The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.

Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism from the US over the kingdom’s decision to cut oil output. From the UAE to Oman, Algeria to Bahrain, the governments have condemned what they termed as the politicizing of...

The organizer said he did not want the gathering "to become a political platform". The decision not to invite American officials, a departure from previous years, comes as tensions rise between longtime partners Washington and Riyadh over the Saudi-led OPEC+ cartel's recent vote to cut oil production.

Riyadh, Saudi Arabia---Saudi Arabia will target 11 new decisions for Emiratisation program in project management, procurement, food and drug sectors before the end of 2022, said Ahmed bin Sulaiman Al-Rajhi, the Minister of Human Resources and Social Development. During his meeting with businessmen and women at the Chamber of Commerce...

The forum targets GCC entrepreneurs and business incubators and accelerators and financing institutions in GCC.

US National Security Advisor Jake Sullivan told CNN on Sunday that Biden would "act methodically, strategically" in re-evaluating US-Saudi relations, adding that the US leader had "no plans" to meet the crown prince at a November G20 summit in Indonesia. Russell Lucas, a Middle East expert at Michigan State University,...

The stock rose after the transfer of its subsidiary to the PIF.

Stormy US-Saudi relations have seen new strain over Riyadh's recent support for oil production cuts, with Biden warning of unspecified "consequences." The move last week by OPEC+ -- composed of the Riyadh-led OPEC cartel and a group of 10 exporters headed by Russia -- would reduce global output by up...

Riyadh, Saudi Arabia-- Saudi Arabia's Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer said Sunday that the kingdom aims to establish a world-class business system in cooperation with South Africa, which he said was the most suited partner for achieving these goals. In his...

The agreement would result in partnership in encouraging direct investment, communications and information technology, exploring the establishment of a joint investment fund between the two nations.

Chemical companies in the Gulf region are likely to cope relatively well with the current stresses of rising rates and higher energy costs, says a recent report.

Riyadh, Saudi Arabia—Saudi Arabia’s Ministry of Industry and Mineral Resources has issued 52 new mining licenses in August 2022, according to a statement. Out of the total, 18 were to build material quarries, 21 were exploration licenses, three exploitation licenses, and five survey licenses, according to the Ministry’s National Industries...

The Saudi developer will offer 20% of its shares on Nomu.

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.

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...

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.

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...

The company is raising capital to support the ongoing expansion in the UAE and Oman, and pending entry into Saudi Arabia, Dr Parambath said.

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...

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.

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.

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.

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.

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.

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...

A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a visit to Oman.

The Saudi firm's net profit rose 10% to $372m.

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 %,...

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.

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...

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.

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.

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...

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."

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...

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...

It becomes first Saudi firm to enter plasma products' field in GCC region.

The PIF-backed firm buys 34% stake in an Egyptian firm.

Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month.

The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.

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...

"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...

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.

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.

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”.

Its value is $2.8trn in the first nine months of the year.

Saudi Arabia hosted a meeting of the GCC Financial and Economic Cooperation Committee to broaden economic cooperation among the GCC countries.

IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this year

With the rise in demand for low-carbon investments, investors issued $517 billion in green bonds last year, a 50 percent increase over 2020.

The kingdom recovered quickly from Covid-induced recession and is reaping the rewards of high global energy prices and increased energy production.