Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of 2023 sustaining a level comparable to the previous quarter. According to recent data from the General Authority for Statistics (GASTAT), the trade surplus in December 2023 was SR39 billion ($10.4...

Nassr, who won last week's first leg 1-0 thanks to a Ronaldo goal nine minutes from time, were the better side at Al Awwal Park and took the lead on 17 minutes through Portuguese winger Otavio. The former Porto star, who joined Nassr last summer, headed home from close range...

The company's  Q4 2023 net profit surged 23%.

In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5 billion in December 2022. The share of oil exports in total exports decreased from 78.4 percent in December 2022 to 73.1 percent in December 2023.

Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships aimed at advancing its plans for sustainable manufacturing. Amit Midha, global CEO of Alat, revealed on Tuesday collaborations with Softbank, Carrier Corporation, Tahakoum, and Dahua Technology, Saudi Gazette reported. The...

Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7 percent in 2024, following an increase of 3 percent and 7 percent respectively in 2023. Increases will challenge construction firms, which will need to develop new processes and capabilities to...

RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified investors inside and outside Saudi Arabia.  The amount and terms of offer of the sukuk will be determined subject to market conditions, the bank said in a statement to Tadawul.   This announcement...

Riyadh, Saudi Arabia -- King Saud University (KSU) has achieved a new global milestone by entering the Guinness World Record for the largest dental hospital in the world, with a total area of 37,165 square meters. This achievement confirms the university's commitment to providing healthcare services, supporting medical education, training...

Riyadh, Saudi Arabia -The Middle East Financial Investment Company (MEFIC Capital) has unveiled the establishment of the Saudi Film Fund, boasting a total capital of SR375 million ($100 million), with a substantial 40% investment from the Cultural Development Fund. This collaborative effort signifies a significant stride in the Kingdom's film...

Riyadh, Saudi Arabia - Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said on Monday that the retail sector contributes 23 percent of non-oil GDP of the kingdom, predicting its growth will surpass SR460 billion ($122.6 billion) by the end of 2024.  The minister made these statements...

Riyadh, Saudi Arabia -- Saudi Arabia's open banking market is expected to expand from $7 billion in 2018 to around $43 billion by 2026, said Mohammed El-Kuwaiz, chairman of the Capital Market Authority (CMA) and the Financial Academy (FA) Board of Trustees. El-Kuwaiz announced this at the conclusion of the...

Zamil is one of the largest offshore support vessel operators.

Riyadh, Saudi Arabia - Saudi Arabia has announced that domestic pilgrims will be eligible for compensation in the event of inadequate accommodation provided by Hajj service companies. According to the Ministry of Hajj and Umrah, pilgrims will receive a 10 percent refund of their package value if there is a...

Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its highest level since August 2020. The increase can be attributed to the positive momentum generated by the disclosure of financial results, the majority of which met anticipated outcomes. The gains...

ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed. The Kingdom maintained 16th place among the largest holders of US treasury securities for the month.  Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth...

Makkah, Saudi Arabia -- The Presidency of Religious Affairs at the Grand Mosque and the Prophet's Mosque has deployed AI-operated robots to assist worshippers and visitors at the Grand Mosque in Makkah. The robots provide information and guidance on a variety of topics, including how to perform the Hajj and...

Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from Canada. In this connection, the Saudi Minister of Education, Yousef bin Abdullah Al-Benyan, along with the accompanying education delegation, visited several educational institutions and universities in Canada, where he met...

Led by Saudi Crown Prince Mohammed bin Salman, Alat is poised to revolutionize the tech sector, aiming for carbon neutrality and creating thousands of jobs.

Jeddah, Saudi Arabia - Organized by the Saudi Arabian Cycling Federation under the supervision of the Ministry of Sport, the fourth annual "Extreme E" all-electric sport-utility vehicle (SUV) off-road racing series will kick off Saturday in Jeddah with the participation of eight two-racer teams. The first edition of this global...

Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction. These methodologies significantly reduce material waste, enhance construction quality, offer more controlled and safer work environments, and optimize project timelines, he adds.

Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023 compared to 2019 among large destinations, achieving an increase of 56%, according to the World Tourism Barometer report released last month. The kingdom recorded a remarkable tourism recovery rate of...

Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah Islamic Port, leading to an increase in its capacity. The completion of work at Jeddah Islamic Port’s North Container Terminal, in cooperation with the Red Sea Gateway Terminal (RSGT) with...

RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization has announced that the cities of Madinah, King Abdullah Economic City (KAEC), and Al-Ahsa in the Kingdom have joined the UNESCO Global Network of Learning Cities. With this development, Saudi Arabia now boasts five cities enlisted in the...

Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail revealed at the conclusion of the inaugural Global Smart City Forum 2024 here on Tuesday, highlighting the critical role of smart cities in fostering industrial growth, technological diffusion,...

Riyadh, Saudi Arabia - Saudi Arabia's general budget recorded a deficit of $9.86 billion in the fourth quarter of 2023, the Ministry of Finance reported. The total revenues for the period amounted to $95.45 billion, while total expenses reached about $105.32 billion. This reflects a slight increase in the deficit...

