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Red Sea

Red Sea tensions: Cargo ship abandoned after Houthi Attack

The crew abandoned the ship early on Monday after seeking assistance from Djibouti authorities

Saudi Arabia posts 2023 budget deficit of $22bn

Saudi Arabia’s GDP has ‘nearly doubled’ since 2016

Saudi Arabia’s Minister of Investment, Khalid Al-Falih shared these milestones at the third Saudi Capital Market Forum in Riyadh on February 19

saudi arabia - jada fund of funds

Saudi finance minister expects above 5% non-oil growth

Non-oil GDP grew 4.6 per cent in 2023, while overall GDP contracted 0.9 per cent

ROSHN’s group CEO on transforming Saudi living

ROSHN CEO David Grover on transforming Saudi’s housing sector

The group GCEO tells us that ROSHN is a catalyst for economic growth and diversification in addition to raising homeownership rates in the country

Red Sea

Retailers demand more action from EU to resolve Red Sea crisis

Retailers calling for firm action include members such as supermarket giants Carrefour, Lidl, M&S, and Tesco

SINDALAH-MDLBEAST

Take a look: Sindalah beach club is NEOM’s latest destination

Sindalah will open its doors in 2024, giving a taste of luxury and fun in the future

DeepFest 2024: Bringing the global AI community to Riyadh

Through diverse tech and AI offerings, the event is accelerating the adoption of technology, as well as transforming Saudi Arabia’s economy

Saudi Arabia posts 2023 budget deficit of $22bn

Saudi Arabia posts 2023 budget deficit of $22bn

The government had estimated a deficit of SAR82bn in its December budget statement and is forecasting a deficit of SAR79bn in 2024

Hajj registrations aopen for saudi citizens, residents -GettyImages-1017448984-1-e1690179207464

Hajj 2024: Registrations open for Saudi citizens, residents

Those wishing to perform Hajj from the kingdom can register via the ministry’s website or through the ‘Nusuk’ application

OPEC - OIL FORECAST

OPEC’s Al Ghais: We stand by our forecast of long-term demand for oil

OPEC raised its world oil demand forecasts for the medium and long term in its annual outlook published in October

Riyadh Air announces partnership with Sabre

Riyadh Air, Sabre ink strategic deal, here’s what it involves

Riyadh Air has chosen Sabre’s comprehensive suite of solutions to optimise its network planning and drive revenue growth

Red Sea Global gets SAR2bn financing from Riyad Bank

Saudi Arabia’s Red Sea Global secures SAR2bn debt financing

The financing will be used to support Red Sea Global’s joint venture with Kingdom Holding Company to develop the Four Seasons Resort

Saudi Aramco - oil minister

Saudi Arabia to focus on energy transition, Aramco to maintain capacity: Prince Abdulaziz

Aramco chief executive Amin Nasser said he expected oil demand to increase to 104 million bpd this year and to 105 million bpd in 2025

tanmiah FY 2023 results Image courtesy Tanmiah

Saudi’s Tanmiah sees net profit rise 19.4% riding on poultry sales

Fresh poultry sales, the key contributor to FY 2023 profits, rose 18 per cent to SAR1.73bn over the previous year

oil

How much spare oil production capacity do energy producers have?

The level of spare capacity – or the perception of how much is available – can influence world oil prices.

Saudi Aramco lines up banks for potential share sale

Saudi Arabia poised for new Aramco share sale: Report

The government has lined up Citigroup, Goldman Sachs and HSBC for the sale, which could take place in the second or third quarter of this year

defense - defence

Saudi Arabia signs deals worth over SAR20bn at World Defense Show 2024

The contracts cover a wide range of defence technologies and initiatives, with a focus on enhancing military equipment and infrastructure

oil

Oil heads for weekly gains after Israel rejects ceasefire offer

Non-OPEC output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned

neom - xaynor

NEOM launches members-only club Xaynor

With its untouched seafront location, Xaynor will offer club members an opportunity to escape the hustle and bustle of city life, and recharge in a secluded, exclusive environment

Saudi Arabia visitors cross 100 million

Saudi Arabia visited by 100 million tourists in 2023

The kingdom aims to attract 150 million tourists by 2030, with 80 million domestic and 70 million international tourists

Jumeirah Group gathers steam on expansion, opens first Saudi hotel, Jumeirah Jabal Omar Makkah

Jumeirah Group gathers steam on expansion, opens first Saudi hotel

In addition to its rooms and suites, Jumeirah Jabal Omar Makkah hosts 88 residences, which sit across the podium of its four towers

Savola Almarai

Saudi’s Savola to distribute 34.52% stake in Almarai to shareholders

Savola’s board has approved the rights issue and the distribution of Almarai shares

Riyadh Air to use Oracle software in digital-first push

New airline, Riyadh Air, is bulking up its use of enterprise software as the company looks to push a digital first strategy

Modern Mills to list 30% stake in Riyadh IPO

Saudi Arabia’s Modern Mills to sell 30% stake in IPO on local bourse

The company appointed HSBC as the sole financial adviser, global coordinator and lead manager on the deal and Emirates NBD Capital as joint book runner and underwriter

Saudi Arabia’s NEOM expands global reach with New York office

Saudi Arabia’s NEOM expands global reach with New York office

The new office presents an opportunity for the company to explore new partnerships and investments

Jeddah, Saudi Arabia

Jeddah Central signs SAR12bn contract to develop architectural landmarks

The Jeddah Central Development Company is a Public Investment Fund (PIF)-owned developer, mandated with redeveloping Saudi Arabia’s historic city

Amit Midha, Global CEO of Alat

Amit Midha to lead PIF-owned Alat as global CEO

Midha, a seasoned business leader with experience across Asia, the US, India, and Singapore, joins Alat from Dell Technologies

GCC insurance sector growth soars: $44.4bn projection by 2028

Saudi Arabia has emerged as the largest insurance market in the GCC surpassing the UAE

Anthony Blinken - Riyadh

Oil prices mostly flat as Antony Blinken visits Riyadh

US Secretary of State Antony Blinken is in the region to discuss a ceasefire offer between Israel and Hamas

Saudi Arabia’s Crown Prince announces design for ‘The Line’ in Neom

From Aquellum to Zardun and now Xaynor: 12 futuristic real estate megaprojects under NEOM

The projects being developed under NEOM offer a glimpse of what futuristic developments could look like in Saudi Arabia