Dubai, UAE -- Saudi Arabia has updated the executive regulations of its Anti-Money Laundering Law, introducing stricter disclosure requirements for travellers and enhanced risk-assessment obligations for financial institutions and designated businesses. The amendments, published in the Official Gazette and effective June 26, 2026, state that money-laundering provisions apply to anyone...
Saudi Arabia announces coalition to push for Palestinian state
Prince Faisal bin Farhan said the "International Alliance to Implement the Two-State Solution" included Arab and Islamic countries, as well as European partners, the Saudi Press Agency said, without giving details. The Gaza war has revived talk of a "two-state solution" of Israeli and Palestinian states living in peace side...
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared to SAR21.3 billion during July 2023, an increase of SAR4.1 billion, or 19.2 percent, according to the kingdom's General Authority for Statistics (GASTAT). The value of merchandise exports increased during...Saudi Arabia achieves 73 percent increase in international tourist arrivals: UN report
The kingdom welcomed 17.5 million international tourists in the first seven months of 2024, leading G20 nations in tourism growth for the period.
‘Saudi Arabia’s tourism sector to achieve 150 million visitors by 2030’
Saudi Arabia isn't aiming to be the next Dubai but is forging its own unique path in tourism," Aradhana Khowala tells TRENDS in an exclusive interview.Residential, hospitality sectors drive Saudi Arabia’s real estate market in H1 2024
The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as a global leisure destination by 2030.Israel faces risks of global isolation and losing UN membership over Gaza genocide, say UN experts
Experts from the United Nations have warned that Israel might become a pariah state, and its UN membership is under question as Tel Aviv continues to commit genocide in Gaza killing more than 40,000 people since October 7, 2023. Experts also reprimanded the Western countries for double standards on Netanyahu’s...
Standard & Poor’s affirms Saudi Arabia’s ‘A/A-1’ credit rating
Riyadh, Saudi Arabia – Standard & Poor's (S&P) affirmed the Kingdom's credit rating in local and foreign currency at "A/A-1" with an improvement in outlook from "stable" to "positive," according to its recently issued report. In its report, S&P explained that its affirmation of the Kingdom's strong credit rating results...
Aramco Digital, Groq to build world’s largest AI inferencing data center
Riyadh, Saudi Arabia -- Aramco Digital Company and Groq, a leader in artificial-intelligence (AI) inference, have announced their partnership to establish the world's largest inferencing data center in Saudi Arabia. The announcement was made on the sidelines of the Global AI Summit (GAIN Summit), which concluded in Riyadh on Thursday....
AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's prioritization of AI is evident.
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation report. Tourism revenues reached $36 billion in 2023.
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries, promising significant prospects for Saudi investorsSaudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line with international standards.
UAE, Saudi Arabia lead Middle East IPO surge in second quarter
Abu Dhabi, UAE -- The IPO market in the Middle East and North Africa (MENA) region remained resilient during the second quarter of this year, with 14 IPOs registering total proceeds of US$2.64 billion, up 45.3 percent compared to the same period last year. According to the Ernst & Young...
Saudi taekwondo star edged out in historic Olympic women’s medal pursuit
Abu Taleb had qualified for the Games by bagging gold at the 2020 Arab Taekwondo Championship and bronze medals at the Asian and world championships in 2022. Earlier this year she upgraded to gold at the Asian Taekwondo Championships. Saudi women had previously fared badly at Olympics.
Saudi Arabia leads GCC travel growth to India with a 40% rise in flight searches: report
Riyadh, Saudi Arabia - Wego, the leading travel app and largest online travel marketplace in the Middle East and North Africa (MENA), has reported a significant increase in travel interest to India in the first half of 2024. Data from January to June 2024 shows a 40.71% year-on-year rise in...World Rally Championship to add Saudi Arabia race to calendar
Paris, France -- World Rally Championship announced Wednesday that it will add races in Saudi Arabia, the Canary Islands and Paraguay to its calendar next year. Rally Saudi Arabia will end the season on November 27-30 with the event in the Spanish archipelago on April 24-27 and the race in South...Saudi Arabia submits official bid to host FIFA World Cup 2034 after successful Qatar event in 2022
The next steps include official visits by FIFA and a comprehensive evaluation of the bid.Saudi trains over 1,000 nationals in coastal tourism market
Riyadh, Saudi Arabia -- The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Tourism, has implemented two pioneering initiatives that focused on training human resources in working in luxury coastal resorts and travel agencies according to the best international practices.One of the initiatives targeted 1,059 trainees working...
