Crunch time for Saudi-hosted drought, desertification talks
Riyadh, Saudi Arabia -- Landmark talks on desertification are set to conclude in Saudi Arabia this week amid doubts that pledged funds will make a meaningful difference in the fight against the growing scourge.The 12-day meeting of parties to the United Nations Convention to Combat Desertification (UNCCD), known as COP16, has already...
Saudi Arabia announces US$400m aid for Ukraine
Continuing with the kingdom's role to support "everything that will contribute to de-escalation," Saudi Arabia has announced $400 million in aid for Ukraine. Saudi Crown Prince Mohammed bin Salman spoke to President Volodymyr Zelensky by phone, conveying the kingdom's eagerness to support mediation.
Aramco to sponsor major cricket tournaments, player-of-match awards
Saudi Aramco, one of the world's richest companies, will sponsor the International Cricket Council's upcoming men's and women's T20 World Cups and next year's one-day World Cup in India under a partnership deal. The partnership to run until the end of next year "will connect Aramco with a global cricket...
Middle East region now has a new address for business centers: Downtown
Close to 200 years after the business hub of New York City was named as downtown, the word has entered the lexicon of business and commerce in the Middle East, with many areas being referred to by it.
Camel Club, Riyadh Chamber to promote camel culture as Saudi heritage
Riyadh, Saudi Arabia---The Saudi Arabia's Camel Club and Riyadh Chamber of Commerce have signed an MoU to develop and create investment opportunities in the camel sector. The MoU, which was signed in presence of Executive Director of the Camel Club, Engineer Bandar Al-Qahtani and Vice Chairman of the Board of...
Burjeel Holdings set to expand to Oman, Saudi Arabia
The company is raising capital to support the ongoing expansion in the UAE and Oman, and pending entry into Saudi Arabia, Dr Parambath said.
Saudi Arabia dismisses statements critical of OPEC+ quota cut
A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision to cut oil production target, the kingdom today said that the OPEC+ decision was unanimous and took into account the balance of supply and demand. The kingdom rebuffed statements criticizing...Biden to ‘re-evaluate’ Saudi ties after OPEC snub
The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision to cut production by two million barrels a day from November, raising fears that oil prices could soar.
GCC residents see growth at a time when world fears recession
Most of the respondents in the poll feel that GCC will weather the gathering economic storm and come out unscathed, a view corroborated by the IMF and the World Bank.Automation poised to transform GCC labor market
About 42.6 percent of jobs in the region will be automated by 2030, ahead of the global average of 32 percent, predicts a McKinsey report.Foreign assets of Gulf central banks rise post Covid
Here are the details of how GCC countries gained in past four years in terms of foreign assets held by each of the central banks of the region post-pandemic.Arab designer labels stir up $29bn GCC luxury market
Luxury goods business in the MENA region is seeing a reorganization, surprising market experts, as homegrown brands challenge the hegemony of high-end Western labels.
Saudi Arabia’s Industrial Production Index in August up by 6.8 percent
Riyadh, Saudi Arabia-- Saudi Arabia's Industrial Production Index in August 2022 increased by 6.8 percent compared to August 2021. The IPI continued to show a positive growth rates due to the high production in mining and quarrying, manufacturing activity, and electricity and gas supply, SPA reported. In August 2022, mining...Saudi Arabian delegation visits Oman, to enhance bilateral ties
A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a visit to Oman.
Almarai posts profit in Q3
The Saudi firm's net profit rose 10% to $372m.Remittances from expatriates in Saudi fell 13 percent in Aug
Riyadh, Saudi Arabia - Remittances from expatriates in Saudi Arabia saw a 13 percent year-on-year (YoY) decline to SAR 11.92 billion ($3.15bn) in August, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia rose 3 percent %,...UAE equities vault on the back of high oil prices
High oil prices drove equities up on both the Abu Dhabi Stock Exchange and the Dubai Financial Market, but Saudi equities did not follow the trend, remaining subdued toward the close of the week.Saudi Arabia says it does not politicize oil or oil decisions
Seeking to debunk the impression that it was somehow behind the rise in oil prices in the US, Saudi Arabia has said that it did not politicize oil or oil decisions and that it looked at oil as a commodity important to the global economy in which the kingdom had...Sports become money-spinning enterprise for GCC
From Formula One racing to the football World Cup, the top-notch global sporting events are coming to Middle East, bringing with it billions of dollars in sports tourism.
OPEC+ output cut ‘a snub’ to Biden and United States
While Saudi Arabia has said it does not use oil as a political tool, US experts see this as a direct rebuff to the Biden administration.
Kremlin says OPEC+ cut output to stabilize oil markets
Moscow---The Kremlin said Thursday that an OPEC+ decision to sharply cut production was designed to stabilize global oil markets, after Washington said the move was a concession to Moscow. "The decisions that were taken were aimed at stabilising oil markets," Kremlin spokesman Dmitry Peskov said. He said it was proof...For Saudi fan, road to World Cup is a desert trek
Wearing a wide-brim hat and a backpack to which Abdullah Alsulmi'd affixed Saudi and Qatari flags, he said: "I consider myself like a Qatari who is very interested in this World Cup and its success."
Saudi Winter Games: Gulf is new hub for global sports competitions
In 2021, Dubai hosted qualifying slaloms for the Beijing Winter Olympics in the refrigerated dome of a huge shopping mall with the temperature 30 Celsius (86 Fahrenheit) outside. Saudi Arabia has been betting heavily on sport, hosting Formula One, the Dakar Rally, a cycling tour, boxing title fights and the...
