The foreign ministers of five Arab nations – the United Arab Emirates (UAE), Saudi Arabia, Qatar, Jordan, and Egypt – united on Monday in a virtual meeting to express their support for ongoing mediation efforts aimed at ending the crisis in Gaza. The focus of the discussions, according to a joint statement released by the Qatari Ministry of Foreign Affairs, was on the latest developments in mediation […]
Saudi Arabia’s ACWA Power, a global leader in renewable energy and water desalination, has signed a momentous agreement with the Tunisian government to embark on a groundbreaking green hydrogen project. This collaboration signifies a significant step towards both nations’ clean energy goals and Europe’s ambition to diversify its energy supplies. The project, envisioned in a signed Memorandum of Understanding (MoU), outlines the development of a large-scale green […]
Arabian Post Staff -Dubai The International Air Transport Association (IATA) predicts a significant rise in profitability for Middle Eastern airlines in 2024. Their latest forecast anticipates a collective profit exceeding $3. 8 billion, a substantial 22. 5% increase compared to the $3. 1 billion earned in 2023. This positive outlook comes despite ongoing regional tensions, including the recent Israel-Gaza conflict. This optimistic forecast for the Middle East […]
Mayar Holding, a Saudi Arabian industrial manufacturing company, announced plans to raise $133 million through the issuance of a sharia-compliant bond, known as a sukuk. The issuance, denominated in Saudi riyals (SAR), will target a total value of SAR 500 million, with the proceeds earmarked for funding working capital needs and capital expansion projects. Afaq Financial Company has been appointed as the financial advisor for the establishment, […]
Amin Nasser’s path to the helm of Saudi Aramco, one of the world’s most valuable companies, is a story that defies tradition. Unlike his predecessors who often hailed from prestigious Western universities, Nasser’s journey began within the company itself. A Saudi-educated engineer, Nasser’s career with Aramco stretches back four decades. He started as a petroleum engineer, his expertise laying the foundation for his future ascent. Nasser meticulously […]
Germany’s national railway company, Deutsche Bahn (DB), has narrowed down the contenders vying to acquire its logistics subsidiary, Schenker, to a select group. After a rigorous selection process, four finalists have been chosen to enter the final round of bidding. These finalists represent a diverse range of industry players. Maersk, a global leader in container shipping, seeks to expand its logistics footprint. DSV, a Danish freight forwarding […]
Saudi Arabia’s first quarter of 2024 witnessed a significant surge in investment deals, with innovation and entrepreneurial ventures at the forefront. According to official data released by the Ministry of Investment, over half (53%) of the investment deals finalized during this period were driven by a focus on fresh ideas and business creation. This trend highlights a strategic shift in the Kingdom’s investment landscape, prioritizing the development […]
Electric vehicles are poised for a significant boost in Saudi Arabia following a memorandum of understanding (MoU) signed between Lucid Motors and the Electric Vehicle Infrastructure Company (EVIQ). This collaboration signifies a strategic alliance aimed at revolutionizing the country’s EV charging landscape. The MoU paves the way for the development of a robust network of high-speed public charging stations across Saudi Arabia. This will significantly address the […]
Saudi Arabia’s housing market is experiencing a surge in demand, with the capital Riyadh witnessing a particularly strong performance. According to a report by CBRE, a global consultancy firm, residential property sales in Riyadh skyrocketed by 77% in the first quarter of 2024 compared to the same period last year. This significant growth indicates a thriving residential market in the Saudi capital. The report further highlights that […]
The arrival of the first international flights at the Red Sea International Airport (RSI) marks a significant turning point for Saudi Arabia’s tourism industry. This event not only signifies the airport’s official entry into the global travel network but also throws a spotlight on its commitment to environmental sustainability – a crucial factor for the future of travel. The inaugural flight, FZ927 from Dubai operated by flydubai, […]
The Middle East, a region long synonymous with vast oil reserves, is witnessing a transformative shift towards renewable energy, with Saudi Arabia emerging as a surprising frontrunner. This surge is driven by several factors, including the abundance of sunshine in the region, falling solar power costs, and a growing recognition of the need to diversify economies beyond fossil fuels. Saudi Arabia boasts some of the world’s most […]
Arabian Post Special The announcement of Saudi Aramco’s plan to sell shares on the public market has generated significant buzz in the financial world. This highly anticipated initial public offering (IPO) comes after years of speculation and strategic maneuvering by the Saudi government. Understanding the context of this offering and the initial investor response is crucial to assess its potential impact on Aramco and other government-owned oil […]
