The oil-rich kingdom has supported private institutions targeting startups to further boost investment in non-oil sectors.

Riyadh, Saudi Arabia -- Saudi Arabia's insurance sector grew by 26.9 percent in 2022, bringing gross written premiums to SAR 53 billion ($14.13 billion), Saudi Central Bank (SAMA) said in a report.SAMA said in the 16th Saudi insurance market annual report that health, protection and savings, and motor insurance recorded...

Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries during its annual meeting in Jeddah. The four-day event hosted dozens of agreements, panels, summits, and business-to-business meetings with the high-level participation of its member countries.The agreements aim to develop...

Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to the latest data released by the Islamic Republic.According to Iran Customs Administration, the Islamic Republic traded 58.25 million tons of goods (excluding crude oil exports) worth $35.11 billion with the...

RIYADH, SAUDI ARABIA - Al-Hilal president Fahd Bin Nafel refused to comment on the possibility of signing Lionel Messi, insisting his Saudi Arabian side is "more important than just one player", as fans clamor for the World Cup winner."Don't ask me about Messi," Bin Nafel told reporters when asked after Al-Hilal's...

Riyadh, Saudi Arabia-- Saudi Arabia and Iran have discussed ways to strengthen the ties between the two countries in a meeting between the kingdom's Finance Minister Mohammed Al-Jadaan and the Islamic Republic's Economy Minister Ehsan Khandouzi.The meeting took place on Friday in Jeddah on the sidelines of the Islamic Development...

Riyadh,  Saudi Arabia - Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah discussed in a phone call on Friday, with his Russian counterpart Sergey Lavrov, bilateral relations and the ongoing war in Ukraine.During the call, the two ministers also exchanged views on a number of regional and...

GCC countries are investing in infrastructure and programs to become leading tourist destinations. With strategic locations, excellent connectivity, iconic attractions like the tallest building, and a commitment to eco-friendly tourism, they are poised for success in attracting visitors from around the world.

fighting and looting raged most of Thursday in the capital Khartoum and US diplomats were frank about the obstacles in the nearly week-long talks in Jeddah. "This is not a ceasefire. This is an affirmation of their obligations under international humanitarian law," said a US official involved in the talks,...

Amsterdam, Netherlands – Saudi Arabia and Netherlands on Thursday signed a Memorandum of Understanding to collaborate on energy on the sidelines of the  World Hydrogen 2023 Summit & Exhibition. The event was attended by the Saudi Minister of Energy Abdulaziz bin Salman Al Saud.The MoU aims to establish a framework for...

The net profit increased by 17 percent in Q1 compared to Q1 2022,

"Everybody is serious. Serious means everybody is looking for peace," Mohammed al-Jaber said in his first extensive comments after meeting with Houthi leaders in Sanaa last month. But he added: "It's not easy to be clear about next steps."

Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 4.1 percent in March 2023, compared to the same month last year, mainly due to an increase in production in the mining and quarrying activity, manufacturing and electricity and gas supply.The kingdom's General Authority for Statistics (GASTAT) said...

This is the company's highest-ever quarterly revenue.

The company posted a net profit of $104 million for the quarter.

The company attributed the loss to 'unfavorable market conditions'.

The Kingdom holds 323.1 tons of gold, accounting for 21.4% of the total yellow metal held by central banks in the Arab countries. Qatar, UAE and Kuwait are also regional leaders.

The pan-Arab body had suspended Damascus in November 2011 over its crackdown on protests, which began earlier that year and spiraled into a war that has killed more than 500,000 people, displaced millions and battered the country's infrastructure and industry.

Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed two agreements on Tuesday for future mobility and roads in the latest move to boost cooperation between the two countries.The memorandums of understanding call for cooperation in the future of mobility and innovation in the transport and logistic services sectors as...

Saudi Arabia remains the largest projects market in the GCC as the total value of contracts awarded increases by 54.7 percent YoY during Q1-2023 to US$29.9bn, says a latest report.

The company also posted its highest-ever quarterly profit.

Riyadh, Saudi Arabia - A delegation of Saudi Arabia discussed steps to enhance cooperation in maritime transport and ports with South Korea, local media reports said.Led by Saleh Al-Jasser, Saudi Minister of Transport and Logistic Services, the delegation visited South Korea and met Cho Seung-hwan, Minister of Oceans and Fisheries....

The deal would mean Messi potentially joins his arch-rival Cristiano Ronaldo in the Saudi league. There was no confirmation from Messi's current club Paris Saint-Germain, who noted simply that he was under contract until June 30 when contacted by AFP.

Riyadh, Saudi Arabia - Saudi Arabia is launching tourism projects worth SAR 1.5 billion ($400 million) in the targeted destinations around the kingdom. The Saudi Ministry of Tourism has sponsored ‘The Collective’ initiative launched by Kerten Hospitality, a hotel investment firm, to establish its projects under one umbrella. The announcement represents an...

A majority of the people who voted in a TRENDS poll see the China-brokered deal between the two countries as a positive development.

Riyadh, Saudi Arabia--Saudi Arabia is keen to deepen trade and economic ties with Italy from the current volume of trade estimated to be around US$8 billion.In this connection, the members of the Saudi business sector delegation, represented by the Saudi-Italian Business Council, concluded their visit to Italy, during which they...

The participants are reported to have discussed the broad contours of the massive joint project to build railway, maritime and road connectivity in the larger region.

Multiple truce deals have been declared and quickly violated since battles erupted between army and paramilitary forces on April 15 in the poverty-stricken country with a history of political instability. Fierce combat since then has killed hundreds of people, most of them civilians, wounded thousands and sparked multiple warnings of...

