• Aramco CEO terms energy transition strategy a failure

    Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is visibly failing on most fronts. adding that this is "hardly the future picture some have been painting." Fossil fuels accounted for 82% of global consumption last year.
  • GASTAT adopts chain-linking method to calculate Saudi Arabia’s real GDP

    RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that it has adopted the chain-linking methodology to calculate the real GDP in the country. The Q4 2023 results and the annual results for the same year have been reached at...
  • Saudi Arabia’s IPI falls 8.8% in Jan on decrease in mining activity

    Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) continued to decline for the 13th month in a row, falling 8.8 percent in January compared to Jan 2022, on the decrease in mining and quarrying activity. Given the relative importance of mining and quarrying activity, which amounted to 61.4...
  • Aramco profit down in 2023

    The oil giant posted a 24.7% fall in net profit to US$121.25bn.
  • Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn

    AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months of 2024, compared to US$1.79 billion (JD1.272 billion) for the same period last year. According to statistical data obtained by Petra, exports of five sectors recorded an increase, while the...
  • Saudi Arabia to expand customs duty exemption for some industrial products from April 1

    Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of customs duty exemptions for various industrial products and materials starting April 1. Industrial companies holding a valid license from the ministry will benefit from duty exemptions on specific items essential...
  • Saudi Tourism Authority, Trip.com Group sign global agreement

    BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater inbound tourists to Saudi Arabia as part of its Vision 2030 program. The joint effort aims to bring over 350 thousand additional tourists to Saudi over the course of the...
  • LEAP 24 concludes with $13.4bn investments, record participation

    Riyadh, Saudi Arabia -- A total of $13.4 billion in investments were announced during the third edition of the International Tech Conference LEAP, the biggest global tech event in terms of turnout, which has concluded in Riyadh on Thursday. LEAP conference organized by the Ministry of Communications and Information Technology,...
  • Alicia Keys to perform at Saudi Arabian Grand Prix 2024 on March 9

    Jeddah, Saudi Arabia - Jeddah is poised to host Alicia Keys, the legendary musician, singer, and multiple Grammy-award winner, at the Jeddah Corniche Circuit Main Stage on March 9. This performance is set to be a highlight of the Formula 1 STC Saudi Arabian Grand Prix 2024 festivities. Alicia Keys...
  • Saudi Arabia transfers 8% Aramco stake to PIF-owned firms

    Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's PIF sovereign wealth fund, according to state media. Aramco is the main source of revenue for Crown Prince and Prime Minister Mohammed bin Salman's ambitious economic and social reform program...
  • Saudi tech show LEAP 2024 to close on ‘record-breaking’ note

    Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing for what organizers are terming as "record-breaking" final day with more announcement of investments expected to be made on the occasion. Abdullah Al-Swaha, Saudi minister of communications and information technology,...
  • Saudi Arabia unveils its man shaped AI robot Mohammad

    Riyadh, Saudi Arabia - Saudi Arabia unveiled its first male humanoid robot ‘Muhammad’ during the second edition of DeepFast in Riyadh which kicked off at the Riyadh Exhibition and Convention Centre in Malham on Monday. A 7-second video of the robot is now viral. In it, the reporter Rawya Kassem,...
  • Investments approach $13bn as LEAP 2024 hits halfway stage

    Riyadh, Saudi Arabia -- After announcing a staggering US$11.9 billion of investments on Monday, LEAP 2024, the world's most attended technology exhibition, unveiled another raft of investments totaling over US$888 million on Wednesday. The investments at LEAP 2024, which runs until March 7 at Riyadh Exhibition and Convention Centre in...
  • SEC 2023 net profit $2.74bn

    The company's board announces a dividend of $775 million.
  • Arcapita Capital closes $500m fund

    The fund saw participation from leading sovereign wealth funds.
  • Time to recognize the State of Palestine: Saudi foreign minister at OIC session

    Jeddah, Saudi Arabia — Saudi Minister of Foreign Affairs Prince Faisal bin Farhan has emphasized the unanimous rejection of the displacement of Palestinians from the Gaza Strip by the Islamic countries. During his presidential address at the Extraordinary Session of the Council of Foreign Ministers of the Organization of Islamic...
  • UAE, Saudi Arabia, Qatar emerge as soft power leaders

    The surge of three GCC nations in the Global Soft Power Index, with UAE leading with a perfect economy score, highlights their global influence and reputation enhancements.
  • PIF, Mumtalakat collaborate to boost investment opportunities in Bahrain

    Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, Tuesday signed a memorandum of understanding (MoU) to expand cooperation and enable investment opportunities in Bahrain, PIF said. PIF said in a statement that the MoU provides multiple...
  • ADES 2023 profit $120m

    Higher utilization rates in Saudi, Egypt fuel revenue growth.
  • Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb

    RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 57.2 points in February. The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.    The PMI...
  • Vision 2030 empowers women in Saudi legal sector

    "The progressive momentum generated in the past decade fills us with positivity and reassurance in the Kingdom, where we have seen the first cohort of female lawyers graduate in 2008, the first female lawyers admitted to the courts in 2013, and the first female arbitrator appointed by the Saudi Center...
  • Saudi Arabia takes the lead in global road connectivity rankings: minister

    Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of its road network, Minister of Transport and Logistics Eng. Saleh Al-Jasser said on Monday. Speaking at the launch of the "Safe distinguished roads" campaign in Riyadh, Al-Jasser highlighted a remarkable...
  • Middle East saw surge in new CEO appointments in 2023: Report

    Dubai, UAE – The Middle East witnessed the highest percentage of new CEO appointments globally, averaging at 16 percent, with Saudi Arabia leading with an impressive 20 percent, a report said. This trend is paralleled by markets such as Poland and Switzerland, with similarly high rates of new appointments, according...
  • Saudi Arabia sees over $11.9bn investments on Day 1 of LEAP 2024

    Riyadh, Saudi Arabia -- Saudi Arabia's Ministry of Communications and Information Technology announced has said that the Kingdom witnessed technology investments on the first day of LEAP 2024 worth more than $11.9 billion. Amazon Web Services will invest $5.3 billion in the Kingdom to create a high-capacity cloud region, the...
  • Middle East emerges as a major player in global CEO appointments: report

    Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a total of 1,221 positions at the largest public listed companies worldwide. Heidrick & Struggles revealed in a report titled "Route to the Top 2023". The countries contributing to these appointments...
  • 89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months

    Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the next 12 months, surpassing the global average of 44%, the Middle East average of 73%, and the GCC average of 81%, reveals the 27th Annual CEO Survey by the PwC...
  • Saudi Arabia to imprison, fine people for helping, employing illegal immigrants

    RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of violators of border security into the Kingdom or provides them with shelter or any service or help of any type will face imprisonment up to 15 years and a fine...
  • Saudi, UAE and Iraq extend oil cuts, Russia to slash output by 471,000 bpd

    An energy ministry source said Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024," the official Saudi Press Agency reported. "Afterwards, in order to support market stability, these additional cut volumes will...
  • Total value of Saudi Arabia’s export of dates reaches US$389m in 2023

    RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of Saudi Arabia's date exports increased by 14 percent in 2023, reaching US$389 million (SAR1.462 Billion), compared to US$341 million (SAR1.280 billion) in 2022. By the end of 2023, the number...
  • OIC to hold extraordinary meeting on Israeli aggression on March 5

    Jeddah, Saudi Arabia - The Organization of Islamic Cooperation (OIC) will hold an extraordinary meeting of its Council of Foreign Ministers to discuss the continuing Israeli aggression against the Palestinian people. The session will be held at the headquarters of its General Secretariat in Jeddah on March 5. OIC Secretary-General...
  • Saudi Arabia formally launches bid for 2034 World Cup

    Riyadh, Saudi Arabia -- Saudi Arabia formally launched its bid to host the 2034 World Cup on Friday, nearly four months after football's world governing body FIFA announced the kingdom was the only candidate. The bid comes two years after neighboring Qatar hosted the first World Cup in the Middle East....
  • Split over Gaza and Ukraine, G20 meeting ends in discord

    Brazil's Finance Minister Fernando Haddad told a news conference in Sao Paulo that it was "impossible" to reach a final joint statement. The minister said the impasse was over the ongoing conflicts without explicitly mentioning Russia's invasion of Ukraine or Israel's ongoing military campaign in the besieged Gaza Strip.
  • Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh

    Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters in the Kingdom, with the majority seeking to set up in Riyadh, Minister of Investment Khalid Al Falih said. Speaking at the Human Capability Initiative (HCI), the minister said the...
  • Saudi football body suspends, fines Ronaldo over gesture

    Sports newspaper Al-Riyadiya reported Ronaldo as saying he respected all football clubs and that the gesture expressed "strength and victory" -- not offence -- and was considered acceptable in Europe. The 39-year-old, a five-time winner of the UEFA Champions League, was the first major star to move to the kingdom...
  • Saudi Arabia’s PIF announces tennis partnership with ATP

