Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and businesses will face crucial decisions about spending and investing, where price differentials and interest rates have burrowed into budgets, informing the resources available with less wiggle room, according to the...

Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month and the highest level since December 2022, new data released by the US Treasury showed. The Kingdom kept the 17th place among the largest holders of US Treasuries for the...

Riyadh, Saudi Arabia - "From the Ashes," a Saudi film inspired by true events, is poised to debut on Netflix on January 18, 2024. The film intricately unfolds within the confines of an all-girls' school, where a seemingly routine day takes a harrowing turn when a fire erupts in the...

Officially taking over from his half-brother Sheikh Nawaf, who passed away on Saturday, Sheikh Meshal is faced with the task of pulling the country out of longstanding political paralysis and reforming a bloated public sector that have turned Kuwait into one of the Gulf's most laggard states.

Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased by 1 percent quarter-on-quarter (QoQ) to SAR 507.7 billion ($135.32 billion) by the end of the third quarter of 2023. The number of investment funds rose to 1,209 by the...

Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain more clout. But the group's enlargement has proven to be "a double-edged sword", noted Ozkardeskaya, with decision-making becoming more difficult.

Despite missing their biggest goal threat and creative hub, City were never troubled as an unblemished record for European sides against Asian teams at the Club World Cup was extended to 14 games. City lacked penetration and punch for the first 45 minutes despite enjoying over 80 percent of possession...

Riyadh, Saudi Arabia - Saudi Arabia on Tuesday introduced 'KSA VISA,' a unified visa platform aimed at streamlining visa application processes. The initiative is a step in the kingdom's strategy to bolster tourism in the forthcoming years. Abdul Hadi Al-Mansouri, Assistant Minister of Foreign Affairs for Executive Affairs, unveiled the...

Riyadh, Saudi Arabia - Saudi Arabia aims to increase the media sector's economic contribution, targeting a GDP share of 47 billion riyals ($13 billion) by the end of the decade. The goal underlines the country's intent to diversify its economy and bolster the non-oil GDP, Saudi Press Agency reported. Recent...

Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive year of record-breaking achievements.The records were set during the closing presentation of an art installation, after the 17 days of celebration, held from November 30 to December 16, 2023.The festival's...

RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi Industrial Development Fund (SIDF) to finance its project in Jubail Industrial City.  The US$100 million (SAR 376 million) loan, secured on Sunday, has a duration of seven years and three...

It will be used to test a range of EV chargers and software.

Seoul, South Korea - Saudi Arabia and South Korea on Sunday signed a Memorandum of Understanding (MoU) to collaborate in manufacturing vaccines and biotech solutions.  The agreement was inked between the Saudi Authority for Industrial Cities and Technology Zones (MODON) and the South Korean GL Rapha Holding Company, Saudi Gazette...

Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport and Gurayat Airport are among the top performers on the General Authority of Civil Aviation's monthly performance reports of the Kingdom's airports in November. The airports are assessed according to...

TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the regenerative tourism destinations, is piloting SubSLAM, an advanced photogrammetry technology developed by VAARST, a leader in marine robotics. This technology is being used to produce high-resolution, 3D digital representations of Al Wajh Lagoon's coral reefs and vital...

Tehran, Iran — Iran has waived visa requirements for passport holders from 33 nations, signaling a significant step in opening its doors to global visitors. “The government intends to open the country's doors to the world,” Iranian Minister of Tourism Ezzatollah Zarghami, said on Wednesday as reported by Saudi Gazzete....

RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index (LSCI) for Q4 2023, securing a remarkable score of 79.01 points. This aligns with the objectives of the National Transport and Logistics Strategy (NTLS). This achievement adds to the recent...

MBC Group runs a group of TV and radio channels.

Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data by the General Authority for Statistics (GASTAT). The cost-of-living index for November rose to 110.06 points, according to the base year 2018, from 108.25 points in the same month a...

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...

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...

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...

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...

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....

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...

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...

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...

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...

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...

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...

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.