Compared to the last quarter of 2022, net profit fell by 1.4 percent

“The Kingdom advanced 15 places in the Global Innovation Index in 2022. Winning prizes and top ranks in international competitions has become a yearly tradition for the Kingdom's students and talents. This includes winning 27 awards at the Regeneron ISEF 2023 conference," he adds.

Within minutes of the ceasefire taking effect late Monday, witnesses in the capital Khartoum reported air strikes and gunshots. The one-week truce is the latest in a series of agreements that have all been systematically violated, with the army and the paramilitary Rapid Support Forces (RSF) accusing each other of...

RIYADH, SAUDI ARABIA- The Public Investment Fund (PIF) announced the establishment of Badael Company, which aims to develop, manufacture and distribute innovative products targeted to reduce smoking prevalence and promote healthier lifestyles by offering tobacco-free and less harmful alternatives.  The initiative, in the run-up to the World Health Organization (WHO)...

The company had posted a loss of 3.2 million riyals the previous year.

Riyadh, Saudi Arabia -- Saudi Arabia and the United Kingdom on Thursday signed an agreement to jointly develop critical minerals supply chains.The agreement was signed between Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al Khorayef, and the United Kingdom’s Secretary of State for Business and Trade, Kemi Badenoch.Critical...

Government initiatives, such as the national e-commerce strategy and consumer protection regulations, are playing a key role in facilitating the shift in consumers' choice, says a report.

Muteb Alshathri, acting CEO PIF, told the Saudi-Iraqi Coordination Council in the kingdom that the Saudi-Iraqi Investment Company will invest in mining, real estate, infrastructure, mining, agriculture and financial services. In October last year, the fund announced it will establish five companies aimed at investing in Bahrain, Iraq, Jordan, Oman...

On Wednesday, Canadian Foreign Minister Melanie Joly said the two countries will "appoint new ambassadors". A Canadian foreign ministry statement named Jean-Phillipe Linteau as Ottawa's new envoy to the kingdom. The latest announcement follows a frenetic stretch of high-stakes Saudi diplomacy triggered by the kingdom's surprise Chinese-brokered rapprochement deal with Iran...

Riyadh, Saudi Arabia - Saudi astronauts Rayyanah Barnawi and Ali Al-Qarni have used the Amateur Radio on board the International Space Station (ISS) to talk with a group of students.The astronauts made the call when the ISS flew over the ground station in Riyadh. The call, made in coordination with the...

Riyadh, Saudi Arabia - The logistics sector in Saudi Arabia is poised for remarkable expansion, with its market size projected to grow to SAR 57.4 billion ($15.3 billion) by 2030, according to latest data. The surge is an outcome of the efforts made by the Ministry of Transport & Logistics Services...

The new envoy, Alireza Enayati, previously served as Iran's ambassador to Kuwait, assistant to the foreign minister and director general of Gulf affairs at the foreign ministry, the English-language Iran Daily said. There was no immediate confirmation of his appointment from the foreign ministry of the Islamic republic.

Oman has close ties with Iran and played a mediating role between Tehran and Washington in the build-up to a nuclear deal reached in 2015. Stop-start talks began in April last year to restore the deal, after the US unilaterally withdrew from it in 2018, prompting Tehran to roll back...

LONDON, UK -  British Business and Trade Secretary Kemi Badenoch will hold talks for a modern, comprehensive trade deal as she visits Qatar, Saudi Arabia and the United Arab Emirates this week, according to a press release issued by the UK Embassy in the UAE.Meeting her ministerial counterparts in each...

The firm's net profit in Q1 2022 was $1.57bn versus $46m in Q1 23.

Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three goals of vigilance, initiative and proactiveness. He added that the inaccurate forecasts of the International Energy Agency led to price volatility in the energy market last year and in the...

