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.

The two ministers also talked about the progress in the electrical interconnection efforts.

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...

The German delegation comprised companies working in the areas of water, training, education, infrastructure, industries, constructions and innovation.

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...

The third quarters profits were boosted by higher oil prices.

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,...

Saudi government policies like 15 percent VAT exemption on real estate deals and affordable housing programs are boosting residential real estate.

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.

The bank’s profit for the nine-month period peaked at $719m.

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.

The program, launched by Saudi Crown Prince and Prime Minister Mohammed bin Salman, has identified more than 800 investment opportunities worth $266bn.

It recorded $173m profit in the first nine months of 2022.

More Saudi businesses embrace engagement technologies to boost customer experience, increase RoI and enhance productivity, says Unifonic VP & MD Ibrahim A Almohaimede.

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.

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...

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...

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.

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...

Stock markets across the GCC remained less enthusiastic as oil, which fuels the region's growth, declined amidst fresh coronavirus scare.

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...

It said profit was driven by multi-sector investments.

Masdar will also participate with partners in the upcoming Round 4 tender announced by the Saudi Power Procurement Co.

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.

Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon Market auction.

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...

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...

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.

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...

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.

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.

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.

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.

Tadawul is also developing a market marker for the bourse.

"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.

Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat at FII Forum in Riyadh

ALC is one of the largest meat producers in Australia.

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.

The 2022 Mercer CFA Institute Global Pension Index compares 44 retirement income systems against more than 50 indicators and benchmarks.

The company also announced the winning products of the Co-Innovation Award, the launch of the first Local Technology Guide in the Middle East and North Africa.

Since June 2022, when the first Liv Golf tournament funded by Public Investment Fund was played, nine golfers in the top 40 ranking have joined Liv Golf.

Saudi Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs Prince Mohammed bin Salman bin Abdulaziz announced the launch of the Global Supply Chain Resilience Initiative. GSCRI aims to make Saudi Arabia a location of choice for leading global industrial companies looking to improve business...

The visit is expected to last a few hours on Nov 14, and the Saudi Crown Prince and the Indian PM Narendra Modi are expected to depart for Bali to attend the G-20 summit, The Hindu reported and added that India’s foreign minister S Jaishankar had conveyed Modi’s invitation to...

The Future Investment Initiative (FII) was launched in 2017 as an economic coming-out party for the world's largest crude exporter, which is trying to diversify away from oil.

Riyadh, Saudi Arabia— Saudi Media Minister Majid Al-Qasabi has called for developing a trust-based road map with clear mechanisms to advance joint Islamic action. The minister was speaking at the 12th session of the Islamic Conference of Information Ministers of the Organization of Islamic Cooperation in Istanbul on Saturday. He...

Riyadh, Saudi Arabia—The GCC has unveiled the Gulf Center for Disease Prevention and Control in Riyadh to enable the prevention of diseases, mitigate public health emergencies, and promote healthy communities across the Gulf. The GCC health ministers and GCC Secretary-General Dr. Nayef Al-Hajraf were present at the event. The ministers...

Traditionally, GCC trade was focused on the West. However, now it is moving to the East. This eastward shift is not too surprising given the continuing travails of many developed Western economies. With the sluggish recovery from the financial crisis in the EU and the US, Gulf economies have had...

The fear of the global organizations such as International Energy Agency that the OPEC+ decision would increase energy security risks worldwide, leading to higher prices and volatility, and potentially ending up being the tipping point for a global economy was proved wrong, he adds.

The conflict erupted in 2014 when the Huthis seized the capital Sanaa, prompting the Saudi-led coalition to intervene the following year to prop up the internationally recognised government. Hundreds of thousands of people have died as a direct or indirect result of the conflict, according to the United Nations, which...

The total revenue in Q3 ended Sept reached AED156.11 million