Iran and the United Arab Emirates have long had close economic ties which continued even during the diplomatic chill. A veteran diplomat who served most recently as director general of the foreign ministry's diaspora affairs department, Reza Ameri's career had previously taken him to Algeria, Sudan and Eritrea.

The deal, thrashed out in talks between federal and regional officials, spells the end of independent oil exports by the Kurdish regional government and marks a clear limit to its autonomy.

The current healthcare expenditure in the Gulf Cooperation Council region is expected to reach $135 billion in 2027, implying an annualized growth rate of 5.4 percent.

The firm announced 10-year and 30-year tranches.

The packaging plant will be one of the largest in the world.

Organizations across the Kingdom are witnessing major DX impact in customer satisfaction, cost efficiencies, and data-driven insights, an IDC executive tells TRENDS.

The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar are "in the interests" of global markets. The surprise move on Sunday came as oil prices have cooled in recent months after soaring last year following the start of the...

Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling out of the banking crisis and the return of optimism to the markets, the price of the barrel was already showing signs of recovering," he noted.

Riyadh, Saudi Arabia --  The Authority for Industrial Cities and Technology Zones (MODON) has signed an agreement with GE whereby the latter's factories spread over 120,000 square metres in the Eastern Region will come under MODON supervision.The agreement was signed between the CEO of the MODON Eng. Majed Al-Argoubi and...

CAIRO, EGYPT - Egyptian President Abdel Fattah al-Sisi met Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud at Ramadan Suhoor-meal table in Jeddah early Monday. The trip came as Egypt seeks financial support to alleviate pressure on its currency and strengthen its struggling economy.During the...

Cuts by the Saudis, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will total more than one million barrels per day -- the biggest reduction since the OPEC+ cut 2 million bpd in Oct. A Saudi official called it a measure "aimed at supporting...

According to FII CEO Richard Attias, the report on the Global Priority Summit will be ready by October 2023, and it will showcase how countries worldwide are transforming by implementing strategies that prioritize citizens' concerns such as job creation, inflation, and healthcare. Attias emphasized that their responsibility as a non-profit...

Riyadh, Saudi Arabia -- Saudi Arabia will host the 42nd edition of the Global Real Estate Summit next December in Riyadh.According to Saudi News Agency (SPA), the summit is considered the industry's largest annual gathering, which includes real estate pioneers and CEOs of critical real estate companies from all over...

The jobless rate for Saudi women dropped to 15.4 percent in the fourth quarter, down 5.1 percent from the third quarter and 7.1 percent from a year earlier.

Riyadh, Saudi Arabia - The Saudi Ministry of Municipal, Rural Affairs, and Housing and the Ministry of Investment have signed a memorandum of understanding (MoU) with the NAVER Group of South Korea to undertake joint digital projects in the kingdom . The NAVER, NAVER LABS, and NAVER Cloud, specialize in information...

Riyadh, Saudi Arabia--Saudi Arabia has presided over the 26th session of the Commission on Science and Technology for Development (CSTD) of the United Nations Economic and Social Council (ECOSOC).The kingdom was represented by the Director General of International Affairs at the Communications, Space, and Technology Commission, Eng. Mansour Al-Qurashi, to...

Dubai, UAE -- Saudi Arabia's unemployment rate dropped in the fourth quarter of 2022, compared to the previous quarter, mainly due to government activities and private sector hiring, the kingdom's General Authority for Statistics said Thursday.Saudi Press Agency reported that despite the global economic challenges, including those prevailing in the...

Riyadh, Saudi Arabia -- Saudi Arabia has agreed to join the Shanghai Cooperation Organization as a "dialogue partner", state media reported on Wednesday, the latest indication of closer political ties with China.The Shanghai Cooperation Organization was established in 2001 as a political, economic and security organization to rival Western institutions.Besides China,...

Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address the obstacles.

The move is likely to help regulate supply, bridge the gap between supply and demand, and create more demand for further development in the Kingdom, an expert tells TRENDS.

The complex is expected to be operational by 2026.

Riyadh's move to partner with the bloc comes less than three weeks after the unveiling of a landmark China-brokered reconciliation deal with Iran to restore full diplomatic relations that were severed seven years ago.

Riyadh, Saudi Arabia--Alistithmar Capital has joined hands with Safa Investment Co. to set up several real estate funds worth around $292.9 million.   The two companies will combine their strength to enable Saudi Arabia's growth in the real estate sector through funds that target the residential space in main cities with particular...

This month Crown Prince Mohammed bin Salman, unveiled Riyadh Air, the new airline which is intended to transform the capital into "a gateway to the world."

The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest potential growth over the medium and long term.

In his first comments on the matter to be made public since the deal was struck, Xi said the dialogue promoted by China would "play a major role in strengthening regional unity and cooperation". Crown Prince Mohammed on Tuesday "expressed the Kingdom's appreciation for the Chinese initiative to support efforts...

Riyadh, Saudi Arabia--A bus ferrying pilgrims to the holy city of Mecca burst into flames after a collision on a bridge on Monday, killing 20 people and injuring more than two dozen others, Saudi state media reported.The incident in the southern province of Asir highlights persistent challenges to safely transporting worshippers...

The United Arab Emirates takes the lead as the happiest Arab country in 2023, according to the World Happiness Report, followed by Saudi Arabia and Bahrain.

The region's corporate/M&A activity is expected to grow this year on the back of an unprecedented Sovereign Wealth movements in Abu Dhabi and Saudi Arabia, says an expert.

The date of distribution will be announced later.

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...