A projected decline in the Middle East and Central Asia from 5.4 percent in 2022 to 2.5 percent in 2023 has been attributed to a steeper-than-expected growth slowdown in the Kingdom from 8.7 percent in 2022 to 1.9 percent in 2023, a negative revision of 1.2 percentage points.

Dubai, UAE - L&T Construction, part of Larsen & Toubro, has secured new orders in Saudi Arabia, Malaysia, and India.The company will construct a ±525kV High Voltage Direct Current (HVDC) transmission segment in Saudi Arabia. This forms part of a large capacity Voltage Source Converter (VSC) based HVDC system, connecting...

The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to General Authority on Statistics (GASTAT). Compared to April 2023, total merchandise exports decreased by SAR 7.0 billion or 6.7 percent.

While challenges remain in Saudi Arabia's bid for the Expo 2030 despite increasing global support, the Kingdom seems determined to continue its journey of transformation, with or without the Expo, marking a new era for Saudi Arabia on the international stage, the India-based journalist adds.

NEOM, the Kingdom's futuristic city, hosts Volocopter's pioneering eVTOL aircraft test flights, marking a substantial stride towards sustainable, smart mobility.

The decline was attributed to decrease in total operating income.

The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.

The Kingdom, leveraging its significant copper reserves across the nation, seeks to address the global shortage, particularly crucial amid the transition towards clean energy.

In just few years, Saudi Arabia has leapt up the global rankings to become a leading destination for international tourists, with rapid growth transforming its tourism sector.

Saudi Arabia has reentered into this year's Kearney FDI Confidence Index, which ranks the markets likely to attract the most investment in the next three years.

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced Sunday it has established Al Madinah Heritage Company to improve the quality and production capacity of Ajwa dates in the Madinah region.The launch of the Company will help further develop the Saudi Food and Agriculture industry...

The growth was backed by net special commission income.

DUBAI, UAE - Authorities in Yemen have identified a suspect in the killing of a World Food Program official in the southern Taez province, a security official has told AFP.Moayad Hameidi, the head of the UN food agency's office in Taez, was killed in a shooting on Friday in the nearby...

Riyadh, Saudi Arabia--Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12, in coordination with the United Nations Framework Convention on Climate Change (UNFCC).The MENA week’s activities and events will be “Global Stocktake” to assess the progress made towards realizing the climate changes objectives outlined in...

Economic ties between China and the Gulf region's largest economies, Saudi Arabia and the UAE, have surged since President Xi Jinping's attendance at the first Chinese-Gulf summit in Riyadh seven months ago.

Oxagon is a coastal industrial city in Saudi Arabia's NEOM.

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of the camel farming industry in the Kingdom and actively contribute to its sustainable development.The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food...

For the wealthy Gulf states, combining their resources with Turkiye's defense and industrial achievements will produce lasting benefits not only in their economic diversification efforts but also in achieving greater strengths in countering security challenges, he adds.

The Saudi energy giant unveiled plans in March to acquire the stake in Rongsheng Petrochemical, valued at $3.4 billion. The deal calls for the supply of 480,000 barrels per day of Saudi crude to an integrated refining and chemicals complex owned by a Rongsheng affiliate.

Riyadh, Saudi Arabia - Saudi Arabia exported 321,000 tons of dates in 2022 worth 1.28 billion Saudi Riyals ($342 million), marking a 5.4 percent growth compared to the previous year.The growth trend is even more impressive when considering the long-term figures. In 2022, the Kingdom's dates exports surged by a...

Fueling this ambition is an intricate web of travel companies, including tour operators, airlines, accommodation providers, cruise lines, and destination management companies. These firms are crucial cogs in the grand tourism machine, each contributing in unique ways towards marketing Saudi tourism and wooing tourists.

The highest quarterly project awards value in over five years showcases the region's determination for diversification, and reflects the strength of GCC economies.

The dollar-denominated certificates have annual return of 5.23%.

The deal is worth US$266 million (SAR1.27 billion).

Riyadh, Saudi Arabia - Saudi Arabia is the top-ranked country in the MENA region in terms of Venture Capital funding in the first half of 2023, with a deployment of $446M (SAR 1.67 billion).According to a report published by the venture data platform MAGNiTT, the Kingdom accounted for 42 percent...

The rise attributed to increase in total operating income.

issuance is the ninth tranche Sukuk program in US dollars.

The Comprehensive Economic Partnership Agreement (CEPA), signed in March, has further enhanced bilateral economic collaboration. The CEPA sets the stage for increased non-oil intra-trade, job creation, and a significant boost in UAE exports to Turkey.

Avoided by western tourists, Iran is turning to wealthy Arab states and other nearby countries to bolster its sanctions-hit economy. It is also drawing visitors from Russia and China. Owing to the thaw in relations with Saudi Arabia, Iran is now interested in closer ties with the Arab world.

