Skip to content News Beats Boeing executive sees sustainable aviation fuel as ‘key to airline industry’s decarbonization’ Binance to form industry recovery fund after FTX collapse: CEO Global annual green financing demands set to reach $3tn by 2030: G20 official Saudi Aramco inks hydrogen agreement as Bezos, Musk and Blair address B20 gathering OPEC cuts oil demand growth forecast again as economic challenges mount Saudi energy minister says Kingdom hosting MENA climate week in 2023 Saudi Arabia launches 3 climate projects, carbon credit scheme at COP27 Saudi PIF’s 10% stake sale in Tadawul Group priced at $51 as offering oversubscribed Saudi Water and Electricity Regulatory Authority approves framework for self-consumption renewable energy systems Green group offers help to plant 450m trees in Saudi Arabia Riyadh warehouse rentals rise 22% amid Saudi push to develop industrial hub Saudi Aramco partners with energy ministry to establish carbon capture and storage hub Saudi PIF to sell 10% of its stake in Saudi Tadawul Group Speed of Saudi Arabia’s mining approval process contrasts with ‘ridiculous’ slow global pace: Minister Interpol’s cybercrime chief eyes Middle East duty station as he steps up battle against hackers COP27: Biden says the climate crisis is about the ‘very life of the planet’ Saudi Arabia targets carbon capture of 44m tons by 2035: Energy Minister World must take cyberattacks as seriously as terrorism, Saudi energy minister warns Oil Updates — Crude falls for the fourth day; Saudi Aramco to ship full oil contract volumes to Asia in December GCF2022: Inclusion of women in cybersecurity workforce is the need of the hour Saudi Arabia’s industrial production rises 15.7% in September: GASTAT Musk sells Tesla shares worth $3.95bn days after Twitter takeover Saudi Arabia is well positioned to lead the world on green hydrogen: PwC World needs over 8m cyber police to battle online crime: Nigerian Minister COP27: UAE and Egypt agree to build one of world’s biggest wind farms Saudis are increasingly worried about their devices being hacked: Cisco Global leaders set to discuss ways to safeguard cyberspace at GCF 2022 COP27: Arab countries’ development undermined by climate change, leaders tell UN Humanity’s shared long-term future doesn’t lie in fossil fuels: Top official at COP27 Egypt seeks shift to green economy, President El-Sisi tells COP27 ‘The future looks safer’: MGI summit lauded as turning point in region’s climate change fight How Saudi Arabia is laying the groundwork for an environmentally sustainable future Saudi Arabia considers new mining index in diversification push Mideast’s first RO membrane plant expected to contribute $1.14bn to Saudi GDP Egypt will spare no effort in leading global climate change action, says foreign minister Emissions are not coming down at the required speed, says top UN official Saudi Capital Market Authority approves over $26.6bn capital increase in 5 years Saudi Aramco lowers December Arab Light crude prices to Asia Seamless conference sees 6,000 e-commerce industry players descend on Riyadh Saudi Arabia GDP highest among G20 in Q3 SAMA among Gulf central banks to raise interest rates following US Fed’s move Bank of England makes historic rate hike as UK faces recession Saudi ACWA Power’s assets expected to reach $230bn by 2030: CEO Cement sales up across Saudi Arabia as mega construction projects kick in Saudi Arabia’s PMI hits 57.2 fueled by strong non-oil sector growth: S&P UAE records highest employment growth since 2016: S&P Global Saudi-Turkey trade relations deepen as Turkish contractor wins Jeddah air base work Saudi ACWA Power signs MoU to build 10GW wind project in Egypt Saudi Arabia highlights environmental action after rise up prestigious global green index Five new mining licenses up for grabs as Saudi Arabia continues economic diversification push Saudi miner Amak’s shares in red as it suffers 22% profit drop amid $333m IPO Apple first major investor in Riyadh’s new integrated logistics airport zone Saudi Arabia reports budget surplus of $40bn in first 9 months of 2022 Saudi Arabia sees 88% rise in contract awards as Vision 2030 ‘bears fruit’: US Saudi Business Council Aramco beats expectations with record quarterly profit of $42bn Euro inflation to reach 10.7% in October fueled by energy prices Turkey seeks Saudi partnership cooperation as it plans to be an energy hub to Europe, minister tells Arab News Countries need to share knowledge to break energy transition problems: Saudi energy minister OPEC raises long-term oil demand view, calls for investment Saudi Arabia’s GDP grows 8.6 percent in Q3 driven by increase in oil activities Saudi stock exchange Tadawul sees profit declining 23% as revenue falls Ma’aden led consortium to spend over $12.5m on exploration of Umm Al-Damar site in Saudi Arabia Industrial cities to be home for 4IR as Saudi Arabia diversifies away from oil SNB has no plans to take board seats in Credit Suisse following stake buy of $1.5bn SABIC Q3 earnings surprise analysts as it miss estimates Saudi Arabia affirms its investment prowess as 6th Future Investment Initiative forum closes Saudi Arabia’s SNB’s shares dip as it seeks to own 10% stake in Credit Suisse worth $1.5bn PIF to launch 5 regional investment firms to draw $24bn: Saudi Crown Prince ‘This will be a breakthrough’: Saudia buys 100 electric planes to revolutionize domestic travel Saudi energy minister, French counterpart discuss bilateral relations Saudi Arabia's SNB’s shares dip as it seeks to own 10% stake in Credit Suisse worth $1.5bn AS IT HAPPENED: Future Investment Initiative – Day Three Saudi PIF launches Local Content Growth Program to grow private sector competition and innovation LIVE: Future Investment Initiative – Day Three Booming Saudi Arabia cannot be ignored by global investors: BNY Mellon executive Next 6 months to be difficult for global economy but Gulf to stay strong, says Saudi finance minister Aramco announces $1.5bn global sustainability fund LIVE: Future Investment Initiative - Day Two World is in its ‘first truly global energy crisis’ — IEA’s Birol TRSDC rebrands to Red Sea Global as it eyes expansion beyond the Kingdom Data-driven approach required to curb 40-year high inflation: PIF’s Al-Rumayyan Saudi Arabia’s non-oil exports increase by 16.6% to $7bn in August: GASTAT LIVE: Future Investment Initiative - Day One Shares of Saudi Kayan in red as it suffers largest loss since listing in Q3 Ma’aden’s share prices surge over 100%, hit highest level since listing Saudi PIF launches new firm to localize halal production industry Saudi Riyad Bank’s shares jump after reporting 13% profit hike to $1.3bn Al Rajhi Bank’s shares in red despite 19% profits jump to $3b in first 9 months Saudi Arabia's largest lender SNB posts 42% surge propelling stock gains Saudi top banks start earning season with profit surge, to continue rising: analyst Airbus eyes Saudi deal for almost 40 A350 jets — sources Black sand reserves promise a shining future for Egypt ‘Emotional dialogue’, not science, dominating climate change debate, warns Saudi envoy of climate affairs UAE fintech Pemo to spare no expense in its Saudi launch next year Lenovo targets remote classrooms, esports to grow in Saudi Arabia Frankfurt-based fintech to launch Shariah-compliant crypto token Emirates NBD revives equities business with Dubai IPOs Saudi Green Initiative Forum and Middle East Green Initiative Summit to be held alongside COP27 in Egypt: Crown Prince Saudi Arabia energy minister, China’s national energy administrator discuss cooperation NDMC announces dollar-denominated sukuk, bond issuance of $27bn Lamar Holding pledges funds and expertise to back Aramco’s SME-boosting initiative Saudi Aramco kicks off Taleed Program to boost the Kingdom’s SME sector Saudi Arabia aims to automate 4,000 factories to meet demand of 4IR: Vice Minister Saudi Arabia’s real estate price index up 1.5% in Q3 due to rise in residential rates Petrochemicals maker Sipchem’s shares ends lower despite 37% profits jump Saudi Arabia to issue new US dollar-denominated bonds and sukuk Saudi crude oil exports hit 2-year high of 7.6m bpd in August: JODI OECD latest body to project Saudi Arabia GDP growth to top G20 nations Saudi Arabia’s NDMC closes October issuance of sukuk program at $832m Saudi Arabia launches initiative to develop supply chains for industrial products Gaza offshore gas project: Agreement expected by year-end Oil Updates — Crude rises; King Salman says Saudi Arabia seeks stability and balance in oil markets Saudi petroleum retailing service provider Aldrees’s shares jump after 39% profit surge SABIC’s shares in green as it starts commercial operations at 3rd United Ethylene Glycol Plant Tadawul All Share Index dips as investors worry about inflation Saudi Arabia partners with South Africa to grow communication and IT sectors Zain’s shares rise after selling its unit to PIF ahead of $807m deal to buy Zain’s towers Saudi EXIM Bank issues $100m worth of insurance policies to support exports to South Africa Algerian energy minister hails OPEC+ output cut