Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase in net income to SAR 6.1 billion at the end of 2022, compared to 2021.Bander Sulaiman Alayed, the Deputy of Market Institutions, said the retained profits in capital market institutions...

Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert.

RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of 2023, the finance ministry said on Thursday.Saudi Arabia, the world's top oil exporter, recorded a budget surplus of almost $30 billion in 2022 as the high prices of the fossil...

Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to the month of September, with the possibility of further extension.Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for the month of...

The second quarter net profit fell 85 percent on weaker demand.

British director Peter Hutton, who sits on the league's board, told the BBC: "I think the budgets are in place for a number of years -- you know, I don't see this slowing down." He added: "I've worked in sport for 40 years and I've never seen a project as...

Both Saudi Arabia and Kuwait renewed "their previous and repeated calls to the Islamic Republic of Iran to negotiate" the demarcation of their maritime borders to settle the issue, according to the statement carried by the official Saudi Press Agency (SPA). Recent attempts to revive negotiations have failed.

The net profit rose to US$39.21m in H1 of 2023.

Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are projected to experience faster growth rates compared to other member nations

Dubai, UAE - Human rights groups have accused Saudi Arabia of detaining five relatives of a US citizen who pursued a commercial lawsuit in Pennsylvania against royals including Crown Prince Mohammed bin Salman.The five detainees appeared briefly on Monday at the Specialized Criminal Court in Riyadh, which was established in 2008...

LONDON —Strategically important power and water projects controlled by GCC governments or government-related entities (GRE), are benefitting from the support and lower risks, according to the latest report by Fitch Ratings.GCC governments typically play multiple roles in power and water desalination projects, often controlling project companies with minority stakes held...

The company has approved a cash dividend of SAR225 million.

The twice African footballer of the year is the latest high profile player to join the cash-rich Saudi league. Both clubs announced the transfer involving the former Liverpool star which German media estimated at around 30 million euros on a three-year deal with an annual salary for Mane of 40...

Jakarta, Indonesia-- Saudi Arabia and Indonesia have discussed defense and military cooperation in a meeting between Indonesian Minister of Defense Prabowo Subianto and his Saudi counterpart, Prince Khalid bin Salman bin Abdulaziz. According to SPA, the two officials discussed bilateral relations and military and defense cooperation, as well as other issues...

Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai led the market with a 57 percent increase, fueled by demand for luxury properties.

Singapore, Singapore - Liverpool manager Jurgen Klopp on Tuesday urged football authorities to address the late closure of the transfer window in the Saudi Arabia league, fearing it may have a detrimental effect on European clubs.Speaking in Singapore on the eve of his team’s pre-season friendly against German champions Bayern Munich,...

SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone for the construction of a new library in the University of Sarajevo here.The funding for construction and equipping of the library has been through a generous US$22 million grant provided...

Dubai, UAE -- Nesma & Partners, a contracting company funded by Saudi sovereign wealth fund, the Public Invesment Fund, has signed an agreement to acquire Kent, a global energy services provider. The acquisition is expected to close by the end of the calendar year, subject to regulatory approvals and satisfaction...

Rise was driven by a jump in insurance revenue.

Yemen's finance minister and central bank governor as well as the Saudi ambassador were expected to disclose details of the grant at a signing ceremony in Riyadh. Since 2015, Riyadh has led an international coalition backing the Aden-based government in its war against Houthi rebels, who seized the capital Sanaa...

The drop was even higher (79 percent) in the second quarter.

Al-Khobar, Saudi Arabia – Arabian Drilling Company, one of the largest national onshore and offshore drilling contractor in Saudi Arabia, announced on Tuesday that it secured multiple contracts from Aramco for ten) additional Land Rigs worth SAR 3 billion ($0.80 billion). The ten contracts are for additional land rigs assigned to...

Fabinho, the Brazil midfielder, will join Karim Benzema and N'Golo Kante at Al-Ittihad, one of four Saudi clubs controlled by the Gulf state's sovereign wealth fund. He has signed a three-year deal after completing his move from Liverpool. The 29-year-old was left out of Liverpool's pre-season squads for trips to...

Jeddah, Saudi Arabia - SAUDIA, the national flag carrier of Saudi Arabia, announced the expansion of its fleet with the addition of new aircraft type, Airbus A321neo under the slogan “A neo-way of flying.” The airline aims to add 20 more A321neo aircrafts to its fleet by 2026.The A321neo aircraft...

The country ascends four spots in Kearney's 2023 Global Services Location Index, reflecting its thriving business environment and emergence as a tech hub with 4,000+ startups.

