"From 2021 to 2022, Saudi exports to Portugal jumped by 50 percent, and imports from Portugal rose by nearly 40 percent, resulting in a trade volume of $1 billion. This emphasizes the potential for increased collaboration between the two countries," adds Saudi Arabia's Minister of Economy and Planning Faisal F....

Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized ones, says a report.

RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77 billion in the first nine months of 2023. March recorded the highest number and value of deals, as 18 transactions were executed at a total value of US$853 million. KSA...

Riyadh, Saudi Arabia - Jisr, the largest platform for digitizing human resources operations in Saudi Arabia, has closed an investment round worth 30 million US dollars (SR 112.5 million). This marks the largest Series A investment round for a Software as a Service (SaaS) company in the Middle East. The...

Riyadh, Saudi Arabia--The Heritage Commission and the German Max Planck Institute (MPI) of Geoanthropology in the Green Arabia Project revealed one of the most significant sites of the prehistoric period near Jabal Irf in Hail region. The scientific team that participated in the project—including researchers and specialists from the Kingdom,...

A FIFA+ documentary released last month tracks how the national team has seized on new freedoms, contrasting the hostility its members once received for pursuing a "masculine" sport with today's new era of deep-pocketed government support. A press release for the film also highlights fans of the team outside Saudi...

Riyadh, Saudi Arabia - In a historic diplomatic event, Israeli Communications Minister Shlomo Karhi delivered a speech in Saudi Arabia on Wednesday, becoming the first Israeli politician to do so in a country that had no prior diplomatic ties with Israel, Jerusalem Post reported. “We greatly appreciate the tireless efforts...

The region's fintech growth, fueled by a tech-savvy populace, robust regulations, and digital adoption, is drawing global focus, heralding the future of financial services.

The bid "intends to deliver a world-class tournament and will draw inspiration from Saudi Arabia's ongoing social and economic transformation and the country's deep-rooted passion for football", said a statement from the Saudi Arabian football federation. News of the bid comes one year after neighboring Qatar hosted the first World...

Tehran, Iran - Iran's top diplomat on Wednesday played down a spat with Saudi Arabia that prompted the cancelation of an Asian Champions League match, insisting relations with its longtime rival were improving. The row, over a statue of assassinated Revolutionary Guards commander Qasem Soleimani in the stadium in Iran's third...

The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's energy ministry said. It added the decision will be reviewed next month to consider deepening the cut or increasing production. The additional voluntary cut comes to reinforce the precautionary efforts...

Riyadh, Saudi Arabia – Saudi “flynas” airline announced the delivery of five A320neo aircraft to increase its all-Airbus fleet to 56 airplanes, reflecting a growth of more than 100% in the past two years. The latest deliveries come as part of the expansion plan launched under the title "We connect...

Riyadh, Saudi Arabia - Saudi Arabia's Al-Hilal FC achieved an important victory over its Iranian host, Nasaji Mazandaran, with three clean goals in the match on Tuesday at Azadi Stadium in the Iranian capital, Tehran, as part of the second round of the “fourth” group of the AFC Champions League....

JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure of its inaugural ship, bound for New Orleans, US. This vessel is laden with 37,000 tons of iron steel foundry product (Pig iron), representing the first-ever production of this commodity...

"While economic challenges are rife across the country, rising inflation and the deterioration of public services are making life unbearable," said a statement signed by 35 Yemeni groups and 13 international aid organizations including the Danish Refugee Council and Save the Children.

The agreements are aimed at boosting investment in Aroya Cruise.

The aim is to advance insurance services in the Kingdom.

Amid mounting speculation that Saudi Arabia and Israel will normalize ties, the minister traveled to Riyadh for a meeting of the Universal Postal Union, a specialised UN agency intended to facilitate international cooperation in the postal sector. He is expected to give a speech and meet with officials including the...

The Saudi state-affiliated Al-Ekhbariya channel reported on Monday night that Ittihad had left Iran for Saudi Arabia. The dispute comes one month after Saudi Arabia and Iran announced a "groundbreaking" deal to resume home-and-away football matches between club sides after seven years of competing in neutral venues.

In landmark developments, Saudi Arabia and Pakistan have taken significant strides to enhance their bilateral relations, especially in the economic and technological arenas.

SVC is a government investment firm established in 2018.

The company acquires 51 percent stake in First Fix.

Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and Qatari markets resisted the trend.

Riyadh, Saudi Arabia - Saudi Arabia has so far issued 162 regional center licenses to the companies relocating their headquarters to the Kingdom, Saudi ministry of finances said. The Regional Headquarters Program, a collaborative effort spearheaded by the Ministry of Investment and the Royal Commission for Riyadh, is working diligently...

The UAE leads the Arab world in digital quality of life, with its advanced digital infrastructure and commitment to tech advancements. Saudi Arabia secures second position.

The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion) in 2023 but now predicts a deficit of 82 billion Saudi riyals ($21.86 billion), or two percent of GDP, according to the ministry's pre-budget statement. A deficit of 79 billion...