Three Eight Six Holdings Ltd. , a leading renewable energy developer in the Middle East and North Africa (MENA) region, has joined forces with B. Grimm Power PCL, a prominent Thailand-based electricity producer, in a strategic alliance designed to revolutionize the renewable energy landscape across the Gulf Cooperation Council (GCC) countries. This collaboration brings together Three Eight Six Holdings’ extensive expertise in developing and financing renewable energy […]
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 28 May 2024 – Kenanga Investment Bank Berhad (“Kenanga” or “Kenanga Group” or “the Group“) today announced its financial results for the first quarter ended on 31 March 2024 (“1Q24“). Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad The Group reported an increase in revenue to RM204.2 million and growth in profit before tax (“PBT“) to […]
The Saudi Arabian stock exchange, Tadawul, announced the listing of $12. 08 billion worth of government debt instruments on May 27th, 2024. This move comes as the Saudi Ministry of Finance seeks to diversify its funding sources and tap into investor demand for sovereign debt. The listed instruments represent two separate issuances, both originally conducted in April 2024. The first issuance, dated April 1st, saw its value […]
Saudi Arabia is witnessing a significant social and economic transformation, with women playing an increasingly important role. A key driver of this change is the growing emphasis on financial literacy initiatives targeted towards women. Equipping women with financial knowledge empowers them to make informed decisions, leading to household financial stability and contributing to the country’s overall economic growth. Traditionally, financial decision-making within Saudi households often fell solely […]
Startups and Entrepreneurship in Saudi Arabia a Dynamic Ecosystem Saudi Arabia is fleetly arising as a seedbed for startups and entrepreneurship. With a immature population, visionary leadership, and ambitious plans under Vision 2030, the Kingdom is transubstantiating its frugality from an oil painting-dependent model to a diversified, innovative hustler. This blog explores the vibrant incipiency ecosystem in Saudi Arabia, highlights the part of freight forwarding and logistics […]
Saudi Arabia’s finance minister, Mohammed Al-Jadaan, has placed a significant wager on artificial intelligence (AI) as the key driver for global sustainable development. This ambitious vision was unveiled during a session titled “AI and Development:Challenges and Opportunities” at a recent G7 meeting in Italy. Al-Jadaan emphasized the Kingdom’s commitment to harnessing the power of AI for the greater good. He outlined plans to leverage this technology to […]
Credit rating agency Moody’s Investors Service signaled its confidence in Saudi Arabia’s economic trajectory by maintaining the country’s A1 rating and assigning a positive outlook. This decision reflects the kingdom’s progress in implementing its ambitious reform agenda, which began in 2016. Moody’s highlighted the government’s effectiveness in managing its budget and macroeconomic policies. These efforts have bolstered financial stability and created a foundation for sustainable economic diversification. […]
Saudi Arabia’s property market is undergoing a transformation, fueled by a surge in rental yields for upgraded properties. This trend is particularly evident in Riyadh, the kingdom’s capital, where a booming construction sector is striving to keep pace with rising demand for modern living spaces. Experts note a significant shift in landlord strategies. Many are opting to renovate and retrofit their existing properties to capitalize on the […]
Arabian Post Staff-Dubai Saudi Arabia is reportedly considering a multi-billion dollar stock sale of energy giant Saudi Aramco as early as June. This potential sale could be one of the biggest stock offerings ever witnessed in the Middle East. Details surrounding the offering are still being finalized, but sources familiar with the matter say it could raise around $10 billion. The offering comes as Saudi Arabia pushes […]
Saudi Arabia, the world’s largest oil exporter, is witnessing a turning point in its energy sector. The kingdom recently signed agreements for a record-setting 1. 1 gigawatts (GW) of wind power capacity, marking a significant stride towards its ambitious target of awarding 20 GW of renewable energy projects this year. This surge in renewable energy is directly contributing to a decrease in the country’s reliance on burning […]
Arabian Post Staff – Dubai Dubai, the long-reigning champion of Middle Eastern tourism, has a new contender vying for the crown. Saudi Arabia, embarking on an ambitious plan to transform itself into a global tourism destination, is pouring billions into developing its pristine Red Sea coastline and historic sites. This aggressive investment spree has sent shockwaves through the industry, prompting Dubai to re-evaluate its offerings and strategize […]
Saudi Arabia’s Export-Import Bank (Saudi EXIM Bank) inked two significant agreements with prominent Japanese financial institutions, SMBC Business Banking and MUFG Bank, during the Saudi-Japan Vision 2030 Business Forum held in Tokyo. This collaboration aims to bolster cooperation and open doors for co-financing ventures, ultimately propelling Saudi non-oil exports into target markets. The agreements were signed by Eng. Saad bin Abdulaziz Al-Khalab, CEO of Saudi EXIM Bank, […]
