The profit fell to $74 million in H1 in a year of record listings.

According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the trade sector and ensuring its sustainability.

Amid reports of Chinese President Xi Jinping's visit to Saudi Arabia next week, U.S. President Joe Biden's administration said the US would not disappear from the Middle East. There has been speculation about the US's diminishing influence in the region as China and Saudi Arabia seek to strengthen their ties....

The money will be used to fund Egypt interconnection project.

The ministry stated that those who qualify to perform Umrah also include holders of US, UK and Schengen visas

Saudi Arabia has launched new youth programs aimed at raising the number of qualified manpower in the field of economics, public policy and social sciences. The programs, which were launched by the Ministry of Economy and Planning on the International Youth Day, seek to reduce the gap between the skills...

H1 2022 net profit increased by 232 percent

Dubai Clear, a subsidiary of the Dubai Financial Market (DFM), and the Securities Clearing Centre Company "Muqassa", a subsidiary of Saudi's Tadawul Group, will create a framework to strengthen collaboration and share knowledge on central clearing services as well as to actively explore ways of enhancing these services in line...

The Saudi firm says weapons business fueled growth.

The Saudi Egyptian company bought stakes worth $1.3bn.

More than 2.3m passengers used Saudi Railways in H1.

Saudi and the UAE's reliance on oil to drive economic growth has tapered off in recent years as the non-oil sector emerges as the biggest driver of growth.

The firm will sell its full range of products and spare parts.

Not all banks in the GCC are at the same stage of digital adoption. TRENDS reviews which ones are way ahead of the curve and which are still lagging.

The Secretary-General of the Gulf Cooperation Council (GCC) Naif Falah Mubarak Al-Hajraf condemned aggression of Israeli forces on the Gaza Strip, which resulted in multiple deaths and wounded persons. He called on the international community to act urgently to protect the civilians, especially women and children.

This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level to better manage financial shocks across the world, including GCC countries.

Another important and influential trend being witnessed by the banking sector in the region is reduced physical networks and shifting some of the staff to more cost-effective locations. All this allows financial institutions to serve their clientele better and provides convenience to the customers by saving their energy and time.

The establishment of over 40 financial free zones in the UAE has encouraged innovation in digital banking. The fintech market in Saudi Arabia, meanwhile, is expected to grow by 55 percent by 2033.

Saudi authorities have signed agreements with big retail stores in the kingdom to promote the ‘Made in Saudi Arabia’ program, which has resulted in some retail stores fill 70 percent of their stocks with locally manufactured products. Under the agreements, signed by Saudi Exports Development Authority, large stores allocate platforms...

The real estate sector in the Gulf region is set to accelerate in the second half of the year as regulations effectively mitigate the market cycle swings, especially during inflation.

Saudi Arabia's Public Investment Company (PIF) has established a new company in Egypt to drive investment in the north African country. The company will look to take advantage of economic growth in the region within sectors seen as 'promising.'

Recent strategic Saudi-French partnership deal becomes crucial as Paris, with its expertise in key sectors, may help the Kingdom in achieving the goals set under Vision 2030.

Three years in the making, the exhibition features work by academics and artists from 20 countries. It incorporates centuries-old artifacts to modern-day drone footage.

Saudi Arabia’s Ministry of Investment has signed a memorandum of understanding with Alstom, which specializes in the sustainable and smart transportation sector, to explore investment opportunities in the transport sector and localize the manufacture and maintenance of trains. The MoU also entails Alstom to establish its regional headquarters in the...

Despite being among the world's top crude exporters and the largest Arab economy, Saudi Arabia has failed to balance its books since the 2014 oil price slump, forcing the Gulf state to borrow to make up for shortfalls. In the second quarter of 2022, Saudi Arabia earned more than it...

GCC countries will witness a rise in their wealth between 2021 and 2026 after two years of challenging time due to the Covid-19 pandemic, a BCG report points out.

Its stock fell after it posted a drop in profit to $114m in H1.

This latest collaboration builds on existing joint ventures between the two companies.

Saudi Arabia will see a boom in construction of hotels in 2023, with some 63,753 to be available for guests next year.

Due to an improvement in business conditions in July, Saudi Arabia has posted a strong growth in job numbers in the non-oil sector, according to the latest Purchasing Managers Index data report from S&P Global.

After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise it last year and has renewed the policy every month.

More than 45 types of dates have been placed at the auction grounds at the Buraidah Dates Festival, which began on Sunday in Buraidah, the city of dates. The auction yards also witnessed the arrival of more than 3000 thousand cars and 950 tons of dates within three days, and...

The Saudi Telecom Co. will pay $532m in quarterly dividend.

After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise production last year and has renewed the policy every month. Its output is supposed to have returned to pre-Covid levels -- but only on paper as members of the 23-nation group...

Two weeks after US President Joe Biden made the visit to the Middle East, Saudi Arabia and the UAE will receive billions of dollars worth missile defense systems from the US to shoot down incoming enemy missiles or aircraft. The kingdom has been attacked by missiles fired by Houthi rebels...

The Saudi oil giant acquired the company for $2.65bn.

Qatar announced Monday that the club champions of Saudi Arabia and Egypt will inaugurate the Lusail stadium to be used for the World Cup final on September 9.

The Kingdom has for several years imported Russian oil, which helps to reduce its need to refine crude for products and cut the amount of oil it needs to burn for power, leaving it with more unrefined crude to sell in globally at higher prices. In 2021, it imported 1.05MT...

The Next World Forum, an esports and gaming forum that will bring together sector leaders and experts from around the world, will be held in Riyadh from 7 to 8 September 2022. The forum will be held at the Four Seasons Hotel in Riyadh, where the global gaming and esports...

Diminished leverage in the Gulf region makes Washington a less compelling partner than it once was, says Chas W Freeman, Former US Ambassador to Saudi Arabia.

The four-day Grape and Seasonal Fruit Festival began in Asir region of Saudi Arabia on Sunday. The festival will be attended by 35 farmers who will display the products of their own farms, such as numerous varieties of grapes and several types of pomegranate fruits, peaches, ferax and berries. The...

Saudi General Authority of Civil Aviation (GACA) signed a Memorandum of Understanding (MOU) with Poland to organize the operational framework for air transport between the two countries.

Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year, according to initial "flash" estimates published by the General Authority for Statistics. The Middle East's largest economy has benefited from a spike in oil prices and has resisted appeals from Western...

Saudi Arabia and the UAE have supplied around 80 percent of Japan's oil demand for the month of June, followed by Qatar and Kuwait with 14 percent each, taking Arab share to 94.7 percent.

Mohammed bin Salman's recent Europe visit after US President Joe Biden’s trip to Jeddah suggests that KSA wants to diversify its partners amidst global uncertainties, say experts.

The countries discussed working papers on global best practices on a number of issues related to the work of the committee.

French President Emmanuel Macron on Thursday warmly welcomed Saudi Arabia's Crown Prince Mohammed bin Salman for talks in Paris, with the two men enjoying a warm handshake that they emphasised by using all four hands. Prince Mohammed arrived in France following a visit from US President Joe Biden to Riyadh...

Strategic partnership remains in focus as Mohammed bin Salman leaves France after heading a wide-ranging talks along with French President Emmanuel Macron in Paris.

The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6 percent growth rate this year. This would be the highest growth rate among advanced, emerging market and developing economies.

The Chateau Louis XIV in Louveciennes outside Paris is a new-build mansion, which was bought by Mohammed bin Salman in 2015.