Iraq is extending an olive branch to Saudi Arabia in the form of a proposed law designed to safeguard Saudi investments within its borders. This move comes amidst a period of burgeoning economic cooperation between the two nations, with bilateral trade experiencing a 12% annual growth spurt. The news of the legislation was unveiled during a meeting in Riyadh between Hassan Al-Huwaizi, President of the Federation of […]
Riyadh Air, Saudi Arabia’s upcoming carrier, and Delta Air Lines announced a strategic partnership that will significantly enhance travel options for passengers journeying between North America and the Kingdom. This agreement, signed in Atlanta at Delta’s headquarters, lays the groundwork for a collaborative effort to expand their respective networks and unlock future growth opportunities. The partnership promises a wider array of benefits for travelers. Passengers flying between […]
Saudi Arabia’s Capital Market Authority (CMA) has given the thumbs-up to a public offering for the GIB Opportunistic Indian Equity Fund, paving the way for Saudi investors to tap into the growing Indian stock market. The announcement, made on July 7, 2024, follows an application submitted by GIB Capital, a leading Saudi Arabian financial services firm. The CMA’s approval signifies that the regulatory body has reviewed and […]
The G7’s (Group of Seven) recent move to seize assets belonging to Russian oligarchs and government officials has triggered a potential financial ripple effect, with Saudi Arabia issuing a stark warning. The Saudis, a major oil producer and significant player in the global financial markets, have threatened to dump their holdings of US Treasuries if the G7 continues down this path. The crux of the Saudi concern […]
Saudi Aramco, the world’s largest oil producer by crude output, has re-entered the international debt market with a US dollar-denominated bond issuance. This marks the company’s first foray into the global debt market since 2021, signifying its continued financial strength and strategic investment plans. The details of the bond offering were announced on the Saudi Stock Exchange (Tadawul) on July 9th, 2024. The bonds will be senior […]
Saudi Arabia and China are poised to solidify their ties in the construction and housing sectors, following a recent meeting between high-level officials in Riyadh. The get-together, which included Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail and China’s Ambassador to Saudi Arabia Chang Hua, focused on bolstering collaboration across real estate development, contracting, and municipal services. This strategic dialogue marks a significant step forward […]
Chinese solar company JinkoSolar has secured a significant contract to supply solar panels for the world’s most ambitious green hydrogen project currently underway in NEOM, Saudi Arabia. The deal, valued at hundreds of millions according to industry estimates, will see JinkoSolar provide 1 gigawatt (GW) of its advanced Tiger Neo N-Type TOPCon solar modules to the NEOM Green Hydrogen Project. This collaboration marks a major milestone for […]
Saudi Arabia’s Al-Hokail Academy Specialized Digital Polyclinics Company is diving into the public market. The healthcare provider announced plans for an initial public offering (IPO) on the Nomu-Parallel Market, a dedicated segment for smaller companies on the Saudi Stock Exchange (Tadawul). The offering will see Al-Hokail sell 2. 03 million shares, representing a 29% stake in the company. This dilution of ownership paves the way for potential […]
Dubai-based company Revibe is on a mission to transform the perception of refurbished electronics, aiming to not only be a leader in the region but also disrupt the global market. Founded in September 2022 with a focus on sustainability and affordability, Revibe is capitalizing on the growing demand for high-quality, pre-owned devices. The brainchild of co-founder Hamza Iraqui, Revibe was born out of a concern for the […]
Arabian Post Staff -Dubai The Saudi Arabian capital, Riyadh, is experiencing a growth spurt unlike any other in the Middle East. According to the latest Savills Growth Hubs Index, Riyadh has secured a coveted spot among the top 15 fastest-developing cities globally by 2033. This achievement is particularly noteworthy as Riyadh stands alone as the sole non-Asian representative on the prestigious list. This rapid ascent can be […]
Saudi Arabia is accelerating its efforts to integrate women into the national workforce, exceeding its initial goals set out in the ambitious Vision 2030 program. The Kingdom’s reform initiative, launched in 2016, aimed to increase female labor market participation from 17% to 30% by 2030. However, recent data reveals a significant leapfrog, with women now comprising over 33% of the workforce. This surge is attributed to a […]
Saudi Reinsurance Co. (Saudi Re) announced a significant financial boost on July 4th, securing a $71 million capital increase through a strategic subscription agreement with the Public Investment Fund (PIF). This move strengthens Saudi Re’s financial standing and positions the company for continued growth within the Kingdom’s insurance sector. The binding agreement entails the issuance of 26. 73 million new ordinary shares by Saudi Re, each valued […]
The Saudi Arabian technology sector witnessed a significant surge in the second quarter of 2024, fueled by a dramatic rise in registrations for artificial intelligence (AI) and cloud computing services. According to data released by the Saudi Ministry of Investment, registrations for AI technologies jumped by an impressive 53% compared to the same period last year. Cloud computing services also saw a substantial increase, with registrations climbing […]
Saudi Arabia’s residential property market received a significant boost in May 2024, with banks approving a substantial $2. 05 billion in new home loans. This figure, revealed by the Saudi Central Bank (SAMA), represents a 13% increase year-on-year and marks a 16-month high for the Kingdom’s mortgage market. The data indicates a robust and sustained demand for housing in Saudi Arabia. This trend aligns with the country’s […]
The first week of July witnessed a surge in activity within the educational technology (edtech) sector. This signals a potentially prosperous month for startups developing innovative learning solutions. Venture capital investments and strategic acquisitions highlighted the confidence investors have in the future of edtech. One such example is Jeel, a Saudi Arabian edtech startup catering to children, teenagers, parents, and educators. Jeel successfully secured a significant investment, […]
Saudi Arabia’s banking sector is experiencing a surge in profitability, with aggregate bank profits reaching a 14-month high in May 2024. According to data released by the Saudi Central Bank (SAMA), the combined profits of Saudi banks hit SR7. 33 billion ($1. 96 billion) in May, reflecting a significant 16% increase year-on-year. This positive trend extends to the year-to-date figures as well. Banks have collectively recorded a […]
BinDawood Holding, a prominent grocery retailer listed on the Saudi stock exchange, is poised for regional expansion with plans to establish a presence in Qatar. The company recently announced the signing of a Memorandum of Understanding (MoU) with Qatar’s Regional Group Company. This non-binding agreement grants BinDawood franchise rights to operate eight stores under its brand name within Qatar. The move signifies BinDawood’s ambition to become a […]
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, […]
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 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 […]
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 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 […]
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 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 […]