decision, calls the move 'historic' Pound slides as UK PM sacks finance minister, scraps tax plan in fight to survive Green hydrogen could reduce carbon transition risk but GCC will remain exposed: Moody’s ‘We don’t use oil as a weapon’: Saudi Arabia hits back at US in OPEC+ cuts row Saudi Arabia still fastest growing G20 economy despite economic headwinds: IMF OPEC cuts oil demand growth for 2022 and 2023 in latest report OPEC+ oil supply cuts could tip world into recession, IEA says Saudi inflation climbs to 15-month high of 3.1% in September: GASTAT IMF downgrades global economy forecast amid ‘storm clouds’ warning Saudi POS transactions plummet by $530m: SAMA Putin says Russia could increase gas supplies to Europe Saudi Aramco’s JV to manufacture drilling rigs in Kingdom for first time Oil Updates — Crude edges down; Kuwait’s Mina Al-Ahmadi oil refinery malfunctioned Nissan takes $687m loss as sells Russian business for €1 Dubai’s non-oil economy remains robust, shows PMI figure: S&P Global Construction contributes 11.6% to Saudi’s non-oil economy in Q2: Minister OPEC+ oil production cut will have muted impact on market: Fitch Saudi Arabia’s increased spending could reduce saving but drive economic diversification: Moody’s There will be 100 new public-private health projects by 2027: Saudi Minister Oil Updates — Crude takes a breather; Aramco to keep full oil supplies to North Asia Saudi Ports Authority signs $170m contracts to establish new berths at Jeddah Islamic port Saudi Arabia spends $503m on water projects in Northern Borders region Oil Updates — Crude up; US says OPEC oil cuts bad for global economy PIF-backed utility firm Marafiq opens IPO at up to $11 per share Saudi hospital operator Dr Sulaiman Al Habib appoints acting CEO Hospitality firm Alhokair’s shareholders approve 52% capital reduction Saudi Almarai's shares dip at the end of Sunday trading despite announcing 10% profits for Q3 OPEC+ output cut decision to sustain markets, not raise prices: Saudi Energy Minister Saudi FDI to touch 2011 peak of $16.3bn this year: Lumina Capital Saudi economic growth projected at 8.3% in 2022: World Bank Biden says he is surveying options after OPEC+ decision to cut output Oil target cuts free up capacity in case of crises, OPEC head says Oil heads for weekly gain after OPEC+ cut despite economic headwinds OPEC+ agrees output cut of 2 million barrels per day despite US concerns Qatar’s non-oil private sector growth continues in September MENA region economy expected to grow 5.5% in 2022 — fastest in six years: World Bank ‘Hold back emissions, not progress’ says ADNOC chief in energy security warning Saudi Arabia’s non-oil economy maintains growth: S&P UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54 Gulf region a ‘bright spot’ as global economic crisis continues: IMF director-general UAE non-oil economy strengthens as PMI stays over 56 mark in Sept: S&P Global PIF-backed Marafiq eyes 80% dividend by 2024 as it plans listing on TASI Saudi PIF subsidiary SEIC acquires 34% of Egypt’s B.TECH for $150m Japan energy minister emphasizes importance of Saudi and Arab suppliers Strong growth primarily driven by economic reforms, says Saudi finance minister
China reopening will wipe out meagre spare oil production capacity, warns Aramco CEO TASI rise on investor optimism as market cap jumps to $2.8tn by the Q3: Closing bell Saudi Paper’s shares decline after it signs $44m deal with Italy’s Toscotec Saudi Arabia to host ICAO Air Services Negotiation conference in 2023 IMF plans regional office in Saudi Arabia PIF’s green bond issuance to bolster market, says London bourse official Saudi digital transformation strategy enters the final phase Oil settles lower after hitting $90/bbl as OPEC+ considers output cut Goldman cuts 2023 oil price forecast due to weakening demand outlook Saudi Arabia scores record leap in UN’s E-Government Development Index ranking Goods exports fuel 18% rise in Saudi Arabia’s current account balance: SAMA Saudi Social Development Bank allocates $3.5bn to freelancers and 'productive' families TASI gains momentum as economic fears subside: Closing bell Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report Big insurance firms needed in Saudi Arabia to invigorate sector: Minister of Finance Gas from Russia’s Nord Stream 2 pipeline leaks into Baltic Sea War in Ukraine drags on global economy into 2023, OECD says OPEC+ supply cut essential to buoy oil prices, UBS says Saudi Capital Market Authority approves three new IPOs as listing wave continues Saudi Arabia developing national capabilities in nuclear technology: Minister TASI drops below 11k for the first time in over 9 months as the market trembles: Closing bell Saudi hospitality giant Alhokair secures $25m contracts to operate entertainment sites Riyadh’s real estate sector continues to witness demand, investment opportunities: KPMG PIF’s Jada signs MoU with Invest Seoul to boost startups, SMEs AlBabtain Food launches IPO at $18-21 per share today Arabian Pipes’s shares drop following the award of $41m contract from Saudi Aramco Qassim signs MoU to acquire Hail Cement as Saudi megaprojects set to drive demand TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy Central Bank of Egypt keeps interest rates unchanged despite US hike Oil plunges to eight-month low on strong dollar, recession fears PIF has created 500k jobs, aims to hit 1.8m: Governor Al-Rumayyan GCC banks returning to pre-COVID-19 levels amid higher oil prices: S&P Global US stocks fall broadly as global central banks raise rates Saudi holdings of US Treasuries rise by $2.4bn in July Fed hikes rates again, says inflation fight can't be 'painless' Saudi Arabia, UAE update interest rates after Fed hike Saudi crude oil exports hit 7.38 million bpd in July: JODI Spain, UK making headway on renewable energy, says climate report Saudi insurer Enaya gets CMA nod to reduce capital by $13m to recoup losses Jadwa Investment revises Saudi Arabia’s overall GDP growth to 8.7% Russia’s surging oil exports to China in Aug fail to keep Saudis down: data Taxing oil companies will not solve global energy crisis: Aramco CEO Scholz to sign LNG deals with UAE: German minister Egypt’s Suez Canal raises transit fees for ships by 15% in 2023 as inflation bites Shares of Hospitality giant Alhokair rise as it gets CMA’s approval for 46% capital cut Saudi Arabia’s 2022 GDP to grow at highest rate in 10 years: S&P Saudi Arabia wants green hydrogen commitment from EU, says European Council President Bitcoin once again slips 1.54% below $20,000 Inflation in Kingdom still within a reasonable rate, says central bank chief Saudi Aramco inks $250m deal with US-based Beyond Limits to build global AI corridor Dubai’s toll operator Salik’s IPO size up to 24.9% after strong investor demand SAMA licenses two fintech payment firms, bringing total to 21 SMEs to benefit from dozens of new factories built in Riyadh Third Industrial City AI helping to predict and solve supply chain issues: Saudi logistic program CEO Saudi AI authority launches SMARTATHON as government eyes 200 smart cities Al Jubail water desalination plant to become the world’s largest: Metito MD Saudi Ministry signs $6.6bn agreements with local banks for infrastructure projects Rising interest rates pose no challenge to Saudi banking sector: SABB CEO Saudi Arabia launches program to automate 4,000 factories Saudi Aramco launches ‘Global AI Corridor’ to boost local ecosystem NEOM’s The Line will ‘go live fully’ on AI: CEO State-backed digital bank Wio launches in UAE Saudi PIF mulls $1bn stake in Seera’s travel unit Almosafer OPEC sticks to upbeat view on oil demand growth: Saudi Arabia raises output to over 11m bpd in August Saudi PIF’s SCAI to invest $776m to boost AI in Kingdom World Bank lauds Saudi National Water Strategy, recommends other nations follow suit Africa’s first hydrogen plant seen producing electricity in 2024 World oil demand to reach 100.6m bpd in Q3: OAPEC Saudi Arabia produces 20% of global desalinated water, official says Saudi POS transactions up, led by surge in sales of food, beverages Saudi Arabia to explore uncharted waters in the desalination sector Tabby goes full deck to fix low credit card access in Saudi Arabia Saudi Arabia’s desalination projects eye sustainability and energy A private equity fund to incubate business ideas in school Cadillac Lyriq to charge up Saudi EV space with 2023 launch Oil supported by supply threats yet still set for weekly drop on demand fears Aramco is most profitable company in the world: Companies Market Cap Energy price cap will be your undoing: Russia’s foreign ministry spokeswoman Saudi wealth fund to issue green bonds as soon as next week Nesma & Partners sign MoU to support Saudi Arabia’s ‘local content’ efforts Local content to carve out stronger role for Saudi Arabia in global supply chain, says minister KSA companies dominate Forbes Middle East’s family business rankings Saudi banks’ mortgages jump to $170bn in Q2: Housing Minister Saudi Jazan City holds $23bn in investment opportunities: RCJY chairman Saudi Fund for Development finances $18.4bn worth of projects in developing countries Tadawul raises $4.7bn through 27 new listings in H1 amid healthy pipeline Saudi Arabia to highlight sustainability successes during G20 Development Ministerial Meeting Saudi esports market to grow 250% in next eight years: CITC Governor Saudi Arabia ready to enter global esports’ stage with 21m gamers: Prince Faisal bin Bandar Saudi non-oil growth shows economy rebounding strongly post-COVID-19: Minister Saudi Local Content Forum sees series of cooperation agreements on second day Arab oil provides nearly 98% of Japan’s July crude imports Oil Updates — Crude slides; Shell, Exxon launch sale of Dutch gas venture Saudi Arabia’s Dammam port sets new record of handling containers in August
