Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the next 12 months, surpassing the global average of 44%, the Middle East average of 73%, and the GCC average of 81%, reveals the 27th Annual CEO Survey by the PwC...

RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of violators of border security into the Kingdom or provides them with shelter or any service or help of any type will face imprisonment up to 15 years and a fine...

An energy ministry source said Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024," the official Saudi Press Agency reported. "Afterwards, in order to support market stability, these additional cut volumes will...

RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of Saudi Arabia's date exports increased by 14 percent in 2023, reaching US$389 million (SAR1.462 Billion), compared to US$341 million (SAR1.280 billion) in 2022. By the end of 2023, the number...

Jeddah, Saudi Arabia - The Organization of Islamic Cooperation (OIC) will hold an extraordinary meeting of its Council of Foreign Ministers to discuss the continuing Israeli aggression against the Palestinian people. The session will be held at the headquarters of its General Secretariat in Jeddah on March 5. OIC Secretary-General...

Riyadh, Saudi Arabia -- Saudi Arabia formally launched its bid to host the 2034 World Cup on Friday, nearly four months after football's world governing body FIFA announced the kingdom was the only candidate. The bid comes two years after neighboring Qatar hosted the first World Cup in the Middle East....

Brazil's Finance Minister Fernando Haddad told a news conference in Sao Paulo that it was "impossible" to reach a final joint statement. The minister said the impasse was over the ongoing conflicts without explicitly mentioning Russia's invasion of Ukraine or Israel's ongoing military campaign in the besieged Gaza Strip.

Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters in the Kingdom, with the majority seeking to set up in Riyadh, Minister of Investment Khalid Al Falih said. Speaking at the Human Capability Initiative (HCI), the minister said the...

Sports newspaper Al-Riyadiya reported Ronaldo as saying he respected all football clubs and that the gesture expressed "strength and victory" -- not offence -- and was considered acceptable in Europe. The 39-year-old, a five-time winner of the UEFA Champions League, was the first major star to move to the kingdom...

In a joint statement, the two bodies said the partnership marked "a significant shared commitment to enhancing global tennis". The statement did not give details of the amount of the investment which will see PIF become the official naming partner of the ATP rankings.

Decline attributed to lower prices for base oils, secondary products.

RIYADH, SAUDI ARABIA - President of Ukraine Volodymyr Zelenskyy and his accompanying delegation arrived here on Tuesday. The Ukrainian President was on a visit to Saudi Arabia. Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, who is also the prime minister of the Kingdom of Saudi Arabia, received President Zelenskyy...

The Kingdom drew praise for this achievement from UN Tourism and the World Travel & Tourism Council. Motivated by this success, the country has now set a new ambitious target of 150 million tourists by 2030.

Dhahran, Saudi Arabia -- Energy giant Saudi Aramco Tuesday announced that it has signed 40 corporate purchase agreements worth $6 billion with suppliers in Saudi Arabia under its localization program. The new purchase agreements cover companies in multiple sectors and include the supply of a variety of products, including strategic...

The company's fourth-quarter net profit declined 12% YoY.

The company had posted a profit of $2.67 billion in 2022.

Madinah, Saudi Arabia -- Saudi General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's Mosque said that the latter received a total of 6,000,247 worshipers and visitors last week. The authority-issued statistics showed that 647,790 visited the Prophet Mohammed's tomb, and 298,397 visitors performed...

Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, in addition to 2 billion barrels of condensates. Reserves at Jafurah had reached 229...

Riyadh, Saudi Arabia - Saudi Arabia has issued a stern warning against damaging the nation's cultural heritage sites, imposing hefty fines and potential jail time for offenders. The Public Prosecution declared on Thursday that anyone caught defacing or vandalizing historical or urban heritage, including acts like writing, painting, engraving, posting...

Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array Technologies, based in Albuquerque, a city in Mexico. The primary objective of this partnership is to introduce solar technology into the rapidly expanding renewable energy sector in the Middle East....

Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global competitiveness, says a report.

Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) intends to acquire a stake in Saudi Binladin Group (SBG), Bloomberg reported, citing sources with knowledge of the matter.  The fund is working with Morgan Stanley on the potential deal to buy into SBG, Argaam reported, citing reports.  The PIF is...

Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as a potential global hub for AI and related industries, citing its competitive advantages, leadership in clean energy resources, political commitment, robust funding capabilities, and developing human talent. Delivering a speech...

Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The MoU was signed between General Authority of Civil Aviation (GACA) President, Abdulaziz bin Abdullah Al-Dauilej,  and Civil Aviation Administration of China Administrator Song Zhiyong. It is part of the ongoing...

Riyadh, Saudi Arabia - Saudi Ministry of Media and Google have joined forces in a strategic collaboration aimed at driving the digital transformation of Saudi Arabia's media sector. The announcement, made during the 3rd Saudi Media Forum in Riyadh, aligns with Minister of Media Salman Al-Dosary's declaration that 2024 is...

