Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for 2023 which hit SAR14.45 billion ($3.85 billion), according to Trade Arabia. Releasing its annual report for 2023, Modon highlighted the significant progress in attracting investments, developing industrial infrastructure, and promoting...
Saudi sovereign wealth fund PIF has $1.2 bn stakes in two Japan gaming firms
RIYADH: Saudi Arabia’s biggest sovereign wealth fund, Public Investment Fund, has stakes of more than 5 percent in two Japan-listed gaming companies. Bloomberg said the combined holdings are worth around $1.2 billion in Capcom Co., the maker of the Street Fighter and Resident Evil franchises, and online games provider Nexon...
Saudi Arabia sees $6.4bn tech investment at LEAP
The fresh investments are said to be in line with Vision 2030, which aims to diversify the economy of Saudi Arabia, lessening its dependence on oil.
‘Arabic’ coffee renamed ‘Saudi’ coffee in the kingdom
The renaming is seen as the assertion of a cultural element that expresses the Saudi identity and reflects the people's relation with coffee and the tradition of its preparation and serving.
Fitch upgrades Saudi Electricity Company’s rating after improved record
Fitch Solutions has upgraded the Saudi Electricity Company's credit rating from A- to A with a stable outlook, an upgrade that matches the Kingdom of Saudi Arabia's sovereign credit rating. The international agency emphasized that the new classification was driven by the result of the improvement of the company's independent...
Saudi Heritage Commission and KARRDA to work for heritage preservation
Saudi Arabia's Heritage Commission has signed a memorandum of understanding with King Abdulaziz Royal Reserve Development Authority (KARRDA) to enhance cooperation in the field of preserving and developing the national heritage. The signing ceremony took place at the headquarters of the Heritage Commission, represented by its CEO, Dr. Jasser bin...
11 die in air-strikes on Yemen, a day after Abu Dhabi attack
Eleven people were killed in air strikes on Yemen's rebel-held capital, a witness and medical sources told AFP on Tuesday, as the Saudi-led coalition hit back after a deadly attack on Abu Dhabi.
Saudi Aramco and Hungary’s MOL to buy Polish oil assets
Poland's state-owned refiner PKN Orlen announced Wednesday plans to sell oil assets to Saudi Aramco and Hungary's MOL in order to meet EU conditions for its merger with domestic rival Grupa Lotos. Saudi Aramco will buy a stake in Lotos's refinery and MOL will purchase several hundred Lotos petrol stations...
Trippier becomes first signing under Newcastle’s new Saudi owners
England defender Kieran Trippier became Newcastle's first signing under their new Saudi owners on Friday after completing his move from Atletico Madrid, with more arrivals expected in the January transfer window. The full-back has moved back to the Premier League for an undisclosed fee, understood to be in the region...
Saudi-led coalition threatens Yemen’s rebel-held ports
A Saudi-led military coalition threatened Tuesday to target Yemen's rebel-held ports after Huthi fighters seized a UAE-flagged ship -- unless the vessel is freed. On Monday, the pro-Iran Shiite Huthi rebels based in the key Red Sea port of Hodeida seized the Emirati-flagged Rwabee ship claiming it contained military materials....
MAWANI and SCCA sign MoU
Both will create an environment for the settlement of disputes.
UN asks Yemen govt to add new equipment to Sanaa airport
Flights into the rebel-held capital Sanaa have been largely halted by a blockade since August 2016, but there have been exemptions for aid flights. However, Sanaa airport was closed for several days in December after the Saudi-led coalition pounded it with airstrikes.
Saudi king asks Iran to end ‘negative behavior’ in the region
King Salman said, ‘We hope (Iran) changes its policy and negative behavior in the region, and it heads towards dialogue and cooperation. We are following with great concern the Iranian regime's destabilizing policy to security and safety in the region.’
Saudi Arabia, Oman ink 13 business deals
The deals were inked by Oman Investment Authority firms with Saudi counterparts as Saudi Crown Prince Mohammed bin Salman visited.
Saudi Arabia, UAE report first Omicron cases in Gulf
Saudi Arabi on Wednesday recorded its first case of Omicron variant infection, in a citizen its health ministry said had come from a North African country. Hours later, the UAE announced it too had detected the strain within its borders, in an ‘African woman arriving from an African country via...
Global ripples await MidEast markets on Sunday
Middle East markets were spared the November 26 bloodbath because they were closed on Friday and Saturday.
GSCCO enhances Jubail port
The company is part of the UAE-based Gulftrainer group.
Saudi EXIM inks $118m deals
The deals were signed at the Saudi Trade Finance Summit.
ACWA Power loss in Q3 $5.8 million
The company said losses due to IPO-related issues and payments.
Newcastle appoint Eddie Howe as new manager
Howe was confirmed as Newcastle's new manager on Monday, a month after a Saudi-led takeover at St James's Park.
Axa insurance Q3 premiums down 7 percent
Q3 net profit down 18 percent from the same period last year.
Three Saudi companies to offer nine million shares in IPO
Three Saudi private companies will go public, offering around nine million shares in IPOs, according to the Saudi Exchange market (Tadawul).
