ALULA, SAUDI ARABIA –   The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital solutions by signing two new agreements with global tech leaders Artefact and Dassault Systèmes.Announced at the seventh annual Future Investment Initiative in Riyadh, the agreements are focused on the seamless...

The pact aims at establishing advanced digital solutions.

"A united and unified position in the Muslim world could have prevented the oppression and aggression of the Zionist regime and the excesses of its Western supporters in a more effective way," he said, quoted by state news agency IRNA. Raisi also called for "strengthening co-operation" between countries in the...

The firms will jointly establish an e-fuel demonstration plant.

Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a remarkable 135 percent growth in exports and services in the second quarter of this year compared to Q2 last year, with tourism playing a significant role.Speaking at the seventh Future...

The JV will develop and own the Four Seasons Resort Red Sea.

Riyadh, Saudi Arabia - Saudi Arabia is set to embark on a significant endeavor to expand its power generation capacity, with plans to attract investment amounting to hundreds of billions of dollars by the end of this decade. Marco Arcelli, the CEO of ACWA Power Co., based in Riyadh, Bloomberg...

Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking a more supportive ecosystem.

Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking a more supportive ecosystem.

RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here. The MoUs were signed by both government and private entities. Government agencies signed four MoUs with the private sector in areas such as real estate development, automotive, and water. President...

Riyadh, Saudi Arabia -- The Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted new investments by partnering with China and Japan to provide third-party services in industrial cities, as part of Modon's strategic vision to be a preferred destination for the growth of investments and the first...

The company had posted net earnings of $136m in 9M 2022.

Riyadh, Saudi Arabia--The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have signed a joint-venture agreement to establish an automated vehicle manufacturing plant in Saudi Arabia.PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Hyundai will also act as a strategic...

Riyadh, Saudi Arabia - Bilateral trade between Saudi Arabia and Malaysia rose 160% in 2022 compared to 2021, revealed the joint statement issued at the conclusion of the visit of Malaysia's Prime Minister, Anwar Ibrahim, to the Kingdom of Saudi Arabia. The statement stressed the importance of continued collaboration to...

Majeed Al Abduljabbar will be the CEO from January 1, 2024.

Revenues for the period grew by 7.5 percent year-on-year.

Dubai, UAE -- Emaar, The Economic City, the master-developer of King Abdullah Economic City (KAEC), has signed a strategic agreement with Orascom Development and Managment and Alkholi Holding Company to develop a waterfront mix-use destination in KAEC. This initiative aims to enhance the city's position as a family gateway to...

The aim is to establish multiple logistics zones in the Kingdom.

Speaking at a campaign fundraiser, US president said the Saudis wanted to recognize Israel and unite the Middle east, and he believes Hamas's attack on Israel was aimed at disrupting warming ties between the Jewish country and Saudi Arabia. "They (Hamas) knew I was about to sit down with the...

Samarkand, Uzbekistan - The United Nations World Tourism Organization (UNWTO) approved the re-election of Saudi Arabia as president of its executive council for 2024, at the 120th Executive Council meeting held in the Uzbek city of Samarkand.The Minister of Tourism and Chairman of the Executive Council of UNWTO, Ahmed bin...

With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the Gulf region has been commendable, says a report.

The six-member Gulf Cooperation Council (GCC) and the 10-member Association of Southeast Asian Nations (ASEAN) also called for the release of some 200 hostages held by Hamas, as well as the restoration of basic services for Palestinians and the delivery of humanitarian aid.

They will establish a logistics zone in King Abdulaziz

Mohammed bin Salman, the Gulf kingdom's de facto ruler, made his comments during a meeting with British Prime Minister Rishi Sunak, who before visiting Riyadh met with Israeli leaders and pressed them to let more humanitarian aid into Gaza. Prince Mohammed "affirmed that the kingdom considers targeting civilians in Gaza...

Riyadh, Saudi Arabia - The Saudi Food and Drug Authority (SFDA) signed Thursday a memorandum of understanding (MoU) with the Islamic Religious Council of Singapore, also known as Majlis Ugama Islam Singapura, to mutually recognize halal certificate.The MoU aims to develop procedures for conformity assessment, standard specifications, and technical regulations...

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk).The total amount of the issuance is $3.5 billion, consisting of two tranches - a $2.25 billion, 5 years sukuk maturing in 2028 and a $1.25 billion, 10 years sukuk maturing...

Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the FII summit in Riyadh, according to the CEO of the FII Institute Richard Attias.In a virtual press conference, Attias said the seventh Future Investment Initiative (FII) will be very inclusive...

RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing on standardization and the coordination of standards.The signing ceremony occurred during the third session of the Saudi-Singapore Joint Committee on Wednesday.The primary objective of the MoU is to strengthen the...

Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026, while the non-oil sector will likely contribute 3.5 percent on average to the Kingdom’s growth in the same period, Moody’s Investors Service said in a recent report.The National Debt Management Center...

Last week, Indonesian FA president Erick Thohir had said the country was in talks with Australia for a possible joint 2034 World Cup bid, despite the Asian confederation having declared its support for Saudi Arabia's candidacy. But Thohir --  who also serves as a government minister and was formerly the owner...

Despite global economic challenges, the region showcased resilience in the first half of 2023, backed by a robust performance in the construction sector.

Riyadh, Saudi Arabia -- Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen and water desalination projects. The agreements, signed during the third Belt and Road Forum held in Beijing on October 17-18, reaffirm ACWA Power’s commitment to collaborative sustainable development by leveraging its...

There was a 70% QoQ drop in net profit for the third quarter of 2023.

RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding with the Saudi Export Development Authority and the Local Content and Government Procurement Authority (LCGPA) to promote national products.The MoU with the development authority entails exchange of expertise in industrial...

Shanghai, China - China will this week weigh into the Israel-Hamas war by sending its special envoy to the Middle East, after the United States asked it to use its influence to stop the conflict from spreading.Washington says it hopes China's friendship with Hamas backer Iran could help calm the conflict,...

Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye, Thailand, Panama, Saint Kitts and Nevis, Seychelles and Mauritius -- for leisure, business and religious (Umrah only) travel, bringing the total number of such countries to 63.A visitor e-visa is...

RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant mega bus transport services project aimed at linking 200 cities and provinces.  The project will have a capacity to accommodate six million passengers annually.The project operates through three international alliances...

Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023, according to the Q3 2023 MENA Venture Investment Premium Report by startup data platform MAGNiTT.This contributed to $1.4 billion raised through 286 transactions...

RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has completed the installation of the largest off-grid electric vehicle (EV) charging network in Saudi Arabia.The network includes more than 150 charging stations spread across phase...

As Israel prepares for a ground offensive into the Gaza Strip, the international community has mobilized to try to protect civilians and prevent the conflict spreading across the region. But Tel Aviv's avowed determination to crush Hamas, the group behind the October 7 attack on Israel, are hampering mediation efforts.

The merger remains subject to regulatory approvals.

As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance.

Riyadh, Saudi Arabia – Riyadh Season's fourth edition has unveiled a promotional video featuring a range of scenes highlighting its venues and events, along with the eagerly awaited global fight scheduled for its opening ceremony on October 28.The video was produced in Los Angeles over two and a half months....

As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance.

Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September 2022, down from 2 percent in August 2023. This stability is due to the early economic measures taken by the Kingdom to counter the global rise in inflation rates, the...

The top US diplomat has been touring the region after Hamas fighters infiltrated Israel from the blockaded Gaza Strip on October 7 and killed 1,300 people, mostly civilians, and took about 150 hostages. Blinken will travel later Sunday to Egypt, the sixth Arab country he will visit as he seeks...

The Middle Eastern region, led by Saudi Arabia and the UAE, is swiftly becoming a global esports hub, driven by its vast gamer community and strategic investments.

Riyadh, Saudi Arabia - Egypt and Israel have agreed to let US citizens leave the Gaza Strip through the Rafah crossing on Saturday as Israel carries out strikes against Hamas, a US official said.The two US partners agreed to keep the sole crossing from Gaza to Egypt open from 12:00 pm...

Riyadh, Saudi Arabia - Saudi Arabia has reportedly decided to suspend peace talks with Israel and the United States, Bloomberg and Reuters quoted sources as saying. Although the talks have not been terminated, they are temporarily frozen until the violence in the region subsides, reports said. This decision comes as Israel...

RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues to US$1.35 trillion (SAR 5.07 trillion) in 2022.Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics (GASTAT).The business sector maintained...