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...

The company launched the first zero-emission 5G network.

Riyadh, Saudi Arabia - The Saudi Space Agency (SSA) signed a memorandum of understanding (MoU) with Sierra Space, a leading US company in the field of space technologies, to exchange knowledge, skills and experiences and develop national capabilities and competencies in fields related to the space sector. The memorandum was...

Riyadh, Saudi Arabia -- Saudi renewables giant ACWA Power has said it launched the first phase of green hydrogen project in Uzbekistan, with a production capacity of 3,000 tons per year.In a statement, the company added that the project will be developed in two phases. The first phase, a 3,000...

ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first financial services empowered by artificial intelligence (AI) in 2024.In statements to the Emirates News Agency (WAM) on the sidelines of the Abu Dhabi Financial Week (ADFW), Abu-Sheikh said that Astra...

Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the PwC's latest Middle East Pulse report, a segment of its comprehensive Global Consumer Insights Survey.Emergence of Informed BuyersThe survey underscores a notable shift in consumer behavior as Saudi shoppers explore...

In the heart of the GCC, a transformative shift towards 'Green Mobility' is underway, driven by a commitment to environmental sustainability and reducing carbon footprints.

Vienna, Austria - Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday.Brazil is among the world's top 10 producers and has been the largest oil producer in Latin America since 2016.Its crude production hit a record 3.7 million barrels per day in September, a near...

RIYADH, SAUDI ARABIA - Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned by Kaspersky has found.The data shows that 71 percent of companies in Saudi Arabia suffered at least one cyber incident over the last two years.One of the main reasons cited...

Saudi Arabia will extend its voluntary cut of 1 million barrels per day. The latest Saudi cut is in addition to the voluntary cut of 500,000 barrels a day previously announced by the Kingdom in April 2023, which extends until the end of December 2024.

NEOM, Saudi Arabia – NEOM, a futuristic city planned by Saudi Arabia in its northwestern Tabuk Province, has unveiled Siranna, an exclusive tourism escape. Situated on the Gulf of Aqaba coastline, this ultra-luxurious destination will be home to a 65-key hotel, as well as 35 exclusive residences.The destination offers uninterrupted...

Islamic banking, making up 70% of the Islamic finance market's assets, is undergoing a transformative phase, fueled by fintech innovations and poised to hit $4 trillion by 2026.

The firms will explore starting eVTOL services in Saudi Arabia.

Saudi Arabia's sovereign wealth fund is to buy 10 percent of London's Heathrow airport from Spanish infrastructure giant Ferrovial, whose departure from the hub leaves Qatar as its biggest shareholder. Ferrovial said it was offloading its 25 percent stake for nearly US$3 billion, with the other 15 percent going to...

World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with hiking rates and could cut borrowing costs next year as inflation cools. While Wall Street's main indices spent some time in the red, they moved higher as the yields on US...

Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the UAE, and robust economic indicators.

The date of 2030 is hugely symbolic for Saudi, coinciding with the key milestone in the Vision 2030 programme of MBS to diversify Saudi Arabia economically and culturally. The Riyadh Expo is set to take place from October 2030 to March 2031 on the theme "The Era of Change: Together...

The Kingdom's selection as the host for World Expo 2030 marks a pivotal moment in its journey towards innovation, openness, and global connectivity.

ABHA, SAUDI ARABIA - Extending over 34 kilometers, the Abha Valley Basin enjoys a variety of wildlife aspects, civilizational features and variety of terrain that makes it ideal for tourism.Situated at an altitude of 2,983 meters and having steep slopes, the basin, with a dense vegetation cover, is terraced and...

SNB Capital's Single Stock Options debut marks a leap forward, enhancing liquidity and expanding investor choices.

The Kingdom's selection as the host for World Expo 2030 marks a pivotal moment in its journey towards innovation, openness, and global connectivity.

Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of a financing agreement through which PIF has raised a term loan from a syndicate of nine top international lenders that will be covered by K-SURE. The financing carries a door-to-door...

Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII) growth (+3.8 percent QoQ) but was undermined by a marginal decline in non-core income (-0.5 percent QoQ), reveals global professional services firm Alvarez & Marsal (A&M) has released its latest...