Tel Aviv, Israel - Israel has reportedly withdrawn its support for Saudi Arabia’s bid to host the Expo 2030. The decision, reported by the Kan public broadcaster, comes in the wake of mounting tensions between Jerusalem and Riyadh over the Gaza conflict.Israel had previously signaled its backing for Saudi Arabia...

RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as chairman of the board of directors.The bank said in a regulatory filing on the Tadawul that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.Al Rajhi Bank is...

Jeddah, Saudi Arabia -- Football stars David Villa and Paolo Maldini visited Jeddah today to promote the 2023 FIFA Club World Cup, which will be hosted in the city from December 12 to 22.The two stars met with football fans at the FIFA Club World Cup Saudi Arabia official pre-tournament...

Shanghai, China -- In a bid to attract Chinese tourists, the Saudi Tourism Authority recently concluded its first, and the largest, international promotional campaign in China, which resulted in a 277-percent surge in bookings. Running from November 17 to 23, 2023, the campaign unfolded as a grand spectacle, reaching millions...

The firms will build primary and secondary infrastructure works.

Saudi Arabia -- competing against Busan, Korea, and Rome, Italy -- bids for Expo 2030 with a focus on innovation, sustainability, and global unity.

Billions of dollars are being invested into ventures to grow food in the GCC to make the arid, hot region self-sufficient, in a sector vulnerable to the vagaries of war, climate and disease.

RIYADH, SAUDI ARABIA  - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor, which showed a 3.5 percent growth in the number of SMEs in the Kingdom in Q3 2023, bringing their total number to 1.27 million.With over 40,000 new businesses created across...

Riyadh, Saudi Arabia -- An overwhelming 80 percent of consumers across 16 diverse nations now identify climate change as the foremost global challenge, according to a study conducted by GSMA Intelligence in collaboration with Huawei. The participating countries, including Saudi Arabia, Turkey, Egypt, South Africa, Argentina, Brazil, France, Germany, Indonesia,...

Riyadh, Saudi Arabia: Around 80% of consumers surveyed across 16 countries now view climate change as the world’s No. 1 challenge, a recent research conducted by GSMA Intelligence with support from Huawei, revealed. The countries include Saudi Arabia, Turkey, Egypt, South Africa, Argentina, Brazil, France, Germany, Indonesia, Italy, Japan, Pakistan,...

RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget deficit, media reported.The 10-year loan was funded by a group of banks including Industrial and Commercial Bank of China, Citigroup Inc, First Abu Dhabi (FAB), and HSBC Holdings Plc, according to...

RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of investments, Abdulrahman Altawil, the Kingdom’s Deputy Minister, Developmental Housing, Municipal and Rural Affairs and Housing said here.This reflects their confidence in the Egyptian market, he said.In a speech at the...

Riyadh, Saudi Arabia -- The Historic Jeddah Program has secured sponsorship rights as the official cultural destination and main supporter of the FIFA Club World Cup Saudi Arabia 2023. This prestigious tournament will be hosted in Jeddah from December 12 to 22, 2023, marking the first time it will be...

RIYADH, SAUDI ARABIA - The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at enhancing trade and investment.The agreements covered trade, investment, information technology, business incubators and accelerators, tourism services, elevators, and spare parts.The agreements were signed on Thursday by the Federation of Saudi...

Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly leading to the 17.1 percent fall in overall merchandise exports to SAR 103.8 billion, from SAR 125.3 billion in September 2022.  The share of oil exports in total exports increased from...

Both main crude contracts slipped more than one percent on news that the much-anticipated gathering of the major producers would be put back by four days to November 30. Reports said the decision was made after Angola and Nigeria pushed back at lower targets urged on them, with Saudi Arabia...

exposed the double standards and selective application of international laws and UN resolutions by the global community. Representing Saudi Crown Prince Mohammed bin Salman, Saudi finance minister Mohammed Al-Jadaan said that the Israeli invasion of the besieged Gaza was in flagrant violation of international laws and it had led to...

Experts say Saudi Arabia's successful bid to host 2034 World Cup might not have been possible if there had not been already a successful world cup in 2022.

Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in the next 12 months, according to Mastercard’s Borderless Payments Report 2023.Globally, the report highlights two in five (40 percent) senders, and half of receivers, intend to use cross-border payments more...

Riyadh, Saudi Arabia - The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024.According to the recently published World Bank Gulf Economic Update (GEU) report, the Bank anticipated the...

MOSCOW, RUSSIA – The foreign ministers of Saudi Arabia, Jordan, Egypt, Indonesia, Palestine and the Secretary General of the Organization of Islamic Cooperation (OIC) have arrived here to discuss the Gaza Strip with Russian Foreign Minister Sergey Lavrov, a diplomatic source told TASS."They have arrived, the meeting will start soon,"...

The conglomerate intends to sell 33.25 million shares.

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank of China. The maximum value of the swap is 50 billion Chinese yuan ($7.02 billion). The agreement is part of the financial cooperation between the two central banks, which works...

