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Detasad technology

Saudi’s Detasad unveils new technology at Satellite 2022 conference

Dynamic bandwidth optimisation technology is one of the four solutions patented by the infrastructure provider in 2022

saudi coffee

Sovereign wealth fund PIF launches Saudi Coffee Company

Domestic annual Saudi coffee consumption is forecast to reach 28,700 tons by 2026

Landmarks Of The City Of Riyadh, Kingdom Of Saudi Arabia

Saudi Arabia posts $15bn surplus on soaring oil income

The boost was mainly driven by oil revenue, which rose 58 per cent compared to last year

Saudi Aramco

Saudi Aramco’s profit soars as oil prices and production jump

Aramco’s output averaged 10.2 million barrels a day between January and March, up 20 per cent year-on-year

Uk visa

UK to waive visa requirement for Saudi, Bahraini nationals from June 1

They will need to fill out an online visa waiver application which will be processed within 48 hours and at a cost of GBP30

SABIC

Biggest chemicals firm says cost squeeze to hit profit this year

Demand for products from plastics to paint has soared in the past year with economies recovering from the coronavirus pandemic

Saudi Aramco becomes world’s most valuable stock as Apple drops

Earlier this year, Apple boasted a market value of $3tn, about $1tn more than Aramco’s

ATM 2022: Saudia launches new B2B travel management solution

The division will have a dedicated meetings and events team that assists with corporate travel needs and event organisation worldwide

Saudi Arabia

Saudi Arabia to restart privatisation plan for 29 airports

Ownership of the 29 airports has already been moved to a new entity

Aramco

Aramco closes in on Apple as world’s most valuable firm

The rally in oil prices has boosted the world’s biggest oil company’s shares

Saudi

Saudi says low refining capacity causing fuel-price jump

Crude prices have surged to around $110 a barrel in the past year

Saudi Arabia

Saudi cuts oil prices from record highs amid China lockdowns

Saudi Arabia sends more than 60 per cent of its crude exports to Asia

Digital payment

Cashless economy: How adoption of digital payments is on the rise

E-commerce represents a significant avenue through which the adoption of digital payments can expand growth opportunities

OPEC

OPEC+ sticks to small supply hike as EU eyes Russia oil ban

OPEC and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June

Prince Alwaleed

Prince Alwaleed says Musk will be ‘excellent’ for Twitter

Prince Alwaleed, chairman of the board at Kingdom Holding Company, has now agreed to roll over his current investment

Getty Images - Saudi office

Saudi Arabia’s GDP grows 9.6 per cent in Q1 2022

The growth in GDP was driven by an increase in oil activities by 20.4 per cent, and a rise in non-oil activities by 3.7 per cent

Oil exporters bagging $818bn windfall are cautioned by IMF

The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total

KFC Operator

Middle East KFC operator picks banks for dual listing

Americana operates restaurants for brands including Baskin Robbins, Costa Coffee and TGI Fridays as well as KFC and Pizza Hut, according to its website

Lucid Motors

Lucid will sell up to 100,000 EVs in deal with Saudi Arabia

Lucid said it would start delivering the vehicles by the second quarter of 2023

Saudi wealth fund weighs stake in Thyssenkrupp’s hydrogen unit

Deliberations are ongoing, and there’s no guarantee PIF will proceed with an investment

AIr Arabia

Air Arabia to resume flights to four cities in Saudi Arabia

The airline will start flying to the four destinations from April 28

Getty Images - Saudi office

Kaspersky opens new office in Saudi Arabia

Establishing this new office in the kingdom is a milestone in the company’s roadmap to protect over 400 million users

Saudi Arabia’s growth outlook boosted by IMF on oil surge

The kingdom’s economy expanded 6.7 per cent on an annual basis during the fourth quarter of 2021

Standard Chartered closes transition trade facility

StanChart plans to exit seven markets in Africa, Middle East

The markets it plans to exit made up about 1 per cent of total group income in 2021

Ekar launches contactless peer-to-peer carshare in Saudi Arabia

The company’s digital peer-to-peer solution eliminates the requirement for the host and the renter to meet in person

EFG Hermes hires Saud Altassan as CEO for Saudi business

Altassan was the head of investment banking for Bank of America in Saudi Arabia

Joe & The Juice enters Middle East market ahead of IPO, CEO says

The Copenhagen-based chain will open its first stores in Qatar and Dubai next quarter before setting up shop in Saudi Arabia, Kuwait, Bahrain and Oman by the end of the year

Getty Images

Saudi Arabia, UAE to give $3bn to Yemen in new peace push

Saudi Arabia will also provide $1bn for the purchase of oil products and to support of development projects

Saudi’s Zakat, Tax and Customs Authority launches app to improve taxpayer experience

The ‘Zatca’ app is designed to be more effective in providing fast, reliable and high-quality services

Getty Images

Saudi Aramco’s Luberef Refinery unit plans $1bn IPO

Luberef would be joining several Aramco subsidiaries already listed on the Saudi stock exchange