• Saudi’s Modon attracts $3.8bn industrial investments in 2023

    Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for 2023 which hit SAR14.45 billion ($3.85 billion), according to Trade Arabia.  Releasing its annual report for 2023, Modon highlighted the significant progress in attracting investments, developing industrial infrastructure, and promoting...

  • Spain grabs 3% Telefonica stake after concerns over Saudi deal

    Madrid, Spain - Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking a piece of a company that Madrid considers strategically important. Spanish state-owned holding company SEPI said in a filing with the stock market regulator late Monday that the move was...

  • Saudi football chief brands Mancini penalty walkout ‘unacceptable’

    Doha, Qatar - The president of Saudi Arabian football said Roberto Mancini's disappearing act before the end of the penalty shootout in the team's Asian Cup exit was "completely unacceptable". The Italian did not stick around to see South Korea's Hwang Hee-chan eliminate his Saudi side in the last 16 in...

  • Desert jewel: Saudi Arabia’s oldest nature reserve Hurra Al-Hurra

    Turaif, Saudi Arabia - Hurra Al-Hurra Reserve is one of the first protected areas in Saudi Arabia, located in the Northern Border and Al-Jawf regions of the kingdom. It lies within the boundaries of the King Salman bin Abdulaziz Royal Reserve in the northwest of Saudi, covering an area of...

  • Gulf expects no change in oil export despite deal at COP28

    Dubai, UAE - An agreement to "transition away" from fossil fuels may be a landmark moment but don't expect quick changes among the major producers of the Gulf, where the deal was hammered out. After the UN's COP28 climate talks in Dubai, Saudi Energy Minister Prince Abdulaziz bin Salman immediately played...

  • Saudi, Turkish firms ink 8 deals to boost Riyadh-Ankara business

    Istanbul, Turkey - Saudi and Turkish companies, part of the Saudi-Turkish Business Council, signed eight trade agreements to strengthen trade and investment between the two countries. The Federation of Saudi Chambers, Saudi General Authority of Foreign Trade, and Turkish Foreign Economic Relations Board co-organized the meet between the two. It...

  • Saudi-backed Newcastle face Champions League reality check

    Manchester, United Kingdom - Newcastle must overcome the might of Paris Saint-Germain and a mounting injury list if the Magpies' first foray into the Champions League for 20 years is not to come to a premature end on Tuesday. Damaging back-to-back defeats to Borussia Dortmund have left Eddie Howe's men sitting...

  • Crude prices slip 4% after OPEC+ reschedules Vienna meeting

    The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to boost prices has failed to bring about lasting recovery. Some analysts have pointed to possible discord between top crude oil producers Saudi Arabia and Russia.

  • Israel faces global calls to protect civilians in Gaza

    The suffering and death in Gaza has prompted growing calls for a halt in five weeks of fighting in order to protect civilian lives in the densely populated territory. French President Emmanuel Macron called on Israel to stop bombing civilians in Gaza, saying there was "no justification" and the deaths...

  • Iran says expansion of Israel-Hamas war has become ‘inevitable’

    President Ebrahim Raisi has said Iran sees it as "its duty to support the resistance groups" but insisted that they act independently.

  • Don’t pause Mideast de-escalation over war, says UAE official

    Dubai, UAE - Middle East powers should maintain their push to de-escalate the region through trade and economic ties despite the Israel-Hamas war, a senior United Arab Emirates official said on Saturday. The sudden flare-up in Gaza, after a deadly attack by Hamas, follows a period of fence-mending in the region including...

  • UN warns Gaza fuel shortage will stop aid work as death toll mounts

    Israeli strikes have now killed more than 6,500 people in Gaza, a rise of over 700 since Tuesday, according to the Hamas-run health ministry. One doctor said he was forced to perform emergency surgery on the wounded without anesthetic. Israel has cut off impoverished Gaza's usual water, food and other supplies,...

  • Turkish clubs financially hit attracting big names in transfer market

    Eyes have been on Saudi clubs' transfer outlays which have rivaled those of the top European sides, but Turkish teams have been signing big names under the radar.

  • 8 dead, 3 injured in Yemen after lightning, floods

    Sanaa, Yemen - Flooding and lightning strikes in Yemen have killed eight civilians, an official and a doctor told AFP on Saturday, underscoring the threat of extreme weather in the war-ravaged country. The lightning strikes occurred on Friday in the Al-Layha and Al-Zahra districts of Hodeida governorate on the Red Sea...