Riyadh, Saudi Arabia - The Saudi Royal Guard and the Bahrain Royal Guard have started the joint security exercise “Haris” in Riyadh. The joint exercise is part of the continuous cooperation between the Saudi Royal Guard and the Bahrain Royal Guard. The exercise was inaugurated by Major General Mohammed bin...

NEOM, Saudi Arabia - NEOM, the futuristic city being developed in Saudi Arabia, has announced its collaboration with Rajasthan Royals, a prominent T20 cricket team from India, to launch its inaugural cricket program. The pilot initiative aims to promote an active and healthy lifestyle among NEOM's growing workforce, which is...

Beirut, Lebanon -- Syrian President Bashar al-Assad has returned to the Arab fold after more than a decade of isolation, eyeing reconstruction and aid from formers foes as the conflict grinds on.Since the brutal civil war broke out in 2011, it has killed more than 500,000 people, displaced millions and devastated...

The firm will manufacture pipes for the global energy giant.

Dubai, UAE -- Brazilian exports to Arab countries during the first four months of this year have increased by 10.33 percent, reaching $5.69 billion, compared to $5.162 billion during the same period last year, the Arab Brazilian Chamber of Commerce (ABCC) said.The top destination for Brazilian exports during this period...

The company posted a net profit of $111 million.

Jeddah, Saudi Arabia - The Organization of Islamic Cooperation (OIC) on Sunday discussed a plan of action on the protection and integration of persons with disability at the open-ended meeting of the International Group of Experts at its headquarters in Jeddah. During the meeting, experts reviewed the draft OIC Plan of...

Riyadh, Saudi Arabia ‒ The Public Investment Fund (PIF) owned Water and Electricity Holding Company (Badeel) and ACWA Power are investing $3 billion into three new solar projects in Saudi Arabia.To this end, the companies announced the signing of power purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC). The solar...

Riyadh, Saudi Arabia -– Two Saudi astronauts will conduct 14 scientific and research experiments during their ongoing space mission.The Kingdom’s first-ever astronauts Ali Al-Qarni and Rayyanah Barnawi, who is the first Muslim female astronaut, will engage in 11 research and scientific experiments within a microgravity environment at the International Space...

With little investment and few projects in operation around the world so far, the technology to capture carbon before it goes into the atmosphere as a potential global warming solution is currently nowhere near the scale needed to make a difference to global emissions.

The ceasefire "may be extended with the agreement of both parties," a joint statement issued after talks in Jeddah said. "Unlike previous ceasefires, the Agreement reached in Jeddah was signed by the parties and will be supported by a US-Saudi and international-supported ceasefire monitoring mechanism," it said.

Air strikes and artillery exchanges shook the Sudanese capital and armed men ransacked the Qatari embassy as the country's warring generals kept up their struggle. Khartoum residents said that heavy fighting raged despite repeated global calls for a truce. The area around the state television building in Omdurman was also...

Geneva, Switzerland – The Saudi Fund for Development (SFD) signed on Friday a $39 million multiyear contribution agreement with the Global Fund to fight AIDS, Tuberculosis and Malaria. The grant will support the fight to end global pandemics and strengthen health and community systems.Announced during the Global Fund's 7th replenishment,...

He stresses on resolving the Palestinian issue, expressing concerns over escalating Israeli attacks and calling for a collective response to establish an independent Palestinian state. Taha also expresses the OIC's commitment to peace and stability in Yemen, Libya, and Syria, and urged increased solidarity with Somalia.

The Arab League Summit, which concluded on an optimistic note in Jeddah, highlighted the need for unified Arab positions and effective strategies to confront current challenges.

Syrian President Bashar al-Assad returns to Arab League Summit, which confronts conflicts across the Middle East and beyond, including the war in Ukraine.

Zelensky's surprise trip to the summit in the Red Sea coastal city of Jeddah was his first to the Middle East since Russia invaded Ukraine in February 2022. An Arab League official told AFP the invitation came from Saudi Arabia, not the bloc itself.