Oil Updates — Crude climbs ahead of OPEC+ meeting; Germany to use windfall tax income to reduce energy prices Saudi Arabia to invest $24bn to boost domestic economy ‘content’: Minister Saudi Arabia working to localize 18 professions over the next year: Minister Saudi Industrial Development Fund approves $20bn loans since Vision 2030 launch Saudi insurance rivals Amana, ACIG unveil initial plans for possible merger Oil Updates — Crude climbs; Pyrenees pipeline not a priority for France; Indonesia hikes fuel prices AlBabtain Food to proceed with IPO for 16% stake on Saudi parallel market A cap on Russian oil prices? G7 eyes untried, risky plan Foodics to dish out microlending products, plans to go public soon Saudi Arabia to become world’s fastest-growing economy in 2022 as GDP likely to grow 7.5%: Report Aramco’s Wa’ed Ventures co-leads a $13m series A funding round for OQ Technology Egypt bourse’s market cap rises $2.7bn in August despite monetary tightening Saudi Arabia's mineral wealth set to double as prices of gold, copper, zinc rise PIF-backed TAQA to acquire Abu Dhabi’s AlMansoori Petroleum Services Saudi ice cream maker FADECO’s profits wiped out despite rising revenue Egypt issues first Islamic micro-financing license Saudi TDF signs MoU with Jahez to finance business activities of restaurants, cafes Saudi telecom major stc shareholders approve 150% capital hike to $13bn Tibbiyah buys 51% stake in Saudi medical rival Innovative Care for $57m Foreign ownership in Saudi-listed stocks drops to $94bn in Q2 High oil prices drive record $77.3bn quarterly profit for GCC-listed firms Al-Khunayqiyah mining site’s exploration license to be awarded next week: Top official KSA to issue exploration licenses for Umm Ad Damar project in November Agthia saves $26.4 million in 18 months using cost optimization measures The Waste Lab onboards corporate titans to fight food waste Saudi Arabia’s food and beverage sector books 6.3% growth in H1 2022: Monsha’at Female workforce participation rises to 33.6% in Saudi Arabia in Q1 2022: Report Hospitality group Alhokair’s shares slip as it trims H1 losses by 49% Investors line up ahead of Porsche’s planned IPO at up to $85bn valuation Saudi developer Jabal Omar to settle $1.4bn debt owed to Alinma RE fund Saudi largest lender SNB announces start of SR-denominated sukuk offering Sudan and UAE latest OPEC+ countries to back Saudi statement on oil market Wizz Air launches 20 new routes to KSA, considering a Saudi operating license Oil prices fall after US Fed chair warns of economic pain ahead KSA records 21% growth in residential real estate transactions in Q2: CBRE Prince Mohammed Bin Salman Nonprofit City signs deal with muvi Cinemas for new theater in Al Mishraq Oil prices ease on possible Iran oil exports, rising interest rates Oil prices edge up on signs of improving demand Kingdom Holding shares climb on massive first-half profit surge to $1.7bn Dubai-based developer URB unveils plans for massive net-zero community in Kuwait Amazon to shutter virtual health care service Amazon Care Saudi retailer BinDawood’s shares decline after 31% fall in H1 profits Qatar announces new solar projects to more than double its energy output from renewable sources within 2 years Moody’s downgrades ACWA Power's senior secured debt rating to Ba1 Shares of Saudi developer Al Akaria end higher as it bounces back to profit Hail Cement’s share decline after it swings to loss of $4m in H1 Oil Updates — Crude climbs as Saudi Arabia warns of output cuts; Turkey doubles Russian imports Energy security at risk due to climate change ‘misconceptions’: KAPSARC OPEC+ missed output targets by 2.9m bpd in July, sources say Saudi Fisheries’ shares slump after losses widened by 21% in H1 State-owned utility SEC’s shares dip after profit slightly drops to $1.9bn Saudi developer Sumou signs $144m contract to develop residential units Middle East ranks 2nd in data breach losses after the US, IBM study finds Italian manufacturers cut output to save energy, govt official says UAE investments in Egypt rise by more than 169% in 6 months Aramco to complete Valvoline Global Products acquisition by early 2023 Dresscode rolls up its sleeves to widen its Gen Z footprint The Middle East and North Africa’s 10 most funded e-commerce startups Saudi Arabia, Uzbekistan bolster ties with 10 investment deals worth $12bn President Sisi names veteran banker as caretaker head of Egypt’s central bank UK’s Liz Truss says defining mission will be reviving the economy Private sector can bolster Saudi-Uzbek economic ties, says minister Saudi Arabia's crude oil exports increase to 7.2 million bpd in June: JODI OPEC not to blame for soaring inflation, says secretary-general ACWA Power to sign $2.4bn deal for 1,500MW wind project in Uzbekistan Saudi-Uzbekistan council signs 10 investment agreements worth $12bn IMF sees Saudi inflation contained at 2.8% as GDP growth hits decade-high 87,467 families benefit from Saudi housing program in 2022 American Airlines bets on supersonic travel with Boom jet deal Saudi Qassim Cement shares fall after H1 profits slip 73% Saudi Dallah Health’s stock recovers to end higher after 52% profit growth Aramco CEO on potential production hikes, global oil demand growth: Key takeaways Digital payments exceed cash for first time in Saudi Arabia with 94% transaction value Saudi Aramco shares close 0.9% lower despite record profit Saudi Aramco currently studying its portfolio for potential IPOs: CEO Saudi Aramco prepared to increase output to 12m bpd if government asks for, says CEO Aramco to add significant output capacity from 2025 as global spare oil gets thinner Saudi Electricity secures $568m funding for interconnection project with Egypt Acciona rejects carbon-intensive projects to meet environmental commitments MENA’s 10 most funded fintech startups Saudi HR market makes up just 0.4% of global sector, business federation reveals SISCO sticking to expansion plans despite huge profit drop: CEO Oil set for weekly gain despite price dip on demand concerns PIF-owned SEIC acquires minority stakes in 4 Egyptian companies for $1.3bn Shares of PIF-owned ACWA Power rise after H1 profits jump 21% Saudi miner Ma’aden’s shares up 10% as profit more than triples OPEC forecasts lower oil demand growth in 2022 Biden signs bill to boost US chips, compete with China Shares of Saudi BinDawood rise after launching express stores in Jeddah, Makkah PIF-owned SEIC acquires majority stakes in 4 Egyptian companies for $1.3bn Saudi Arabian Mining Co. emerges as TASI’s 5th-best performer Emirates airline invests over $2bn to boost customer experience Saudi Cabinet authorizes ministers to discuss agreements with Thailand in energy, tourism sectors Saudi government completes nationalization of Saudi Power Procurement Co. Saudi Railways records 121% jump in number of passengers in H1 Chemical giant SABIC’s Q2 earnings beat estimates as profit soars to $2.1bn Heathrow owner Ferrovial studies options for stake in Britain’s biggest airport: Sources Apple to open distribution center at Riyadh airport, says minister Saudi Arabia closes 49 investment deals worth $925m in Q2 Saudi Transport Ministry pushes for electrification with EV charging stations for staff DIFC launches first global family business and private wealth center Saudi hospital operator Sulaiman Al Habib's shares fall despite 22% profit growth in H1 Saudi companies to export supply chain prowess to GCC countries Saudi Arabia posts $20.8bn budget surplus in Q2, the highest at least since 2019 PIF-owned Elm’s stock slips despite 59% profit surge in H1 Oil sector needs investments worth $12tr in coming years, says OPEC chief Saudi education, health represents 39% of budget expenditures in H1 Saudi oil revenues leap 89% year-on-year to fuel Kingdom’s budget surplus Oil prices climb as supply shortage concerns outweigh demand worries Saudi PIF unveils new Egyptian investment company TRSP 5th anniversary: Five years of firsts at The Red Sea Project Al Mutlaq Group eyes further collaboration with TRSP TRSDC’s pioneers quietly turn a master plan into a mega brand NEOM’s ENOWA partners with AutoGrid to design digital energy platform Aramco, Sinopec sign initial agreement to collaborate on projects in Saudi Arabia Oil prices rebound after dropping to lowest in months on weak US demand Squeezed global spare oil capacity