"More than 200 essential medications have been identified, making up about 40 percent of the total purchases by government health institutions, totaling roughly SAR14 billion (US$3.73 billion). Efforts are currently in progress to produce some of these medications locally," the Saudi minister adds.

RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) has announced the economic policy of the civil aviation sector in the Kingdom and the adoption of three economic regulations for airports, ground services, air freight and air transport services, which came into force on Monday. The economic policy...

JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines transported 814,000 Umrah performers to and from Saudi Arabia, a 50 percent increase over last year, according to a press release issued by Saudia.Its commitment to operate during the Umrah...

SABIC Agri-Nutrients Q3 net profit fell 55% to $280 million.

Six Senses AlUla will open in Saudi Arabia in 2027.

stc's revenue was $14.5 billion in January-September 2023.

Riyadh, Saudi Arabia-- Saudi Arabia and Agility have signed a memorandum of understanding (MoU) to introduce cutting-edge health technology and services to the kingdom's healthcare sector.As per the terms of the agreement, Agility and MISA will explore four areas of collaboration in the healthcare sector. This includes the potential for...

Riyadh, Saudi Arabia - Saudi Fund for Development (SFD) on Sunday signed a $100 million loan agreement to support the water sector in Argentina, marking the Fund’s first presence in the country. The agreement will support the growing demand for potable water in Argentina’s provinces of Santa Fe and Córdoba. It...

Riyadh, Saudi Arabia – The Saudi Exchange on Sunday announced its intention to launch the Single Stock Options (SSOs) contracts, the third derivatives product to be introduced in the Saudi Exchange. SSOs contracts will be available to trade on 27 November 2023, enabling local and international investors to hedge and manage...

The profit growth was driven by 27% revenue increase.

Leading Arab opposition to Israel's planned invasion of the Gaza Strip, Saudi Arabia has denounced "any ground operations" due to the threat posed to Palestinian civilians. The kingdom's foreign ministry cautioned against the danger of continuing to "carry out these blatant and unjustified violations of international law against the brotherly...

Riyadh, Saudi Arabia - Two falcons were sold for 154,000 Saudi Riyals ($41,067) amid a large turnout of falcon enthusiasts and breeders from the Kingdom and the region on the 16th night of the auction, held in Riyadh.Both falcons are young peregrines. The first, from Hail city, was sold for...

RIYADH, SAUDI ARABIA - GFH Capital is considering the offering of its unit in Saudi Arabia on the Tadawul.GFH Group's plans are unchanged with regard to listing in other markets, CEO Razi Al Murbati said.The group is listed on the stock exchanges of Bahrain, Dubai, Abu Dhabi and Kuwait, indicating...

RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting its Vision 2030 targets, a report revealed.Saudi Arabia's non-oil private sector is leading in growth for 2023, having accelerated to 5.8 percent year-on-year (yoy) in Q2 2023 and is standing...

Abu Dhabi, UAE -- The financial markets of the United Arab Emirates and Saudi Arabia topped the Arab stock exchanges during the third quarter of the current year, after achieving market profits of nearly $167 billion, according to the Arab Monetary Fund.The Fund, in its quarterly bulletin on Arab capital...

New York, United States-- United Nations Secretary-General António Guterres Friday announced the selection of Saudi Arabia to the UN Advisory Body on Artificial Intelligence (AI), which consists of 39 members representing government and private and civil-society organizations and the academic community from various countries around the world.Shura Council member Dr....

Riyadh, Saudi Arabia – The three day 7th edition of the Future Investment Initiative (FII7)  which ended on October 24 saw $17.9 billion in investments across multiple sectors.FII7 focused on the latest trends in technology and investment, delving into areas such as space and aviation, biotechnology, cybersecurity, robotics, venture capital,...

The Kingdom, with its passion for sports and tech, is set to reshape the competitive gaming landscape by hosting the world's premier Electronic Sports World Cup from 2024.

RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology, medicine, financial services, education and training on the sidelines of the seventh edition of the Future of Investment Initiative Conference here.The MoUs were signed in the presence of the Minister...

The JV will set up a facility to make tires in Saudi Arabia.

Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong Kong-based company.This investment aims to establish an advanced satellite manufacturing company within the Kingdom, with expected growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.ASPACE will...

Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi Arabia's economic reforms, AFP takes a look at the vehicle that is bankrolling the transition: the Public Investment Fund.From world-class footballers to a new national airline and even a speciality...

The bank’s January-September 2023 profit was $469 million.

Roughly one in five Saudi adults is obese, according to an in-depth study published by the World Bank last year .

The GCC project sector, one of the world's most dynamic, has recorded a significant surge in project awards, reaching $41.8 billion in the third quarter of 2023, says a report.

The World Bank President expressed deep concern over the widening wealth gap, while calling for more action on gender equality and women's rights.

Tehran, Iran--Iran's President Ebrahim Raisi believes the expansion of ties between Tehran and Riyadh will be effective in strengthening regional cooperation and solving the problem of the region and the Islamic world.The president made the remarks in a meeting with Abdullah bin Saud Al-Anzi, the newly appointed Saudi Arabian ambassador...

The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion annually from 2025 to 2028, says a latest report.

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.