"It is unfortunate that the concerned authorities claiming freedom of expression continue to provide licenses to repeat these acts contrary to international law, and this leads to a lack of respect for religions," OIC Secretary-general Hissein Brahim Taha said. Around the time Taha was speaking, two men set the Quran...

RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023, compared to the second quarter of 2022, according to the General Authority for Statistics (GASTAT).Flash estimates for the GDP in Q2 of 2023, issued in a report by GASTAT, showed...

Paris, France - French winger Allan Saint-Maximin on Sunday signed a three-year deal with Saudi Arabia's Al-Ahli after leaving English club Newcastle as the cash-rich and ambitious Gulf kingdom's league snared another top-level player."We pick the best, and he's one of them," Al-Ahli said on social media.The financial terms of the...

Two men set the Quran alight outside parliament in Stockholm at a protest similar to previous ones that have sparked tensions between Sweden and Middle Eastern countries. Salwan Momika and Salwan Najem kicked and stomped on the Muslim holy book, then set its pages on fire before slamming it shut.

Riyadh, Saudi Arabia – Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Kingdom's sovereign wealth fund, the Public Investment Fund (PIF), has announced the start of construction on its new entertainment destination in Almadinah. The $346-million project, which is expected to be completed in 2025, is being developed...

Earlier this month, Kuwait had invited Iran for another round of maritime border talks after Tehran said it was ready to start drilling in the field. On Thursday, Sky News Arabia quoted Kuwait's Oil Minister Saad Al-Barrak as saying his country would begin "drilling and production" at the gas field...

Key global reports list Saudi Arabia's Riyadh and Jeddah among the world's least expensive cities for living. TRENDS finds out the cost of living in other cities of the Kingdom.

Riyadh, Saudi Arabia - Saudi Arabian Mining Company, known as Ma’aden, has agreed to acquire a 10 percent stake in Brazil’s base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets.A binding agreement was signed by Manara,...

Dr Faqeeha commends the G20's support for the global platform CORDAP (Collaborative Action on Coral Reefs and People), which was launched during the Kingdom's G20 presidency. CORDAP aims to accelerate research and development for coral reefs globally and strengthen preservation and restoration efforts.

The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$ 340 million.

The talks to be hosted in the Red Sea coastal city of Jeddah next weekend will discuss a path toward peace in Ukraine, convening representatives from Kyiv, Western powers and developing countries. Russia is likely to miss the meeting just as it did not participate in a similar gathering last...

Saudi Aramco's King Salman Complex, set to be the largest marine industry hub in the Middle East, is expected to boost Saudi Arabia's GDP by over $17 billion.

NEW DELHI, INDIA -  The UAE ranked fourth in the world among the top 12 markets for Indian spices in the fiscal year 2022-23, the Spices Board of India announced.Spice traders, regulatory authorities, import associations and trade officials from the Gulf will be invited for the 14th World Spice Congress...

Firm Saudi Tourism Investment Company has been set up.

New customers and projects were added in H1 2023.

The bank's profit in Q2 increased by 43% compared to Q2 2022.

During the meeting on Thursday with the Danish charge d'affaires, foreign ministry officials delivered a protest note urging an end to "these disgraceful acts, which violate all religious teachings (and) international laws and norms" and can "fuel hatred between religions", the official Saudi Press Agency said. Saudi Arabia and Iraq...

As part of this potential deal, Saudi Arabia would normalize relations with Israel, contingent on Israel making concessions to the Palestinians.

Liverpool, United Kingdom - Liverpool captain Jordan Henderson completed his move to Saudi Pro League side Al-Ettifaq on Thursday, becoming the latest big-name player to be lured to the Gulf state.The England midfielder, who posted a farewell message on Wednesday, has ended a 12-year stay at Anfield, during which he won...

Riyadh, Saudi Arabia - Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical manufacturing following an investment of $3.9 billion in research and development (R&D) since 2021. The country's strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare and...

The air force jet was on a training exercise when it crashed on Wednesday in the south of the country, killing its crew, according to the kingdom's defense ministry. The statement from the ministry said that the accident resulted in the "martyrdom of the aircrew" without specifying exactly how many...

Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) to expand cooperation and investment between the two entities, enabling new investments in Oman’s rapidly growing economy.The MoU provides incentives for PIF and...

The money transfer firm plans to set up base across the GCC.

RIYADH, SAUDI ARABIA - The  Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition of the Lloyd’s List One Hundred Ports, steadily improving on the 24th position it occupied last year.The Minister of Transport and Logistics Services and Chairman of the Saudi Posts Authority...

The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said. More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.