Riyadh, Saudi Arabia - Saudi Arabia is among the top 10 countries in the world in coffee consumption, leading the government to adopt various initiatives and programs to foster the beverage's cultivation. The Kingdom currently produces more than 400,000 Arabica coffee trees, yielding over 800 tons annually, from the regions...

Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and Qatari markets resisted the trend.

RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday to expand bilateral cooperation in communications and information technology by accelerating digital transformation, promoting innovation and developing digital infrastructure. Saudi Arabia’s Minister of Communications and Information Technology Eng. Abdullah Alswaha...

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from nearly SAR 107.1 billion during the same month last year, Argaam reported. Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada". POS transactions rose 10...

RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of sales for the latest phase of SEDRA, the group’s flagship integrated community development here. According to a ROSHN Group press release, SEDRA phase 3 will add 3,438 more houses to...

The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is based on the government's fiscal objectives to expand strategic spending at the sectoral and regional levels, broaden and diversify the economic base, as well as improve public services, among others.

Last year, Saudi Arabia led the Middle East in military investments, ranking fifth globally with a defense budget of $75 billion. This surpassed many European nations, emphasizing the strategic defense priorities of Middle Eastern countries amidst global powerhouses. Qatar's military expenditure, meanwhile, reached $15.4 billion last year, ranking close to...

Manama, Bahrain - A fourth Bahraini soldier has died after an attack this week on his country's contingent in the Saudi-led coalition battling Yemen's Houthi rebels, the Gulf archipelago's army said. Bahrain had previously announced the deaths of three of its soldiers in Monday's attack near the Saudi border with Yemen....

Riyadh, Saudi Arabia - Saudi Arabia has unveiled plans to expand the number of licensed companies authorized to offer services to overseas pilgrims for the 2024Haj season, local media reported.  Under the new regulations, the licenses will be valid for a period of five years, and the estimated fee for...

Riyadh, Saudi Arabia--Iran has proposed to Saudi Arabia to set up a working group to look into the idea of cancelling visas between the two countries. In this regard, the Iranian deputy tourism minister traveled to Saudi Arabia to proposed the to Saudi Arabia the idea of visa cancellation. A...

Riyadh, Saudi Arabia-- The Saudi Fund for Development (SFD) has signed two loan agreements with Seychelles to support the social housing in the country. In this regard, CEO of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad signed two development loan agreements with Seychelles Minister of Finance, National...

According to National Security Council spokesman John Kirby, a basic framework has been hammered out by all sides that could form the outline of a historic US-brokered deal to normalize relations between Saudi Arabia and Israel after decades of hostility. The deal could earn Israel recognition by the guardian of...

Athens, Greece - Greece and Saudi Arabia announced their agreement to establish a jointly-owned company with the goal of connecting their power grids. This marks the initial phase of their ambitious plan to provide Europe with more affordable green energy, according to a statement from the Greek energy ministry, as...

Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand and favorable regulations, predicts Moody's.

Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month (MoM) to SAR 1.76 trillion in August. When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported. SAMA’s investments...

RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement (FTA) between the GCC and Pakistan will help strengthen trade relations and economic cooperation with countries and international blocs. The statement was made during the signing ceremony of the preliminary...

Washington, United States - US Secretary of State Antony Blinken and India’s External Affairs Minister S Jaishankar held discussions in Washington, highlighting the potential of the India-Middle East-Europe Economic Corridor. The significant initiative, born out of India's G20 presidency, aims to foster transparent, sustainable, and high-standard infrastructure investments. "At the...

Riyadh, Saudi Arabia  -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products, including electric batteries, Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef said on Thursday  “The inauguration of Lucid Motor’s plant confirms the sound implementation of the National Industrial Strategy...

JEDDAH, SAUDI ARABIA - The Red Sea International Film Festival has said that internationally renowned writer, director and producer Baz Luhrmann will preside over the festival's Red Sea: Features Competition Jury this year. The festival's third edition will take place from November 30 to December 9 in Jeddah. The Red...

Riyadh, Saudi Arabia--Red Sea Global (RSG) will become the exclusive agent for Bear Grylls Survival Academy (BGSA) bringing the world-famous survival and adventure brand to Saudi Arabia. It is the second outdoor tourism project of Grylls’ in the Middle East, who has another outpost in the UAE’s Ras Al Khaimah...

AlUla, Saudi Arabia – The world's most popular obstacle-course racing challenge, Tough Mudder, announced the launch of a Tough Mudder Infinity race for the first time in the Middle East, to be held on February 24 next year in AlUla Governorate, one of the most prominent tourist destinations in the...

According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden, Osnabrueck and Zwickau. Offices at the Wolfsburg headquarters were also affected, Handelsblatt said.

Riyadh, Saudi Arabia - Saudi Arabia has announced its intention to revise its tourism goals, increasing the target number of visitors from the previous 100 million by 2030 to a new goal of 150 million, Mahmoud Abdulhadi, the Deputy Minister of Destination Enablement at the Ministry of Tourism, said  during...

Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international factory in Jeddah-based King Abdullah Economic City (KAEC). The manufacturing unit extends over an area of more than 1.35 million square meters, occupying about 31% of the total area allocated...