Islamabad, Pakistan - Pakistan's Prime Minister Shehbaz Sharif met on Tuesday with visiting Saudi Deputy Foreign Minister Waleed bin Abdulkarim Al Khuraiji, and discussed regional and international development. They also discussed bilateral relations and ways to enhance and develop them in various fields in a way that achieves the aspirations...

Its net profit for Q2of 2023 rose to US$187m.

Russia, which was not invited to the summit, said that a resolution was possible if Ukraine "stopped the hostilities and terrorist attacks" and if Western countries stopped arms supplies to Kyiv. It also called on Ukraine to cede its occupied territories to Moscow.

The film titled 'Talk to Me' features Australian actor Zoe Terakes. (AFP)

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee Company, a unique lifestyle integrated concept designed to inspire and enhance women’s well-being in Saudi Arabia. Kayanee will focus on women’s health and lifestyle of future generations through six offerings,...

Jeddah, Saudi Arabia -- The Saudi Geological Survey (SGS) and the Argentine Mining Geological Service (SEGEMAR) have signed a Memorandum of Understanding (MoU) to foster scientific and geological cooperation. The agreement was signed by SGS CEO Abdullah bin Muftar Al-Shamrani and SEGEMAR Executive Secretary Silvia Chavez, in the presence of...

Jeddah, Saudi Arabia-- More than 40 representatives of countries from around the world gathered in Jeddah, pledging to continue holding consultations that could pave the way for peace in Ukraine and end the deadly war. A meeting was held in Jeddah for national security advisors and representatives from over 40...

Riyadh, Saudi Arabia-- Looking to boost leisure, business and religious travel to the kingdom, Saudi Arabia will grant visitor e-visa to travelers from eight newly-eligible countries: Albania, Azerbaijan, Georgia, Kyrgyzstan, Maldives, South Africa, Tajikistan, and Uzbekistan. Nationals of these countries can apply for a Saudi visitor visa ahead of their...

MENA startups secured US$95 million in July 2023 across 31 deals; equity investments hit US$55 million, boosted by One Moto's US$ 40 million round.

Riyadh, Saudi Arabia -- Most of Saudi Arabia's real estate market sectors recorded growth in the second quarter of 2023, with Grade A office rents in the capital Riyadh growing by 12.2 percent and Grade B rents rising by 14.4 percent year-on-year. Average occupancy for both segments in the capital...

Saudi Arabia's employment figures received a significant boost in 2022, thanks to the efforts of the Public Investment Fund (PIF), which set up 25 companies and created 181,000 jobs during the year, latest official data has pointed out. The 2022 annual report of the PIF highlighted the establishment of a...

The investments are expected to localize partnerships.

Riyadh, Saudi Arabia-- Saudi Arabia has signed a $77 million loan agreement with Belize to set up a solar power plant in the Central American country. In this connection, the CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, today signed a loan agreement with the Prime...

Tokyo, Japan--Japan's crude oil imports from the United Arab Emirates amounted to 25.63 million barrels in June 2023, or 37.4 percent of total imports, the Natural Resources and Energy Agency of Japan's Ministry of Economy, Trade and Industry said. During June, Japan's total crude oil imports were 68.5 million barrels,...

Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns. Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while...

Russia invaded Ukraine on February 24, 2022, failing in its attempt to take Kyiv but seizing swathes of territory that Western-backed Ukrainian troops are fighting to recapture. Beijing, which says it is a neutral party in the conflict but has been criticised by Western capitals for refusing to condemn Moscow,...

Makkah, Saudi Arabia - A scientific forum organized by Arab and Islamic universities’ associations has recommended the formation of a working group of scholars and researchers to become envoys for the Muslim World League’s (MWL) initiative, "Building Bridges Between East and West.” The forum, titled “The role of media in...

The dispute over the field -- known as Arash in Iran and Dorra in Kuwait and Saudi Arabia -- dates back to the 1960s when Iran and Kuwait awarded overlapping offshore concessions. Last year Kuwait and Saudi Arabia signed an agreement to develop the field, despite objections from Iran which...

Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to strain the region's finances, data and analytics company GlobalData said in its Global Risk Report Quarterly Update -- Q1 2023. The region's risk score went up from 54.3 out of...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...