The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with top importer China including a recent Beijing-brokered reconciliation with Iran. Aramco said in a statement the deal stipulates the supply of 480,000 barrels per day of Arabian crude "under a...

The sukuk terms will be determined as per market conditions.

Amman, Jordan--Standard Chartered has decided to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), according to both the parties.Standard Chartered, the emerging markets-focused lender, plans to exit seven markets in Africa and the Middle East.The bank entered into an agreement with AJIB, subject to central bank approval, which...

The company's profit vaulted 157% to US$147m in 2022.

The proposed meeting between Saudi Prince Faisal bin Farhan and Iranian Foreign Minister Hossein Amir-Abdollahian aims to implement a reconciliation deal brokered by China.

Beijing, China - Saudi Arabia's Aramco said it wants to be an all-inclusive source of energy and chemicals for China’s long-term energy security and China’s high-quality development.Amin H. Nasser, Aramco President and CEO, told the China Development Forum 2023 that the company is doubling down on China’s energy supply, including...

Several factors contributed to the fall in UAE markets, including a decline in oil prices, worries about multinational banks' health.

The national team, commonly known as the ‘Green Falcons’, are currently led by Finish Head Coach Rosa Lappi-Seppälä, who took over from the newly promoted Women’s Technical Director Monika Staab.

Riyadh, Saudi Arabia - Saudi Zakat, Tax and Customs Authority (ZATCA) has identified the criteria for selecting the establishments targeted in the third group of the “connectivity and integration” phase of e-invoicing.The authority said the third group includes all the establishments that generated more than SAR250 million ($67 million) in...

Dubai, UAE -- Saudi Arabia has said that the kingdom is on track to achieve the United Nations Sustainable Development Goals (SDG) by 2030, thanks to the restructuring of the water sector and the development of the National Water Strategy. Saudi Arabia's Deputy Minister for Water at the Ministry of...

The deal is designed to enhance Saudi digital transformation.

Warning that it could be left with no option but to cut support for children in Yemen without a funding boost, the UN said that more than 540,000 children under the age of five are suffering life-threatening severe acute malnutrition with one child continuing to die every 10 minutes from...

Riyadh has been hinting at a rapprochement with Syria for weeks. It sent aid to both rebel-held and government-controlled parts of the country in the aftermath of a devastating earthquake that struck southeastern Turkey and northern Syria on February 6, killing tens of thousands of people.

Urban development projects such as Cube and NEOM are aimed at improving the quality of life and creating a stimulating environment for foreign investments in the Kingdom.

Improved refining, petrochemicals margins behind profit rise.

Reaffirming their resolve to implement a landmark bilateral reconciliation deal, the Saudi and Iranian foreign ministers spoke by phone to mark the beginning of Ramadan and vowed to meet soon. The two ministers "exchanged congratulations on the occasion of the holy month of Ramadan", which begins in both countries on...

The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised its key interest rate by 25 basis points last night.

The UN has confirmed that Yemen's Houthi rebels and its internationally recognized government have reached an agreement to exchange more than 880 prisoners. This comes in the wake of the China-brokered deal between Saudi Arabia and Iran to restore diplomatic ties between the two countries. The two regional powers back...

The New Companies Law simplifies the procedures to set up foreign businesses in Saudi Arabia, and removes several restrictions, says James Swallow of PRO Partner Group.

Dubai, UAE -- Saudi ACWA Power has signed three power purchase agreements and investment agreements valued at $2.5 billion with Uzbekistan to develop solar photovoltaic (PV) and battery energy storage systems (BESS) in several cities of the central Asian nation.The pacts were signed with Uzbekistan’s Joint-Stock Company (JSC) National Electric...

Dubai, UAE - Saudi Arabia and Iran are taking more steps to consolidate their ties following the rapprochement between them brokered by China. The Iranian government on Sunday proposed to Saudi Arabia three locations for a foreign minister’s  level meeting. Addressing a news conference in Tehran,  Iranian Foreign Minister Hossein Amirabdollahian...

Riyadh, Saudi Arabia--Saudi Arabia and Turkey have signed three agreements in the industrial sector during the Turkish Export Products Trade Fair in Riyadh.Saudi Minister of Commerce, who is also Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, met here yesterday...

The Kingdom is making significant investments in new economic sectors, including mining, tourism, and information technology, particularly the electronic games sector.

Abu Dhabi, which normalized relations with Assad's government in 2018, has led aid efforts in the aftermath of the February 6 earthquake that struck southeastern Turkey and northern Syria, killing tens of thousands. A diplomatic momentum generated by aid efforts in the quake's aftermath could bolster Damascus's relations with Middle...

Iranian President Ebrahim Raisi has "welcomed" an invitation from Saudi Arabia's King Salman to visit the kingdom following the reconciliation between the two countries, an Iranian official said. "In a letter to President Raisi... the King of Saudi Arabia welcomed the deal between the two countries (and) invited him to...

The company posted a 23% increase in revenue.