GACA and SBJBC strengthen saudi-UK aviation ties in London roundtable
Led by GACA President, the meeting featured the British Ministry of Transport, the SBJBC, and key aviation industry leaders.In fuel-guzzling Saudi Arabia, electric cars pique interest
Riyadh, Saudi Arabia -- For Hamed al-Rafidain, a Saudi human resources worker, an electric vehicle offers welcome savings, especially since his other car is a fuel-guzzling four-wheel drive favored by motorists in the desert kingdom. The 39-year-old is part of a small but growing EV consumer base in Saudi Arabia, which...
Saudi ministry, Red Sea Authority to boost coastal tourism
Riyadh, Saudi Arabia -- The Saudi Red Sea Authority, in cooperation with the Ministry of Tourism, has launched the "Seas of Excellence" training program to improve the quality of tourism services and adopt international best practices to deliver a luxurious coastal tourism experience.Minister of Tourism Ahmed Al-Khateeb attended the launch...Saudi Arabia constitutes center for promoting moderate Islam: North Macedonia Mufti
Skopje – Islamic Union President and Republic of North Macedonia Mufti Sheikh Hafiz Şakir Fetahu stressed that Saudi Arabia has become a center for promoting the values of moderate Islam worldwide and serves as a model, especially in eastern European countries. In a press statement, he noted that the signing...
Equinox and NEOM announce Equinox Resort Treyam in Magna
New York, US -- Luxury hospitality group Equinox Hotels has announced plans for the opening of Equinox Resort Treyam, one of Magna's twelve destinations, located on the coast of the Gulf of Aqaba. Magna's destinations, including Treyam, are part of NEOM, the evolving regional development, taking shape in northwest Saudi...Saudi Arabia’s tourist spending reaches $40bn: minister
Saudi Arabia’s Minister of Tourism Ahmed Al-Khateeb highlights the upcoming launch of a tourist visa aimed at drawing more international visitors while speaking at a conference reviewing the 2024 summer tourism program.
Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act as a vibrant community hubChinese company to build Saudi Arabia’s first ocean park
Riyadh, Saudi Arabia - Haichang Ocean Park Holdings, China's largest ocean theme park operator, announced plans on Thursday to build Saudi Arabia's first large ocean park, China News Service reported. The development is poised to invigorate the country's tourism sector as it strives to rank among the world's top 10...
Saudi Arabia records 16% growth in air travel in first half: GACA
Riyadh, Saudi Arabia -- The number of air passengers in Saudi Arabia increased by 17 percent during the past six months to 62 million, compared to 53 million during the same period last year, the Kingdom's General Authority of Civil Aviation (GACA) said. The number of flights also reached approximately...
Riyadh’s “Global Sports Tower” designs approved
Led by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the initiative's purpose is to elevate the city's global profile while enhancing local quality of life
Saudi records $412m venture capital funding in H1, highest in MENA
Riyadh, Saudi Arabia -- Saudi Arabia has maintained its first rank across MENA in terms of the amount of Venture Capital (VC) funding in the first half of 2024, which witnessed a total VC deployment of $412 million (SAR 1.5 billion), the Saudi Venture Capital Company (SVC) said Tuesday. The...
Aramco, Sempra ink Port Arthur LNG royalties deal
Aramco's 25% participation in Port Arthur LNG Phase 2 aims to expand its gas portfolio and meet the world's growing need for lower-carbon energy sources.Saudi pushes equal pay at launch of women’s tennis finals
The Women's Tennis Association (WTA) announced in April that Riyadh would host the next three editions of the tour finals featuring the top eight singles players and doubles teams. The $15.25 million in prize money for the event set to take place November 2-9 is up from $9 million at...Saudi official defends management of hajj after hundreds die
"The state did not fail, but there was a misjudgment on the part of people who did not appreciate the risks," the official told AFP in the government's first comments on the deaths. An AFP tally on Friday, compiling official statements and reports from diplomats involved in the response, put...Hajj death toll tops 1,000 after extreme heat: AFP tally
The new deaths reported Thursday included 58 from Egypt, according to an Arab diplomat who provided a breakdown showing that of 658 Egyptians who died, 630 were unregistered pilgrims. Around 10 countries have reported 1,081 deaths during the pilgrimage.