The investments this year account for 37 percent of the sector's total, and 17 percent of the total existing factories, the kingdom's Ministry of Industry and Mineral Resources said.

The summit in Saudi Arabia comes at a time when the world's biggest oil exporter is flexing its diplomatic muscle across the Middle East and beyond. It follows a frenetic stretch of high-stakes diplomacy triggered by the kingdom's surprise Chinese-brokered rapprochement deal with Iran announced in March.

Riyadh, Saudi Arabia - Saudi Arabia’s Tourism Development Fund (TDF) has announced the signing of a Memorandum of Understanding with an affiliate of Hyatt Hotels Corporation to establish luxury hotels across the kingdom.The collaboration aims to develop several hospitality-led destinations which will enhance the tourism sector in the country. The...

The company achieved a 145 percent growth compared to Q1 2022.

Riyadh, Saudi Arabia -- A team of Saudi and international archeologists has discovered ancient hand-made stone structures at Al-Dhulayat Mountain in Al-Jouf region in the north of the kingdom, dating back to about 8000-9000 years ago.The discovery was part of an archeological survey conducted by the Heritage Commission in cooperation...

Two astronauts, Barnawi and Ali Al-Qarni, said that they are fully prepared for their upcoming scientific mission to the International Space Station which is scheduled on May 21.

Riyadh, Saudi Arabia - A new Film Investment Fund was established  in Saudi Arabia on Wednesday with a $100m capital injection, aimed at boosting the development of the country’s growing film industry. The fund is the first capital injection initiative under the Investment Track of Saudi Cultural Development Fund's recently launched...

Riyadh, Saudi Arabia -- Saudi Arabia's National Center for Privatization (NCP) has signed a cooperation agreement with the Industrial and Commercial Bank of China (ICBC), the world's largest bank with total assets of approximately $5 trillion, that will have a positive impact in attracting the bank's extensive client base looking...

Riyadh, Saudi Arabia -- Nearly SAR 133.3 billion ($35.54 billion) were spent in the first nine months of 2022 by about 73 million tourists -- both domestic and inbound -- who visited Saudi Arabia.Saudi Arabia's Ministry of Tourism defines a tourist as every visitor (domestic, inbound or outbound) with an...

Jeddah, Saudi Arabia--Saudi Arabia and Algeria have agreed to expand bilateral relations, boosting ties in all areas.In this regard, Prince Faisal bin Farhan bin Abdullah, the Minister of Foreign Affairs, and Algerian Minister of Foreign Affairs and National Community Abroad Ahmed Attaf have signed an agreement to establish the Saudi-Algerian...

The kingdom received about 7.8 million international tourists for all purposes during the first quarter of 2023, representing its highest quarterly performance.

The GCC is the third largest source of foreign investment in Turkey, with 1,973 Gulf companies currently operating in the country.

The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and savings insurance (3%).

Dubai, UAE-- Qatar and Bahrain have agreed to restart flights toward the end of the month, in a sign of warming relations between the estranged countries.According to Bahrain News Agency, the resumption of flights between Bahrain and Qatar “comes within the framework of the brotherly relations between the two brotherly...

The United Arab Emirates has invited Syrian President Bashar al-Assad to attend the UN climate summit in Dubai later this year, Syrian state media said. Assad's first invitation to a global summit since the start of Syria's war in 2011 comes as the Arab world warms to Damascus after a...

At 2.7 percent, inflation remained unchanged from March, according to the kingdom's General Authority for Statistics. It was driven mainly by an 8.1 percent year-on-year rise in housing, water, electricity, gas and other fuel prices.

"I... take this opportunity to welcome the Syrian Arab Republic to the League of Arab States," Saudi finance minister Mohammed al-Jadaan told the meeting, which was broadcast live by state TV channel Al Ekhbariya. Jadaan added that he was "looking forward to working with everyone to achieve what we aspire...