RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter of 2023, a decline of 19 percent from US$52.2 billion (SAR 194.75 billion) in the year-ago period. This was also due to the decline of Aramco’s Q3 profit by more...

Riyadh, Saudi Arabia - Saudi Arabia said on Thursday that policies to address climate change should not "crush the bones" of countries grappling with energy poverty, ahead of the COP28 climate talks in Dubai. Speaking at a conference on economic cooperation with Africa, the Gulf kingdom's energy minister Prince Abdulaziz bin...

The emergency meetings of the Arab League and the Organization of Islamic Cooperation come after over one month of Israeli bombardment has killed more than 10,000 people in Gaza, many of them children, according to the Hamas-run health ministry. With Israel's leaders rebuffing talk of a ceasefire until the captives...

RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in September 2023, extending its downtrend to the fifth successive month.  Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 122.99 points in September, according...

The company attributes the growth to surge in demand.

Riyadh, Saudi Arabia - Saudi Arabia has revealed plans for a remarkable megacity project named Marafy, following in the footsteps of its visionary project, Neom. Marafy is set to become a vibrant urban center located to the north of Jeddah, offering a stunning waterfront reminiscent of London's iconic landscape. This...

The upcoming summit is being organised by the Organisation of Islamic Cooperation (OIC), a 57-member bloc of majority Muslim countries. It will be Raisi's first visit to the kingdom since the two countries agreed to restore diplomatic relations after seven years of estrangement, a deal brokered by China in March.

RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9 billion) in September, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million...

RIYADH, SAUDI ARABIA – The Kingdom’s ministry of investment and ministry of foreign affairs launched the second phase of issuing a "Visiting Investor" business visit e-visa. This service is offered to foreign investors as part of the Kingdom’s efforts to boost investment, consistent with Saudi Vision 2030, which aims to...

Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day, which went into implementation in July 2023 and was later extended until the end of December 2023. The Kingdom’s production in the month of December 2023 will be approximately 9...

RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September, at a total value of US$1.4 billion (SAR 5.3 billion).  A total of 82 factories started actual production in September, with total investments of US$506 million (SAR 1.9 billion), the...

The aim is to advance digitalization in Saudi Arabia.

The Ukraine-Russia conflict and Gaza crisis are impacting investor confidence and economies in Jordan, Egypt, and Israel, Iyad Malas, CEO of Al Ghurair Group, tells TRENDS.

Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.

RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) has announced the economic policy of the civil aviation sector in the Kingdom and the adoption of three economic regulations for airports, ground services, air freight and air transport services, which came into force on Monday. The economic policy...

SABIC Agri-Nutrients Q3 net profit fell 55% to $280 million.

stc's revenue was $14.5 billion in January-September 2023.

Riyadh, Saudi Arabia - Saudi Fund for Development (SFD) on Sunday signed a $100 million loan agreement to support the water sector in Argentina, marking the Fund’s first presence in the country.  The agreement will support the growing demand for potable water in Argentina’s provinces of Santa Fe and Córdoba....

Riyadh, Saudi Arabia – The Saudi Exchange on Sunday announced its intention to launch the Single Stock Options (SSOs) contracts, the third derivatives product to be introduced in the Saudi Exchange.  SSOs contracts will be available to trade on 27 November 2023, enabling local and international investors to hedge and...

Cities like Dubai and Riyadh are harnessing AI to redefine every facet of property dealings, from development to management, Tripler CEO Sam Singh tells TRENDS.

RIYADH, SAUDI ARABIA - GFH Capital is considering the offering of its unit in Saudi Arabia on the Tadawul. GFH Group's plans are unchanged with regard to listing in other markets, CEO Razi Al Murbati said. The group is listed on the stock exchanges of Bahrain, Dubai, Abu Dhabi and...

RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting its Vision 2030 targets, a report revealed. Saudi Arabia's non-oil private sector is leading in growth for 2023, having accelerated to 5.8 percent year-on-year (yoy) in Q2 2023 and is...

Riyadh, Saudi Arabia – The three day 7th edition of the Future Investment Initiative (FII7)  which ended on October 24 saw $17.9 billion in investments across multiple sectors. FII7 focused on the latest trends in technology and investment, delving into areas such as space and aviation, biotechnology, cybersecurity, robotics, venture...

The Kingdom, with its passion for sports and tech, is set to reshape the competitive gaming landscape by hosting the world's premier Electronic Sports World Cup from 2024.

RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology, medicine, financial services, education and training on the sidelines of the seventh edition of the Future of Investment Initiative Conference here. The MoUs were signed in the presence of the...

