Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to...

NEOM, Saudi Arabia - Saudi Arabia's $500 billion mega project, has introduced Utamo, a new art and entertainment destination set to host performances by global mega artists.Described by NEOM as "an innovative and multipurpose event and performance space," Utamo features VIP lounges and signature restaurants, aiming to become one of...

Tehran, Iran-- Saudi Arabia and Iran's foreign ministers have stressed the need for an immediate ceasefire in Gaza and sending humanitarian aid into the besieged enclave.Iran's Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart Faisal bin Farhan discussed bilateral relations between Iran and Saudi Arabia and the latest developments in...

Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US equities with a total value of SAR 13.7 billion ($3.65 billion) through capital market institutions. This reflects a substantial year-on-year (YoY) fall of SAR 9.15 billion, equivalent to a 40...

Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment conference in Beijing. The conference was attended by more than 1,000 government and business leaders. Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, logistics, infrastructure,...

COP28 has debated a historic first-ever global "phase-out" from oil, gas and coal, the main culprits in a planetary crisis of warming. A draft put forward on Monday by COP28 president Sultan Al Jaber fell well short, instead presenting reductions in fossil fuels as one of several options.

The dividend of $1.27 billion is payable on Mar 4, 2024.

Dubai, UAE - Google on Monday released the top trending searches of 2023 for the Middle East and North Africa. The annual lists reveal the most trending search queries which experienced a higher volume of search over a sustained period in 2023 compared to 2022. The lists included the top...

Miami, United States--Inter Miami on Monday confirmed details of two upcoming friendlies in Saudi Arabia next year which will include a showdown between Lionel Messi and old rival Cristiano Ronaldo.The Major League Soccer club had already announced plans for the team to face Ronaldo's Al Nassr in Riyadh, without confirming a...

Riyadh, Saudi Arabia - The number of visitors to Riyadh Season has surged to over 9 million, indicating a significant level of interest in the various zones and activities of the Season.Riyadh Season, marked by the slogan "Big Time," completed the spectrum of entertainment choices with top-tier events and festivals...

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism and ecotourism, according to a PIF press release.The company plans to develop unique tourism projects around cities across Saudi Arabia with attractive natural and farmed landscapes, the release said.It added...

RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a two-state solution is the only way to ensure peace in the region. The two countries issued a joint statement at the conclusion of Russian President Vladimir Putin’s visit to Saudi...

Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in a 2.29% surge in crude oil prices. Despite these global efforts, US output continued at a high of over 13 million barrels per day, contributing to a surplus in the...

Negotiators have failed to produce a new draft agreement since the last text was released on Friday. The document includes four different paths out of fossil fuels, but it also has a fifth option: leaving the issue out of the final deal.

Rapid cloud adoption in the two GCC countries is accompanied by increased security risks, leading to costly data breaches, reveals a latest study by Illumio.

With less than 48 hours left before the conference's official end, COP28 president Sultan Al Jaber invited ministers to give their views in a "majlis" -- a traditional Gulf Arab meeting held in a circle. While Jaber called the gathering in an effort to produce a compromise, warning that "failure...

Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11 billion.A total of 14 international financial institutions from Asia, the Middle East, Europe, and the US participated in the 10-year loan, NDMC said in a statement Sunday, according to Argaam.It...

NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the launch of Topian, the NEOM Food Company.Neom said in a statement that Topian seeks to redefine food production, distribution, and consumption through the creation of sustainable and innovative food solutions...

Colombia, whose left-leaning government has aggressively promoted environmentalism, warned that COP28 was also failing on raising financing for countries to adapt to the effects of climate change. If countries block "goals on adaptation but at the same time oppose the phase out fossil fuel, they need to be held accountable....

Washington, US – A committee of the Joint Arab-Islamic Extraordinary Summit under the chairmanship of Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs of Saudi Arabia have held official discussions with the Secretary of State of the US Antony Blinken, here.The committee stressed their call on the United...

Riyadh, Saudi Arabia--The General Civil Aviation Authority (GCAA) of the UAE signed two memorandums of understanding (MoUs) with Brazil and Switzerland to strengthen cooperation in the field of air transportation with Brazil and Switzerland.The agreements were signed on the sidelines of the UAE delegation's participation in the fifteenth ICAO Air...

With the technology and vision firmly in place, the GCC countries are now building momentum, developing the partnerships, infrastructure, and regulations that will allow for full scale EV and AV commercialization and shape the future of transportation for generations to come, Joumaa adds.

Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization by 2030.

Climate campaigners have viewed Jaber with deep suspicion due to his position as the head of UAE national oil firm ADNOC, but he has sought to assure sceptics by stating that a phase down of fossil fuels was "inevitable".