  • Renewed Saudi interest in Salah ‘doesn’t worry’ Liverpool boss Klopp

    London, United Kingdom - Liverpool boss Jurgen Klopp insists he is not worried about the potential for renewed Saudi Arabian interest in Mohamed Salah when the January transfer window opens. Salah was reportedly the subject of a £150 million ($185 million) bid from Saudi Pro League side Al-Ittihad before the Premier...

  • Yemen peace push: Houthi delegation to visit Saudi Arabia

    The Houthis' visit, expected within the coming days, will raise hopes of a breakthrough in the quagmire conflict that has left hundreds of thousands dead through direct and indirect causes such as famine. It comes five months after Saudi officials held talks in Sanaa, and as a UN-brokered ceasefire continues...

  • Demarai Gray quits Everton to join Saudi Arabia’s Al-Ettifaq

    London, United Kingdom - Demarai Gray has left Everton for Al-Ettifaq ahead of Thursday's transfer deadline in the Saudi Pro League. The 27-year-old forward is the latest Premier League player to head to the Gulf nation, joining former Liverpool midfielder Jordan Henderson at the club managed by Steven Gerrard. Gray's departure...

  • Saudi real estate gets non-oil boost

    The Saudi commercial real estate market is set for a significant upswing in 2023, propelled by the government's vision to diversify from oil. Investments are flooding into non-oil sectors, including tourism, manufacturing, and logistics. The rise of e-commerce demands more warehouses and distribution hubs. Additionally, a growing population predicts a...

  • Cash rich Saudi football league ‘changed market’, says English club

    SEOUL, SOUTH KOREA - Manchester City manager Pep Guardiola said on Saturday that the Saudi Pro League had "completely changed the market" and he expects more and more high-profile players to move there. City winger Riyad Mahrez this week became just the latest big name to move to Saudi football, following...

  • French footballer Maximin quits Newcastle, may join Saudi club

    LONDON, UK - Allan Saint-Maximin has confirmed he is to leave Newcastle before an expected move to the cash-rich Saudi Pro League. The French winger, heavily linked with a £30 million ($38.5 million) move to Al-Ahli, posted a farewell message on his Instagram account. In it he professes his love for...

  • Saudi club Al-Ahli signs Manchester City player Riyad Mahrez

    London, United Kingdom - Manchester City forward Riyad Mahrez has left the treble winners to join Saudi side Al-Ahli, the two clubs announced on Friday. The 32-year-old Algerian winger joined Pep Guardiola's team in 2018 from Leicester, winning 11 major trophies at the club. "The wait is over: Riyad is real,"...

  • EasyLease revenue grows by 37.5%

    The company logged a net profit of $4.4m.

  • Aston Martin H1 revenue up

    Revenue accelerated 25 percent to US$877 million.

  • PSG allows Al Hilal to contact Mbappe over $333 million deal

    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...

  • Aston Martin, Lucid Group sign deal

    Lucid Group to help make Aston Martin's luxury 'green' cars.

  • Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia

    Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two companies said. A signing ceremony for the engineering, procurement and construction contracts for the Amiral complex took place at Aramco's headquarters in Dhahran, in Saudi Arabia's Eastern Province.

  • Saudi professor secures US patent for innovative cancer therapy

    Washington, USA -- The Saudi faculty member at Michigan State University Dr. Yasser Al-Dhamin, received a patent from the US Patent Office for an innovation that stimulates the functioning of immune cells within cancer blocks and increases the effectiveness of vaccines. In a statement to the Saudi Press Agency (SPA),...

  • Barnawi’s voyage: First Saudi female astronaut carries dreams of Arab women to space

    Two astronauts, Barnawi and Ali Al-Qarni, said that they are fully prepared for their upcoming scientific mission to the International Space Station which is scheduled on May 21.

  • stc to sell stake in CCC

    stc had in Jan signed sale and purchase pact with solutions.

  • Blind Saudi rider’s resolve earns him equestrian body’s recognition

    Badr Al-Sharari had to train at least three times a week for nearly two years before finally being admitted into the Saudi Arabian Equestrian Federation.

  • Arab-Israeli banker talks up Saudi market at investor forum

    Samer Haj-Yehia, the Arab-Israeli chairman of Bank Leumi since 2019, was addressing the Future Investment Initiative, a three-day conference held in the Saudi capital and often referred to as "Davos in the Desert".

  • GCC banks cash in on high deposits, rising oil prices

    Rising oil prices, which have proved to be a windfall for governments and companies in the upstream sector, has strengthened balance sheets of the region's banking sector.