Riyadh, Saudi Arabia -- The real GDP of Saudi Arabia grew by 3.9 percent in the first quarter of 2023, compared to Q1 of 2022.Flash estimates of GDP for Q1 of 2023, issued in a report by the General Authority for Statistics (GASTAT), showed a 5.8 percent increase in non-oil...

TEHRAN, IRAN- Iran executed Swedish-Iranian dissident Habib Chaab for "terrorism" on Saturday, according to the judiciary."The death sentence for Habib Chaab... nicknamed Habib Asyud, the head of Harakat al-Nidal terrorist group... was executed today, Saturday morning," the judiciary's Mizan Online website reported.Chaab had been held in Iran since October 2020 after...

Bern, Switzerland-- Seeking to expand its industrial base, Saudi Arabia is keen to widen cooperation with Switzerland in the industrial and mining sectors, besides increasing access to non-oil exports.In this connection, the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, held a meeting with Switzerland's State Secretary...

However, fighting continues in the Sudanese capital, where the conflict has already claimed around 700 lives and displaced nearly 450,000 civilians, reports suggest.

During late-night talks Thursday, Raisi and his Syrian counterpart Bashar al-Assad discussed "ways to develop and strengthen bilateral relations" and "emphasized existing cooperation in the field of reconstruction", according to a joint statement.

Abu Dhabi, UAE -- UAE President Sheikh Mohamed bin Zayed Al Nahyan and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, Thursday spoke on the telephone to discuss bilateral relations between the two countries and ways to strengthen them further.The two leaders reviewed current areas of UAE-Qatar cooperation...

Jake Sullivan said that the meetings will help carry forward some very tangible initiatives that will be unlike anything they have seen in the region in recent years.

Iran's president hailed his visit to Damascus as a "turning point", after Tehran's support helped Syria retake most of the territory it lost in 12 years of war. Ebrahim Raisi's two-day trip is the first such visit to Tehran's close ally since 2010. "This trip will be a turning point...

The company expects Q2 margins to remain under pressure.

AMMAN, JORDAN  - Jordan's Minister of Foreign Affairs and Expatriates Ayman Safadi on Wednesday briefed his Russian counterpart Sergey Lavrov on the outcome of a consultative meeting held here on Syria.In addition to Jordan, the meeting on Tuesday also brought together the foreign ministers of Saudi Arabia, Iraq, Egypt and...

Dubai, UAE-- Seeking to take advantage of the boom in the Middle East's hospitality sector, Radisson Hotel Group will triple its presence in the region by 2030.The hotel group, running 52 hotels and resorts in the Middle East, is planning to have 150 properties in operation and under development by...

Jeddah, Saudi Arabia -- Center3, a connectivity company owned by stc Group, and Meta Company announced on Tuesday the landing of the world's longest submarine cable project at two of the four planned landing sites in Saudi Arabia: Jeddah and Yanbu. ‏The project, a part of the 2Africa subsea cable...

Diplomatic efforts have intensified to end more than two weeks of war in Africa's third-largest country as warnings multiply about a "catastrophic" humanitarian crisis. Sudan's army chief Abdel Fattah al-Burhan and his deputy turned rival, Mohamed Hamdan Daglo, who commands the paramilitary Rapid Support Forces (RSF), "have agreed in principle...

Riyadh, Saudi Arabia - Saudi Arabia has approved new rules aimed at boosting foreign investment in the country's securities market. The rules framed by the Capital Market Authority (CMA) include those for Foreign Investment in Securities, amendments to the Investment Accounts Instructions, amendments to the Implementing Regulation of the Companies Law...

Riyadh, Saudi Arabia-- The Saudi Center for Commercial Arbitration (SCCA) has published the 2023 revised SCCA arbitration rules with effect from May 1. The final text was endorsed after extensive review by the SCCA’s board of directors.The SCCA, in a statement, said the new rules will apply to all arbitrations...

Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and equipment sector, according to its Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef. AlKhorayef, who is also Chairman of National Industrial Development Center (NIDC), announced that the industry...

It will be the largest integrated steel plate manufacturing complex in the kingdom to be located in Ras Al Khair Industrial City, one of the four special economic zones recently announced by Crown Prince Mohammed bin Salman, PIF said in a statement.

Riyadh, Saudi Arabia -- The number of containers handled by Saudi ports in the first quarter of 2023 grew by 17.57 percent to reach more than two million standard containers, the kingdom's General Authority of Ports (Mawani) said.The number of exported containers during the first quarter of 2023 witnessed an...

Despite significant rise in SMEs across GCC, there is still room for improvement in terms of governance, bringing in external shareholders, Rabih I. Khoury of MEVP tells TRENDS.

The visit comes against the backdrop of a rapprochement between regional rivals Iran and Saudi Arabia, and increased Arab engagement with Damascus. Iran is a major ally of President Bashar al-Assad.

JEDDAH, SAUDI ARABIA - The first Iranian evacuees to escape the Sudan conflict through Saudi Arabia arrived on Saturday in Jeddah, relieved that their country has settled its differences with the regional rival.The 65 Iranians were among about 1,900 people on the latest boat to arrive from Port Sudan as the...

Riyadh, Saudi Arabia-- Becht, an American engineering services company, has revealed that it is in talks with potential partners in Saudi Arabia in order to widen its presence in the region.According to its director for the Middle East, Chris Van Der Beek, Becht is also holding discussions with potential allies...