An investigation into the cause of the recent accident has been initiated, with Maliki informing the Saudi Press Agency (SPA) of the launch. The F-15 has long been a key element in the alliance between the Saudi air force and the United States, the primary security partner of the Gulf...

RIYADH, SAUDI ARABIA -  Awaed Alosool Capital announces the launch of the Awaed platform, revolutionizing investment opportunities in public listed companies.Awaed Alosool unveils an innovative platform dedicated to empowering individuals in Saudi Arabia with seamless access to Sharia compliant investment in various financial instruments, including investment funds and stock markets.Awaed Alosool's...

RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed. The real seasonally adjusted GDP eased 3.2 percent quarter-on-quarter (QoQ) in the three-month period. Non-oil activities increased by 3.5...

363 single-family villas will be constructed in Riyadh.

Riyadh, Saudi Arabia - The Saudi Ministry of Foreign Affairs, in collaboration with the Ministry of Sports, has rolled out a new electronic visa issuance system in a bid to streamline travel arrangements for football fans gearing up to attend the FIFA Club World Cup Saudi Arabia 2023, Saudi Gazette...

Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to establish their regional headquarters within the Kingdom. The Ministry of Investment of Saudi Arabia (MISA), in collaboration with the Ministry of Finance and the Zakat, Tax, and Customs Authority (ZATCA),...

Russian President Vladimir Putin's visit to Riyadh underscores the deepening economic and diplomatic relations between the two countries.

The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy, recorded its first budget surplus in nearly a decade in the wake of Russia's invasion of Ukraine which led to a boom in oil prices.

The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone, compared to $214m from 2013-20.

Dubai, UAE - The Saudi Electricity Company (SEC), the largest producer, transmitter, and distributor of electrical energy in the Middle East and North Africa, announced on Tuesday that it seeks to reach net zero emissions by 2050 in line with the Saudi Arabia’s target to reach carbon neutrality by 2060...

Warsaw, Poland - As Vladimir Putin touches down in the Middle East later on Wednesday for visits to the UAE and Saudi Arabia, the Russian leader is brimming with confidence that would have been unimaginable six months ago.A much-touted Ukrainian counteroffensive that was once expected to carve through Russian lines...

The strategic partnerships, including substantial financial support from UAE and Qatar, mark a new era in Türkiye-GCC ties, promising to significantly boost bilateral trade.

Doha, Qatar - Qatar's ruler hit out at "shameful" international inaction over the Israel-Hamas war in Gaza as he opened a Gulf Cooperation Council meeting in Doha on Tuesday."It is shameful for the international community to allow this heinous crime to continue for nearly two months, during which the systematic and...

The companies have signed two agreements.

The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone, compared to $214m from 2013-20.

Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI, fell to 57.5 points in November 2023.The index indicated a significant improvement in the Saudi non-oil private sector but attributed the decline in the main index to a lower rate...

Since the Gaza war, the Houthi rebels have seized an Israeli-linked cargo vessel and fired ballistic missiles at various targets. On Sunday, US Central Command said US warships shot down three suspected Houthi drones in the Red Sea. The Biden administration has said it will consider redesignating the Houthis a...

Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then visit Saudi Arabia to meet with the kingdom's Crown Prince Mohammed bin Salman. Putin's diplomatic journey to the Gulf region comes at a time of deepening ties with key Gulf...

A tentative "phasedown/out" was included in a first draft of an agreement on climate action that delegates are haggling over during talks that are scheduled to finish on December 12. But Energy Minister Prince Abdulaziz bin Salman told Bloomberg that Saudi Arabia, the world's biggest oil exporter, would not agree.

The pact will benefit customers of both the airlines.

"Unlike the small change offered for loss and damage from our partners in developed countries, the Kingdom through its South-South cooperation announced in the Saudi Africa Summit in Riyadh last month the allocation of up to $50 billion," Prince Abdulaziz said in a video message to the Saudi Green Initiative...

The aim is to stimulate the growth of the halal industry.

RIYADH, SAUDI ARABIA – The Kingdom's Minister of Environment, Water and Agriculture Eng. Abdurrahman bin Abdul Mohsen Al-Fadhli signed a memorandum of understanding (MoU) with the Turkish Minister of Agriculture and Forestry İbrahim Yumaklı.The MoU aims to strengthen cooperation and enhance production capabilities in the domains of agriculture, livestock and...

The Gulf Railway aiming for completion by 2030, will link GCC nations with a comprehensive rail network, marking a new era in regional transportation and economic integration.

Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors.To date, 50 companies, representing more than 40 percent of global oil production have signed...

DUBAI, UAE - Fifty oil and gas companies representing 40 percent of global production pledged to decarbonize their operations by 2050 at the UN's COP28 climate talks in Dubai on Saturday.Saudi giant Aramco and ADNOC of the UAE were among 29 national companies to sign a non-binding agreement that also envisaged...