Saudi Arabia’s merchandise imports rise 8 percent to $19.34bn in Jan
Riyadh, Saudi Arabia -- Saudi Arabia’s merchandise imports increased 8 percent year-on-year (YoY) to SAR 72.6 billion ($19.34 billion) in January, according to data issued by the General Authority for Statistics (GASTAT). Meanwhile, merchandise imports fell by 8 percent, or nearly SAR 6.4 billion, month-on-month (MoM). Machinery and mechanical appliances,...
Iran welcomes Saudi crown prince’s remarks on ties
Iran's foreign minister on Saturday appeared to welcome recent comments by Saudi Arabia's crown prince about relations between the two regional rivals as a sign of Riyadh's "desire" to restore severed ties. Saudi Crown Prince Mohammed bin Salman in an interview said that his country and Iran were "neighbors forever".
High oil prices lift up Saudi and UAE indices
Thanks to a spike in crude oil prices pushed beyond $100 by the Russian-Ukraine conflict, the stock markets of Saudi Arabia and the UAE posted gains in February.
Malaa Technologies to set up a bank in KSA
Malaa Technologies will launch its banking operations in Saudi Arabia after it obtained an approval from the kingdom’s central bank.
SABIC chairman urges chemical companies to ‘decarbonize’
The head of Saudi Basic Industries Corporation (SABIC) has urged ‘chemical companies’ to decarbonize promptly in order to improve what he termed as green credentials.
Saudi Arabia and Jordan to boost trade ties to more than $1bn
The Makkah Chamber of Commerce and Industry and Jordan have signed an agreement to boost economic ties between the two countries. The bilateral agreement aims to be worth more than $1 billion.
How did Saudi Arabia ensure food security?
The country has been able to overcome the hurdles that stood in the way of achieving food security by implementing comprehensive strategies and plans.
Saudi exports to touch $354bn by 2030: Standard Chartered
Saudi exports to the world are estimated to grow 7.6 percent to $354 billion by 2030, according to Standard Chartered.
Al Arabia posts $55m profit
Al Arabia, an advertising firm, has posted a net profit of $55 million in 2021, a 718 percent jump compared to the previous year.
SFD postpones Pakistan debts for development projects
The projects that the SFD contributes to financing through loans and grants in Pakistan amount to around SAR5 billion ($1.33 billion).Saudi Crown Prince opens up on every little thing
Saudi Arabia’s Crown Prince Mohammed bin Salman has created quite a few ripples with his views on all things important during his first interview to a non-Saudi publication in two years.Saudi Arabia offers to mediate between Russia and Ukraine
Prince Mohammed bin Salman called for a "political solution" after the Russian invasion and also reiterated his support for the OPEC+ group of oil producers.
Saudi fintech cashes in on startups, investments
Saudi Arabia witnesses a 37 percent rise in the number of fintech startups and a $181 million increase in venture capital investments, giving a boost to the sector.Israel could be ‘potential ally’ for Saudi Arabia: Crown Prince
Saudi Crown Prince Mohammed bin Salman has said Israel could be a "potential ally" of Riyadh, in remarks published Thursday. "For us, we hope that the conflict between the Israelis and Palestinians is solved," the prince told US monthly magazine The Atlantic, according to remarks carried by the official Saudi...Is Gulf luxury sector immune from inflation?
However, just because there is inflation doesn't mean that people aren't spending, but they are spending differently. The that sales are expected to rise from US$ 317 bn in 2021 to between US$ 336 bn and US$ 347.5 bn in 2022.Technology makes Saudi farms more sustainable
The Kingdom's startup Red Sea Farms woos regional and global investors with a technology that grows crops without using freshwater in humidity-controlled greenhouses.
Aramco shares hit record high on the back of high oil prices
Saudi energy giant Aramco's shares rose to a record high on Wednesday amid a surge in global oil prices following Russia's invasion of Ukraine. The Gulf kingdom -- the world's top crude exporter -- has remained the firm's majority shareholder since a December 11, 2019 listing.
Master Works raises $40m
The transaction was done by Merak Capital.Saudi Central Bank licenses new payment fintech company
Named Moyasar Financial Company, the new entity is expected to provide ecommerce payment services.Israel stock exchange eyes GCC investors
In an exclusive interview, Tel Aviv Stock Exchange CEO Ittai Ben-Zeev speaks on his strategy to attract investors from the Arab world, especially the UAE and the GCC.
Saudi Arabia unveils farm exporting high-yielding Murciano goats
Saudi Arabia's Ministry of Environment, Water and Agriculture (MEWA) has inaugurated the first Saudi farm exporting Murciano goats in Riyadh. Agriculture Agency represents MEWA and the farm was inaugurated in the presence of Ministry's Undersecretary for Agriculture Eng. Ahmed bin Saleh Al-Ayada. The livestock breeders received the license for the...64-feet Saudi stamp sets Guinness World Record
The Disney stamp, which commemorated Donald Duck’s 85th anniversary, measured a little over 44 square feet.
UAE, Saudi auditors’ association sign agreement to work jointly
The Internal Auditors Associations of the UAE and Saudi Arabia have signed a cooperation agreement to work the internal auditing domain jointly. Abdulqader Obaid Ali, Chairman of the Board of UAE Internal Auditors Association, and Abdullah Saleh Al-Shebeili, CEO of the Saudi Internal Auditors Association, signed the agreement. Media reports...
Cyprus president arrives in Riyadh to discuss bilateral cooperation
Nicos Anastasiades was received by Prince Mohammad bin Abdul Rahman bin Abdulaziz, Deputy Governor of the Riyadh Region.