  • Saudi Arabia appoints new crypto chief to further its digital program

    The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in the region.

  • Saudi bank loans to public and private sectors grow 14% by July end

    Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 14 percent by the end of July to SAR 2.324 trillion ($620bn), compared to SAR 2.034 trillion ($540bn) a year earlier, according to data issued by the Saudi Central Bank (SAMA). Private-sector lending also increased by...

  • Saudi business tax payers asked to submit July declaration

    The Zakat, Tax and Customs Authority has called on taxpayers from the business sector subject to value added tax (VAT) to submit their tax declaration for July, no later than August 31. The Authority has urged business sector taxpayers to promptly submit their tax declaration in order to avoid a...

  • Jordan’s FDI in 2021 reaches $622million, Arab region’s $53 billion

    The Foreign Direct Investment (FDI) in Jordan amounted to $622 million in 2021, constituting 1.2 percent of the Arab region's total FDI. The Arab Investment and Export Credit Guarantee Corporation (Dhaman) issued data Tuesday which confirmed this. The Arab region's FDI in 2021 went up by 42 percent to $53...

  • Yemen’s warring parties renew truce under earlier terms: UN

    Aid agencies and Western governments had urged the Yemeni government and Houthi rebels to extend the truce, which went into effect in April and significantly reduced the intensity of fighting in a conflict the UN says has triggered the world's worst humanitarian crisis.

  • French companies show interest in Saudi entertainment market

    Major French companies have expressed their interest in accessing the Saudi market and investing in the tourism and entertainment market at a time the kingdom’s focus on these sectors has become an important part of its transformative Vision 2030. These remarks were made at a meeting between the Federation of...

  • Kamala Harris leads high-level US team to meet new UAE leader

    Harris, whose team includes Secretary of State Antony Blinken, Defense Secretary Lloyd Austin and CIA chief William Burns, is heading the strongest delegation to visit UAE since President Joe Biden took office last year.

  • Julphar revenue up 100 percent

    The growth attributed to increased market share in key operating regions.

  • Saudi Central Bank hikes interest rates by 0.25 percentage points

    The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.

  • Saudi Arabia rescued 2 US women from Houthi rebels in Yemen

    The women were evacuated to the Saudi capital Riyadh, where they were met by US officials and received health checks.

  • Saudi ministry signs 23 deals worth $3.46 bn at first defense show

    The Saudi Ministry of Defense (MoD) announced the closing of 23 deals worth more than SR 13 billion ($3.46 billion) with local and international companies on Wednesday, the fourth day of World Defense Show 2022, the kingdom’s first defense show. The MoD signed five deals with the Saudi Arabian Military...

  • Obeikan Glass net profit up 900 percent

    The Saudi manufacturer’s revenue rose 77 percent year-on-year.

  • Saudi Crown Prince opens up on every little thing

    Saudi Arabia’s Crown Prince Mohammed bin Salman has created quite a few ripples with his views on all things important during his first interview to a non-Saudi publication in two years.

  • Saudi Arabia regulates reporting of capital market violations

    This regulation reportedly aims to improve the manner of the reporting of violations of the Capital Market Law and its implementing regulations.

  • Amiantit appoints new CEO

    Feras Bin Ghassab Al-Harbi has held several leadership positions.

  • UN Security Council extends Yemen arms embargo to all Houthi rebels

    The UN Security Council voted Monday to extend to all of Yemen's Houthi rebels an arms embargo that until now targeted only some leaders of the guerrilla group. Yemen has been embroiled since 2014 in a civil war between the Iran-backed Houthis and the internationally recognized government supported by a...

  • Saudi Exports organizes Commercial Mission for 30 businesses to Oman

    Saudi Exports Development Authority (SAUDI EXPORTS) today organized a commercial mission for over 30 Saudi senior manufacturers and exporters in the constructions and foodstuff sectors to Oman. The mission, which targets 70 Omani companies, follows the two countries’ signing of memorandum of understating worth $30 billion for cooperation in various...

  • Saudi economy grew 6.8% in Q4, 3.3% in 2021

    The data was released on Thursday, February 10, by the country’s General Authority for Statistics (GASTAT).

  • Saudi sovereign wealth fund PIF has $1.2 bn stakes in two Japan gaming firms

    RIYADH: Saudi Arabia’s biggest sovereign wealth fund, Public Investment Fund, has stakes of more than 5 percent in two Japan-listed gaming companies. Bloomberg said the combined holdings are worth around $1.2 billion in Capcom Co., the maker of the Street Fighter and Resident Evil franchises, and online games provider Nexon...