Trump heads to the Gulf eyeing deals amid diplomatic offensive
In the days before the trip, the White House has played an instrumental part in hammering out a ceasefire between India and Pakistan, the release of an American hostage in Gaza and holding another round of nuclear talks with Iran.
Paris Agreement key to achieve sustainable development goals: Middle East Green Summit
The summit reviews ways to enhance integration of the optimal energy mix for electricity production to achieving climate change targets through MoUs and agreements.Middle East’s sports path to boosting tourism
The Arabian Gulf countries have hosted some of the biggest sporting events during the past decade. The World Cup is set to cement the region's position as sporting hub.World Cup: Saudia to operate 780 flights to ferry fans to Doha
Riyadh, Saudi Arabia---Saudi Arabian Airlines (SAUDIA) has announced it will allocate 780 scheduled, additional and shuttle flights connecting Riyadh, Jeddah, and Dammam to Hamad International Airport and Doha International Airport, with a combined total of 254,000 seats for the FIFA World Cup Qatar 2022 matches beginning November 20. "Football-loving guests...Saudi, Australian ministers discuss trade, bilateral ties
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef met the Australian Assistant Minister of Industry for Manufacturing Timothy Ayres in Sydney.Marafiq IPO oversubscribed
It attracted total orders of nearly $1.7 billion.UAE equities climb up while Saudi index drops
Propelled by sectors like telecommunications and utilities, the UAE stock exchanges posted gains this week, even as the Saudi equities took a tumble, pulled down by investment and finance.Saudi-Finnish business forum discusses enhancing trade ties
HELSINKI, FINLAND - Heading a high-level delegation to Finland, Saudi Arabia's Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade Dr. Majid bin Abdullah Al-Qasabi stressed on the need to strengthen and diversify the bilateral trade between the two countries. Al-Qasabi said...Saudi real GDP grows by 8.6 percent in Q3: Ministry of Economy
An economic report issued by the MEP---the ministry will publish such reports quarterly on domestic and global economic updates---real non-oil GDP growth expanded by 5.9 percent. The report said the kingdom recorded growth for six consecutive quarters.UAE-China trade $64 bn in first eight months of 2022: Ambassador
Dubai, UAE---China-UAE bilateral trade has exceeded US$64 billion during the first eight months of 2022, which marked a 27.93 percent increase compared to the same period last year, according to a top Chinese diplomat. “China has become the UAE’s largest non-oil trading partner in the world, and the UAE remained...Saudi Arabia’s first electric vehicle brand Ceer launched by Crown Prince
Ceer will design, manufacture and sell a range of vehicles in Saudi Arabia and the MENA region, including sedans and sports utility vehicles. The company, which is a joint venture between PIF and Hon Hai Precision Industry (Foxconn), will license component technology from BMW for use in the vehicle development...After PIF takeover, Newscastle gains new motivated fan community in Saudi Arabia
Saudi fans focus less on debates around the controversial takeover of the club and more on growing their numbers through watch parties, blogs and even a podcast.ACWA Power to build 10 gigawatts wind project in Egypt
Riyadh, Saudi Arabia— ACWA Power Company of Saudi Arabia has signed an agreement with Egypt to build a 10 gigawatts project to produce electricity from wind energy in the north African country. According to the Saudi Ministry of Energy, the agreement has been reached with Egypt’s New & Renewable Energy...GCC states raise interest rates after Federal Reserve’s hike
Most of the GCC states have raised their key interest rates in the wake of the Federal Reserve's decision to raise its key policy rate by three-quarters of a percentage point. The two largest economies of the region, the UAE and Saudi Arabia, both raised rates by 75 basis points.Saudi Arabia, Egypt discuss renewable energy cooperation
The two ministers also talked about the progress in the electrical interconnection efforts.Saudi Arabia and Finland to start air services and increase trade
Helsinki, Finland— Saudi Arabia and Finland have signed an agreement to regulate air transport and start air services between the two countries. The agreement is designed to propel economic partnership and boost trade. In this connection, the General Authority of Civil Aviation (GACA) of the Kingdom of Saudi Arabia and...40 Saudi, German companies discuss investment opportunities
The German delegation comprised companies working in the areas of water, training, education, infrastructure, industries, constructions and innovation.Saudi Arabia issues permits for projects worth US$1.1bn
Riyadh, Saudi Arabia—Saudi Arabia has issued permits for non-oil industrial projects worth $1.1 billion in August. The licenses issued in August were for chemicals, metals, machinery, furniture, home appliances and other light-medium products. Around 115 licenses were issued for non-oil industrial projects — 20 percent higher than those issued in...Aramco posts 39% rise in profits
The third quarters profits were boosted by higher oil prices.Refinery margins go up for gasoline, distillate products
Strength this week has been driven by a continued developing tightness in the fuel product market, US exports of crude and fuels setting a weekly record, the weaker dollar as well as strong buying from China as refineries there plan to boost fuel exports through the end of the year,...Major Saudi Arabian cities witness strong demand for residential, office real estate
Saudi government policies like 15 percent VAT exemption on real estate deals and affordable housing programs are boosting residential real estate.Saudi Arabia, UAE say global investments required for oil production
Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production, just days before the COP27 climate summit aimed at curbing global warming. Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy.Banque Saudi Fransi net profit up 15%
The bank’s profit for the nine-month period peaked at $719m.Saudi Arabia’s GDP grows by 8.6 percent in third quarter of 2022
As per estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by 8.6 percent in the third quarter of 2022 compared to the same period in 2021.New industrial policy seeks to diversify Saudi economy
The program, launched by Saudi Crown Prince and Prime Minister Mohammed bin Salman, has identified more than 800 investment opportunities worth $266bn.Savola Group posts 36% increase in profit
