"It is unfortunate that the concerned authorities claiming freedom of expression continue to provide licenses to repeat these acts contrary to international law, and this leads to a lack of respect for religions," OIC Secretary-general Hissein Brahim Taha said. Around the time Taha was speaking, two men set the Quran...

RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023, compared to the second quarter of 2022, according to the General Authority for Statistics (GASTAT). Flash estimates for the GDP in Q2 of 2023, issued in a report by GASTAT,...

Key global reports list Saudi Arabia's Riyadh and Jeddah among the world's least expensive cities for living. TRENDS finds out the cost of living in other cities of the Kingdom.

The company's gross profit reached $4,929 million.

Riyadh, Saudi Arabia - Saudi Arabian Mining Company, known as Ma’aden, has agreed to acquire a 10 percent stake in Brazil’s base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets. A binding agreement was signed by...

Firm Saudi Tourism Investment Company has been set up.

Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) to expand cooperation and investment between the two entities, enabling new investments in Oman’s rapidly growing economy. The MoU provides incentives for PIF...

RIYADH, SAUDI ARABIA - The  Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition of the Lloyd’s List One Hundred Ports, steadily improving on the 24th position it occupied last year. The Minister of Transport and Logistics Services and Chairman of the Saudi Posts...

Osaka, Japan - Paris Saint-Germain have given Saudi club Al Hilal permission to speak to Kylian Mbappe after tabling a world record 300-million-euro ($333 million) bid, a source close to the negotiations told AFP on Monday. The Riyadh-based club has made a formal offer by letter, the source said, but such...

In just few years, Saudi Arabia has leapt up the global rankings to become a leading destination for international tourists, with rapid growth transforming its tourism sector.

Economic ties between China and the Gulf region's largest economies, Saudi Arabia and the UAE, have surged since President Xi Jinping's attendance at the first Chinese-Gulf summit in Riyadh seven months ago.

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of the camel farming industry in the Kingdom and actively contribute to its sustainable development. The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider...

Riyadh, Saudi Arabia - Saudi Arabia exported 321,000 tons of dates in 2022 worth 1.28 billion Saudi Riyals ($342 million), marking a 5.4 percent growth compared to the previous year. The growth trend is even more impressive when considering the long-term figures. In 2022, the Kingdom's dates exports surged by...

The deal is worth US$266 million (SAR1.27 billion).

issuance is the ninth tranche Sukuk program in US dollars.

Turkish President Recep Tayyip Erdogan has embarked on a three-state Gulf tour, beginning with Saudi Arabia, as he seeks to attract foreign investment in Turkey's ailing economy. The visit comes as Turkey battles currency collapse and soaring inflation. The Saudi-Turkish business forum was aimed at enhancing trade and investment relations.

RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent overall in June compared with the same month last year, government data showed on Sunday. Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent,...

Riyadh, Saudi Arabia - The Saudi-Turkish Business Forum which began on Wednesday in Istanbul, witnessed the signing of 16 agreements worth over SAR 2.3 billion ($0.62 billion) between the Saudi side and Turkish companies operating in various investment sectors, including real estate development, construction, and engineering consulting. The objective of...

Funds will be used to finance working capital for projects.

"The office sector shines brightest in the real estate market. Saudi Arabia's rapid economic growth drives the demand," Faisal Durrani, Partner, Head of Middle East Research told TRENDS. "Overseas businesses are flocking to Riyadh, evidenced by a 54 percent rise in business licenses in 2022."

The number of domestic, international flights will rise.

The contracts are valid for 20 years, said Saudi Catering.

In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move that briefly raised prices but failed to bring about lasting price recovery.

Riyadh, Saudi Arabia - The Saudi Esports Federation (SEF) on Tuesday announced that Razer, the world’s leading lifestyle brand for gamers, will be the gaming gear partner at Gamers8: The Land of Heroes, the biggest gaming and esports festival worldwide. This is the second year in a row that SEF...

MECCA, SAUDI ARABIA- If a landmark reconciliation between Saudi Arabia and Iran has eased tensions in the Gulf, clouds have also lifted at the hajj pilgrimage, where Iranian visitors finally feel welcome again. Seven years of enmity between the Sunni and Shiite powers had made for a cool reception for Iranian...

RIYADH, SAUDI ARABIA- The Saudi Arabian Football Federation (SAFF) and the Fédération Internationale de Football Association (FIFA) announced on Monday that Jeddah will host the next edition of the FIFA Club World Cup 2023. This follows an official visit made by a FIFA delegation to Jeddah last week to inspect...

RIYADH, SAUDI ARABIA – The Saudi Arabian Football Federation (SAFF) announced unprecedented funding and support for women’s football clubs. This initiative will help in growing women’s football leagues and will ensure its sustainability. SAFF  will provide financial help to Saudi Premier League and Women's First Division clubs. SAFF will allocate...

RIYADH, SAUDI ARABIA - The Minister of Human Resources and Social Development and Chairman of the Board of Directors of the National Center for Non-Profit Sector, Eng. Ahmed bin Sulaiman Al-Rajhi, praised the contributions of the non-profit sector in achieving Saudi Vision 2030. The Saudi Arabian government has outsourced certain...

Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030 would be decided in an election in November this year, the Bureau International des Expositions (BIE) said on Tuesday. At the 172nd General Assembly of the BIE on Tuesday, Member...

The Kingdom emphasizes the Riyadh Expo's potential in enhancing global collaborations and reinforcing actions on impactful projects.

With ongoing mega-projects and economic diversification, Riyadh's strong Expo 2030 candidacy has already garnered support from 90 of 170 member states.

RIYADH, SAUDI ARABIA -  The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million (SAR 1.15 billion) in Q1 2023, from US$381 million (SAR 1.43 billion) in the same period last year, the Capital Market Authority (CMA) said in a recent report. Revenues fell...

Results were due to a fall in insurance services expenses.

RIYADH, SAUDI ARABIA - The Zakat, Tax and Customs Authority (ZATCA) has set the criterion for selecting target establishments in the sixth group to apply the integration phase of e-invoicing which includes all establishments with revenues (subject to value-added tax (VAT)) exceeding SR70 million during 2021 and 2022. ZATCA has...

Riyadh, Saudi Arabia – The Saudi astronauts Rayana Bernawi, Ali Al-Qarni, Mariam Fardous, and Ali Al-Ghamdi arrived in Riyadh today after the successful scientific mission they led at the International Space Station (ISS). Upon their arrival at the King Khaled International Airport, the astronauts were received by the Chairman of...

RIYADH, SAUDI ARABIA -   Saudi Venture Capital (SVC) announced its investment of US$30 million in Bedaya Fund II, which is managed by Shorooq Partners. The fund will mainly back early-stage startups with a focus on several sectors. The subscription agreement was signed by Dr. Nabeel Koshak, CEO and Board Member...

Riyadh, Saudi Arabia -- The King Abdullah Financial District Development and Management Company (KAFD DMC), a company wholly-owned by Public Investment Fund,  has become the Platinum Sponsor of Al Nassr Football Club (FC) for the next three years,  its first foray into the sporting world. The partnership is set to...

Insurance services results in Q1 improved by US$55 million.

Riyadh, Saudi Arabia -  Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan Al-Saud, is scheduled to visit Tehran on Saturday, according to Iran's semi-official Tasnim news agency. The visit is seen as a significant step in the ongoing diplomatic efforts between the two countries to mend their strained relations. The...

Saudi Arabia announced that it would jointly lead a conference on the humanitarian response to the war in Sudan next week. The pledging conference will be held on June 19, the official Saudi Press Agency said, citing the foreign ministry, adding it would be jointly led with Qatar, Egypt, Germany,...

Riyadh, Saudi Arabia -- The 10th edition of the Arab-China Business Conference successfully concluded on Monday with the announcement of the Riyadh Declaration, a multimodal framework to strengthen economic and investment partnerships shared between the Arab world and China. The announcement lays the foundation for continued collaboration with a focus...

Riyadh, Saudi Arabia -- The Ministerial Council of the Gulf Cooperation Council (GCC) has stressed the need for coordination, integration and interdependence among GCC countries in all fields. At its 156th session on Sunday, the Council focused on strengthening joint Gulf action, with the Council reviewing the integration process among...

Riyadh, Saudi Arabia – Saudi Arabia’s environment ministry on Monday signed a memorandum of understanding (MoU) with the Beijing Institute of Genomics on the sidelines of the 10th Arab-China Business Conference. The MoU is aimed at designing and operating joint initiatives.  The two parties will cooperate to develop scientific research,...

The Kingdom will invest more than $800 billion over the next ten years, the Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb said adding that tourists may acquire Saudi tourist visas electronically. Already, visitors from 49 countries have been allowed to obtain electronic visas , since the launch of tourism...

The event is aimed at bolstering trade and economic alliances between Arab and Chinese business communities and to explore a variety of investment opportunities. The sectors in focus include technology, renewable energy, agriculture, real estate, minerals, and supply chains.

Riyadh, Saudi Arabia - Israel is not happy with the restoration of diplomatic relations between Tehran and Riyadh and is actively seeking to disrupt it, Alireza Enayati, Iran's new ambassador to Saudi Arabia, said in an interview with Iran's al-Alam news network. “Many of our friends and brothers welcomed the...

The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the Middle East.

Blinken spoke during a Gulf Cooperation Council ministerial meeting in the capital Riyadh following talks with Saudi Foreign Minister Prince Faisal bin Farhan and Crown Prince Mohammed bin Salman.

"We consider today an important day in the relations of the Islamic Republic of Iran and the Kingdom of Saudi Arabia," Iranian Deputy Foreign Minister Alireza Bigdeli told a flag-raising ceremony. "The cooperation between the countries is entering a new era."

Riyadh, Saudi Arabia - Real Madrid's Ballon d'Or winner Karim Benzema has signed for Saudi Arabia's Al-Ittihad for three years starting next season, a source in the Jeddah-based club told AFP on Tuesday. "Benzema has signed a contract for his transfer to Al-Ittihad for a three-year period starting next season," the...