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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

cycling - Tour de France 2020

Saudi Arabia’s PIF closes in on deal to create new cycling league

The venture, which may amalgamate new and existing races, is being led by a handful of teams including Visma-Lease a Bike and billionaire businessman Jim Ratcliffe’s Ineos Grenadiers

Red Sea shipping

Red Sea tensions to drive ocean freight shipping rates up by 243%

While the situation remains volatile and subject to change, the newly-released data is best indication of where the market is headed

Oil rig - OPEC

OPEC+ leaves oil production levels unchanged, to review production cut extension in March

OPEC said its “committee will continue to monitor” countries’ conformity with output decisions

BRICS - SAUDI ARABIA

In or out? Saudi Arabia ‘still considering’ BRICS offer

The kingdom of Saudi Arabia is said to be still considering an invitation to join the expanding economic bloc

red sea

Russian oil flows through Red Sea still face lower risks

Recently, four tankers carrying Russian Urals crude passed through the Bab-el-Mandab strait with another three heading south through the Red Sea

GCC markets update

GCC markets update: QE, DFM and Tadawul

Follow our live blog below to stay abreast of news and updates across the GCC markets

BRICS: Dubai ranks 3rd among top 10 wealthiest cities, see full list here

Dubai lives up to its reputation as the ‘City of Gold’, hosting 72,500 millionaires, 212 of whom are centi-millionaires and 15 billionaires

saudi arabia GDP

Saudi Arabia’s real GDP contracts 3.7% Q4 2023

The preliminary data shows that Saudi Arabia’s economy contracted at a slower pace in Q4 2023 after a decline of 4.4 per cent in the previous quarter

Merger and Acquisition (M&A)

What does 2024 herald for MENA M&A and private credit?

Despite global dealmaking challenges in 2023 the Middle East will continue to be a global bright spot for transactions in the year ahead

Off-plan paints a brighter picture for Saudi homeowners, reveals report Image: Getty Images

Off-plan paints a brighter picture for Saudi real estate sector, reveals report

Off-plan sales can also stimulate and grow the banking sector to create financial solutions that could cater to different beneficiary segments, grow the real estate brokerage market, and stimulate multiple purchases from investors

Saudi Arabia Alula

Saudi Arabia detains AlUla official on corruption charges

A man overseeing the kingdom’s main pre-Islamic heritage sites at AlUla has been arrested on corruption charges

WATCH: Messi shatters stereotypes in Saudi Tourism’s newest campaign

The campaign shines the spotlight on Saudi’s open and welcoming culture and the importance of inspiring young Saudi women to reach their full potential

Seven signs deal with Formula E Image Supplied

PIF’s Seven brings world-first Formula E karting attractions to Saudi

The Formula E Karting attractions will be built at four of Seven entertainment destinations located in Riyadh, Jeddah, Dammam and Abha

Saudia witnesses 21% yearly surge in passengers

Saudia witnesses 21% yearly surge in passengers

The state-owned carrier operated 176,300 flights while transit flights registered 77 per cent growth compared to the year 2019

Saudi Arabia’s PIF seeks to raise $5bn from bond sale

Saudi Arabia’s PIF taps debt market with $5bn three-part bond

The triple-tranche bond sale generated strong demand, with orders worth over $27bn

PIF Launches Electric 360 Image PIF

PIF unveils ‘Electric 360’ partnership, announces new brand revamp

The partnership with Formula E, Extreme E and E1 will promote educational opportunities tied to electric motorsports, as well as community, social programmes and environmental stewardship

SABIC to build $6.4bn China petrochemical plant

Saudi Arabia’s SABIC gives go-ahead for $6.4bn China petrochemical plant

The complex is expected to be able to produce 1.8 million metric tons of ethylene per year and is designed to expand SABIC’s manufacturing presence in Asia

The RIG msterplan announced Image courtesy OPDC The RIG

Saudi oil rig ‘adventure park’ gets a masterplan

The project includes three hotels with a total of 800 rooms, 11 restaurants, an extreme sports and adventure park, a marina and helipads

Saudi Tadawul Group acquires 32.6% stake in Dubai Mercantile Exchange

Saudi Tadawul Group acquires 32.6% stake in Dubai Mercantile Exchange

The trading platform will be rebranded the Gulf Mercantile Exchange and expand in energy, metals and agricultural products as part of the deal