#Saudi Arabia

IMF trims Saudi Arabia growth forecast

IMF trims Saudi Arabia growth forecast to 2.1% in 2023

The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue


TMF Group expands into Saudi by acquiring Proven’s corporate services business

TMF Group will open a new office in Riyadh, and build on the existing Saudi clients

PIF merges LIV Golf and PGA Tour

Saudi-backed LIV Golf merges with PGA Tour and DP World Tour

The merged entity will implement a plan to grow the combined commercial businesses, drive greater fan engagement and accelerate growth initiatives

Flynas (Image: Supplied by flynas)

Flynas to commence flights to Egypt’s Sphinx International airport

It will operate thrice-weekly nonstop services from Riyadh and Jeddah

NEOM construction progress

Saudi Arabia’s NEOM gets $5.6bn to build workforce housing

The scope of the agreement will cover elements of design, finance, build, operations and maintenance of the housing communities

Red Sea Global partanna image- Red Sea Global

Saudi’s Red Sea Global, Partanna project to use carbon-negative concrete

Partanna, which uses recycled ocean water brine in its carbon-negative concrete, will supply Red Sea Global with 11,000 carbon-negative pavers initially for its landscape nursery

Saudi Arabia sports clubs’ privatisation plan

Saudi Arabia kicks off sports clubs privatisation project

The project seeks to raise Saudi Pro League’s commercial revenues from SAR450m in 2022 to over SAR1.8bn annually

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

Saudi Arabia to cut additional one million barrels in oil production after OPEC+ talks

The 23-nation group offered no additional action to buttress the market, but pledged to maintain their existing oil production cuts until the end of 2024

Riyadh Air

Riyadh Air unveils new livery

The airline describes it as a “perfect blend of cutting-edge technology and timeless elegance”

Saudi Arabia disburses $8bn

Saudi Arabia’s National Development Fund disburses over $8bn in financing

The Saudi Industrial Development Fund supported over 100 beneficiaries through the industrial fund’s academic and advisory programmes

Tamimi markets sells 30% stake to PIF

Saudi wealth fund PIF to acquire 30% stake in Tamimi Markets

The deal is aimed at supporting Tamimi Markets’ growth plans including a potential initial public offering

Saudi-backed Lucid Air sedan

Saudi-backed electric car maker Lucid plans to raise $3bn

The automaker plans to use the proceeds for general corporate purposes including capital expenditures and working capital

PwC Middle East

PwC Middle East inaugurates regional headquarters in Riyadh

This comes as part of the firm’s broader commitment to the region to create 6,000 new jobs and continued investment in digital technology and ESG


Saudi Arabia wants to have buses running on hydrogen next year

By mid-2024, Neom will be making hydrogen for vehicles such as buses and trucks, Dave Edmondson, CEO of Neom Green Hydrogen, said in Dubai

Olam Group postpones IPO of Olam Agri

Olam Group delays listing agri unit on Saudi Exchange

The company will continue to pursue the IPO of Olam Agri at the next practical window without providing any approximate time frame

Abdulla Almoayed of Tarabut Gateway image Tarabut Gateway

Tarabut Gateway completes Saudi open banking certification

These developments follow the $32m Series A fundraise and partnership with Visa aimed at strengthening its presence in the Saudi market

First Mills IPO on Saudi Exchange

Saudi First Mills’ $266.4m IPO attracts bids worth $18bn

The milling company said big investors placed orders worth SAR68.8bn, almost 69 times more than was available to them

Saudi SEZs

New Saudi SEZs attract $12.6bn from maritime, mining, manufacturing, logistics sectors

The Saudi SEZs offer competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery and raw materials, and 100 per cent foreign ownership of companies

Saudi Arabia’s foreign reserves fell from SAR1.57tn the previous month

Saudi Arabia’s net reserves fall to $410bn, lowest since 2010

The central bank said the net foreign assets dropped to SAR1.54tn in April from SAR1.57tn the previous month

Saudi Arabia’s five-year-old film industry hits Cannes Film Festival

The kingdom has also invested in esports and video games and committed billions of dollars of spending on football stars, teams and tour sponsorships

critical mineral

UK-GCC trade talks: Saudi Arabia-leg sees focus on critical minerals

The UK and Saudi Arabia signed a declaration of intent to jointly develop resilient and responsible critical mineral supply chains

PIF has launched a new company Badeal

Saudi wealth fund PIF launches Badael to make tobacco-free products

The new company will make tobacco-free nicotine delivery products available across Saudi Arabia by the end of 2023

Sultan Al Neyadi with other crew members

UAE astronaut Sultan Al Neyadi celebrates birthday in space

Al Neyadi has been in space for almost three months and during this period he has performed a historic spacewalk and carried out several scientific investigations

Crude oil market on tenterhooks over OPEC meet. Image credit: Getty Images

Oil watchers predict OPEC+ to maintain steady supply

Forecasters predict OPEC+ to keep output steady due to demand in China, and the current curbs, should rapidly deplete world inventories

Flynas A320 neo aircraft (Image: Supplied by flynas)

Flynas passenger numbers climb to 2.4 million in Q1 2023

The number of flights it operated in Q1 2023 stood at 17,000, a 13 per cent increase year-on-year

Saudi Arabia and Canada restore full diplomatic ties

Saudi Arabia, Canada renew full diplomatic ties

Saudi Arabia had suspended diplomatic ties and halted new trade and investment dealings with Canada in 2018

Jeddah Islamic Port is Saudi Arabia’s busiest port

Jeddah Islamic Port’s April container volume surges by 25%

The port’s cargo column saw an addition of 19.33 per cent to the 2022 volume to achieve about 5,261,883 tons

FAB supply chain finance in KSA

UAE’s FAB launches supply chain finance in Saudi Arabia

The programme allows companies to monetise their receivables at competitive rates and get instant payments, without needing to borrow funds

Construction uae saudi arabia

Construction boom: UAE, Saudi Arabia expect surge in project numbers and values, says report

Majority of construction decision makers in the two countries are confident about the market conditions over the next 12 months


AI takes flight: Saudia, Accenture collaborate to develop over 260 new digital services

All the digital systems developed by Accenture will be designed specifically for the airline, increasing operational efficiency and reducing costs