Johannesburg, South Africa--South Africa will Tuesday host a virtual summit of the BRICS group of nations, including Russian President Vladimir Putin, to discuss the Israel-Hamas war, Pretoria and Moscow said Monday.The BRICS --  Brazil, Russia, India, China and South Africa -- are a group of major emerging economies seeking to reshape...

RIYADH, SAUDI ARABIA – ACWA Power Co  said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority (DEWA) for phase two of concentrated solar power (CSP) Parabolic Trough (PT) 200 megawatts (MW) unit of Noor Energy 1, taking total capacity under operation to 717 MW.The second phase is part of a 950 MW solar CSP independent power...

RIYADH, SAUDI ARABIA - The National Center for Wildlife, in cooperation with the Prince Mohammed bin Salman Royal Reserve released 85 endangered animals, the first batch in the 2023-2024 season.The release is part of the center's program with increasing and relocating endangered wild animals, restructuring ecosystems, and enriching the biodiversity...

Obeikan AGC Glass will have an export credit insurance policy.

Following the outbreak of the war last month, Chinese officials, including Foreign Minister Wang, called for an immediate ceasefire and a "cooling down" of the situation. China has historically been sympathetic to the Palestinians and supportive of a two-state solution to the Israeli-Palestinian conflict.

AJEX will have rights to operate warehousing facilities at Modon.

Officials will include the foreign ministers of the Palestinian Authority in the West Bank, Saudi Arabia, Jordan, Egypt and Indonesia, as well as the secretary-general of the Organisation of Islamic Cooperation. "During the visit, China will have in-depth communication and coordination with the joint delegation of foreign ministers of Arab...

Announced in February 2021, Saudi Arabia's regional headquarters (RHQ) program is widely seen as a bid to compete with Dubai in the neighboring United Arab Emirates, a favorite base for global firms with business in the Middle East. Despite complaints from some executives that there remains a lack of clarity...

The Argentine replaces Nuno Espirito Santo who took Al Ittihad to the Saudi title last season. The Portuguese former Tottenham and Wolves manager was fired earlier in November following a run of bad results and amid reports of a difficult relationship with star striker Karim Benzema, who joined the club...

The UAE, Saudi Arabia, and Qatar outperform 17 other countries in key areas of green investment, sustainable infrastructure, and energy transition, says a report.

A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust non-hydrocarbon activity.

RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk issue from US$26 million (SAR 100 million) to US$133 million (SAR 500 million).  The move aims to boost the company's capital expansions and working capital, the company said in a...

Despite the difficulties, some 4.1 million people have received humanitarian aid in the last seven months -- but that amounts to just 22 percent of the people whom humanitarian organizations aim to assist this year. Sudan's warring parties resumed negotiations late last month in Jeddah, brokered by Saudi Arabia and...

Pausing of rate hikes by global central banks amid fluctuating inflation rates influences global markets, with specific impacts in the MENA region, says a new report.

Riyadh, Saudi Arabia - Global credit agency Fitch Ratings has reaffirmed Saudi Arabia’s Public Investment Fund's (PIF) long-term foreign- and local-currency issuer default ratings at "A+" with a stable outlook. In its assessment, Fitch highlighted the PIF’s robust financial autonomy and its critical role in bolstering Saudi Arabia’s non-oil gross...

RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the countries in accordance with a clear policy to build positive relationships based on respect, cooperation and common interests.The Kingdom's interest in establishing relations with the Caribbean Community (CARICOM) stemmed from...

Dubai, UAE - Mukta A2 Multiplex WLL, the international subsidiary of Mukta Arts, one of India's leading film production houses, has signed an agreement with Al-Othaim Investment Company to operate cinemas across Saudi Arabia, Indian publication The Hindu Business Line reported on Thursday. The move expands the company's footprint in...

"Once we've reached about 120 million (passengers a year), which is what we think our total capacity at DXB (Dubai International) is at the absolute maximum with everything optimized, we are going to need a new airport," Dubai Airports CEO Paul Griffiths said.

RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at Jeddah Islamic Port, with a total area exceeding 130,000 square meters and an investment value nearing US$132 million (SAR 487 million).President of Mawani Omar Hariri said, “The new logistics park...

Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from 1.7 percent in September, according to the latest official data.The General Authority for Statistics (GASTAT) reported that this decrease in inflation was primarily due to a 0.8 percent reduction in...

Dhahran, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first unconventional tight gas from its South Ghawar operational area two months ahead of schedule. The development supports Aramco’s strategy to increase gas production by more than half over 2021 levels,...

The expected injection of billions of dollars into the retail business through sale of varied items can turn out to be a much-needed boost for a sector experiencing "sales fatigue."

The expected injection of billions of dollars into the retail business through sale of varied items can turn out to be a much-needed boost for a sector experiencing "sales fatigue."

The agreements signed with SPPC are valued at $3.9 billion.

The parties to the conflict pledged last week at talks in Saudi Arabia to improve humanitarian access, tasking the UN with setting up the forum to facilitate the implementation of these commitments. But Griffiths said most basic services in the country have come to an "almost complete standstill," making efforts...

It will acquire 84 percent stake for US$12.3 million.

The kingdom is forging partnerships with major corporations to revolutionize water technologies and achieve water self-sufficiency.