limits OPEC+ output hike Saudi Arabia launches new investment marketing authority to support $3.2 trillion plan Saudi Cabinet approves establishment of roads authority to achieve goals of national logistics strategy Telecom giant stc’s shares close higher after H1 profits surge to $1.6bn PIF-owned ACWA Power leads Saudi stock market with 106% YTD gain Saudi job numbers in non-oil sector rise at fastest rate in 3 years: S&P Global Saudi mining firm Ma’aden’s shares close higher as Ammonia 3 plant starts operation OPEC+ sees slightly smaller oil market surplus this year, sources say Uber gains momentum in 2nd quarter, investors look past loss Aramco’s Wa’ed allocates $60m for startups in 2022: CEO Saudi Central Bank approves SABB Takaful’s merger with Walaa Insurance Saudi real estate prices inch up in Q2 due to rise in residential rates Aramco to acquire Valvoline’s Global Products Business in a $2.65bn deal Dubai Electricity and Water Authority boss lauds utility’s AI use Al Rajhi Bank’s shares close lower even as profit surges to $2.2bn in H1 Saudi Q2 GDP grows at fastest pace in 11 years driven by oil sector Saudi Arabia and UAE supplied 80 percent of Japan’s crude oil needs in June Saudi Arabia, France discuss stabilizing global energy markets, food supplies Al Rajhi Bank posts 21% profit surge to $2.2bn for H1 GCC central banks follow US Fed to hike interest rates as inflation bites Saudi energy minister meets with Russia’s Novak ahead of OPEC+ meeting Eurozone inflation hits yet another record high after big jump Saudi IPOs set for record year as H1 listings surpass entire of 2021: CMA chairman Saudi stock exchange to overshadow global peers as Crown Prince expects NEOM’s IPO to add $266bn Saudi-Greek Investment Forum sees $3.7bn deals on energy, economy and technology Green hydrogen gets a push during Saudi Crown Prince’s visit to Greece Tobacco majors spent $9.6 billion on R&D of risk-free smoking options since 2008, says exec 100 Saudi Brands to take fashion initiative sustainability to the next level IPOs in GCC gather momentum amid global volatility Ajlan & Bros signs $200m deals during Saudi-Kazakhstan Summit Saudi Arabia closes two trenches of SR-dominated sukuk totaling $771m in July IMF raises Saudi economy growth forecast for 2023 to 3.7% Financing NEOM is the next big move Saudi largest lender SNB sees 59% profit jump to $2.4bn in H1 TASI drops as oil prices continue to fluctuate: Closing bell PIF-owned JCDC, Cruise Saudi to design luxury cruise terminal at Jeddah Central Project NRG Matters - Saudi Arabia set to double capacity in renewables tenders Saudi non-oil exports rise 27% to $7.4bn in May Saudi Central Bank launches Joint Operations Center to combat financial fraud TRSDC inks deal with ZeroAvia to develop zero-emission flights Saudi Investment Bank shares jump 2% as it declares $80m dividends for H1 Saudi Arabia plans $5bn investment to become self-sufficient in poultry meat production TASI ends in red as investors monitor the market: Closing bell EU looks to replace gas from Russia with Nigerian supplies UAE platform forays into Saudi Arabia, to ramp up staff strength Lebanese venture capital firms face uncertain future as economy collapses Farnborough Airshow Updates: Saudi plans air-cargo roadshows; Airbus mulls fighter options Saudi construction spending reaches $12.3bn in Q1 2022: US Saudi Business Council Saudi Arabia announces plan to automate 4,000 factories SAMI and BAE Systems announcement to boost Saudi defense industry ‘soon’: CEO Saudi finance companies’ total assets rise 26% to $17.8bn in 2021: SAMA Saudi economy to grow an average of 3.9 percent for next four years: Moody’s Saudi station network Aldrees sees 44% profit surge in H1 on higher sales Saudi Kingdom Holding’s shares surge as it invests $268m in UK’s M&G Libya says oil exports resumed after monthslong hiatus Organizers of sustainable tourism summit RESET 2022 promise a bold agenda Saudi Arabia leads GCC with 77% growth in project contract awards in Q2 Saudi stocks continue to rebound tracking crude prices: Closing bell Saudi venture capital investments up 244% to a record high of $548m Saudi FM says no adequate oil supplies without OPEC+ cooperation ‘World’s largest’ vertical farm officially opens in Dubai Saudi insurance sector stays afloat despite Q1 net loss Saudi Arabia’s May oil exports fell 4.5% in biggest decline in last 15 months Saudi Almunajem Foods sees 225% profit surge in H1 2022 Middle East investors revisiting asset allocation amid inflation concerns Petronas says taking steps to protect global assets after seizure of Luxembourg units Telecom operator Zain KSA’s shares up 4.3% as profit more than doubles TASI rebounds after hitting lowest level since late-December: Opening bell Saudi dairy giant Almarai’s shares fall despite a rise in H1 profits GCCIA signs a contract to interconnect GCC grids with Iraq Saudi Arabia, US ink 18 agreements, including on space, investment, energy Saudi Arabia is among the highest performing venture capital markets in the region in 2022 Europe gas prices edge lower as Norwegian exports rise Oil rises on prospects of less aggressive US rate hike Saudi sovereign fund to become Aston Martin’s no.2 shareholder Saudi inflation edges up to 2.3% in June as food and beverages prices rise NEOM scouts for project managers to build mega hotels in the Gulf of Aqaba: MEED Commodities Update — Gold prices slip; corn rises; industrial metals sink on demand concerns Oil Updates — Crude up; Libyan oil chief rejects removal; US official says Russian oil price cap can fight inflation Saudi Naval Base in Jubail prepares tender for infrastructure buildup: MEED Saudi Arabia highlights progress made in efforts to achieve UN’s Sustainable Development Goals Dubai PMI climbs to three-year high driven by upswing in travel and tourism: S&P Global UAE’s president, Sheikh Mohamed, shares his vision for future of the country Saudi ports cargo volumes jump 16.1% to 27m tons: Mawani Saudi Arabia’s industrial output sees third-highest rise in three years: GASTAT North Asian refiners to receive full Saudi crude allocation in August Saudi Arabia’s Q1 current account hits 8-year high thanks to oil sales OPEC forecasts slower oil demand growth in 2023 Failure to implement Russian oil price cap could jack up oil prices, says US treasury chief Saudi says data volume traffic increases by 40% in Arafat, compared to 2019 Virtual realty metamorphoses into islands of opportunity SGBF to find solutions to drive UN development goals in the region Leaked Uber docs reveal bare-knuckle expansion tactics: investigation Who is Ruja Ignatova? The self-styled ‘cryptoqueen’ who conned millions Pfizer to provide medicines to 1.2bn people in 45 countries on not-for-profit basis Asian stocks rise ahead of US payrolls but Abe shooting jolts sentiment China ambassador praises Saudi firms for aiding Chinese businesses expansion plans ECB climate stress test flags $71bn risk to euro zone banks Saudi non-oil sector sees robust improvement in business conditions in June: S&P Global Aramco sets for $44bn profit amid mixed Q2 earnings of Saudi firms: Al-Rajhi Capital Saudi Aramco signs 55 deals in a major expansion of its industrial investment program MENA startups raise $1.8bn in first half of 2022 Saudi stocks finish down for 3rd time in a week amid fears of economic instability: Closing bell King Salman approves $5.32bn to help citizens affected by rise in global commodity prices TASI finishes H1 5% higher despite recent losses, market fears Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list Saudi Exchange kicks off single-stock futures trading, led by Aramco, stc REVIEW: Circlys - saving platform GCC stocks down for second straight month in June amid recession fears TRSDC signs first JV worth $400m with Al Mutlaq Group Al-Dhaher appointed SAMA’s deputy governor for control and technology Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023 Argentina government crises build as Economy Minister Guzman resigns Oil prices up 2 percent on supply outages Russia seizes control of partly foreign-owned energy project Saudi minister meets US investors ahead of Biden visit Biden says will see Saudi’s crown prince, won’t push directly on oil OPEC+ sticks to policy, avoids September oil output debate Luxury hotel brand JW Marriott makes Saudi debut with Riyad Capital Growth in Saudi Arabia’s liquidity slows to 7.8% year-on-year in May OPEC meeting ends without making any policy decisions SAMA’s net foreign assets remain virtually unchanged at $435.5bn Tabby’s app achieves a record 26m clicks to retail partners in a year QIA CEO says exploring opportunities in blockchain NEOM awards London-based Keller major piling contract for ‘The Line’ UAE producing near to its maximum oil production capacity: Energy minister Saudi Exchange to allow single-stock futures trading on selected shares in July Hydrogen driving net-zero transition in UAE: Energy Minister Saudi-Italian forum to explore opportunities to boost bilateral trade US aims to raise $200bn as part of G7 rival to China’s Belt & Road France