The company reported a net profit of $70m for 9M period of 2023.

In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million barrels per day (mbd) by 2045 under its main scenario, a 16.5 percent increase from the 99.4 mbd in 2022. That is an increase of 6 mbd from its estimate...

PIF will own 75% in the Electric Vehicle Infrastructure Company.

“Achieving success in this area will benefit everyone and align with the goals of the Paris Climate Agreement,” he adds while attending the ministerial panel titled "Advancing Inclusivity and Circularity for Just and Equitable Energy Transitions" during the inaugural day of the Middle East and North Africa Climate Week 2023.

Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum pension for social security beneficiaries by 20 percent.Meanwhile, the Citizen Account Program will remain in effect while adding certain factors to enhance support efficiency and ensure that benefits are received...

RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen, and supply chains.The MoU was signed by Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and India’s Minister of Power and New and Renewable Energy...

Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following the signing of an agreement with the French company Alstom.It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment, in preparation...

Riyadh, Saudi Arabia-- Saudi Arabia and South Korea have pledged to strengthen cooperation in various fields.According to a press statement released by the office of South Korea's President Yoon Suk Yeol, the boosting of ties between the two countries was discussed in a telephone call between the president and Saudi...

President Joe Biden said US support for Israel was "rock solid and unwavering". "The United States stands with Israel," Biden said in a televised statement at the White House, flanked by US Secretary of State Antony Blinken.

Riyadh, Saudi Arabia - Saudi Arabia has signalled its willingness to increase oil production to earn goodwill for a historic three-way agreement involving the US-Saudi defense pact, weapons sales, and a civilian nuclear program, Wall Street Journal reported on Friday. Saudi officials have reportedly informed the White House that they are...

Saudi Crown Prince Mohammed bin Salman recently unveiled glimpses of the audacious Vision 2040 that will focus on green hydrogen, clean energy, and technology advancements.

TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's Vision 2030. Tabuk region annually produces over 28 million flowers, including 17 varieties of roses.These flowers have a market value of over SAR32 million, making the region a leader in...

Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023, down from 7.3 percent in 2022, according to the World Bank.In its recent report, the bank said the Gulf economies combined will grow by 3.6 percent in the year 2024....

RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk carrier IANTHE last month, making it the first ever shipment of the oil byproduct from the Yanbu-based hub.The South Africa bound cargo also marks the resumption of bitumen exports by...

RIO DE JANEIRO, BRAZIL - A delegation led by President of the General Authority of Civil Aviation (GACA) Abdulaziz bin Abdullah Al-Duailej has concluded its participation in the Saudi-Brazilian International Aviation Conference held here from October 2 to 4.   Under the theme "Going Further Together", the conference saw several discussions...

Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons in September, from 4.5 million tons a year earlier, according to recent data issued by Yamama Cement Co.Locally, eight market players reported better sales, led by Al-Safwa Cement Co. with...

Riyadh, Saudi Arabia - The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its bid to accelerate economic integration. According to the GCC Secretary-General Jassem Mohamed Albudaiwi, the grouping at the 120th meeting of the GCC Financial and Economic Cooperation Committee in Muscat, took steps...

"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 Sukuk...

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 of...

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 city...

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 the...

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.Serbian...

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 within...

"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 of...

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 and...

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 percent year-on-year...

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 ROSHN’s...

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...