SAIB reports $139 million Q1 net profit
its assets increased by 20.08 percent to $43.65bn.
Saudi-US cooperation to spur growth of digital content market in KSA
Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the US met the president and COO of Omnicom Media Group Daryl Simm.Digital banks set to flourish in Saudi Arabia, UAE
Ongoing loan restructurings and the gradual withdrawal of pandemic-related support packages may put further pressure on asset quality. However, the Russian-Ukrainian war will have a minimal impact on the operating environment for banks in Saudi Arabia and UAE, they say.OPEC+ agree on modest supply boost amid demand concerns
Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the month of June. Prices had soared on Wednesday, with Brent North Sea crude closing above $110 a barrel.Saudi Central Bank raises interest rate to curb inflation
In order to curb the soaring inflation in the kingdom, the Saudi Central Bank (SAMA) has raised its main interest rates by 50 basis points, in tandem with the US Federal Reserve decision to hike the rate.Expat remittances from Saudi rise 5 percent to $3.91 bn in March
Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March. Saudi Gazette, citing data released by the Saudi Central Bank (SAMA), said that compared to the previous month, remittances from expatriates in Saudi Arabia jumped 31 percent, or SR3.5 billion. The...Saudi real estate rides high on positive sentiment
Saudi Arabia's real estate sector continues to show promising signs, with increasing tourist numbers, consumers returning to retail stores, and more demand for office space.Jeddah Season 2022 kicks off in Saudi Arabia
This year's Jeddah Season is expected to feature international events and artistic and theatrical performances, Arab and international art concerts, games, and entertainment cities.KSA not to be blamed for high US energy prices: Turki Al-Faisal
A former Saudi intelligence head has insisted that the kingdom should not be held responsible for the rising energy costs in the US. Prince Turki Al-Faisal said that it was the White House's policy agenda that was behind the increase in prices.Eid holidays boost Gulf tourism as COVID curbs ease
From overseas to the domestic circuit, the tourism industry in the Gulf Cooperation Council is witnessing a welcome resurgence, especially after two years of the Covid-19 pandemic.Saudi Q1 GDP grows by 9.6%
The growth was fueled by oil activities that increased by 20.4 percent. Non-oil activities saw a rise of 3.7 percent, with government services activities growing by 2.4 percent year-on-year.Oil propels Saudi GDP growth to near 10 percent in first quarter
The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.Pakistan and Saudi Arabia to discuss extending term of $3 bn loan
The latest sign of support follows a visit to Saudi Arabia by new Prime Minister Shahbaz Sharif, who has inherited a crippling national debt, galloping inflation and a feeble rupee.Iraq seizes more than 6 million captagon pills in drug bust
Iraqi security forces said Saturday they had broken up a drug trafficking ring and seized more than six million pills of the amphetamine-type stimulant captagon, making several arrests. Iraq's northwestern neighbor Syria is the Middle East's main captagon producer, and its southern neighbor Saudi Arabia the main consumer. Iraqi forces...Physical security adds to digital transformation
Cybercrime has risen to the forefront of physical security concerns. And big firms are acutely aware of the problem, says Ephrem Tesfai from Genetec tells TRENDS.Iraq PM says Saudi-Iran tension near end
An end to years of tension between regional rivals Iran and Saudi Arabia is near, Iraqi Prime Minister Mustafa al-Kadhemi said in an interview published on Saturday. Iraq, a neighbor to both countries, has hosted five rounds of talks over the past year aimed at restoring ties between Saudi Arabia...GCC stock exchanges witness a mixed week
The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index in Dubai closed unchanged.Surging ecommerce boon for GCC businesses
A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible for the rising ecommerce sales.Saudi Arabia and Turkey resolve to boost ties ‘in all fields’
Saudi Arabia's crown prince and Turkish President Recep Tayyip Erdogan have vowed to reset relations, to end a conflict between the two regional heavyweights. The pair "reviewed the Saudi-Turkish relations and ways to develop them in all fields", SPA reported.Altaaqa and TotalEnergies to set up EV charging ports in KSA
Altaaqa of Saudi Arabia and TotalEnergies of France have teamed up to establish charging stations for electric vehicles in the kingdom.Foreign ownership in Saudi stock market touches $70bn
Saudi Arabia's drive to lure more foreign investment into the kingdom's stock exchange paid off as foreign ownership touched $70 billion in 2021.Saudi-led coalition to free 163 Yemen rebels for Eid
The move came after a Houthi official called this week for both sides to release 200 prisoners before the coming Eid al-Fitr celebrations.Saudi Arabia to purchase some 100,000 Lucid electric vehicles
Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to 100,000 electric vehicles over a ten-year period in an effort to diversify its fleet to be more environmentally friendly. “This agreement is a significant move that supports the key objectives...Ramadan brings $6bn windfall for MENA
The spending through the month of April has been widespread, including a broader increase in sales volume and a diversification of family-oriented retail options that enhance the prosperity of the local market.Demolitions in Jeddah cause anguish in residents
