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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable farm by area. The farm is one of the extension farms of the rejuvenated water farming research unit of the Bin Heshbal Valley in the Asir Region. The total area...

Qatar, where Blinken will head immediately after Jordan, has longstanding ties with Hamas and has been seen as an intermediary in freeing the hostages. "We'll continue pressing countries to help prevent the conflict from spreading, and to use their leverage with Hamas to immediately and unconditionally release the hostages," Blinken...

TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations - The Red Sea and Amaala - celebrated the take-off of its first seaplane flight operated by its subsidiary company, Fly Red Sea. Established as the first seaplane company in Saudi...

The three countries are additional stops on his visit that included meetings with King of Jordan and Mahmud Abbas. Blinken said he raised with Israel the humanitarian needs of the Gaza Strip, while pledging unwavering support to Israel.

RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) reported an 11.66 percent surge in container traffic across its trade hubs during September, handling 732,293 Twenty-foot Equivalent Unit in comparison to 655,831 TEUs a year earlier. Monthly statistics further show an 18.2 percent increase in exported containers from 198,529 TEUs...

The fall was attributed to an increase in non-operating expenses.

Sochi, Russia -.Starting in 2024, travelers from Saudi Arabia, Oman, Kuwait, Malaysia  and Bahrain may no longer need tourist visas to visit Russia,  Deputy Minister of Economic Development Dmitry Vakhrukov said on the sidelines of the FTT-2023 Forum of Tourism Territories, Tass reported. "I reckon this could happen next year....

Analysts say the war has dealt a heavy blow to a possible landmark normalisation deal between Saudi Arabia, home to the holiest sites in Islam, and Israel. That process has been driven by US President Joe Biden's administration, with Riyadh bargaining hard for benefits from Washington including security guarantees and...

Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a staggering $101 billion worth of projects in the first half of 2023, a report by JLL's Construction Market Intelligence said, based on insights gathered from industry experts and sources. The...

They will create a joint company to upgrade organic waste recycling.

The film is about an overworked delivery app driver in Riyadh, Fahad Nassir, who has taken a bold step into the world of bootlegging.

Since 2008, Israel has conducted four major military operations in Gaza, resulting in significant casualties and widespread destruction.

Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a 6.5% drop in oil production, says a report.

RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen plant, in the futuristic NEOM megacity, the project's CEO told AFP on Tuesday. "This week, we have our first delivery of wind turbines. They actually arrived in the port of...

The firm will drive strategic investments and partnerships

Jeddah, Saudi Arabia - The Red Sea International Film Festival (RSIFF) unveiled Monday the lineup of international short films participating in the event. The films include "Titanic", "Primetime Mother", "The Late Wind", "The Wait", "Solatia", "Dusk", "Suitcase", "Terra Mater - Motherland", "Eid Mubarak" and "The In Between". The third edition...

Diriyah, Saudi Arabia -- Diriyah Gate Development Authority (DGDA) Tuesday announced the inaugural edition of the 'Traditional Architecture Gathering' to be held in the UNESCO World Heritage Site At-Turaif, in Diriyah, The City of Earth, from October 24th to 30th. The event is themed 'Traditional Najdi Architecture,' and will bring...

MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by 3.4 percent in 2023 and 4 percent in 2024. The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago. The...

With potential spikes in oil prices and uncertainty surrounding major projects like the IMEC, the world faces a complex economic future shaped by Middle Eastern tensions.

Saudi Crown Prince Mohammed bin Salman tells Palestinian President Mahmud Abbas that he was working to prevent an expansion of conflict between Israel and Gaza.

Riyadh, Saudi Arabia -- Saudi Arabia has unveiled an ambitious roadmap to achieve its monumental goal of planting 10 billion trees under the Saudi Green Initiative. The announcement was made during the second annual MENA Climate Week, held for the first time in Saudi Arabia from October 8 to 12,...

RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's domestic market mechanism, Greenhouse Gas Crediting and Offsetting Mechanism (GCOM), at MENA Climate Week 2023 here.  This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to...

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...

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...

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...

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...

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.