Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov 2023, according to the kingdom's ]General Authority for Statistics (GASTAT).This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities.Furthermore, the...
Almarai profit rises 27% in H1
The higher earnings were driven by an increase in revenue.
Tensions lurk behind facade of Gulf Arab detente: Crisis Group
Dubai, UAE - Six years after imposing a comprehensive blockade on Qatar, Saudi Arabia, the United Arab Emirates (UAE), and Bahrain have nearly restored ties with the country. However, underlying tensions persist, as changing dynamics in the Middle East drive competing foreign policy priorities. These unresolved issues have the potential...
Saudi Arabia’s robotics commercial records rise by 52% in Q2
Riyadh, UAE - Commercial registrations in Saudi provinces for the robot technologies sector increased by 52 percent by the end of the second quarter of 2023 to reach 2,344, up from 1,537 records in Q2 of 2022.According to the Ministry of Commerce's recent business sector bulletin, Riyadh City topped Saudi...
Saudi Arabia harnesses technology to boost tourism sector
VR and AR technologies offer tourists pre-visit virtual explorations of cultural and natural sites, driving engagement and anticipation. Onsite, the growing use of digital payment methods such as Apple Pay and UnionPay simplifies transactions, boosting the overall travel experience, they add.Saudi Arabia sails towards ambitious maritime goals
"The noteworthy achievements include substantial developments in logistics services, fostering a closer relationship with the International Maritime Organization, and supporting marine environmental conservation, marking a significant phase in Saudi Arabia's journey towards its ambitious goals," adds Prince Khalid.
ACWA Power awards contract for $677m Saudi desalination project
Riyadh, Saudi Arabia: Saudi energy and water desalination developer ACWA Power, along with Haji Abdullah Alireza & Co (HAACO) and Al Moayyed Contracting Group (AMCG) signed a contract with a consortium for the $677 million Rabigh 4 Independent Water Plant (IWP) project.The engineering, procurement and construction (EPC) contract was signed with...
Will extended oil production cuts stunt Saudi growth?
The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts.
Sweltering heat leaves Gulf residents at risk during noon
DUBAI, UAE- As much of the world swelters in record temperatures, spare a thought for Issam Genedi, who ekes out a living washing cars in one of the planet's hottest regions, the Gulf.Pausing from his work at an outdoor carpark in Dubai, the Egyptian migrant says the UAE's furnace-like summer feels...
AI could unlock $23.5bn in annual economic growth across the GCC by 2030: study
Dubai, UAE - The GCC region could realize $9.9 of economic growth for every $1 invested in GenAI. At that rate, the overall economic impact of GenAI could reach $23.5 billion per year by 2030 within the region, Strategy& Middle East, part of the PwC network revealed in a study. Saudi...
Deals worth $613m signed Saudi-Turkish Business Forum launch
Dubai, UAE -- Deals worth SAR 2.3 billion ($613 million) were signed between Saudi Arabian and Turkish companies on the sidelines of the Saudi-Turkish Business Forum that kicked off in Istanbul on Wednesday.The deals have been signed for real estate development, construction, engineering consultancy and a number of other investment...
India’s quandary in Gulf: How to maintain foothold as China steps into US breach
Dubai, UAE - Indian officials are concerned about China's growing influence in the Middle East and how it will impact India's national interests in the region, an article carried by Middle East Institute says. “The difference in strategies being employed by India and its partners in the Middle East, including Israel,...Saudi-Turkish Business Forum kicks off in Istanbul with signing of 16 agreements
Riyadh, Saudi Arabia - The Saudi-Turkish Business Forum which began on Wednesday in Istanbul, witnessed the signing of 16 agreements worth over SAR 2.3 billion ($0.62 billion) between the Saudi side and Turkish companies operating in various investment sectors, including real estate development, construction, and engineering consulting.The objective of the...
GCC, API sign MoU to establish framework for cooperation
Riyadh, Saudi Arabia-- Seeking to establish a broad framework for cooperation in several areas, the GCC and the Arab Planning Institute (API) have signed a a memorandum of understanding (MoU).The MoU was signed during a meeting between Jassem Mohamed Albudaiwi, GCC Secretary General of the Gulf Cooperation Council (GCC), and...
Pakistan gets $1 billion boost from UAE ahead of key IMF decision
The deposit comes a day after Saudi Arabia transferred $2 billion to Islamabad and brings the state's foreign reserves to $7.5 billion -- more than double last week's account balance. The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of...