Dubai, UAE - EdVentures, an Edtech corporate venture capital firm in the MENA region, has announced a strategic partnership with VMS, a Venture Studio helping entrepreneurs and startups in the Middle East to develop edtech industry in Saudi Arabia and Egypt. Since its establishment in 2017, EdVentures, the investment arm of...

While Western economies continue to struggle with the aftermath, the region has shown remarkable recovery, instilling a sense of security and optimism among expatriates.

Riyadh, Saudi Arabia -- Saudi Arabia’s exports to Turkey during the past three years amounted to SAR 52.280 billion ($13.93 billion), and the Kingdom’s imports from Turkey totaled SAR 16.787 billion.Saudi exports largely comprised plastics, metal products, organic chemical products, steel, precious metals and stones and its imports from Turkey were carpets,...

Kishida and Qatar's Emir Sheikh Tamim bin Hamad Al-Thani discussed "developments related to energy security and supplies," the Qatari leader said in a statement. They will attend a Japan-Qatar meeting that aims to "promote cooperation in energy security and in the field of clean energy and decarbonization," said Japan's foreign ministry.

Haluk Bayraktar, CEO of the drone manufacturer which is co-run by one of Erdogan's sons-in-laws, in a tweet called the deal "the biggest defence and aviation export contract in the history of the Turkish Republic". The value of the deal has not been made public.

Japan's exports to the Gulf countries include automobiles, machinery, iron and steel, electrical machinery, rubber, textiles, visual goods, and foodstuffs.

New York, US--Saudi Arabia and Bahrain are looking to collaborate in order to speed up the sustainable development goals, aligning them with government programs under the 2030 Agenda.In this connection, discussion took place at a joint meeting between Amna bint Ahmed Al Romaihi, Minister of Housing and Urban Planning, Noor bint Ali Alkhulaif, Minister of Sustainable...

Turkish President Recep Tayyip Erdogan has embarked on a three-state Gulf tour, beginning with Saudi Arabia, as he seeks to attract foreign investment in Turkey's ailing economy. The visit comes as Turkey battles currency collapse and soaring inflation. The Saudi-Turkish business forum was aimed at enhancing trade and investment relations.

As the UAE prepares to host COP28, Japan aims to offer its green and renewable energy technologies to support the Gulf states' decarbonisation efforts. Japanese PM Fumio Kishida's visit also witnessed the UAE-Japan Business Forum, where 23 cooperation agreements were signed, bolstering economic and trade ties between the two countries.

The Kingdom is harnessing the potential of tourism for economic growth, job creation, and cultural exchange. In 2022, Saudi Arabia welcomed 16.6 million visitors, becoming the most visited Middle Eastern country. By Q1 2023, the number of tourists increased by a remarkable 64 percent compared to 2019. Key attractions include...

The Saudi energy developer will be allocated 3,000 sq km of land.

Aboard Nautica , Yemen - The United Nations on Monday handed over a vessel that will take on board oil from a decaying tanker in the Red Sea off war-torn Yemen, an operation aimed at averting an environmental catastrophe.The handover ceremony took place aboard the Nautica, which is being renamed the...

RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The statement is as follows:On July 16, in Jeddah, Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and Kishida Fumio, Prime...

Riyadh, Saudi Arabia -- Aramco, TotalEnergies and SABIC have completed for the first time in the Middle East and North Africa (MENA) region the first conversion of oil derived from plastic waste into circular polymers certified with the International Sustainability and Carbon Certification (ISCC+).The plastic pyrolysis oil, also called plastic...

The company's sales increased by 19.92 percent.

The issuance will be made under a $200m program.

Cristiano Ronaldo, who was long viewed as a possible MLS target, was the first to move to the Saudi league followed by Real Madrid and France striker Karim Benzema and Brazilian Roberto Firmino, among others. But Garber said he isn't worried about the new competition in the market for big-name...

Jeddah, Saudi Arabia--Looking to consolidate trade and investment ties, the Gulf Cooperation Council (GCC) and Japan announced their resumption of the Free Trade Agreement (FTA) negotiations.In this regard the two sides signed a joint statement on the sidelines of the meeting held here today between Fumio Kishida, Prime Minister of...

Baghdad, Iraq -- Iraq said Sunday it has found a site in a province bordering Saudi Arabia where captagon is produced, a rare discovery in a country that has become a transit route for the illicit drug."Today, and maybe for the first time, a laboratory where captagon is produced was found,"...

RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent overall in June compared with the same month last year, government data showed on Sunday.Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent, the...

The deals signed during Japanese Prime Minister Fumio Kishida's official visit to Saudi Arabia reflect the shared commitment to the Saudi-Japanese Vision 2030, says Saudi envoy.