The Saudi doctor still had 15 years left on the loan he used to build his family's "dream" home in Jeddah when bulldozers razed it to the ground, turning his life into "hell".Ajman Chamber certificates of origin rise by 29 percent in 2021
The total number of certificates of origin issued by the Ajman Chamber of Commerce and Industry (ACCI) during 2021 increased to 33,175, compared to 25,682 during 2020, achieving a 29 percent growth, said Mohamed Ali Al Janahi, Acting Director-General of ACCI. He said the total value of the products, for...Iconic GCC TOP CEO event in May
The event, along with the Arab Women Forum, will be held at Palazzo Versace, Dubai, on May 17 and 18, 2022. The annual event is back in the UAE after traveling to Saudi Arabia and Bahrain.Saudi Arabia lifts ban on poultry and eggs from Denmark
Saudi Arabia had stopped the imports as reports of avian influenza, or bird flu, emerged from across the world.Erdogan to visit Saudi on Thursday, ending rift over Khashoggi killing
The two-day trip comes after an Istanbul court this month ruled to halt the trial in absentia of 26 Saudi suspects linked to the killing of 59-year-old journalist Jamal Khashoggi, transferring the case to Saudi Arabia.Alwaleed blinks as Musk buys Twitter
Prince Alwaleed is one of the wealthiest businessmen in the Middle East, but Elon Musk is the richest person in the world.New trends drive Arab automotive growth
From pre-owned cars to electric vehicles, a number of trends are driving the growth of the automobile sector in countries like the UAE and Saudi Arabia.Iran terms latest talks with Saudi Arabia as ‘positive’
Iran said Monday that the latest round of talks with Saudi Arabia was "positive and serious" and voiced hope for further progress soon. Tehran and Riyadh, which severed diplomatic ties in 2016, held four rounds of talks in Iraq between April and September last year, with a fifth meeting last...Saudi non-oil exports jump 31 percent
The exports were driven mainly by chemical products which jumped 80 percent year-on-year with a share contribution to total non-oil merchandise exports of 35.7 percent.Saudi Arabia to host Global Cybersecurity Forum in November
The National Cybersecurity Authority is organizing the annual event under the theme Rethinking the Global Cyber Order.UAE and KSA stock markets remain flat this week
Against the backdrop of mounting concerns about the supply of crude oil, the stock markets in Saudi Arabia and the UAE remained subdued this week.Saudi Arabia and Iran restart talks in Baghdad
Regional rivals Iran and Saudi Arabia have resumed key talks in the Iraqi capital Baghdad after negotiations were suspended last month, a senior Iraqi official said Saturday. "Talks resumed last Thursday in Baghdad," the official said, speaking on condition of anonymity, and without giving further details.Saudi Arabia licenses 109 new factories worth $667m in March
The total number of factories that began actual production in Saudi Arabia reached 261 in March, with investments reaching $1.6 billion.GCC FMCG market faces headwinds
Certain FMCG companies benefited from the pandemic since people spent more time at home baking and spending time together. As a result, sales of packaged foods, for example, surged during the pandemic.Tadawul sets up SAC
The stock exchange established Shariah Advisory Committee.Saudi Arabia taps Fawaz Alhokair and Partners to support designers
The MoU is expected to help the commission as well as the company to support Saudi fashion designers.Arriyadh posts 25% net profit
The Saudi developer reports $37m net profit in Q1.Saudi Fashion Commission, Chalhoub Group to explore opportunities
The agreement is said to align with the objectives of the Fashion Commission to enhance collaboration and empower the sector within Saudi Arabia.Increase in demand helps GCC real estate recover
From the UAE to Saudi Arabia, Qatar to Kuwait, the GCC countries have posted robust growth in the real estate sector, with the transactions touching $137.4 billion in 2021.Star-studded projects point to Saudi transformation
Some of the iconic real estate holdings developed by Taiba throughout Saudi Arabia suggest that the Kingdom is headed towards an unprecedented economic transformation.SHL of KSA to be on bourse
Saudi Home Loans to trade on Tadawul from April 20.Tamimi Markets of KSA to develop smart farms with foreign firms
Tamimi Markets, Saudi supermarket chain, has teamed up with Japan's Mitsui & Co. and Italy's Zero SRL to develop the kingdom's first smart farms.KSA converts its deposit with Central Bank of Mauritania into soft loan
The move comes as an extension of the Kingdom’s continuous support for the people and government of the Islamic Republic of Mauritania.Saudi Arabia pushed Yemen’s president to step down: report
Saudi Arabia pushed Yemen's president to step down earlier this month, and officials have confined him to his home and restricted his communications, the Wall Street Journal reported Sunday. Abedrabbo Mansour Hadi announced his resignation on April 7, handing his powers to a new leadership council.Ekar kicks off car rentals in KSA
A person can rent out his vehicle on the ekar platform.Saudi Arabia wants political solution to Russia-Ukraine conflict
Russian President Vladimir Putin on Saturday, April 16, called Saudi Crown Prince Mohammed bin Salman bin Abdulaziz.GCC exchanges recoup their losses
From the UAE to Saudi Arabia, the main indexes made up for their losses as the week came to a close.