Riyadh, Saudi Arabia--Saudi Arabia and Qatar on Friday condemned a call by an Israeli minister for a flashpoint Palestinian town to be "wiped out", with Riyadh describing it as "racist and irresponsible".Finance Minister Bezalel Smotrich, a far-right member of Israel's coalition government, made his comments on Wednesday, days after two...

The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices and strong energy exports in 2022, reports suggest.

Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit the most from the latest technology, says an expert.

Dubai, UAE-- Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline's global products business for $2.65 billion.Under this acquisition, which comes after the two companies signed the share purchase agreement announced on 1 Aug 2022, Aramco hastens its aim to enter the integrated, branded...

The funds will be used by Amwal to further develop their technology and expand in the MENA region.

During the meeting, the two discussed strengthening the process of joint GCC action and reviewed GCC issues of common concern.

The firms said margins will continue to be under pressure in H1.

Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector. According to a forecast by Riyad Capital, the output from this part of the economy will rise by 5 percent this year.The growth will be driven by a sturdy fiscal...

The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent and 2.3 percent in 2023 and 2024.

The net profit for the year nearly doubled compared to 2021.

Riyadh, Saudi Arabia--The Saudi Ports Authority, also known as Mawani, has sanctioned five new shipping services that will link up the Kingdom with 43 international ports. The five new services are projected to support commercial traffic, strengthen the national imports and exports system, as well as provide alternatives for importers, exporters, and shipping agents.In addition, the...

The meeting will deliberate on the current situation in occupied Palestinian territories, especially killings of 11 Palestinian citizens in Nablus.

Sports, social and marketing events, including various global activities and competitions, are likely to bring in more Saudi tourists, Qatar Tourism's data suggest.

The World Health Organization on Sunday appealed for $392 million ahead of a UN-led donor conference in Geneva to avert the "potential collapse" of the health sector in war-torn Yemen. The call came with the Arabian Peninsula country in the throes of one of the world's worst humanitarian tragedies after...

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef highlighted his ministry’s role in the country’s development in a interview with TRENDS at DAVOS 2023.

Property markets benefit as an increased demand for tourists and the rise in government spending on infrastructure projects drive the post-pandemic recovery in the region.

Abu Dhabi, UAE – The non-oil trade between the UAE and Saudi Arabia in 2022 increased by 9 percent, reaching AED136.09 billion ($37.05 billion), compared to AED124.6 billion at the end of 2021, the Federal Center for Competitiveness and Statistics said.Over the period of 2013-2022, non-oil trade between the two...

The UAE has maintained a neutral stance towards Russia's war in Ukraine, which is nearing its one-year anniversary. The Gulf nation has emerged as a top destination for rich Russian emigres fleeing the impact of Western sanctions.

Riyadh, Saudi Arabia-- Saudi Arabia's non-oil exports (including re-exports) fell by 24.4 percent to SAR 22.7 billion ($6.05 billion) in December 2022, from SAR 30.1 billion in December 2021, according to the kingdom's General Authority for Statistics. Non-oil exports (excluding re-exports) decreased by 17 percent as re-exports also fell by...

Riyadh, Saudi Arabia-- Saudi Arabia and Costa Rica have signed agreements to increase the volume of trade and investment between the two countries.In this connection, the Federation of Saudi Chambers and the Costa Rican Export Authority signed two agreements in the field of economic cooperation between the kingdom and the...

However, economic and people-to-people ties between Israel and its Abraham Accords partners will be affected due to the hard right nature of Israel’s coalition, says Esawi Frej.

DUBAI, UAE -  PwC Middle East and Microsoft have strengthened their global partnership at LEAP event in Riyadh, to support government and private entities in their digital transformation and cloud migration journey in Saudi Arabia.The collaboration will focus on cloud transformation, business process automation and technology consulting, addressing the present...

Creating a coherent ESG policy is perhaps one of the biggest challenges for the region, which is heavily reliant on hydrocarbons, says an expert.

WHO says that globally an estimated 12 billion working days are lost every year to depression and anxiety at a cost of $1 trillion per year in lost productivity.

Riyadh, Saudi Arabia – Net-zero goal cannot be achieved without carbon capture and there is a need to scale up carbon capture and storage over the coming years to reach zero emission targets, Fahad Alajilan, President of the King Abdullah Petroleum Studies and Research Center (KAPSARC), has said.KAPSARC co-hosted on...

The annual expansion of more than 100 fuel stations in the Gulf countries add around US$500,000 per day to companies' revenues in each country in the region, say experts.

London, United Kingdom - A consortium led by a Qatari banker announced it had submitted an offer to take full control of Manchester United, with British billionaire Jim Ratcliffe also reported to have lodged a bid.Sheikh Jassim Bin Hamad Al Thani "confirmed his submission of a bid for 100 percent of...