Rio de Janeiro, Brazil - Saudi Foreign Minister Prince Faisal bin Farhan called on G20 nations to apply pressure for concrete measures to halt the conflict in Gaza and advocate for a credible, irreversible path toward a two-state solution. Prince Faisal voiced these sentiments during the inaugural session of the...

Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of 2023 sustaining a level comparable to the previous quarter. According to recent data from the General Authority for Statistics (GASTAT), the trade surplus in December 2023 was SR39 billion ($10.4...

Nassr, who won last week's first leg 1-0 thanks to a Ronaldo goal nine minutes from time, were the better side at Al Awwal Park and took the lead on 17 minutes through Portuguese winger Otavio. The former Porto star, who joined Nassr last summer, headed home from close range...

The company's  Q4 2023 net profit surged 23%.

In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5 billion in December 2022. The share of oil exports in total exports decreased from 78.4 percent in December 2022 to 73.1 percent in December 2023.

Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships aimed at advancing its plans for sustainable manufacturing. Amit Midha, global CEO of Alat, revealed on Tuesday collaborations with Softbank, Carrier Corporation, Tahakoum, and Dahua Technology, Saudi Gazette reported. The...

Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7 percent in 2024, following an increase of 3 percent and 7 percent respectively in 2023. Increases will challenge construction firms, which will need to develop new processes and capabilities to...

RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified investors inside and outside Saudi Arabia.  The amount and terms of offer of the sukuk will be determined subject to market conditions, the bank said in a statement to Tadawul.   This announcement...

Riyadh, Saudi Arabia -- King Saud University (KSU) has achieved a new global milestone by entering the Guinness World Record for the largest dental hospital in the world, with a total area of 37,165 square meters. This achievement confirms the university's commitment to providing healthcare services, supporting medical education, training...

Riyadh, Saudi Arabia -The Middle East Financial Investment Company (MEFIC Capital) has unveiled the establishment of the Saudi Film Fund, boasting a total capital of SR375 million ($100 million), with a substantial 40% investment from the Cultural Development Fund. This collaborative effort signifies a significant stride in the Kingdom's film...

Riyadh, Saudi Arabia - Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said on Monday that the retail sector contributes 23 percent of non-oil GDP of the kingdom, predicting its growth will surpass SR460 billion ($122.6 billion) by the end of 2024.  The minister made these statements...

Riyadh, Saudi Arabia -- Saudi Arabia's open banking market is expected to expand from $7 billion in 2018 to around $43 billion by 2026, said Mohammed El-Kuwaiz, chairman of the Capital Market Authority (CMA) and the Financial Academy (FA) Board of Trustees. El-Kuwaiz announced this at the conclusion of the...

Zamil is one of the largest offshore support vessel operators.

Riyadh, Saudi Arabia - Saudi Arabia has announced that domestic pilgrims will be eligible for compensation in the event of inadequate accommodation provided by Hajj service companies. According to the Ministry of Hajj and Umrah, pilgrims will receive a 10 percent refund of their package value if there is a...

Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its highest level since August 2020. The increase can be attributed to the positive momentum generated by the disclosure of financial results, the majority of which met anticipated outcomes. The gains...

ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed. The Kingdom maintained 16th place among the largest holders of US treasury securities for the month.  Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth...

Makkah, Saudi Arabia -- The Presidency of Religious Affairs at the Grand Mosque and the Prophet's Mosque has deployed AI-operated robots to assist worshippers and visitors at the Grand Mosque in Makkah. The robots provide information and guidance on a variety of topics, including how to perform the Hajj and...

Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from Canada. In this connection, the Saudi Minister of Education, Yousef bin Abdullah Al-Benyan, along with the accompanying education delegation, visited several educational institutions and universities in Canada, where he met...

Led by Saudi Crown Prince Mohammed bin Salman, Alat is poised to revolutionize the tech sector, aiming for carbon neutrality and creating thousands of jobs.

Jeddah, Saudi Arabia - Organized by the Saudi Arabian Cycling Federation under the supervision of the Ministry of Sport, the fourth annual "Extreme E" all-electric sport-utility vehicle (SUV) off-road racing series will kick off Saturday in Jeddah with the participation of eight two-racer teams. The first edition of this global...

Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction. These methodologies significantly reduce material waste, enhance construction quality, offer more controlled and safer work environments, and optimize project timelines, he adds.

Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023 compared to 2019 among large destinations, achieving an increase of 56%, according to the World Tourism Barometer report released last month. The kingdom recorded a remarkable tourism recovery rate of...

Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port, leading to an increase in its capacity. The completion of work at Jeddah Islamic Port’s North Container Terminal, in cooperation with the Red Sea Gateway Terminal (RSGT) with...

RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization has announced that the cities of Madinah, King Abdullah Economic City (KAEC), and Al-Ahsa in the Kingdom have joined the UNESCO Global Network of Learning Cities. With this development, Saudi Arabia now boasts five cities enlisted in the...

Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail revealed at the conclusion of the inaugural Global Smart City Forum 2024 here on Tuesday, highlighting the critical role of smart cities in fostering industrial growth, technological diffusion,...