OPEC+ angers US with biggest oil output cut since pandemic
The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two million barrels per day from November at a meeting in Vienna, the group said in a statement. It is the biggest cut since the height of the Covid pandemic in...
Alpha Pharma signs MoU for plasma
It becomes first Saudi firm to enter plasma products' field in GCC region.
SEIC strikes US$150m deal
The PIF-backed firm buys 34% stake in an Egyptian firm.
Saudi Arabia’s non-oil economy is growing: S&P
Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month.
Riyadh Chamber hosts Saudi-Russian business meeting
The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.
Mawani, Globe Group to set up logistics zone at Jeddah port
Riyadh, Saudi Arabia--Saudi Arabia's General Authority of Ports (Mawani) has signed a contract with Globe Group, a marine services company, to establish an integrated logistics zone and a re-export zone in Jeddah Islamic Port on an area of 135,000 square meters. Mawani said the logistics zone will enhance the port’s...Saudi to host Asian Winter Games in NEOM megacity
"The deserts and mountains of Saudi Arabia will soon be a playground for winter sports," the Olympic Council of Asia (OCA) said in a statement on the decision made during its general assembly meeting in Phnom Penh. The Saudi bid was "unanimously approved", the statement said, noting that the megacity...
Saudi Arabia, China sign agreement on air transport
The agreement was signed between the President of the Civil Aviation Authority of Saudi Arabia Abdulaziz bin Abdullah Al-Dialej and his counterpart the President of Civil Aviation of China.PIF’s green bonds to shore up market, says LSE official
The fund has hired a large group of banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds.
IMF, GCC agree Middle East reforms dialogue must continue: Georgieva
At the end of her two-day visit to Saudi Arabia, she hailed the kingdom's strong “economic performance and impressive progress in implementing their Vision 2030 reform agenda, notably the doubling of the share of women in the labor force in just four years”.Tadawul market cap vaults
Its value is $2.8trn in the first nine months of the year.Saudi Arabia holds GCC meeting to boost economic ties
Saudi Arabia hosted a meeting of the GCC Financial and Economic Cooperation Committee to broaden economic cooperation among the GCC countries.
IMF likely to open regional office in Saudi Arabia
IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this yearLow carbon demand spurs green sukuk growth
With the rise in demand for low-carbon investments, investors issued $517 billion in green bonds last year, a 50 percent increase over 2020.Saudi growth in 2022 to outpace Asian giants
The kingdom recovered quickly from Covid-induced recession and is reaping the rewards of high global energy prices and increased energy production.Mawani, Tabadul to develop port community management systems
Riyadh, Saudi Arabia---Saudi Ports Authority (Mawani) and the Saudi Information Exchange Company (Tabadul) signed an MoU to develop new port community management systems. The MoU aims to achieve the expansion of services provided in Saudi ports and doubling their number from 46 to 150 besides. It also aims at enabling...Saudi stocks shine, while UAE’s post losses
GCC markets had a mixed week as Saudi stocks powered by the banking and commodities retail sectors posted gains, while the UAE stocks tanked, ending the weeks with losses.Houthi rebels warn Yemen truce at “dead end”
A day before the UN-mediated truce is to expire, Houthi rebels have warned that the ceasefire in Yemen is at "a dead end". The temporary ceasefire that took effect in April has allowed for some humanitarian measures as the warring sides have by and large adhered to the truce.
Saudi healthcare needs $35bn as population rises
The kingdom will need an investment of $35.6bn for nearly 20,000 new hospital beds by 2030, according to Colliers. High land costs can be an impediment to realizing the goal.
OPEC+ to meet in Vienna on Oct 5 for the first time since 2020
The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said.
Saudi Arabia hopes to post budget surplus of US$24bn
Saudi Arabia is expecting to record an increase in its budget surplus in 2022 to S24 billion, according to the kingdom's Minister of Finance. The top oil exporter of the world is hoping to see its GDP grow by 8 percent, and it expects inflation to be around 2.6 percent.Saudi to make US$32bn in income from recycling by 2035
Saudi Arabia is expected to generate an annual income of $32 billion from recycling waste by 2035, according to the minister of environment, water and agriculture.ACWA’s investments surge
The Saudi utility now boasts of $67bn investment portfolio.
GCC investors park wealth in real estate: poll
A TRENDS poll on Twitter revealed that 43.9 percent of voters preferred real estate, followed by technology at 37.4 percent.Saudi Arabia, China explore trade, investments opportunities
The two sides reviewed the growth of bilateral trade, and the volume of the commercial partnership.Middle East plays well to become sports tourism hub
Major events such as Qatar World Cup 2022, Formula 1 Abu Dhabi Grand Prix, etc. will give Gulf tourism a boost in the last quarter of this year, according to a latest report.
High oil prices keep MENA’s economic health intact
The average price of a barrel of Brent crude oil is expected to be $101 in 2022 and $84 in 2023. However, Brent oil prices may fall to $75/b by 2025 and $70/b by 2027, says a report.
CMA clears three new IPOs for listings on Saudi bourses
The CMA has approved an application from Power and Water Utility Co. for Jubail and Yanbu to register and sell 73.09 million shares, or 29.24 percent of equity, on the Saudi Exchange.