urges producers to cap oil price over Ukraine Oil trades sideways as OPEC+ to keep output hike steady before Biden visit Pylon targets emerging markets, aims to be the first MENA gigacorn Global supply chain impairs even as Saudi logistics industry shows signs of recovery Boeing expects demand to be back to pre-pandemic levels by 2024, says top official Inflation sparks global wave of protests for higher pay G7 considering ways of capping Russian oil price — German official Saudi Arabia Finance Minister calls on OPEC to fund green transformation UK-GCC trade deal could be finished in a year: Minister Saudi Makkah, Madinah to see 110,000 new hotel rooms by 2030: Colliers Saudi Arabia strengthens position as largest Arab economy: Report Wall Street set for gains as traders scale back rate hike expectations Kuwait Airways expecting 4x passenger rise in 2022 than 2021: CEO Aviation industry will start making profit by 2023, predicts IATA economist Oil prices dive $2 per barrel on fear Fed rate hikes will hurt demand EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next Saudi Arabia’s non-oil exports increase 37% to $7.3bn in April NEOM appoints founding president of its flagship university Full Brexit yet to play out on British finance, lawmakers say Saudi Cabinet gives green light to Bank of Jordan to open branches in the Kingdom Talks begin on GCC-UK deal to boost trade by at least 16% SWCC head expects water assets transfer to PIF-owned WSC to take up to 3 years Value of Saudi-Egyptian trade up 62% last year Lebanon, Syria, Egypt sign gas import agreement Wall Street sees higher probability of US recession next year Brexit will cost UK workers £470 a year, study predicts Saudi Arabia’s open banking program fuels fintech growth in the region Mideast aviation sector’s net losses to narrow to $1.9bn in 2022, IATA forecasts TASI ends in green, remains at one of lowest levels since January: Closing bell Saudi entrepreneurs get $27b funding as SMEs grow by 15% in Q1 Flights from Gulf countries have surpassed pre-COVID levels in some destinations, says IATA VP NRG Matters — Italy’s Eni wins stake in $29b Qatari gas project; Egypt plans small nuclear reactors to produce energy Saudi Arabia signs $133m deal with DP World to create region's largest logistics hub at Jeddah port Aramco, Cognite launch joint venture to support digital industries in Middle East Russia overtakes Saudi as top oil supplier to China in May after 19-month gap How Saudi Arabia’s $18bn logistics industry is reaching out to the rest of the world Bitcoin drops below $20,000 as crypto selloff quickens TRSDC employs marine spatial planning tool to enhance biodiversity SpaceX reported to fire employees critical of CEO Elon Musk Saudi flyadeal launches its first flight to Jordan as it seeks expansion
Saudi-US business forum discusses enhancing cooperation SAMA lifts key interest rate in less aggressive way than regional counterparts NEOM’s unit ENOWA to build first desalination plant powered by renewable energy Gazprom reduces gas flows to Italy by 15%, Eni says Sudan signed MoU with UAE for farm project, port, says minister Egypt’s Khazenly startup raises $2.5m in seed funding round NEOM awards two contracts for transportation project Telecom Egypt partners with Aqua Comms on EMIC-1 cable landing Tourist businesses given $80m funding injection amid Saudi plans to grow sector Goats, fish, and vegetables face import taxes as Saudi Arabia seeks to promote domestic production Saudi government-owned tourism fund launches $80m program to finance sector’s SMEs Saudi telecom giant stc shares up 6.6% as it proposes capital hike to $13bn China Renaissance eyes investments in the Middle East to fund startups: CEO Saudi government-owned tourism fund launches $80m program to finance sector's SMEs Iran currency drops to lowest value ever amid US sanctions SMEs need to innovate to keep logistics on the move: NIDLP’s Al-Mazroua Amadeus partners with Saudi Tourism Authority to develop destination management in the Kingdom Saudi Arabia’s TRSDC nursery to plant 2 million saplings this year as part of its green drive Saudi tourism ministry to invest $100m on one of the largest training programs in the sector: top official NRG matters: ACWA Power’s unit signs $107m deal to set up solar plant in Saudi Arabia; UAE, South Korea boost energy ties Saudi Arabia’s Savola acquires Egybelg amid plans to invest $91m in Egypt Irish universities explore investment opportunities in Saudi Arabia’s King Abdullah Economic City Moody’s affirms credit rating of ‘A1’ to Saudi Arabia with stable outlook Saudi industrial activities hit three-year high in April AlUla project takes sustainability highway to revive lost glory Japan’s Sumitomo to establish its largest factory in Egypt Moody’s affirms credit rating of ‘A’ to Saudi Arabia with stable outlook Saudi tourism ministry leads digitization wave, offers NFTs to UNWTO delegates Dubai can help boost UK trade in the post-Brexit era, experts say Crypto meltdown is wake-up call for many, including lawmakers PIF-backed Saudi Jordanian Investment Fund aims to invest $3bn in Jordan ‘Our ambition is enormous’ — UN World Tourism council kicks off two-day event in Saudi Arabia Saudi Arabia revises up Q1 GDP to highest rate since 2011 on oil activities PIF-backed investment fund invests $400m in healthcare facility in Jordan Apple offers glimpse at upcoming changes to iPhone software Saudi Arabia raises oil prices more than expected as Asia recovers: Bloomberg Saudi, Spain to strengthen global tourism as Kingdom prepares to host UNWTO summit
Diriyah to become Saudi Arabia’s gateway to sustainable tourism US mulls lifting some China tariffs to fight inflation PIF takes 24% stake in Capital Bank Group with $185m subscription deal Electromin eyes more charging stations Kingdomwide as CEO wants to end Saudis’ reluctance to EVs Germany faces $5.4bn a year hit from Russian gas sanctions: Report Oman announces new oil discoveries, gas and oil deals with Iran Ancient city of AlUla welcomes modernity to encourage future tourism Red Sea Farms hopes to hit 30 hectares of desert farm operations by end of 2022 Saudi water companies bet on hydrogen to beat climate change: IDA CEO Kerzner International adds to its ultra-luxury resort portfolio in MENA Up to 25% of tobacco sales in Saudi Arabia are illicit, says Philip Morris executive Saudi EXIM to boost average annual export financing to $7bn by 2026 Personal finance loans drive Saudi finance companies’ total lending to $19bn in Q1 Real estate lending in Saudi banks jumps 6.8% in Q1, as demand in retail segment grows US welcomes OPEC+ move to boost oil supply, recognizes Saudi role in achieving consensus ACWA Power to open world’s largest reverse osmosis plant in October Russia, Saudi foreign ministers praise cooperation within OPEC+, says Moscow Saudi government pushes for unified travel measures, platforms to ease air travel Royal Commission for Jubail and Yanbu to establish $1bn rubber tires factory Tech champions can help GCC to add $255bn to regional GDP by 2030, says report SWCC to open six desalination plants in Saudi Arabia by 2024: Governor Israel-UAE trade to exceed $2bn in 2022 as nations sign first free trade deal Saudi central bank net foreign assets grew by $1bn in April Saudi stock market suffers its biggest monthly decline in 2022: Monthly recap Microsoft reinforces startup revolution in Saudi Arabia NEOM prepares tender to build infra corridor connecting OXAGON with other projects: MEED UAE, China remain Saudi Arabia’s top non-oil export destinations Tourism direct contribution to Saudi GDP fell 61 percent in 2020, official data showed Key acquisitions have broadened Agthia Group’s profits, says CEO India's L&T ahead for NEOM $6.4-bn hydrogen renewables facilities: MEED UAE, China remain KSA’s top non-oil export destinations KAEC gears up to become the automotive capital of the region, CEO says Saudi investment minister heads Greece delegation to bolster strategic, trade relations Green startup to raise funds via NFT to clear plastics off the oceans Hilton to open 59 more hotels in Saudi Arabia in the next 10 years Dur Hospitality plans to open Rixos Jeddah Resort by 2023 Saudi Aramco could swallow Shell and BP, says Brand Finance CEO Saudi Arabia’s NDMC closes funding activities for 2022 debt repayments at $11bn Inspired by Vision 2030, Taj Holding focuses on retail expansion Investment firm Amanat wants to revolutionize education in the Middle East Qatar Airways to revisit IPO plans after World Cup 2022 ACWA Power, Air Products to develop another NEOM-like green ammonia plant in Oman Saudi stock exchange approves listing of $4bn government debt Big projects need to open doors for SMEs to drive tourism, says official Three more join impressive list of Red Sea resort operators World’s largest asset manager BlackRock appoints Suliman Algwaiz as chairman for Saudi unit Saudi Arabia to witness ‘a golden era of hospitality’ in next 10 years Fintech gains importance in Saudi as Cabinet approves sector's first national strategy BNY Mellon slapped with $1.5m fines