    In a joint statement, the two bodies said the partnership marked "a significant shared commitment to enhancing global tennis". The statement did not give details of the amount of the investment which will see PIF become the official naming partner of the ATP rankings.
  • Luberef net profit falls 24%

    Decline attributed to lower prices for base oils, secondary products.
  • Zelenskyy in Saudi Arabia to discuss war; meets Mohammed bin Salman

    RIYADH, SAUDI ARABIA - President of Ukraine Volodymyr Zelenskyy and his accompanying delegation arrived here on Tuesday. The Ukrainian President was on a visit to Saudi Arabia. Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, who is also the prime minister of the Kingdom of Saudi Arabia, received President Zelenskyy...
  • Saudi Arabia surpasses 2030 tourism target of 100 million visitors

    The Kingdom drew praise for this achievement from UN Tourism and the World Travel & Tourism Council. Motivated by this success, the country has now set a new ambitious target of 150 million tourists by 2030.
  • Aramco signs $6bn purchase agreements with local suppliers

    Dhahran, Saudi Arabia -- Energy giant Saudi Aramco Tuesday announced that it has signed 40 corporate purchase agreements worth $6 billion with suppliers in Saudi Arabia under its localization program. The new purchase agreements cover companies in multiple sectors and include the supply of a variety of products, including strategic...
  • Maaden net profit falls 83%

    The company's fourth-quarter net profit declined 12% YoY.
  • SABIC AN profit falls 64%

    The company had posted a profit of $2.67 billion in 2022.
  • Over 6m worshippers perform prayers at Prophet’s mosque last week

    Madinah, Saudi Arabia -- Saudi General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's Mosque said that the latter received a total of 6,000,247 worshipers and visitors last week. The authority-issued statistics showed that 647,790 visited the Prophet Mohammed's tomb, and 298,397 visitors performed...
  • Saudi Arabia announces major gas discovery in Jafurah

    Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, in addition to 2 billion barrels of condensates. Reserves at Jafurah had reached 229...
  • Saudi Arabia cracks down on heritage site defacement with hefty fines

    Riyadh, Saudi Arabia - Saudi Arabia has issued a stern warning against damaging the nation's cultural heritage sites, imposing hefty fines and potential jail time for offenders. The Public Prosecution declared on Thursday that anyone caught defacing or vandalizing historical or urban heritage, including acts like writing, painting, engraving, posting...
  • Saudi solar company ALUPCO partners with Mexico-based Array technologies

    Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array Technologies, based in Albuquerque, a city in Mexico. The primary objective of this partnership is to introduce solar technology into the rapidly expanding renewable energy sector in the Middle East....
  • Diversification helps GCC surge in global markets

    Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global competitiveness, says a report.
  • Saudi Arabia’s PIF to acquire stake in Binladin Group: Report

    Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) intends to acquire a stake in Saudi Binladin Group (SBG), Bloomberg reported, citing sources with knowledge of the matter.  The fund is working with Morgan Stanley on the potential deal to buy into SBG, Argaam reported, citing reports.  The PIF is...
  • Saudi Arabia pursues AI hub future: PIF Governor

    Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as a potential global hub for AI and related industries, citing its competitive advantages, leadership in clean energy resources, political commitment, robust funding capabilities, and developing human talent. Delivering a speech...
  • Saudi Arabia, China sign MoU to develop air transport cooperation

    Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The MoU was signed between General Authority of Civil Aviation (GACA) President, Abdulaziz bin Abdullah Al-Dauilej,  and Civil Aviation Administration of China Administrator Song Zhiyong. It is part of the ongoing...
  • Saudi media ministry and Google join forces for digital transformation

    Riyadh, Saudi Arabia - Saudi Ministry of Media and Google have joined forces in a strategic collaboration aimed at driving the digital transformation of Saudi Arabia's media sector. The announcement, made during the 3rd Saudi Media Forum in Riyadh, aligns with Minister of Media Salman Al-Dosary's declaration that 2024 is...
  • Saudi foreign minister seeks G20 action on Gaza

    Rio de Janeiro, Brazil - Saudi Foreign Minister Prince Faisal bin Farhan called on G20 nations to apply pressure for concrete measures to halt the conflict in Gaza and advocate for a credible, irreversible path toward a two-state solution. Prince Faisal voiced these sentiments during the inaugural session of the...