At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to conduct operations in the Kingdom in the coming months.

London, United Kingdom--Saudi Arabia has joined the race to buy Manchester United ahead of Friday's bid deadline, according to a report in Britain's Daily Telegraph, raising the stakes in what could be the most lucrative deal in sports history.The American Glazer family, who completed their takeover of the 20-times English champions...

Riyadh, Saudi Arabia---Saudi Arabia's Transport General Authority has signed the largest project for transporting passengers by buses through a network covering more than 200 cities and governorates.The network is expected to serve more than 6 million passengers annually through 76 routes, with a new fleet of buses equipped with the...

The 7.8-magnitude quake hit Turkey and Syria on February 6, leaving a combined death toll of nearly 40,000 people. Since then, Assad has received calls from the leaders of several Arab countries, including those that cut off ties with Syria over a decade ago over bloodshed during its civil war.

Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) and Saudi shipping giant Bahri have jointly announced the addition of a new freight service connecting Europe and Asia via Jeddah Islamic Port.Besides increasing Bahri’s shipping network coverage and bolstering international supply chains, the new route is set to expand and...

Launched by Saudi Crown Prince Mohammad bin Salman, the New Murabba project will offer more than 25 million sqm of floor area, featuring more than 104,000 residential units, 9,000 hotel rooms, and more than 980,000 sqm of retail space, as well as 1.4 million sqm of office space, 620,000 sqm...

The meeting was co-chaired by Sheikh Ahmed bin Hashel Al-Maskari, Head of the Omani Foreign Ministry's GCC Department.

Dubai, UAE---A court in Makkah has fined Saudi Binladin Group SR20 million ($5.33 million) after the Group was convicted of negligence and violation of safety rules in the crane crash in the Grand Mosque of Makkah, media reports said.A total of 111 people were killed and 394 others injured in...

Riyadh, Saudi Arabia-- The General Authority of Civil Aviation (GACA) has signed an agreement with the British Civil Aviation Authority (CAA) in the field of aviation safety, including upgrading the organizational systems for safety in aviation and improving the national safety program.The agreement was signed by GACA Executive Vice President...

Experts say the deals could be a win-win for all sides, but unlike old Gulf largesse of unconditional aid, the new deals will require reforms. Cairo hopes the cash injection will plug what the IMF warns is "a financing gap of about $17 billion over the next four years".

Driven by Saudi Arabia's construction sector, near-term forecast remains positive for the GCC with more than $110bn worth of projects in the tender stage.

Riyadh, Saudi Arabia--- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has announced an investment of $1.3 billion by way of minority stakes in four leading Saudi construction companies.The companies are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company. The...

Although the remittances grew by an estimated 5 percent in 2022, they were lower than the 10.2 percent increase in 2021.

Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Municipal, Rural Affairs and Housing has signed an MoU with the Spanish company Orbas to boost investment in the kingdom in line with its National Investment Strategy.The MoU aims to raise the level of coordination in endeavors that support and promote the development,...

Rayyana Barnawi will join fellow Saudi male astronaut Ali Al-Qarni on a mission to the International Space Station (ISS) "during the second quarter of 2023".

They have warned they will reconsider "all ties" with Lebanon if parliament fails to elect a president amid a worsening financial crisis. The warning came after the ambassadors or representatives of the United States, France, Saudi Arabia, Qatar and Egypt met Prime Minister Najib Mikati in Beirut.

Startups in the Middle East and North Africa raised $3.94 billion in 2022, a 24 percent increase in investment value compared to 2021, according to Wamda.

Riyadh, Saudi Arabia--The Invest in Saudi Arabia forum, which will be held on Monday in Kuwait, will see the participation of the representatives of the private sector of both countries, major companies and government agencies.Saudi Arabia's Minister of Investment Khalid bin Abdulaziz Al-Falih will be visiting Kuwait to attend the...

While 2022 saw record levels of demand for commercial office space as a result of ‘Programme HQ’, 2023 looks set to be dominated by the delivery of high quality residential-led mixed use schemes and a continued focus on tourism, leisure and entertainment projects, adds Burch, Partner and Head of Real...

The Gulf International Laboratory aims to localize industries, enhance local content and build capabilities to boost competitiveness of the Kingdom's economy.

Riyadh, Saudi Arabia – The Saudi Arabia’s Ministry of Industry and Mineral Resources (MIM) and Standard Chartered Bank (SCB) have signed a memorandum of understanding (MoU) to assess the requirements for sustainable investment in the mining sector in the Kingdom of Saudi Arabia, as per the objectives of Vision 2030.In...

The capital will finance PIF's green investments.

As the number of companies operating in the industry expected to exceed 2,500, the sector is likely to create 450,000 job opportunities in the Kingdom.