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Saudi

Riyadh to Al-Alamein Now a Direct Route

Flynas, the leading low-cost airline in the Middle East, marked a new chapter in regional connectivity with the inauguration of its first direct flight between Riyadh, Saudi Arabia, and El-Alamein International Airport on Egypt’s North Coast. This expansion adds the picturesque Mediterranean city to flynas’ growing roster of summer destinations, offering passengers a new option for their travel needs. The inaugural ceremony, held on Wednesday, July 3rd, […]

Saudi Arabia Sees Business Boom With Near-80% Surge in Registrations

The Saudi Arabian private sector is experiencing a surge in entrepreneurial activity, with business registrations witnessing a staggering 78% increase compared to the same period last year. This data, released by the Saudi Ministry of Commerce, reflects a thriving commercial landscape and a growing appetite for business ownership in the Kingdom. The second quarter of 2024 saw a significant rise in official business identification cards issued, reaching […]

Saudi Arabia Boosts Non-Profit Energy Sector with Dedicated Fund

Saudi Arabia is taking a significant step towards bolstering its energy sector by establishing a specialized fund to support non-profit organizations (NPOs) working within the field. This initiative, driven by a memorandum of understanding (MoU) signed between the Ministry of Energy and the Associations Support Fund (ASF), signifies the government’s commitment to fostering innovation and development in the energy domain. The newly created fund will serve as […]

Saudi Wealth Fund Injects Half Billion into Hong Kong Conglomerate

Hong Kong Chaoshang Group, a diversified conglomerate listed on the Hong Kong Stock Exchange (HKEX:2322), is set to receive a significant financial boost from Saudi Arabia’s Public Investment Fund (PIF). The sovereign wealth fund announced its intention to invest a total of $500 million in Chaoshang Group, signaling growing economic ties between the Middle East nation and Hong Kong. The investment will be divided into two parts. […]

Qatar Airways Takes Flight with Record Profits

Qatar Airways has reached new heights, soaring to record profits on the wings of a strategic expansion plan. The state-owned carrier reported a net profit of 6. 1 billion riyals ($1. 7 billion) for the financial year ending March 31, 2024, a significant 32. 4% increase compared to the previous year. This stellar performance marks the airline’s strongest financial showing in its 27-year history. Attributing this success […]

E-commerce Giant Teams Up with United Arab Emirates for Sustainable Deliveries

Amazon is revving up its sustainability efforts in the Middle East by collaborating with authorities in the United Arab Emirates (UAE) to launch an electric vehicle (EV) delivery fleet. This initiative aligns with the UAE’s push for a greener transportation sector and complements Amazon’s global commitment to reduce its environmental footprint. Prashant Saran, a senior executive overseeing operations in Amazon Turkey, Middle East and Africa, revealed the […]

Tourist Spending in Saudi Arabia Soars in First Quarter

Tourist spending in Saudi Arabia has witnessed a significant surge in the first quarter of 2024, marking a positive trend for the kingdom’s tourism industry. According to data released by the Saudi Central Bank, inbound visitor expenditure reached a staggering $12 billion (SAR 45 billion), reflecting a year-on-year increase of 23%. This growth aligns with Saudi Arabia’s ambitious Vision 2030 strategy, which prioritizes economic diversification and positions […]

Lumi Leverages SAP for Streamlined HR and Growth Strategy

Saudi Arabian mobility leader Lumi announced a strategic partnership with global technology giant SAP to optimize its human resource (HR) processes and fuel the company’s ambitious growth plans. Through the implementation of SAP’s advanced HR system, Lumi aims to streamline operations, enhance employee experience, and make data-driven decisions to achieve its strategic goals. This collaboration will equip Lumi with the necessary tools to automate routine HR tasks, […]

OPEC Production Up in June Despite Cuts by Alliance Members

OPEC’s oil output defied expectations in June, rising for the second consecutive month according to a Reuters survey. This increase comes despite ongoing production cuts implemented by the wider OPEC+ alliance, which includes major non-OPEC producers like Russia. The survey, which tracks oil supply to the market and is based on industry sources and shipping data, revealed that OPEC’s 12 member countries collectively pumped 26. 7 million […]

Tourist Influx Buoys Saudi Coffers in First Quarter of 2024

Saudi Arabia’s tourism sector has witnessed a significant surge in the first quarter of 2024, with tourist spending exceeding $12 billion, according to the kingdom’s Ministry of Tourism. This substantial figure marks a considerable increase compared to previous quarters, indicating a positive trajectory for the nation’s tourism industry. The Ministry attributed this growth to a number of factors, including the introduction of electronic visas, streamlined travel procedures, […]

Riyadh’s New Global Sport Conference Unveils Dates for 2024 Event and Major Expansion

  RIYADH – JUNE 28, 2024 – The Esports World Cup Foundation today revealed details of the second edition of the New Global Sport Conference (NGSC) 2024. This exclusive annual B2B conference, themed The Future of Fandom, will be held on August 24-25 at the Four Seasons Hotel in Riyadh, Saudi Arabia, following the conclusion of the Esports World Cup. The NGSC is set to be the […]

Kingdom Unearths Bounty of Hydrocarbons in Eastern Province, Empty Quarter

Saudi Arabia’s energy sector received a significant boost on July 1st with the announcement of seven new oil and gas discoveries. The finds, spread across the kingdom’s Eastern Province and the vast Empty Quarter desert, highlight the continued potential of the world’s second-largest oil producer. Leading the exploration efforts was state-owned oil giant Saudi Aramco. Details revealed by Prince Abdulaziz bin Salman, Saudi Arabia’s Energy Minister, indicated […]

