#Saudi Arabia

Saudi Arabia’s PIF pitches kingdom as AI hub

Saudi sovereign wealth fund PIF pitches kingdom as AI hub

Al-Rumayyan’s comments signal that data centres may be a core part of the kingdom’s strategy to capitalise on the booming demand for GenAI technology

Saudi retail growth

Saudi Arabia’s meteoric rise to third place in Global Retail Development Index

Increase in non-cash transactions and strategic initiatives propelled the kingdom’s retail growth

Global debt tops $313tn in 2023, says IIF

Global debt hits new record high at $313tn in 2023, says IIF

India, Argentina, China, Russia, Malaysia and South Africa registered the largest increases, signalling potential growing challenges in debt repayments

TECOM Group’s in5 startups post 25% funding growth in 2023

Funding for startups at TECOM Group’s in5 surges by 25% in 2023

in5 has incubated about 900 startups since its inception, and its tech-focused vertical is currently home to 270 active startups

Saudi Arabia mulls follow-on share offerings framework

Saudi Arabia considers regulatory framework for follow-on share offerings

The framework would be a process that is governed and regulated and a catalyst for increasing the free float of listed companies

Saudi Foundation Day

Saudi Arabia Foundation Day 2024: Celebrate long weekend with fireworks and more

The kingdom celebrates the occasion with several events, including fireworks and drone shows paying homage to its history

DeepFest 2024 highlights Saudi Arabia’s emergence as global tech hub

Saudi Arabia’s burgeoning ICT market, valued at over $40.9bn and constituting 4.1 per cent of the Kingdom’s GDP, reflects its rapid transformation into a technology service and cloud hub

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

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

DeepFest 2024: World’s premier AI event returns to Riyadh

DeepFest returns to Riyadh: A glimpse into the future of AI

The event features seminars and discussions on AI policy and governance, AI ethics and regulation, GenAI, robotics, and AI and the future of work

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

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

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

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

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

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

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

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

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

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

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

Muzzammil Ahussain CEo fo Almosafer

Power Letters 2024: Muzzammil Ahussain, CEO of Almosafer

A surge in visitor numbers is on the cards both in Saudi Arabia and the wider region when the announced unified GCC tourist visa begins to be implemented

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