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.

The higher earnings were driven by an increase in revenue.

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...

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...

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.

"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.

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...

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.

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...

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...

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...

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,...

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...

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...

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...

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...

It also completes conditions for a joint venture.

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...

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.

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...

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...

An increase in borrowing costs hurt the company in H1.