Region needs tourism to beat inflation
Despite the global closures and economic crisis, the tourism sector in the Gulf region fared well in 2021 due to several factors such as the easing of restrictions and government support.Saudi Arabia regulates reporting of capital market violations
This regulation reportedly aims to improve the manner of the reporting of violations of the Capital Market Law and its implementing regulations.
GCC wants to expand strategic partnership with India
The remarks were made during the GCC Secretary General Al-Hajraf’s meeting with the Indian Ambassador to the Kingdom of Saudi Arabia Dr. Ausaf Sayeed.Inflation pinches GCC consumers’ pockets
The wave of inflation continues to put pressure on consumers not just in the United States, Europe, and the Arab world, but also in the Gulf region. Economies in the Middle East are exposed to the global price fluctuations because of heavy import dependence. Localized factors like rental deflation and...
Rising inflation hobbles SMEs in Gulf countries
Diversifying, and strengthening local production structures is the most appropriate way to reduce inflation. Entrepreneurs and start-up companies may come forward to help their respective governments in finding more sustainable development solutions. The menace of inflation cannot be managed alone.Global and regional trade: The economic booster for GCC govts
The squeeze on real incomes within the region due to higher inflation may depress regional trade flows. The situation may worsen further if the global central banks' attempts to control rising consumer prices, which will ultimately dampen global economic activity.How GCC nations can tame rising inflation?
Investing in inflation-protected bonds and gold may provide some hedge against consumer price rise. Putting money into the real estate sector is also a safe bet, believe some regional experts.Why and how high is inflation in the region?
The main reason for high inflation rates in the GCC is a rebound in prices in the sectors that were hit the hardest during the Covid-19 crisis. The global energy prices are also exerting significant pressure on the region.Saudi job market to stay upbeat in 2022
During the past four years, the kingdom has created 555,000 new jobs as part of its plan to develop $1 trillion worth of new projects to meet its Vision 2030 goal.
Shurooq to invest in GCC, Arab countries, Australia, says its Executive Chairman
Shurooq is currently considering in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar, Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority. Shurooq has received a proposal to establish similar entities to Sharjah Sustainable City in Australia and...Lucid Motors to manufacture electric vehicles in Saudi Arabia
Lucid Motors has leased a big plot of land for $30 million in King Abdullah Economic City Industrial Valley, in Saudi Arabia, to produce electric vehicles in the kingdom.
Makkah governor launches $4bn projects in the region
The new initiatives are expected to support environmental and water sustainability in accordance with the Saudi Vision 2030.
Jordan, Saudi Arabia talk ways to raise trade exchange
According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint Commercial Committee meetings.
Riyadh confirms commitment to ‘OPEC Plus’ deal with Russia
Saudi Arabia confirmed its commitment to the OPEC+ agreement with Russia Sunday, the Saudi Press Agency reported, as Moscow faces international criticism over its invasion of Ukraine. Crown Prince Mohammed bin Salman made the comments during a conversation with French President Emmanuel Macron that also covered the situation in Ukraine...
Sukuks cast their spell beyond GCC markets
The total green sukuk market is worth more than US$15 billion, according to Refitiniv, with the Islamic Development Bank (IsDB) being the first in the market with a US$ 2.5 bn offering. However, figures show that Sustainability and green-themed Sukuk were rising in 2021, mainly since large entities are investing...UAE non-oil foreign trade grows by 27 percent in 2021 to $517 billion
The government said the non-oil foreign trade figures of all emirates also witnessed growth individually in varying levels. The growth was consistent across all areas, including exports, imports and re-exports.Pakistan’s Fatima Group inks $1billion deals at Expo with Chinese, Saudi firms
Fatima Group, a Pakistani industrial conglomerate, has signed two MoUs of over $1 billion with two key global agriculture stakeholders – China Machinery Engineering Company (CMEC) from China and Sarh Attaqnia Co. (SAC) from Saudi Arabia at Expo 2020. A formal signing of the business partnership was held at the...Shares of Ma’aden shoot up 6% on the back of record earnings
Shares of Ma’aden, the Saudi mining company, vaulted six percent in trading on Sunday when news broke of its record earnings for 2021.Saudi stocks post gains in early trading as oil prices decline
Saudi stocks posted gains in the early hours of trading on Sunday due to a dip in the prices of crude oil. Stocks world over posted losses last week as Russia invaded Ukraine, taking over many areas of the western neighbor.
Saudi Arabia has stable food stocks, says agriculture minister
Saudi Arabia has taken steps to maintain the stability of domestic supply in accordance with the food security strategy.
Saudi Arabia and UAE drive real estate growth in the region
Saudi Arabia and the UAE are driving the real estate market in the Middle East region with the backing of government and evolving market dynamics.
US or Russia? Ukraine crisis poses dilemma for wealthy Gulf
Choosing sides in Ukraine's crisis would have once been easy for Gulf states long protected by the US, but growing ties with Moscow are forcing them to strike a balance. As the world rushed to condemn the Russian invasion of its smaller neighbour, the wealthy Gulf Cooperation Council (GCC) countries,...
Saudi National Bank looks to make acquisitions in Europe
Saudi National Bank, with backing from its largest shareholder, the Public Investment Fund, is looking to make big acquisitions in Europe and Asia.PIF opens 3 overseas firms
The new companies’ offices are in London, New York, and Hong Kong.Russia-Ukraine conflict: GCC can fill the energy gap
The Arab oil and gas producers are likely to close the gap that could arise from the disruption of oil flows from Russia, according to the Institute of International Finance.Saudi Arabia overall export rose 62.6% y-o-y in December
GASTAT data said the value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021.Russia attack on Ukraine turns Europe eyes to Saudi Arabia, Qatar
Qatar and Saudi Arabia host American troops, but their economic and political relations with Russia have grown over the years.