It recorded $173m profit in the first nine months of 2022.Saudi businesses increasingly go digital as technology offers superior customer engagement, better RoI
More Saudi businesses embrace engagement technologies to boost customer experience, increase RoI and enhance productivity, says Unifonic VP & MD Ibrahim A Almohaimede.Ma’aden, Barrick Gold alliance get license to explore mining site in Saudi Arabia
Saudi Arabia's Ministry of Industry and Mineral Resources announced that Saudi Arabian Mining Company Ma'aden and Barrick Gold Ltd alliance have obtained a license to explore the mining site of Umm al-Damar.Foreign firms can now get approval for dual listing on Tadawul
Riyadh, Saudi Arabia— Foreign companies will be able to obtain approval for dual listing on the Saudi market, according to Tadawul’s CEO. Mohammed Al-Rumaih told media that companies need finance to expand in particular industries, noting that the capital market aims to be the first partner to provide finance for...Arab Broadcasting Festival set to begin in Riyadh, in November
Riyadh, Saudi Arabia—The stage is set for the Arab Broadcasting Festival to begin next month in Riyadh as preparations have nearly been completed for the event. President of the Arab States Broadcasting Union (ASBU) and CEO of Saudi Broadcasting Authority, Mohammad bin Fahd Al-Harithi, announced the completion of the ongoing...Business deals enhance GCC-China cultural ties
Strengthening of political, economic and trade relations between China and the Gulf Cooperation Council countries during the past 15 years has also led to a cementing of cultural ties between the two powerhouses.GCC condemns German minister’s remarks on Doha World Cup
The secretary general of the Gulf Cooperation Council condemned remarks by Germany's interior minister on the World Cup due to be hosted in Doha. Qatar summoned Germany's ambassador to protest against comments made by Interior Minister Nancy Faeser casting doubt on whether the Gulf state should host the football World...Gulf indices ease as China COVID curbs hit oil prices
Stock markets across the GCC remained less enthusiastic as oil, which fuels the region's growth, declined amidst fresh coronavirus scare.21 Saudi Universities figure in Times Higher Education list
RIYADH, SAUDI ARABIA - The number of Saudi universities in the Times Classification of Specializations increased to 21 Saudi universities, compared to six universities in 2019, as per the latest edition of the ranking for the year 2023. Saudi universities are distinguished in 10 major disciplines out of the 11...Stc posts US$2.5bn profit in Q3
It said profit was driven by multi-sector investments.Masdar to partake in Saudi renewable energy market
Masdar will also participate with partners in the upcoming Round 4 tender announced by the Saudi Power Procurement Co.Saudi culture ministry provides training in UNESCO program
Under its recently announced Experts Program, the Saudi Ministry of Culture has provided an intensive leadership training course for Man and The Biosphere (MAB), a UNESCO program.Ma’aden among top 3 buyers of carbon credits
Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon Market auction.PIF to deploy spending to develop innovative sectors in kingdom
Riyadh, Saudi Arabia--Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a program that will leverage its spending to boost the development of competitive and innovative sectors and industries in Saudi Arabia. The Local Content Growth Program, which was announced at the Sixth Edition of Future Investment...China’s President Xi expected to visit Saudi Arabia: Saudi FM
Prince Faisal bin Farhan hailed the "historical and solid relationship" between the major oil exporter and Beijing after talks with his Chinese counterpart Wang Yi."Our meeting today comes at an important time, as it precedes the expected visit of the Chinese president to the kingdom," Prince Faisal told the Al...Emerging sectors are creating thousands of new jobs in the Kingdom, says Saudi Economy Minister
Saudi Arabia is focused on offering solutions that make global trade more predictable and reliable, says Faisal bin Fadhil Alibrahim at an event in Riyadh.Aramco to launch US$1.5bn sustainability fund for energy transition
Riyadh, Saudi Arabia— Aramco will launch a $1.5 billion sustainability fund to invest in stable and inclusive energy transition technology. According to its CEO Amin Nasser, the fund will be managed by the company's venture capital arm Aramco Ventures. The CEO said that the fund will be “among the biggest...Improved real-time payment infrastructure set to boost digital payments across GCC
With an estimated 209 million people making purchases online at the height of the pandemic, e-commerce in the MENA area has grown faster than anywhere else.Saudi expecting tens of thousands of World Cup fans: Minister
The efforts are intended to jumpstart the nascent tourism sector in the once closed-off kingdom, which only began issuing tourist visas in September 2019 -- just months before the coronavirus pandemic decimated the industry globally.Saudi PIF to establish five companies for investments in five Arab countries
The five companies, together with Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary that was launched in August 2022, will invest up to $24 billion in opportunities across various key sectors in each market.Early preparations put GCC in better place to face tough economic conditions: Saudi finance minister
Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in a better status than many other countries, says Al-Jadaan at an FII event.CMA approves 18 listings on Tadawul
Tadawul is also developing a market marker for the bourse.Saudi energy minister blasts release of oil reserves ‘to manipulate markets’, warns of ‘painful’ times
"People are depleting their emergency stocks ... its profound purpose was to mitigate the shortage of supply," says Prince Abdulaziz at an FII event in Riyadh.Gulf war couldn’t have been won without Kingdom’s support, says Saudi Energy Minister
Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat at FII Forum in RiyadhSALIC, Minerva Foods buy Australian Lamb Company
ALC is one of the largest meat producers in Australia.Al Barakah plans to set up unit in Jewish state as Israeli consumers savor UAE’s silan, date sugar
Sales of Al Barakah silan in Israel have tripled to 3,000 tons over the past two years, making Israel the fifth largest market for its date syrup, says a top company executive.