HONOR Becomes Official Smartphone Partner for Esports World Cup Mobile Games

The Esports World Cup (EWC), gearing up for its grand tournament in Riyadh, Saudi Arabia, has secured a key partnership with global technology leader HONOR. This collaboration designates the HONOR 200 Pro as the official smartphone for the EWC’s mobile game competitions. The prestigious EWC, known as the world’s largest gaming festival, attracts top esports athletes worldwide. This focus on elite competition aligns perfectly with HONOR’s commitment […]

Groundbreaking Plastic Waste Management Project Launching in Saudi Arabia

Riyadh, Saudi Arabia, Duisburg, Germany, and Oslo, Norway – 1st July 2024 RIYADH, SAUDI ARABIA/ DUISBURG, GERMANY/ OSLO, NORWAY – Newsaktuell – 1 July 2024 – MVW Lechtenberg Projektentwicklungs- und Beteiligungsgesellschaft GmbH, the leading consulting firm specializing in alternative fuels for the cement and related industries, in collaboration with Empower, a leading provider of innovative traceability solutions, is excited to announce the launch of a transformative plastic […]

Press Freedom Is Weakening Worldwide With Record Number Of Journos In Jail

Henkel Powers Up Sustainability in Middle East and Africa

Henkel Adhesive Technologies, a global leader in adhesives, sealants and functional coatings, announced a significant milestone in its journey towards environmental sustainability. All its manufacturing sites in the Middle East and Africa (MEA) region have now transitioned to 100% renewable electricity. This achievement eliminates carbon dioxide (CO2) emissions from electricity usage, also known as Scope 2 emissions, for these facilities. The shift to renewable energy sources across […]

New Shipping Lane Connects Jeddah to China and Egypt

The Saudi Ports Authority (Mawani) recently announced the launch of a new shipping service significantly boosting Jeddah Islamic Port’s connectivity to major commercial centers in China and Egypt. This development strengthens the Kingdom’s position as a key logistics hub within the region. The CBS service, operated by the Chinese shipping line NewNew Line, will establish a direct link between Jeddah and four prominent Chinese port cities:Tianjin, Qingdao, […]

Saudi Debt Market Surges as Sukuk Issuance Reaches New High

The Saudi Arabian debt market experienced significant growth in 2023, with the value of outstanding sukuk (Islamic bonds) reaching a record high of 18. 3% of the country’s gross domestic product (GDP), according to a recent report. This surge highlights the increasing popularity of sukuk as a financing tool for both government and corporate entities in the kingdom. The report attributes this growth to several factors. Firstly, […]

Scorching Heatwave to Bake Saudi Arabia

Saudi Arabia is bracing for another week of scorching temperatures as the National Center of Meteorology predicts unrelenting heat across the country. The unrelenting sun will see highs soar between 46 and 49 degrees Celsius in the Eastern Region and parts of Riyadh from Sunday, June 30, until Friday, July 5. Residents in these areas can expect sweltering conditions, making it dangerous to be outdoors for extended […]

Saudi Arabia Poised for Construction Boom

A surge in government spending on infrastructure and ambitious mega-projects is set to propel Saudi Arabia to the top spot in global construction spending, according to a Bloomberg report. The kingdom is forecast to overtake China, the current leader, by 2030, fueled by its Vision 2030 diversification plan that aims to reduce reliance on oil revenue. The construction boom will be driven by several factors. The government […]

Dubai and Abu Dhabi Soar in Liveability Rankings

Dubai and Abu Dhabi, the glitzy emirates of the United Arab Emirates (UAE), have cemented their positions as regional leaders and climbed the ranks of the world’s most liveable cities according to the Economist Intelligence Unit’s (EIU) 2024 Global Liveability Index. The report, released on June 27th, highlights the UAE’s growing strength in liveability. Both Dubai and Abu Dhabi secured spots in the coveted “very high” liveability […]

India and UAE Fast-Track Trade Corridor with Digital Launchpad

The economic landscape of India and the United Arab Emirates (UAE) is poised for a significant transformation with the imminent launch of the India-UAE leg of the $20 billion transcontinental India-Middle East Europe Corridor (IMEC). This ambitious initiative, seen as a strategic counter to China’s Belt and Road Initiative, aims to streamline trade and bolster economic ties between the two nations. The initial phase of the project […]

Saudi Sports Market Beckons British Investors

British investors are being presented with an attractive opportunity in the burgeoning Saudi sports market, which is anticipated to reach a valuation of $22 billion by 2030. This invitation came during the UK-Saudi Sports Investment and Innovation Forum held in London, where a representative from the Saudi Ministry of Investment highlighted the vast potential of the Kingdom’s sports sector. The Saudi Arabian government is actively pursuing diversification […]

Saudi Arabia Lights Up the Future with Trio of Mega-Solar Projects

Saudi Arabia is taking a significant leap towards its renewable energy goals with the signing of Power Purchase Agreements (PPAs) for three colossal solar photovoltaic (PV) projects. ACWA Power, a leading developer and operator of power plants, joined forces with Badeel, a subsidiary of the Public Investment Fund (PIF), and SAPCO, a subsidiary of Saudi Aramco, to ink these landmark deals with the Saudi Power Procurement Company […]