Saudi cinema sector grows by 28 percent by second quarter end
Dubai, UAE -- Saudi Arabia's film production sector grew by 28 percent by the end of the second quarter of 2023, with more than 1700 records, compared to 1300 records during the same period last year.The Business Sector Bulletin issued by the Ministry of Commerce said the highest regions in...
Maaden acquires 9.9% stake in Ivanhoe
It also completes conditions for a joint venture.
ROSHN inks MoU with Expro to develop real estate in Saudi Arabia
Riyadh, Saudi Arabia--ROSHN, the Saudi real estate developer, has signed a memorandum of understanding (MoU) with the Expenditure and Project Efficiency Authority, known as Expro, to develop real estate in the kingdom. The MoU looks to improve the efficiency and sustainability of the Public Investment Fund-backed giga-project, as well as boost its...
E-visas to drive tourism’s GDP share to 10%
Saudi Arabia is leveraging digital solutions to streamline travel, link tourists with local enterprises through apps, and enhance experiences via VR, boosting the 'wow' factor with unique projects for global visitors.Cash-strapped Pakistan gets $2 billion deposit from Saudi Arabia
The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political chaos have scared off foreign investment. Inflation has rocketed, the rupee has reached a record low against the dollar, and the country is struggling to afford imports, causing a...
Business reality TV series ‘Beban’ forays into Saudi Arabia
Manama, Bahrain: Entrepreneurship-themed reality television show ‘Beban’ announces the expansion of its third season to Saudi Arabia, as Hope Ventures, the investment arm of Hope Fund and producer of Beban, partners with Saudi-based GFH Capital.Saudi-based businesses can apply for season 3 online through hopefund.bh/beban by July 23. The expansion comes...
eXtra’s H1 2023 profit falls 35%
An increase in borrowing costs hurt the company in H1.East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.Former AT&T chairman quits PGA Tour board over ‘serious concerns’ about deal with Saudi fund
PGA Tour and the Public Investment Fund (PIF) are partnering on creating a for-profit company that combines the PGA Tour's commercial business and its media rights.Saudi authorities foil bid to smuggle 209,000 meth pills in Jeddah
Jeddah, Saudi Arabia -- Saudi Arabia's General Directorate of Narcotics Control (GDNC) have arrested a citizen in Jeddah governorate for smuggling 209,000 pills of the narcotic methamphetamine. Legal action has been taken against him, and the case has been referred to the Public Prosecution, SPA reported.Security authorities have requested all...Jordan security shoots three fugitives dead near Saudi border
AMMAN, JORDAN- Jordanian forces have killed three fugitives including two who had recently escaped jail in a raid near the kingdom's border with Saudi Arabia, authorities said on Sunday.Security forces raided on Saturday the hideout of three wanted fugitives "near the kingdom's southeastern border", Public Security Directorate spokesman Amer Sartawi said...Engineering top course in Arab varsities
Arab universities are increasingly focusing on quality and research, and many of them are making efforts to internationalize their programs.Saudi Arabia should ‘review’ emissions targets: French minister
France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart. Emissions reduction targets can be more credible "when we give ourselves objectives in a short period -- 2030-2035 -- and therefore do not postpone the subject to 2050," Pannier-Runacher said in...
Saudi Arabia and France sign MoU to deepen ties in energy sector
Riyadh, Saudi Arabia--Saudi Arabia and France have signed a memorandum of understanding (MoU) to cooperate in the field of energy, with a focus on renewable resources.In this connection, Saudi Energy Minister Prince Abdulaziz bin Salman and his French counterpart, Agnes Pannier-Runacher, signed the agreement.The two countries released a joint statement...Office segment demand drives Saudi Arabia’s real estate boom
"The office sector shines brightest in the real estate market. Saudi Arabia's rapid economic growth drives the demand," Faisal Durrani, Partner, Head of Middle East Research told TRENDS. "Overseas businesses are flocking to Riyadh, evidenced by a 54 percent rise in business licenses in 2022."
Saudia raises seat capacity by 10%
The number of domestic, international flights will rise.After five years of driving, roadblocks remain for Saudi women
Women drivers in Saudi Arabia is just one example, Jawhara al-Wabili says, of how women's rights have blossomed in recent years, allowing them to become ambassadors, bank directors, university administrators and even astronauts. Saudi scientist Rayyanah Barnawi took part in a mission to the International Space Station just this past...Jeddah prepares to host 4th edition of Formula 1 Saudi Arabian Grand Prix
Jeddah, Saudi Arabia - The Formula One Organizing Committee announced on Thursday the initial calendar for the 2024 FIA Formula One World Championship, which begins in Bahrain on March 2 and ends in Abu Dhabi on December 8.The 4th edition of the Formula 1 Saudi Arabian Grand Prix will be...Rise in unemployment affects Saudi women the most
The Kingdom's unemployment rose to 8.5% in the first quarter of 2023, up from 8% in Q4 2022, driven by a notable increase among women to 15.7%, according to an official report.
