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SNB’s Q2 2023 net profit up 9% to $1.33bn

SNB’s Q2 net profit up 9% to $1.33bn

The bank’s net profit surged by 9 per cent to reach $1.33bn (SAR5bn) in the three months to June 30

Saudia Cargo

Saudia Cargo expands European services

The air cargo services provider has signed a strategic agreement with Jan de Rijk Co to expand its reach

Kylian Mbappe at PSG

Kylian Mbappe in Saudi Arabia? Al-Hilal offers $333m for PSG striker

The French striker has yet to make any decision on his next club, with only one year left on his contract at Paris-Saint Germain

Saudi Arabia allots $100m for Sudan humanitarian crisis

Saudi Arabia pledges $100m for Sudan humanitarian crisis

Prince Abdulaziz bin Saud said the kingdom is actively working to lessen suffering in areas affected by crises, conflicts and disasters

Hajj

Saudi Arabia launches ‘personal visit visa’ for Umrah

Personal visas can either be a single entry visa valid for 90 days or a multiple entry visa valid for 365 days

El Ettifaq

El Ettifaq lure Liverpool’s Jordan Henderson

Henderson’s signing follows a string of other big names from the English Premier League that have been pulled in by Saudi clubs in recent months

Rawabi Energy concludes one of the Largest Private Sector Syndicated Financing Image Rawabi Energy

Saudi Arabia’s Rawabi Energy concludes SAR7.175bn syndicated financing

The lending group also included First Abu Dhabi Bank acting as lead arranger

Saudi Arabia’s PIF launches firm to promote date industry

Saudi Arabia’s PIF sets up company to promote Ajwa dates

The company will play a key role in improving the quality and​ production capacity of Ajwa dates in the Madinah region

Saudi Arabia Tunisia loan deal 3-SPA

Tunisia gets surprise $500m from Saudi Arabia amid IMF delay

The money comes at a sensitive time for Tunisia, which risks defaulting on its debt unless it wins a bailout from the IMF

Aramco closes 3.4bn deal for 10 stake in Rongsheng

Aramco completes $3.4bn deal for 10% stake in Rongsheng Petrochemical

The deal represents the continued growth of Aramco’s downstream presence in China

Saudi wealth fund sets up Sawani

Saudi wealth fund sets up Sawani to boost camel dairy industry

The company will partner with players in the private sector to boost the production capacity of the camel dairy industry

Hotel Indigo to open in Oxagon, NEOM (Image: Supplied by IHG Hotels and Resorts)

NEOM’s Oxagon to get 250-key Hotel Indigo

Located in the northwest of Saudi Arabia, the hotel will welcome its first guests in 2026

gcc

GCC Jeddah Summit: Sheikh Mohammed bin Rashid meets Saudi Crown Prince

Sheikh Mohammed is leading the UAE delegation to the GCC-C5 summit in Saudi Arabia

World’s first liquefied hydrogen carrier ship at Jeddah Islamic Port

Saudi’s energy minister visits world’s first liquefied hydrogen carrier ship at Jeddah Port

Saudi Arabia is focusing on clean hydrogen production and transportation as it seeks to transition its economy and energy mix

Riyadh Air PSU sign MoU simualtor centre to be set up at campus Image courtesy Riyadh AIr

Saudi’s Riyadh Air to build first simulator centre at Prince Sultan University

Riyadh Air will partner with PSU to build long-term academic programmes to support students who want to pursue a career in aviation

AI - Presight

Saudi Aramco VC fund backs AI-powered emissions monitor Tenderd

Tenderd’s AI-technology could end up being used by Aramco as it looks to reduce its environmental impact and hit its net zero target

hijri islamic new year

Islamic New Year 1445: Saudi Arabia announces the first day of Muharram

Saudi Arabia’s Supreme Court announced the first day of Muharram for Hijri New Year 1445 as July 19

National Housing Company Launches Sadayem Suburb Image credit NHC

Saudi’s NHC launches integrated living project ‘Sadayem’ in Jeddah

The sale of properties in Sadayem will begin on Monday, July 24, with the first phase including villas with a starting price of SAR800,000

Turkey Saudi Arabia

Turkey’s President Erdogan meets Saudi Crown Prince, gifts electric car: Watch

The two leaders tested the electric car Togg which has been domestically produced in Turkey

Turkey's president Recep Tayyep Erdogan

Turkey’s Erdogan embarks on Gulf tour to attract investment

Erdogan’s unorthodox policies, which have included keeping interest rates low in Turkey, have led to an acceleration in inflation and driven away many Western investors

Holiday Inn Riyadh The Business District (Image: Supplied by Holiday Inn)

Riyadh gets Middle East’s first Holiday Inn with open lobby concept

Holiday Inn Riyadh The Business District is a new-build 138-key property

Emirates signs deal to sponsor King Salman Cup 2023

Emirates signs deal to sponsor King Salman Cup 2023

The sponsorship deal gives the airline extensive in-stadium brand visibility across several touchpoints and on-site advertising

Flynas (Image: Supplied by flynas)

Flynas expands destination network from Jeddah

The Saudi carrier will introduce flights to Bishkek, Osh and Almaty and also enhance its frequency to Tashkent

Saudi's SFD invest in electricity project in Rwanda Image SFD

Saudi Arabia’s SFD funds electricity project in Rwanda

The project aims to build a network of medium and low-pressure power lines and electricity distribution transformers to provide electricity to homes, public institutions and social facilities

PIF and Engie sign Mou to build hydrogen projects in Saudi Arabia

Saudi Arabia: PIF, ENGIE to jointly develop hydrogen projects

The two parties will jointly formulate a strategy to best approach the international market and secure offtake arrangements

Address Jabal Omar Makkah (Image: Supplied by Address Hotels and Resorts)

Address Hotels and Resorts debuts 1,484-key property in Makkah

The Address Jabal Omar Makkah in Saudi Arabia is located within the Jabal Omar development

Aramco, PIF and China’s Baosteel steel JV

Saudi Arabia’s sovereign wealth fund PIF reports $11bn loss for 2022

The PIF is in the midst of a global investment spree after it was transformed from a domestically-focused holding company into a sovereign fund in 2016

Umrah season

Saudi Arabia announces start of new Umrah season for GCC citizens, residents

The kingdom’s Ministry of Hajj has launched an electronic application process to facilitate travel for the upcoming Umrah season

Courtyard by Marriott Jubail (Image: Supplied by Courtyard by Marriott)

Courtyard by Marriott opens in Jubail

The 165-key property is located within Saudi Arabia’s Eastern Province

Oil production to be hit after Saudi Arabia announces cuts. Image: Getty Images

Hot summer in the crude oil market as Saudi Arabia’s production cuts kick in

Across the world, where varieties of crude more closely resemble those from Saudi Arabia, prices are shooting up as refineries clamour for alternatives