in ESG case Google drives digital business worth $3.5 billion in Saudi Arabia in 2021 Rotana Hotels to triple Saudi Arabia presence to 6,000 rooms by 2026, says president & CEO Kingdom Holding shares up 20% after Alwaleed bin Talal’s $1.5bn deal with PIF Riyadh hopes to ‘work out an agreement with OPEC+ which includes Russia,’ says energy minister Future Hospitality Summit begins in Riyadh on May 24 to discuss ‘reimagined horizons’ Global ESG assets to hit $50tr by 2025: PIF Governor MENA’s first animal vaccine facility in Saudi aimed at reducing cattle diseases to start in 2024 Billionaire Alwaleed bin Talal to sell $1.5bn stake in Kingdom Holding to Saudi sovereign fund Saudi cement sector performance slumps amid soaring energy prices Flash Entertainment plans a KSA office as sector booms China’s April Saudi oil imports soar 38 percent on year, Russian oil up 4 percent Saudi sovereign wealth fund considers new hydrogen company; developing 70% of vision 2030 renewable target PIF governor and BlackRock’s CEO leads discussions on ESG in emerging markets in FII’s first regional summit FII Institute unveils new inclusive ESG framework and scoring methodology PIF-backed Lucid Motors to set up first overseas production factory in Saudi Arabia Centennial, Colgate Energy combine to create $7bn oil producer China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions Venture capital and microfinance firms should focus on startups, says Al Ahli Holding Group CEO Business leaders discuss post-pandemic inflation, SPACs, Metaverse at Top CEO forum Saudi Electromin rolls out 100 charging stations for electric vehicles across the Kingdom Oil falls 2% as US refiners ramp up output Investing in Metaverse is a waste of time: Futurist-in-Chief at Dubai Future Foundation Education, reskilling and upskilling driving Saudi Arabia’s growth, says Al-Tamimi Digital transformation, women participation are the need of the hour, says VP Visa CEMEA Bank of England official warns of tough times for crypto Bahrain state oil firm to appoint financial adviser, CEO says Egypt lowers its expected GDP growth to 4.5% NEOM ‘fully under Saudi sovereignty, regulations,’ says government official refuting inaccurate media reports No grain supply crisis in Saudi Arabia, SAGO deputy governor says Saudi crude oil exports in March see biggest monthly decline in a year Top CEO Conference and Awards to recognize industry leaders in GCC SAEI’s new MRO village in Jeddah projected to bring $2.7bn in revenues in 10 years Aramco beats analyst forecasts with $40bn profit; highest quarterly since listing PIF seeks global footing as it launches Saudi Coffee Co. with $320m investment Saudi annual inflation rises to 2.3% in April as costs of food & beverages bite Madina airport to revisit expansion to 12m passengers as pandemic wanes TRSDC takes AMAALA under its wings, springs distinct wellness flavor Saudi chemical giant SABIC achieves higher Q1 profit as sales hit $14bn Pagano sees contribution of TRSDC-AMAALA tourism projects to Saudi GDP at $9bn Saudi Arabia, US continue to explore cooperation in space sector Aramco profit estimates at $38bn, eyes world’s top-valued firm spot ICAO President encourages countries to echo Saudi challenging aviation targets Saudi flight academy expands domestic training sites to accommodate 1000 Chinese students: CEO Saudi finance ministry appoints Rothschild to supervise Binladin Group reconstruction: Bloomberg Saudi delegation reviews opportunities for cooperation in the Netherlands NEOM seeks to regenerate the area, offer ‘guilt-free’ vacations Aramco explores hydrogen energy cooperation with Thailand's PTT Saudi Space Commission and NASA’s Kennedy Center cooperate to exchange expertise, technologies Cryptocurrencies crash with Bitcoin falling to 16-month low Dubai airline Emirates embraces digital currencies and metaverse to attract new customers International airlines invest $1tr in fuel-efficient planes, says Boeing executive Bitcoin falls below $30,000 as US monetary tightening, surging inflation spook investors Saudi Arabia gives wings to urban air mobility Saudi Aramco briefly becomes world’s top-valued company as shares surge Airbus to manufacture brand new zero-emission aircraft by 2035 Saudi Arabia announces new global air travel policy at Future Aviation Forum Arabian Travel Market: COVID-19 concerns to be key focus of four-day event Future Aviation Forum: Industry leaders gather for inaugural global event Jeddah’s King Abdulaziz International Airport gets new acting CEO Saudi Arabia’s mining sector achieved record revenues of $194m in 2021 Saudi ministry studying steps to increase private sector’s role in urban development G7 leaders pledge further economic isolation of Russia Can sustainable aviation fuel provide the green alternative airlines need? Commercial airline passengers still apprehensive about flying in 2022, global survey warns Saudi banks boost retail real estate lending at a record pace Saudi Energy Minister among key speakers lined up for Future Aviation Forum Boosting productivity and developing supply chain excellence Global cooperation on climate is vital to drive sustainable tourism, Saudi minister tells UN Striving to be a partner of choice and a catalyst for success Saudi Arabia announces $6bn investments in steel complex, EV metals plant Alwaleed bin Talal not cashing out from Twitter; calling Musk ‘excellent leader’ Supporting the industry’s emergence from COVID-19 crisis US Senate committee passes antitrust bill pressuring OPEC Saudi central bank raises interest rates in line with US Fed's decision Jeddah's landmark airport witnesses chaos amid flight delays and luggage woes during Eid holiday OPEC+ sticks to production targets; agrees modest output rise ADCB sees risks of global recession on the rise; not hitting worrying levels yet FlapKap charts an AI-based roadmap to fund startups Saudi banks embrace digital future with more closure of branches Gulf central banks raise rates as Fed hikes by 50 bps US Federal Reserve raises key rate by a half-point in bid to tame inflation Macro Snapshot — South Korea inflation hits over 13-yr high; German unemployment sinks as pandemic measures ease Saudi economy to witness 10% growth in 2022: Capital Economics Arib puts digital financing on fast track, raises $2.3m Online platform Zamzam puts Umrah pilgrims few clicks away US stocks gain, Treasury yields hit multi-year highs ahead of expected Fed rate hike: Reuters Oil falls on China growth worries as EU weighs Russian crude ban: Reuters Chinese EV company CH-AUTO to go public via $1.7 bn SPAC deal: Reuters Squadio teams up to expedite talent on cloud As crypto gains credence, car-hailing app covers the territory Saudi March bank credit to private sector sees highest increase in year: SAMA Residential, retail, office stock boost in Saudi Arabia in Q1: JLL Foreign ownership in Saudi stock market soars to $70bn in 2021: CMA report Oil extends gains as supply fears outweigh China lockdowns: Reuters Growth in Saudi Arabia’s net foreign assets resumed in March UAE’s DEWA launches next phase of its $1.9bn smart grid strategy Saudi Arabia issues 5,319 commercial registers for entertainment sector in 2022: Al-Eqtisadiah Saudi Energy Ministry plans pre-qualification for Yanbu project by Q3: MEED Mauritius supports Saudi Arabia’s hosting of Expo 2030 as it’s the best candidate: Minister UAE’s Aldar Properties targets $2bn in sales this year, says CEO Standoff with Lebanon banks could derail IMF deal, minister says Turkish, Saudi finance ministers discuss economic cooperation Russia halts gas to Poland, Bulgaria, demands payment in rubles Cloud computing helps power strong Microsoft quarter Russia suspending gas supplies to Poland, Bulgaria Saudi aviation authority steps in to calm angry travelers as ticket prices skyrocket Aramco's top technology officer says oil giant leads global innovation wave amid surge in patents Umrah resumption boosts sales of clothing and textile retailer Thob Al Aseel: CEO Dubai issues 18,013 e-Trader licenses in five years Saudi lender Bank AlJazira reports a 17% rise in net profit in Q1 Saudi non-oil exports averaged $6.5bn over the past 12 months Saudi agri-tech startup Red Sea Farms raises $18.5m David Henry is named CEO of the Prince Mohammed Bin Salman Nonprofit City Former Nissan boss Carlos Ghosn: ‘Am I guilty or innocent? Let’s finish this ordeal’ Saudi non-oil exports averaged $6.5 billion over the past 12 months Saudi Arabia issued 260 new industrial licenses in Q1 2022: Ministry How changing geopolitical scenario is impacting investment opportunities Energy-hungry Bitcoin moves into sights of US environmental movement: Reuters NEOM pitches investment opportunities to more than 700 US business leaders TRSDC, AMAALA look into EVs, hydrogen cars as part of sustainable mobility solutions Saudi Green Initiative developing creative solution to tackle climate change Health, transport and social media: Top 15 innovative startups in the Middle East The Red Sea Project bets on biofuels to back-up its solar energy system How PepsiCo is helping