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...

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...

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...

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...

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...

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...

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....

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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.