Growth fueled by Ford Territory, F-150 and other models.

The Shariah-compliant facility was secured with several banks.

Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking to establish regional headquarters in the country after securing a license from the Ministry of Investment. The services encompass issuing regional headquarters as a branch or as a new foreign...

Riyadh, Saudi Arabia - Saudi Arabia on Tuesday granted approval for the law for the protection of whistleblowers, witnesses, experts, and victims. The milestone law, previously greenlit by the Shoura Council, is designed to safeguard individuals who may face threats for providing information on crimes. The law empowers judicial authorities...

London, UK - Saudi Arabia will stage its first ranking snooker event in 2024, with a prize pool of more than £2 million ($2.5 million) for the "fourth major". The inaugural Saudi Arabia Snooker Masters will trail only the World Championship in terms of prize money. The World Snooker Tour has...

ABHA, SAUDI ARABIA  - The Heritage Commission announced its most prominent discovery in Jurash, Asir region, as one of the most important archaeological sites in the south of the Kingdom, a report on Tuesday said. These were the result of strenuous excavations taking place during its 15th season in 2023....

Dubai, UAE -- American hardwood lumber (sawn timber) shipments to the Middle East and North Africa (MENA) region reached $61.14 million and a volume of 74,791 cubic meters in 2023, according to the American Hardwood Export Council (AHEC). Significant increases were seen in exports of American hardwood lumber to the...

RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to expand into other forms of energy, the Gulf country's energy minister said on Monday. Oil giant Aramco announced on January 30 that the energy ministry had ordered it to maintain...

DUBAI, UAE- As Houthi attacks roil the Red Sea and Western air raids target the rebels, moves to end Yemen's long-running war are at a standstill, threatening further woe for a country on its knees. As recently as December, painstaking negotiations were gaining ground and the United Nations said the warring...

The aim is to foster avenues for collaboration in technology.

From Saudi Arabia to the UAE and Qatar to Kuwait, governments across the region compete to jumpstart industrial sector but doubts remain whether it can be pulled off.

Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But doubts remain whether it can be pulled off.

Saudi Arabia said it had disbursed $250 million in aid to the internationally-recognized government in Yemen. The money follows an initial payment of the same amount announced in August, when Riyadh committed to provide a total of $1.2 billion to ease the government's budget deficit and pay salaries for civil...

TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank, a press release said on Sunday. According to the release, the financing supports RSG's Joint Venture (JV) with Kingdom Holding Company (KHC), a prominent global investment company headquartered in Saudi...

RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (MODON) has attracted new investments worth US$34 million (SAR130 million). This will be used to localize military aircraft industries, including drones and provide repair, maintenance and overhaul services for ships. Securing funding is one of the authority's...

Prime Minister Benjamin Netanyahu this week said he had ordered troops to prepare to go in to the city, crowded with displaced Palestinians, as it hunts down those responsible for the deadly October 7 attacks on southern Israel. The announcement has prompted concern from foreign governments including the United States...

Riyadh, Saudi Arabia  - About 61 purchase contracts totaling approximately SR26 billion  ($6.93 billion) were signed at the second World Defense Show (WDS) which concluded here on Thursday.   The event, featuring 773 exhibitors and hosting 441 official delegations from 116 countries, attracted 106,000 visitors. Throughout the show, a total of...

Saudi Arabia, home to the holiest sites in Islam, has never recognised Israel, though officials were considering doing so before the Hamas' October 7 attack. Israeli ground offensive has killed at least 27,840 people, mostly women and children, according to the Gaza health ministry.

Riyadh, Saudi Arabia — Saudi Minister of Foreign Affairs Prince Faisal bin Farhan received Philippe Lazzarini, commissioner general of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), and his accompanying delegation at the ministry’s headquarters in Riyadh on Thursday. During the meeting, they...

The pacts were signed at the PIF’s Private Sector Forum.

Riyadh, Saudi Arabia - Saudi Arabia on Tuesday explicitly conveyed to the United States its stance on diplomatic relations with Israel, making it clear that such ties will not be established without significant progress on the Palestinian issue. The Kingdom insists on the recognition of an independent Palestinian state within...

Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for the end of the decade, an official said on Tuesday. The announcement came less than five years after the Gulf kingdom fully opened up to tourism and as fears persist...

RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected Russia’s S-350 and S-400 air defense systems at the World Defense Show, a TASS correspondent reports. The commander visited the stands of Russian companies, paying special attention to the S-350...

Riyadh, Saudi Arabia - Novak Djokovic and Rafael Nadal will headline a new exhibition tournament in Saudi Arabia, organizers said. The Serb and the Spaniard, with 46 major titles between them, will be joined by Wimbledon champion Carlos Alcaraz and Australian Open winner Jannik Sinner at the 6 Kings Slam. World...

Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in a move towards bolstering investments in zero-emissions projects. Saudi Minister of Investment, Eng. Khalid Al-Falih, announced the collaboration during a Saudi-Swiss round table meeting in Riyadh on Monday. The strategic...