From fighting boys to Saudi Olympic history for female taekwondo star
Abha, Saudi Arabia - Saudi taekwondo standout Donia Abu Taleb had an unusual introduction to the sport: for years she trained at a boys' club because there were no girls to compete with. Now the 27-year-old has become the first Saudi woman to qualify for the Olympics and is dreaming of...Diplomats say at least 550 pilgrims died during hajj, mostly Egyptians
"All of them (the Egyptians) died because of heat" except for one who sustained fatal injuries during a minor crowd crush, one of the diplomats said, adding the total figure came from the hospital morgue in the Al-Muaisem neighbourhood of Mecca.
Hajj pilgrimage ends amid deadly Saudi heat spike
Crown Prince Mohammed bin Salman said on Sunday that Saudi officials had committed "to provide everything that will serve those who visit the Two Holy Mosques and help them perform their worship in security and reassurance". The health ministry said it would "closely follow cases of heat exhaustion."Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold in its latest offering, which was set to raise $11.2 billion. The secondary offering was expected to provide a short-term boost to Saudi Arabia's finances as the Gulf kingdom builds...Concerns and optimism on World Environment Day as Arabian Gulf takes bold initiatives
Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future generations. Calls have been made to work through collaborative models of private and public partnerships to achieve green goals.
Oil prices fall as OPEC+ plans to unwind output cuts later this year
Oil prices slipped after Saudi-led OPEC and its Russian-led allies said Sunday they would maintain output levels but begin to restore production from October, even as questions about China's economic recovery and a spike in US stockpiles cause investors to fret over demand. Brent, the international benchmark, fell more than...Oil giant Aramco says to offer shares worth over $10 bn on Saudi bourse
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion in one of the biggest such offerings in recent years. In a statement posted to the Saudi stock exchange, Aramco announced a "secondary public offering of 1.545 billion...Saudi Arabia partners with Microsoft Arabia for AI use in media
Riyadh, Saudi Arabia - The Ministry of Media and Microsoft Arabia signed a memorandum of understanding (MoU) in Riyadh on Tuesday to collaborate in several areas, including developing technical aspects in data analysis, machine learning, artificial intelligence, security and privacy solutions, and software and service development solutions. The goal is...Saudi king chairs cabinet meeting after ‘recovery’
The meeting comes nearly 10 days since the royal court said the king had a lung infection and was undergoing treatment involving antibiotics.
Saudi PIF launches Neo Space Group to boost space industry
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF)on Monday launched the Neo Space Group to work on the kingdom's nascent satellite and space industry, its first investment in the sector. One of the world's largest sovereign wealth funds, the PIF has already invested heavily in sports, gaming and so-called...
Saudi Arabia inaugurates its second “House of Culture”
As part of the “Quality of Life” program, these houses aim to upgrade cultural infrastructure and boost Saudi engagement in arts and culture.Women’s tennis signs ‘multi-year partnership’ with Saudi investment fund
New York, United States -- The women's tennis tour (WTA) on Monday announced "a multi-year partnership" with the Saudi Arabian sovereign wealth fund (PIF), emulating a deal made by the men's tour (ATP) in February. The WTA said in a statement that it shared with PIF an "ambition to grow women's...Saudia Group in ‘landmark’ deal for 105 Airbus planes
In a wide expansion of aviation services, Saudi Arabia's top airline Saudia Group has place an order of 105 aircraft from Airbus. Saudia airline will receive 54 A321neo aircraft, while budget offshoot Flyadeal will acquire 12 A320neo and 39 A321neo planes, they said in a statement.Saudi king treated for lung infection: statement
Riyadh, Saudi Arabia - Saudi Arabia's King Salman has a lung infection and is undergoing a treatment programme involving antibiotics, the Royal Court said Sunday in the latest update on the ageing monarch's health. Earlier in the day, the court said King Salman was suffering from "high temperature" and joint pain,...Deadly strikes hit Gaza as US envoy visits Israel
Israel has also fought and bombed resurgent Hamas forces in northern and central areas of the coastal territory previously considered to be under army control, sparking US warnings that it could become mired in a lengthy counterinsurgency campaign.US envoy touts ‘potential’ of Israel-Saudi deal in Netanyahu talks
US National Security Advisor Jake Sullivan says there is a potential of Israel-Saudi normalization deal if Netanyahu alters his political strategy for the future of the Palestinian enclave.Saudi fashionistas attempt beach rebrand
The setting for Red Sea Fashion Week, the St Regis Red Sea Resort on Ummahat Alshaikh island, is part of Red Sea Global, one of the giga-projects at the heart of Saudi Arabia's Vision 2030 social and economic reform program.