Saudi Arabia improve irrigation, cut water use Saudi Arabia to invest $100m in Tourism Support Fund alongside World Bank: Minister Saudi Arabia’s The Red Sea Project to use biofuels to run all tourist facilities Saudi Home Loans shares close 30% higher on TASI trading debut Egypt cloud kitchen service The Food Lab raises $4.5m pre-seed round Saudi economy to witness fastest growth in over a decade in 2022: Capital Economics Saudi Arabia issues $2.6bn worth of riyals-denominated Sukuk in April Saudi Aramco gets CMA approval for capital increase to $20bn Saudi Arabia launches a new program to support SMEs exports Foreign investment in Saudi Arabia’s Tadawul surges to $93bn Saudi transport authority, TRSDC sign deal to enhance transport in Red Sea region High debt could slow countries’ economic recoveries, says IMF World Bank planning new $170bn crisis fund, says Malpass Number of Saudi females in ICT sector rises significantly in five years: Minister Shares in Saudi Arabia’s Al Rajhi Bank close at highest level since debut Tamimi forms JV with Italian, Japanese firms to offer smart farms in Saudi Arabia Saudi Arabia to continue blocking calls on apps not cooperating with regulations: Minister Oil Updates — Crude above $110 a barrel; Fire under control at Mexican refinery; EU targeting Russian crude Saudi billionaire Alwaleed bin Talal rejects Elon Musk’s offer to buy Twitter Dubai takes a big swing at crypto business, steps up game Saudi-based TruKKer plans global expansion Saudi SASCO adds another $530m loan for gas station operator acquisition SABIC fully owns Scientific Design after Clariant's 50% stake acquisition Ferrero to stop buying palm oil from Malaysia’s Sime Darby over labor concerns Oil prices up, Asian shares fall, trading muted with Good Friday holidays IMF chief calls inflation ‘present danger’ to world; economic growth expected to slow down — Macro Snapshot Dubai Investments earns $258m profit from the Emicool deal, says CEO Fitch revises Saudi Arabia’s outlook to positive, affirms rating at A Saudi annual inflation accelerated to 2% in March on higher gasoline; food & drink prices Oil Updates — Oil edges lower; traders to cut Russian purchases; Shell wins Brazilian auction Crypto rises, content creators invest in MoonPay, crypto expert jailed for helping North Korea: Crypto Moves Saudi realty financing firm SRC closes $2.7bn domestic sukuk program Shares in Saudi Arabia's largest lender SNB hit record high Drivers using ride-hailing apps earn $3,750 a month, says a Saudi transport official UAE approves digital economy strategy to boost sector's contribution to GDP PIF-backed world’s first electric racing boat officially hits the water TRSDC bags another international certification as contracts awarded hit $5.33bn Dubai’s PMI hits 33-month high in March Italy PM signs Algeria gas deals to reduce Russia reliance Saudi Arabia’s SIIG to fully acquire Petrochem shares SABIC shares drop even as shareholders approve $3.2bn half-year dividends Profits of Saudi dairy giant Almarai climb 9% to $112m in Q1 Lending to Saudi micro and small businesses to grow in 2022 PIF-owned SAMI, Boeing partner in bid to scale up Saudi aviation sector Work starts at world’s largest green hydrogen project in NEOM Tadawul implements largest enhancements in Saudi capital market’s history Saudi finance minister calls Arab financial institutions to review strategies Saudi housing ministry to levy fines on non-fenced vacant land from July 1 Oil Updates — Crude falls; Indian refiners to cut Saudi oil, Russian exit to cost Shell up to $5bn Arabian Drilling Co. hires banks for $1.4bn-plus IPO Jadwa Investment revises Saudi Arabia’s 2022 inflation forecast higher to 2.4 percent Work starts at world’s largest green hydrogen project in NEOM with a $900m EPC contract Al Moammar, Fransi Capital launch a $40m VC fund to invest in Saudi technology startups Global sovereign debt to hit new high; Italy cuts growth forecasts — Macro Snapshot Mideast’s air traffic up 215.3% in February: IATA 2% of households in Saudis use solar energy: GASTAT Rehla CR spots new opportunity in mobility space Fintech Lendo to launch new financing products for Saudi SMEs PIF push to propel Saudi construction market to pre-pandemic levels Saudi Arabia’s non-oil private sector activity records fastest growth in 4 years Swvl raises $8m in latest funding round following Nasdaq market debut Oil exports help Saudi Arabia’s current account touch $26bn in 4Q of 2021 Saudi Arabia's solutions by stc to buy controlling stake in Egypt's Giza System for $158m Oil Updates – Crude falls, climate activists arrested, Mexico suspends gasoline subsidy Saudi economy to grow 7.7% in 2022: Jadwa Investment Egyptian startup Trella blazes the trail in trucking business Dubai’s DEWA boosts retail size in IPO amid strong demand Saudi Arabia, Middle East invest heavily in solar power, says Nextracker executive GCC not at risk of food insecurity but inflation as Ukraine crisis disrupts supply Israel and UAE agree ‘milestone’ free trade deal Moscow says firms’ foreign-listed depositary receipts will be forced to return to Russia: Reuters OPEC+ sticks to current oil output plan despite consumers’ pressures Swvl to begin trading on US’s Nasdaq at $10 per share Unemployment among Saudis falls to 11.0% in Q4 as economy strengthens OPEC+ ministerial committee recommends sticking to current oil output plan Putin tells Scholz gas payments can continue in euros: Berlin OPEC+ likely to stick to existing oil output deal as Barkindo calls members to be vigilant Saudi Arabia deposits $5bn in Egypt to help with attracting investments in foreign currencies PIF-backed Dussur signs 4 joint ventures, global acquisition deal GCC banking sector sees a good year after profits surge 40% to hit $35bn GEC witnesses $8bn investment on second day Saudi Central Bank’s net foreign assets fall for third month in a row Saudi Arabia sees number of Umrah performers increasing by 11.61% in 2021 GEC sees deals worth more than $4bn struck on first day GEC 2022: Business licenses issued that could create 2,400 new jobs in Saudi Arabia Capital growth in Saudi Arabia at $3.2bn, says CMA Chairman Nahdi's profit drop comes as a surprise following strong debut on TASI Saudi Arabia to develop technologies to limit risk to planet, says energy minister ACWA Power’s IPO grant to staff brings down 2021 profits: CEO Saudi Arabia supported SMEs with $80bn: Monshaat governor Saudi Arabia is interested in developing small nuclear reactors: Energy Minister Saudi companies vie to make a mark in global export market How Saudi Arabia is nurturing its small and medium entrepreneurs Wärtsilä president says GCC should focus on hydrogen-energy potential PIF’s SALIC acquires 35% of Olam Agri for $1.24bn S&P revises Saudi Arabia’s outlook to positive; affirms credit rating ‘A-/A-2’ Saudi Arabia’s rise as global startup hub attracts Egyptian entrepreneurs UAE women entrepreneurs break the glass ceiling Qatar stands in solidarity with Europe and will not divert gas supplies, says energy minister DEWA eyes $2.2bn in Dubai’s first-ever IPO of a state-owned entity Gulf stocks to outperform international markets in 2022: Morgan Stanley Saudi non-oil exports increase by 27.5% in January OPEC officials tell EU of unease about proposed ban on Russian oil, sources say Euro weakens as Biden carries new sanction plans to Europe — Macro Snapshot Saudi corporations join PIF, Tadawul carbon market initiative to lower emissions Saudi Arabian land bridge project costs could reach $26 billion Masar Makkah invests $160m to build hotel for visitors and pilgrims to city How a Saudi luxury tourism site uses underground water to lure visitors Saudi Arabia says it isn’t responsible for oil supply shortage from attacks on its facilities Transport minister doesn't rule out future Riyadh road fees; City metro to start by end of 2022 Nahdi hits $5.2bn market cap as shares soar in top Saudi debut since Aramco Saudi Aramco aims to launch 140 energy projects in 3 years Fed prepared to raise interest rates ‘aggressively,’ says Powell $214m King’s College Hospital to launch in Jeddah by the end of 2023 NEOM launches ENOWA to ensure sustainable energy and water systems Saudi Arabia, Kuwait agree to develop joint Dorra gas field Aramco CEO says news on Saudi oil sale in Yuan is speculation as Capital Economics rules it out Aramco CEO on Russia-Ukraine crisis, post-pandemic market fundamentals — Key takeaways Amin Nasser on renewables, chemicals, oil & gas plans — Aramco earnings Three of Egypt’s largest national banks launch an $85m fund to accelerate the fintech sector Around 100 firms plan listing on Saudi stock markets: El Kuwaiz Saudi pharma operator Nahdi attracts $1.8bn in IPO from retail investors Moody’s affirms the ratings of Saudi Telecom and Saudi Electricity, withdraws BCAs Saudi Arabia’s networking platform Playbook nurtures female ambitions Capital Economics rules out complete Saudi shift to yuan in oil deals SADAFCO eyes market domination with launch of $34m ice cream factory in Jeddah US, Russia step up crypto war; Facebook