Riyadh, Saudi Arabia-- The market capitalization of Tadawul, the Saudi stock exchange, has shot up 477 percent to $2.6 trillion during the last five years.According to Yazid Al-Dumaiji, the Capital Market Authority’s (CMA) Undersecretary for Strategic and International Affairs, the exchange takes the ninth place among the world’s stock markets...

Saudi Arabia and US tech firms have numerous partnerships and investments, with the PIF investing over US$7bn in American companies and banks, with key focus on tech sector.

Riyadh, Saudi Arabia -- The global credit rating agency S&P Global Ratings updated its credit report for Saudi Arabia, raising its long and short-term foreign and local currency sovereign credit ratings to 'A/A-1' with a stable outlook, the Saudi Press Agency (SPA) reported Friday.Moody's, a rival ratings agency, also stated that Saudi Arabia's plans will support it despite fluctuating oil prices and a global shift to renewable energy. Moody's also has changed the kingdom's outlook ...

He calls for the creation of clear and common executive mechanisms to crystallize the Arab countries' position and examine the extent to which these platforms must comply with publishing controls within the countries. "Unified measures should be taken if these platforms violate any of these controls," he adds.

Local deals account for 51% of total M&A volume with technology sector at 25% as improved market conditions and pro-business reforms boost investor confidence in the region.

"I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister Mohammed al-Jadaan said, a day after Credit Suisse's shares closed 24% lower after Saudi National Bank, its main shareholder, said it would not raise its stake due to regulatory constraints.

United Nations, United States--The surprise rapprochement between Saudi Arabia and Iran should offer momentum toward peace by the warring parties in Yemen after eight years of conflict, UN officials said Wednesday.The UN Security Council on Wednesday discussed the impact on Yemen of the shock Chinese-led announcement on March 10 that diplomatic...

While many women still believe they are not adequately compensated, men, in contrast, have a different view, with many saying women are paid the same as men.

"The country continues to grow in various sectors such as the energy sector, including oil, gas, and renewable energy, which contribute significantly to the growth and prosperity of the economy. Furthermore, significant opportunities will be available in all of the Kingdom's economic sectors," he adds.

Riyadh, Saudi Arabia -- Saudi Arabia's new national airline plans more aircraft orders as it prepares to operate its first flights in early 2025, its CEO told AFP on Wednesday.The carrier, Riyadh Air, was officially unveiled on Sunday, and on Tuesday announced an agreement to purchase 39 Boeing Dreamliners, with options...

The initial conversation between Xi and Mohammed bin Salman took place during bilateral talks at a summit in Riyadh in December, an official told AFP. Several other meetings also laid the groundwork for last week's talks in Beijing, the official said.

Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the OPEC+ should stick to the production pact agreed last October, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has said.SPA reported that Prince Salman said that sticking to the October...

"Dear Mr President, I am very glad to see you in Moscow. Thank you for accepting our invitation," Putin told Assad at the start of their meeting broadcast by state TV. "We are in constant contact and our relations are developing."

Iran has been under renewed US sanctions since then president Donald Trump abandoned a landmark nuclear agreement between Tehran and major powers in 2018. Saudi Arabia, a longtime US ally, has said it supports the sanctions, which target key areas, including oil.

The Saudi utility company will pay $774m cash dividend.

Western fashion was once largely taboo in Saudi Arabia, but with the kingdom undergoing great social changes, a designer is welcomed home to mentor its Fashion Commission.

The Kingdom is analyzing the new work structure to enhance job creation and make the labor market more appealing to domestic and foreign investors, reports suggest.

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has announced three key initiatives aimed at supporting and enabling the private sector.These initiatives include the Local Content Growth Program, called MUSAHAMA, which seeks to increase the share of local content spend in PIF's domestic portfolio...

Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.  Analysis by the US-based firm reported the Kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since 2016...

Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed multiple memorandum of understandings aimed at supporting SMEs, along with enabling entrepreneurs to enter the field with more confidence and emphasis.The two countries also looked at ways to enhance cooperation in the fields of entrepreneurship and innovation, as the Kingdom’s Minister...

The expansion of infrastructure investment and medical insurance coverage will continue to drive premiums in 2023, albeit at a slower pace than in 2022, reports suggest.

Dubai, UAE -- Saudi ports handled 7.76 percent more containers in Feb 2023, compared to the same period last year, due to expansion and development works that increased container handling capacities and enhanced operational efficiency, the kingdom's General Authority of Ports (Mawani) said Monday.The ports handled 622,837 TEUs in Feb...

Iran said it would welcome restoring ties with Bahrain to end seven years of ruptured relations, following the China-brokered deal to heal rifts between Tehran and Riyadh. "The resumption of relations between Iran and Saudi Arabia shows the effectiveness of the diplomatic solution to resolve misunderstandings," said Iran's foreign ministry...

The Gulf kingdom is pursuing ambitious aviation goals as part of Crown Prince Mohammed bin Salman's wide-ranging "Vision 2030" reform agenda, including more than tripling annual traffic to 330 million passengers by the end of the decade. It also wants to move up to five million tons of cargo each...