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Saudi Arabia’s construction output value to hit $181.5bn by 2028

Saudi Arabia’s construction output value to hit $181.5bn by 2028, Knight Frank says

The ongoing transformation is being driven by Vision 2030, which aims to deliver more than 660,000 residential units and over 320,000 hotel keys

DDoS cyberattacks

DDos attacks up 183% in MENA amid geopolitical tensions: StormWall

As the geopolitical situation continues to evolve in the MENA region, the frequency and intensity of DDoS attacks by hacktivists as well as malicious actors, are expected to persist

SIEMENS ENERGY

Siemens Energy snags $1.5bn order for two Saudi power plants

The power plants will be operational in a phased approach

bartawi

Spinneys expands regional footprint with new store in Riyadh

The supermarket chain plans to expand its presence in Saudi Arabia, with up to 12 new stores scheduled to open in the kingdom by 2028

Aramco Yasir Al-Rumayyan

Saudi Aramco chairman reappointed independent director on Reliance Industries board

Saudi Aramco’s chairman Yasir Al Rumayyan, who heads Saudi Arabia’s Public Investment Fund, was initially appointed to RIL’s board in 2021 for a three-year term

Riyadh Saudi Arabia

Saudi Arabia’s tech renaissance: Insight

Through regulatory frameworks and policy initiatives, Saudi Arabia has emerged as a burgeoning hub for digital advancement, writes Tech Mahindra’s COO

Lucid opens Saudi Arabia’s first car production facility

Lucid, Rivian and Nikola: What are EV startups doing to ride out weak demand?

EV startups are lowering manufacturing costs, laying off workforce, and racing to develop cheaper models to navigate a slump in demand

Aramco acquires stake in EIG’s MidOcean Energy

FTAI Infrastructure inks deal with Aramco subsidiary to boost oil supply to Texas terminal

The world’s largest oil firm has been expanding its trading activity

GCC markets Image: Getty Images - ipo

China approves first ETFs tracking Saudi equities, fund managers say

Through the ETF, investors in China will be able to trade Saudi stocks including Saudi Aramco and Saudi National Bank

Red Sea

Shipping industry urges Red Sea action as Houthis sink second vessel

International naval forces have been deployed to provide defensive support for ships sailing through the Red Sea, but the attacks have increased significantly

air taxi EHang

Saudi Arabia: World’s first licensed autonomous air taxi takes flight during Hajj 2024

The autonomous flight was conducted by EHang Holdings in collaboration with Saudi-based Front End

Embraer sees Saudi Arabia and India as strategic defence markets

Embraer sees Saudi Arabia, India, EU, US as strategic defence markets

A potential Saudi purchase could involve 25 units, and the planemaker expects the country to make a decision in two to four years

Oil prices surge after OPEC + extends output cuts

Oil funds temper bearishness after OPEC+ reassurance

Inventories of both gasoline and diesel have been rising relative to the seasonal trend in the US, and consumption growth for oil remains tepid across major markets

Dubai-based mining firm to enter Argentina lithium market

Chile says Saudi mining minister to visit, lithium expected on agenda

Chile is the world’s second-largest producer of lithium

Goldman Sachs sees oil demand growing until 2034

OPEC sees no peak oil demand long term, secretary general says

OPEC+ members are cutting output by a total of 5.86 million bpd, or about 5.7% of global demand

Edmond de Rothschild

Edmond de Rothschild to open Saudi office and launch debt platform

The platform could help Saudi Arabia with its vast Vision 2030 plan

flyadeal gets 33rd aircraft delivery. the company received the aircraft at the Toulouse facility Image Supplied

Saudi low cost carrier flyadeal increases fleet size

With the addition of the latest Airbus A320neo, the carrier has increased its fleet size to 33 narrowbody jets

G7 ITALY

What’s on the G7 agenda?

The summit is due to kick off on June 13 with a discussion about Africa, climate change, and development

NEOM Capella in Elanan_Image_1

Saudi Arabia: Capella Hotels announces wellness-themed resort at NEOM

Capella’s renowned wellness experiences are tailored to individual needs and utilise lunar phases as a guiding principle

Emirates NBD and Citi partner to offer 24 7 USD cross broder payments _GettyImages-910730068-1-e1690091225134

Citi, Emirates NBD to launch round-the-clock USD cross-border payments

The service, initially available in Emirates NBD’s branches in the UAE and Saudi Arabia, aims to eliminate payment flow barriers caused by different weekend schedules

SMASCO lists on Saudi tadawul after IPO getty-Images

Saudi’s SMASCO lists on Tadawul following successful IPO

The final offer price was set at SAR7.50 per share, at the top end of the price range, raising gross proceeds of approximately SAR900m

Saudi Arabia, Qatar - GCC

Qatar-Saudi relations flourish with surge in business activity

For Qatar, a top liquefied natural gas exporter, it is a chance to strengthen ties with its Arab neighbour, as well as try to diversify its economy

Red Sea

Red Sea crisis pushing 47% crude oil, fuels around Africa

According to data provided by EIA, total US trade around the cape rose by about one-third, in the first six months of 2024

boxing PIF SAUDI

Saudi’s PIF holding talks to create billion-dollar boxing league: Reports

PIF wants to create a venture that would bring the main sport’s organisers together, in which it would take a minority stake, say reports

Brent oil price forecast Bloomberg GettyImages-1384536093

Saudi crude oil exports to China to fall for 3rd straight month in July: Reports

July exports are expected to be down from about 39 million barrels in June, possibly the lowest levels for the year, say reports

UAE fintech firm Stake raises $14m in Series A funding

UAE fintech firm Stake secures $14m in Series A funding

The company intends to use the proceeds to expand its business into Saudi Arabia

Antony-Blinken-Israel

Antony Blinken back in the Middle East to discuss ceasefire proposal

This marks Blinken’s eighth trip to the region since the conflict erupted in October 2023

RED SEA - YEMEN COAST - MAERSK

Red Sea: Two merchant vessels targeted in Gulf of Aden

The Red Sea crisis has disrupted global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa

Saudi Arabia plans Aramco share sale as soon as June

Saudi Aramco shares trade higher after share offering

The world’s top oil exporter has been seeking to bring in international investment as it launches a range of projects as the Saudi government seeks to diversify its oil-based economy

Cathay Pacific to connect Hong Kong with Riyadh

Cathay Pacific to launch flights connecting Hong Kong with Riyadh

The new service is expected to offer more travel options while promoting business, trade and tourism opportunities