onions, cucumbers, and zucchinis, Saudi Ministry of Environment, Water, and Agriculture revealed on Friday. Highlighting the critical importance of conserving food...

RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of the country's real GDP in 2023 – the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning....

RIYADH, SAUDI ARABIA –   Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General Authority for Statistics (GASTAT).  The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.  Inflation...

Riyadh, Saudi Arabia - Muslim global high net worth individuals (HNWI) are prepared to spend US$ 1.96 billion on real estate in Makkah and Madinah, according to global property consultancy Knight Frank’s inaugural Destination Saudi report Knight Frank surveyed 506 Muslim global HNWI from nine countries to understand their attitudes,...

RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that it has adopted the chain-linking methodology to calculate the real GDP in the country. The Q4 2023 results and the annual results for the same year have been reached at...

Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's PIF sovereign wealth fund, according to state media. Aramco is the main source of revenue for Crown Prince and Prime Minister Mohammed bin Salman's ambitious economic and social reform program...

RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 57.2 points in February. The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.    The PMI...

Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of its road network, Minister of Transport and Logistics Eng. Saleh Al-Jasser said on Monday. Speaking at the launch of the "Safe distinguished roads" campaign in Riyadh, Al-Jasser highlighted a remarkable...

Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the next 12 months, surpassing the global average of 44%, the Middle East average of 73%, and the GCC average of 81%, reveals the 27th Annual CEO Survey by the PwC...

RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of violators of border security into the Kingdom or provides them with shelter or any service or help of any type will face imprisonment up to 15 years and a fine...

RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of Saudi Arabia's date exports increased by 14 percent in 2023, reaching US$389 million (SAR1.462 Billion), compared to US$341 million (SAR1.280 billion) in 2022. By the end of 2023, the number...

Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters in the Kingdom, with the majority seeking to set up in Riyadh, Minister of Investment Khalid Al Falih said. Speaking at the Human Capability Initiative (HCI), the minister said the...

RIYADH, SAUDI ARABIA - President of Ukraine Volodymyr Zelenskyy and his accompanying delegation arrived here on Tuesday. The Ukrainian President was on a visit to Saudi Arabia. Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, who is also the prime minister of the Kingdom of Saudi Arabia, received President Zelenskyy...

Riyadh, Saudi Arabia - Saudi Arabia has issued a stern warning against damaging the nation's cultural heritage sites, imposing hefty fines and potential jail time for offenders. The Public Prosecution declared on Thursday that anyone caught defacing or vandalizing historical or urban heritage, including acts like writing, painting, engraving, posting...

Riyadh, Saudi Arabia - Saudi Ministry of Media and Google have joined forces in a strategic collaboration aimed at driving the digital transformation of Saudi Arabia's media sector. The announcement, made during the 3rd Saudi Media Forum in Riyadh, aligns with Minister of Media Salman Al-Dosary's declaration that 2024 is...

Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of 2023 sustaining a level comparable to the previous quarter. According to recent data from the General Authority for Statistics (GASTAT), the trade surplus in December 2023 was SR39 billion ($10.4...

Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships aimed at advancing its plans for sustainable manufacturing. Amit Midha, global CEO of Alat, revealed on Tuesday collaborations with Softbank, Carrier Corporation, Tahakoum, and Dahua Technology, Saudi Gazette reported. The...

RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified investors inside and outside Saudi Arabia.  The amount and terms of offer of the sukuk will be determined subject to market conditions, the bank said in a statement to Tadawul.   This announcement...

Riyadh, Saudi Arabia -The Middle East Financial Investment Company (MEFIC Capital) has unveiled the establishment of the Saudi Film Fund, boasting a total capital of SR375 million ($100 million), with a substantial 40% investment from the Cultural Development Fund. This collaborative effort signifies a significant stride in the Kingdom's film...

Riyadh, Saudi Arabia - Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said on Monday that the retail sector contributes 23 percent of non-oil GDP of the kingdom, predicting its growth will surpass SR460 billion ($122.6 billion) by the end of 2024.  The minister made these statements...

Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its highest level since August 2020. The increase can be attributed to the positive momentum generated by the disclosure of financial results, the majority of which met anticipated outcomes. The gains...

ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed. The Kingdom maintained 16th place among the largest holders of US treasury securities for the month.  Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth...

RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization has announced that the cities of Madinah, King Abdullah Economic City (KAEC), and Al-Ahsa in the Kingdom have joined the UNESCO Global Network of Learning Cities. With this development, Saudi Arabia now boasts five cities enlisted in the...

Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail revealed at the conclusion of the inaugural Global Smart City Forum 2024 here on Tuesday, highlighting the critical role of smart cities in fostering industrial growth, technological diffusion,...

Riyadh, Saudi Arabia - Saudi Arabia's general budget recorded a deficit of $9.86 billion in the fourth quarter of 2023, the Ministry of Finance reported. The total revenues for the period amounted to $95.45 billion, while total expenses reached about $105.32 billion. This reflects a slight increase in the deficit...

London, UK - Saudi Arabia will stage its first ranking snooker event in 2024, with a prize pool of more than £2 million ($2.5 million) for the "fourth major". The inaugural Saudi Arabia Snooker Masters will trail only the World Championship in terms of prize money. The World Snooker Tour has...

RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to expand into other forms of energy, the Gulf country's energy minister said on Monday. Oil giant Aramco announced on January 30 that the energy ministry had ordered it to maintain...

The aim is to foster avenues for collaboration in technology.

Saudi Arabia said it had disbursed $250 million in aid to the internationally-recognized government in Yemen. The money follows an initial payment of the same amount announced in August, when Riyadh committed to provide a total of $1.2 billion to ease the government's budget deficit and pay salaries for civil...

RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted new investments worth US$34 million (SAR130 million). This will be used to localize military aircraft industries, including drones and provide repair, maintenance and overhaul services for ships. Securing funding is one of the authority's...

Riyadh, Saudi Arabia  - About 61 purchase contracts totaling approximately SR26 billion  ($6.93 billion) were signed at the second World Defense Show (WDS) which concluded here on Thursday.   The event, featuring 773 exhibitors and hosting 441 official delegations from 116 countries, attracted 106,000 visitors. Throughout the show, a total of...

Riyadh, Saudi Arabia — Saudi Minister of Foreign Affairs Prince Faisal bin Farhan received Philippe Lazzarini, commissioner general of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), and his accompanying delegation at the ministry’s headquarters in Riyadh on Thursday. During the meeting, they...

The pacts were signed at the PIF’s Private Sector Forum.

Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Wednesday said he will make efforts to achieve the unity of the Gulf Cooperation Council (GCC) countries as well as the stability and prosperity of their people. Mohammed bin Salman, who is also the prime minister of Saudi Arabia said...

Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for the end of the decade, an official said on Tuesday. The announcement came less than five years after the Gulf kingdom fully opened up to tourism and as fears persist...

RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected Russia’s S-350 and S-400 air defense systems at the World Defense Show, a TASS correspondent reports. The commander visited the stands of Russian companies, paying special attention to the S-350...

Riyadh, Saudi Arabia - Novak Djokovic and Rafael Nadal will headline a new exhibition tournament in Saudi Arabia, organizers said. The Serb and the Spaniard, with 46 major titles between them, will be joined by Wimbledon champion Carlos Alcaraz and Australian Open winner Jannik Sinner at the 6 Kings Slam. World...

Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in a move towards bolstering investments in zero-emissions projects. Saudi Minister of Investment, Eng. Khalid Al-Falih, announced the collaboration during a Saudi-Swiss round table meeting in Riyadh on Monday. The strategic...

On his fifth trip to the region since the war broke out, Blinken will visit Saudi Arabia, Israel and mediators Egypt and Qatar. Ahead of the trip he stressed the need for "urgently addressing humanitarian needs in Gaza", after aid groups have repeatedly sounded the alarm over the devastating impact...

GCC cities such as Abu Dhabi, Dubai and Riyadh showcase dynamic growth, rivalling global metropolises, says Julien Hawari, CEO & Founder of Special Edition and Million.