May expat remittances in Saudi Arabia marginally down: SAMA
Dubai, UAE -- Remittances from expatriates in Saudi Arabia saw a slight decline year-on-year (YoY) to SAR 11.3 billion ($3.01 billion) in May, according to recent data released by the Saudi Central Bank (SAMA).On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia increased 14 percent, or SAR 1.35...
UN report confirms success of UAE investment endeavors: Al Marri
"The UNCTAD report for 2022 reaffirms the remarkable and unprecedented achievements resulting from the cumulative balance of FDIs flows in the UAE. These outcomes serve as a testament to the insightful guidance and foresight of our wise leadership in fostering a robust and sustainable national economy," UAE Minister of Economy...First Saudi at Paris Fashion Week underlines dramatic changes
Paris, France - Saudi Arabia is continuing its multi-billion-dollar entry into all aspects of global culture, hitting a new milestone on Thursday with the first Saudi designer presenting at Paris Fashion Week.Mohammed Ashi's haute couture show -- his first as part of the official roster after years of dressing top celebrities...
OPEC’s energy ministers back crude output cut by Saudi Arabia, Russia, Algeria
Vienna, Austria - Energy and oil ministers from the Organization of Petroleum Exporting Countries (OPEC) on Wednesday expressed support for the latest production cuts by Saudi Arabia, Russia, and Algeria.Saudi Arabia on Monday extended its voluntary production cut of 1 million barrels per day (bpd) into August, while Russia announced...Saudi Arabia says oil production cut not at odds with Russia
Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian invasion of Ukraine, which has upended economies worldwide.
UAE FDI inflows record highest ever jump in 2022: UN report
The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008), the UK (1230) and the US (2075), according to the UN Investment Report 2023. UAE's impressive numbers led to an increase of the projects in West Asia by two thirds.
Brazil footballer Firmino joins Saudi club Al-Ahli after Liverpool exit
Backed by the nation's sovereign wealth fund, the Saudi Pro League is luring big names from the major European leagues with the promise of huge salaries. Former Liverpool captain Steven Gerrard took over as coach at Al-Ettifaq earlier in the week, while Karim Benzema and N'Golo Kante have also made...
Saudi Arabia launches E-Visa system for Umrah pilgrimage
Dubai, UAE - Saudi Arabia has introduced a new electronic visa system for Muslims intending to embark on the spiritual journey of Umrah. The Ministry of Haj and Umrah aims to facilitate the pilgrimage experience for Muslims worldwide by initiating this streamlined online application process. The visa issuance has commenced, and...
Subscription opens to Alinma EMF
The subscription is open for 60 days until Aug 31.
Saudi Catering, RSG ink pacts
The contracts are valid for 20 years, said Saudi Catering.Saudi Arabia’s Al-Ettifaq hires former Liverpool star Steven Gerrard as coach
Riyadh, Saudi Arabia--Former Liverpool captain Steven Gerrard is the latest star name to make the move to Saudi Arabia after signing a deal to become head coach of Al-Ettifaq.The 43-year-old has been out of the game since being sacked by Aston Villa in October.Gerrard had previously said he had turned...Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT - Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready to start drilling in a disputed gas field in the resource-rich Gulf.Kuwait insisted it held "exclusive rights" to the maritime field along with Saudi Arabia, after the neighboring countries agreed...Oil prices increase after Saudi Arabia and Russia cut crude output
In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move that briefly raised prices but failed to bring about lasting price recovery.Saudi tourism magnets: Oasis, bustling cities
New tourism framework has been enacted, refining regulations and systems to lure investors, boost competitiveness, and elevate service quality in the sector across the Kingdom of Saudi Arabia.
Saudi Arabia extends 1mbpd oil cut, Russia slashes exports
The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency (SPA) reported, citing an energy ministry source. "The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting...
ACWA Power okays dividend
The shareholders approved to distribute an 8.3% dividend.Saudi Arabia, UAE allocate $6bn to support their operations in Iraq
Baghdad, Iraq - Saudi Arabia and the UAE have allocated $6 billion to support their operations in Iraq, the Federation of Iraqi Chambers of Commerce (FICC) announced on Sunday. The FICC signed an agreement with the two countries to create business councils. The FICC's president Abdul al-Razzaq al-Zuhairi told the...