Saudi index reaches new highs on oil price rise
The oil price rise is expected to raise the economic growth of Saudi Arabia and the UAE. The kingdom is expected to grow by 5.1 percent next year.
150 Yemen rebels killed in strikes: Saudi-led coalition
Rebel leader Abdelmalek al-Huthi called for continued fighting, as tens of thousands of supporters marched in towns held by the insurgents. It came a day after the Huthis announced on Twitter that they had advanced on several fronts around Marib, including Abdiya, where the coalition says it is pounding the...
Gulf International Bank closes $625million sustainability-linked syndicated loan
Gulf International Bank (GIB) said on Sunday that it has closed a $625 million sustainability-linked syndicated loan (SLL), making it the first Bahrain-headquartered bank and the first majority Saudi-owned bank to close such a facility. The bank said the deal was substantially oversubscribed with commitments exceeding the initial facility amount...
Fedex arm plans Saudi growth
FedEx Express is a subsidiary of FedEx Corp.
Al-Rajhi Capital predicts Saudi oil revenues to touch $145.3bn at the end of 2021
Al-Rajhi Capital believes that Saudi oil revenues will touch $145.3 billion at the end of 2021, while total state revenues could go up to $246 billion. The assessment was made on the Saudi budget forecast released on Thursday.
Saudi Arabia to strengthen trade ties with Austria
The Saudi delegation of the trade system was headed by Minister of Commerce Majid Al-Qasabi.
Saudi Arabia ‘racing against time’ to finish F1 track
The floodlit circuit is expected to run over 6.175 km (3.8 miles), the second-longest on the calendar, and will feature 27 corners.
ACWA Power final IPO price nearly $15 per share, targets raising $1bn
The company expects to raise more than $1 billion from the public offering, valuing the company at about $10 billion.
Watch: Saudi GDP to grow faster than expected in 2021
The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the Saudi economy.
Plot of land on Red Sea sells for $352.7m
In one of the largest real estate deals in Jeddah this year, the Saudi Oger Company's "Arjuwan Red Sea Project" land has been sold in a public auction for $357.2 million.
Saudi anti-concealment law violators get grace period
The period has been extended from August 23, 2021, to February 16, 2022, with violators looking at fines of around $1,3 million or imprisonment of up to 5 years, or both.
Saudi budget deficit narrows sharply
Better days for Saudi economy seem to be on the horizon as the kingdom’s budget deficit has narrowed sharply in the first six months of this year.
Saudi officials seize a big load of drugs at border with Jordan
A consignment of two million illegal pills was seized by the Saudi authorities along the kingdom’s border with Jordan. The drugs were hidden in tomato paste jars.
Saudi Arabia, UAE deny Pegasus spyware allegations
Saudi Arabia and the United Arab Emirates have dismissed allegations they used Israeli-supplied Pegasus malware to spy on journalists and human rights activists.
Saudi Arabia bans citizens from traveling to Indonesia as Covid cases surge
Saudi Arabia on Wednesday barred its citizens from travelling to Indonesia due to the surge in Covid-19 cases there
Tadawul in deal with SIX Group
The two will deal in Exchange products like cross listing & facilitate investors.
Oman ruler visits Saudi Arabia in his first official overseas trip
Oman’s ruler Sultan Haitham bin Tariq al-Said visited Saudi Arabia on Sunday on his first official overseas trip since assuming power last year.
Saudi lawsuits threaten to expose US govt secrets
Legal battle between MBS and Aljabri takes a new twist Washington is likely to consider a rare judicial intervention Two lawsuits pitting Crown Prince Mohammed bin Salman (MBS) Â against former intelligence czar Saad Aljabri threaten to expose highly sensitive US government secrets, prompting Washington to consider a rare judicial intervention,...
Fuelling troubles: Row puts Gulf powers on diverging paths
A public row between Saudi Arabia and the UAE has exposed the steadily diverging paths of once inseparable allies who are competing to profit from what may be the world's last oil boom. Wrinkles in relationships between the Gulf states are usually resolved behind palace walls, but a fiery debate...
Saudi suspends UAE flights due to virus variant
Saudi Arabia has suspended flights to three countries, including the neighbouring United Arab Emirates, to protect against a coronavirus variant, the interior ministry said Saturday. The move comes seven weeks after the oil-rich kingdom permitted fully immunised citizens to travel abroad, after a ban on foreign trips that lasted more...
Saudi Arabia wants to be first trading partner of Egypt
There are 6,285 Saudi companies operating in Egypt with investments exceeding $30 billion More than 518 Egyptian companies operate in the Saudi markets Saudi Arabia aims to be the first trading partner of Egypt for the next five years, local reports on Monday, June 14, quoted the former’s Minister of...
Saudi Aramco unveils first dollar sukuk bond
The bonds will be issued in three tranches The deal will consist of three, five and ten year tranches Saudi Aramco has unveiled its first US. dollar-denominated sukuk bond on Wednesday, which will be issued in three tranches, Reuters reported. The deal will consist of three, five and ten...