The JV will set up a facility to make tires in Saudi Arabia.

Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi Arabia's economic reforms, AFP takes a look at the vehicle that is bankrolling the transition: the Public Investment Fund. From world-class footballers to a new national airline and even a...

The bank’s January-September 2023 profit was $469 million.

Riyadh, Saudi Arabia -- The seventh Future Investment Initiative Institute forum, which concluded in Riyadh on Thursday, saw the attendance of more than 6,700 people, 510 of them speakers. The forum, dubbed as the 'Davos of the desert' hosted 241 live sessions from Oct 24-26. The next FII Priority Summit...

The pact aims at establishing advanced digital solutions.

Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a remarkable 135 percent growth in exports and services in the second quarter of this year compared to Q2 last year, with tourism playing a significant role. Speaking at the seventh...

The JV will develop and own the Four Seasons Resort Red Sea.

Riyadh, Saudi Arabia - Saudi Arabia is set to embark on a significant endeavor to expand its power generation capacity, with plans to attract investment amounting to hundreds of billions of dollars by the end of this decade. Marco Arcelli, the CEO of ACWA Power Co., based in Riyadh, Bloomberg...

RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here. The MoUs were signed by both government and private entities. Government agencies signed four MoUs with the private sector in areas such as real estate development, automotive, and water. President...

Riyadh, Saudi Arabia - Bilateral trade between Saudi Arabia and Malaysia rose 160% in 2022 compared to 2021, revealed the joint statement issued at the conclusion of the visit of Malaysia's Prime Minister, Anwar Ibrahim, to the Kingdom of Saudi Arabia. The statement stressed the importance of continued collaboration to...

Majeed Al Abduljabbar will be the CEO from January 1, 2024.

The aim is to establish multiple logistics zones in the Kingdom.

The six-member Gulf Cooperation Council (GCC) and the 10-member Association of Southeast Asian Nations (ASEAN) also called for the release of some 200 hostages held by Hamas, as well as the restoration of basic services for Palestinians and the delivery of humanitarian aid.

As Riyadh vies to host 2030 World Expo, the city offers a perfect blend of historical charm and modernity, spotlighting its rich heritage, architecture and cuisine.

In its bid to boost tourism, the Saudi capital blends historical charm with modernity, spotlighting its rich heritage, architecture, cuisine, and transportation evolution.

Riyadh, Saudi Arabia - The Saudi Food and Drug Authority (SFDA) signed Thursday a memorandum of understanding (MoU) with the Islamic Religious Council of Singapore, also known as Majlis Ugama Islam Singapura, to mutually recognize halal certificate. The MoU aims to develop procedures for conformity assessment, standard specifications, and technical...

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk). The total amount of the issuance is $3.5 billion, consisting of two tranches - a $2.25 billion, 5 years sukuk maturing in 2028 and a $1.25 billion, 10 years sukuk...

Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the FII summit in Riyadh, according to the CEO of the FII Institute Richard Attias. In a virtual press conference, Attias said the seventh Future Investment Initiative (FII) will be very...

RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing on standardization and the coordination of standards. The signing ceremony occurred during the third session of the Saudi-Singapore Joint Committee on Wednesday. The primary objective of the MoU is to...

RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding with the Saudi Export Development Authority and the Local Content and Government Procurement Authority (LCGPA) to promote national products. The MoU with the development authority entails exchange of expertise in...

Shanghai, China - China will this week weigh into the Israel-Hamas war by sending its special envoy to the Middle East, after the United States asked it to use its influence to stop the conflict from spreading. Washington says it hopes China's friendship with Hamas backer Iran could help calm the...

RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant mega bus transport services project aimed at linking 200 cities and provinces.   The project will have a capacity to accommodate six million passengers annually. The project operates through three...

RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has completed the installation of the largest off-grid electric vehicle (EV) charging network in Saudi Arabia. The network includes more than 150 charging stations spread across...

Riyadh, Saudi Arabia – Riyadh Season's fourth edition has unveiled a promotional video featuring a range of scenes highlighting its venues and events, along with the eagerly awaited global fight scheduled for its opening ceremony on October 28. The video was produced in Los Angeles over two and a half...

The top US diplomat has been touring the region after Hamas fighters infiltrated Israel from the blockaded Gaza Strip on October 7 and killed 1,300 people, mostly civilians, and took about 150 hostages. Blinken will travel later Sunday to Egypt, the sixth Arab country he will visit as he seeks...