sued: Crypto Moves Saudi Exports Authority organizes a trade mission to Jordan Private equity hits record high with buyout deal value reaching $1.1tn in 2021 World to miss carbon zero target on current trajectory: BP Oil heads for weekly loss as prices stay above $100 a barrel PIF-owned ACWA Power’s shares rise despite lower profits Fed hikes interest rates; Russian inflation accelerates to highest rate since 2015 — Macro Snapshot Saudi Public Investment Fund to invest in Egypt British PM’s visit to Saudi Arabia to pave way for a free trade deal, more business ties IEA cuts oil demand outlook, fears Russia supply ‘shock’ State-owned SEC’s profits jump fourfold to $3.8bn on Saudi energy sector reforms Saudi GDP in 2021 rose by the highest rate in six years thanks to non-oil activities Fed hikes interest rates; Russia's inflation accelerates to highest rate since 2015 — Macro Snapshot GCC central banks raise interest rates in line with US Fed's move to tackle inflation Insuring against SoftBank’s debt default rises to 2-year high as value of its holdings slumps DEWA becomes Dubai’s 1st state-owned entity going public in biggest ever IPO Long-term sukuk remains well placed to face global headwinds, says Franklin Templeton CIO Saudi National Development Fund to inject $152bn in local economy by 2030, Crown Prince says Saudi Al-Dawaa tops TASI with $1.8bn market cap on market debut Saudi-US chemical JV Sadara turns into profit, erasing $853m in losses Austria assures support to Saudi Arabia in digital and climate transformation GCC better positioned to sail through challenging waters of Ukraine war PIF-owned Elm reports a 85%-profit hike in its first Post-IPO earnings Zamil partners with Spain’s Navantia to build interceptors for Royal Saudi Navy SAMI to add 1,500 jobs in 2022 with focus on hiring more women, says CEO Biden’s crypto order kicks the can down the road on digital assets: Crypto Moves Filteroff brings event dating to Art Dubai fair How GCC, China can strengthen their trade relations Zamil partners with Spain’s Navantia for RSNF Avante 2200 corvette project Saudi Arabia startups secure more than half of MENA funding in February 2022 Saudi Arabia to host 180-country Global Entrepreneurship Congress Deutsche Bank rebuked over remaining in Russia as others quit: Reuters Oil update — Putin says Russia is meeting energy supply obligations, calls sanctions illegitimate Saudi January industrial output sees third highest rise in 3 years Aramco’s JV to develop 300k bpd refinery, petrochemical complex in North China PIF-owned TAQNIA ETS plans 30% rise in workforce with focus on Saudis CERAWeek — Industry leaders say scarcity of gas a greater worry Saudi Arabia hits female labor force target almost 10 years early: Uber report Why female CEOs can be just as corrupt as men NEOM gets its first-ever deputy CEO as its financial needs advance Apple’s new budget iPhone will be faster and more expensive Nickel prices surge, leading to trading suspension CERAWeek: Aramco CEO says Ukraine invasion has accelerated global energy crisis International women's day: How female entrepreneurs are impacting GCC business International women's day: From train drivers to ice cream parlors — Saudi women take new jobs World Defense Show: SAMI spending set out on second day of global event Saudi Arabia’s Crown Prince inaugurates World Defense Show in Riyadh Saudi stocks rise slightly as oil prices soar: closing bell Profits of Saudi Yanbu Cement drop 43% in 2021 as selling prices fall CMN Naval launches the world’s fastest autonomous interceptor during WDS in Saudi Arabia Top defense topics ranging from interoperability, electronic warfare to sustainability dominate WDS on Day 1 Misk reveals details on the masterplan for Prince Mohammed Bin Salman Nonprofit City SAMI aims to become one of the top-25 defense companies by 2030, says CEO AMAALA project's first phase to be completed by the end of 2024, says TRSDC CFO The Red Sea project secured capital for 1st phase; moving into operations: CFO KSA, UAE lead military R&D spending in GCC to build domestic capacity Asian shares fall as Russian troops gain ground in Ukraine: AP Ukraine Crisis: Markets react to Russian assault on nuclear power station; oil prices rise Oil rises as Biden pressured to ban Russian crude imports Ukraine adds Dogecoin to list of accepted cryptocurrencies: Crypto Moves OPEC+ agrees to stick to existing plan Oil hits almost decade high before Iran throttles the rally Aramco shares up 3.4% to another record high in early trading on Thursday Ukraine Crisis: Fitch and Moody’s slash Russia’s rating to junk; Ruble collapses OPEC+ agrees to stick to existing plan: Reuters Saudi Aramco’s market cap hits $2.3tn after another record share rise Ukraine Crisis: European gas prices hit record high; Boeing, Apple & Exxon cut business ties with Russia World’s exciting startups to chase Saudi Arabia's massive defense market Nations agree to release 60 million barrels of oil amid war: IEA All eyes on Wednesday's OPEC+ meeting amid rising geopolitical tensions Riyadh to see its 30% EVs target possible with Kingdom's 1st Lucid plant Bahrain-based GFH plans listing on Tadawul, ADX Saudi miner Ma’aden shares hit record high after earnings beat; capital boost TASI regains momentum, amid retreating oil prices and positive earnings: Closing bell Saudi Arabia discovers new gas fields in four areas Ukraine Conflict Day 2: Asian, US stocks rebound; oil prices jump; cryptos are on the rise BNPL culture on the rise among GCC Millennials, Gen Z Red Sea resort to keep tourist numbers at environment-friendly levels: Official Demand for posh houses and offices in Saudi Arabia and UAE to trigger real estate demand Ukraine Conflict Day 1: Gold Up; Oil breaches $100; Cryptos sinking; Rouble suspended Oil pushes back above $100 as Russian troops close in on Kyiv Saudi Aramco close to catching Apple with $2.24tn market cap Saudi PIF opens New York, London, Hong Kong offices as part of global expansion Saudi stocks plummet as oil prices rise following Russian invasion of Ukraine: Closing bell NEOM tops wish-list for Saudi home buyers, TRSDC is 2nd, survey shows ACWA Power led consortium close financing for $1.59bn loan to supply TRSDC with clean energy Qiddiya awards $750m contract to build Kingdom’s first, region’s largest water theme park Aramco closes $15.5bn gas pipeline deal with BlackRock, Hassana, other global investors Saudi Aramco hits $2.2 trillion market cap on record-high share prices PIF-owned ADES secures $1.6bn syndicated loan from banks Germany’s Scholz halts Nord Stream 2 certification amid Russia/Ukraine tensions Oil likely to hit $100 as worries of supply disruptions, limited spare capacity rise Aramco in talks with Chinese companies for new investments, confirms CEO Profits of Saudi telecom giant stc climb 3% to $3bn in 2021 High-carbon intensity producers won't be part of future oil market: Aramco chairman Indian industrialists hope for ‘free flow’ of trade after landmark deal with UAE Going green saved us $191bn, says UAE energy minister Saudi pharmacy chain Nahdi posts $226m net profit in 2020 ahead of planned IPO NEOM project has been fast tracked to meet deadline, says top executive When it comes to oil prices, bank on demand not Iran Saudi pharmacy chain Al-Dawaa targets to exceed 1000 stores after $500m IPO Luxury global hospitality brands open up on Saudi Red Sea coastline in flurry of announcements PwC AlUla seeks to invest in local talent AlUla aims to draw 250,000 visitors in 2023, CEO says Expo 2020 Dubai participation boosts Kosovo’s ‘chances of getting UN membership,’ says minister Bitcoin no safe haven as Ukraine tensions ramp up; FBI launches crypto unit: Crypto moves Saudi stock exchange to start options trading on single stocks for more liquidity: Bloomberg SEDCO Holding completes sale of Arabian Entertainment Co. to US firm Saudis see long-term job stability in tourism, government study shows Football club Ghazl El Mahalla shifts stock exchange listing to April UAE prepares national crypto licensing: Bloomberg Saudi Arabia sees a 770% growth in venture capital investments India and UAE to sign trade deal worth $100bn IAEA helping Saudi Arabia to develop nuclear power, says its chief Moody’s sees Aramco-PIF $80bn transaction as credit positive Saudi Arabia’s PIF among bidders for stake in Starbucks franchise: Bloomberg Saudi Arabia issues $3.5 bn in SAR-denominated sukuk program for February Saudi workforce rate hits 50%, reveals minister TASI edges higher as oil prices rise: Opening bell Elm to make TASI debut on Wednesday after $820m IPO PwC Middle East expands operations in Saudi Arabia with new office in AlUla Saudi PIF held nearly $56bn of US-listed stocks in December 2021 Geopolitics raising oil prices, but Russia won’t invade Ukraine: UAE energy minister South Korea’s Doosan to build $834m steel casting plant in Saudi Arabia Trade between Brazil and Arab region up 44% last year: Brazilian Chamber of Commerce Ireland plans €100m food exports to Saudi Arabia, eyes more shipments to Middle East Saudi big pharma Al-Dawaa sets IPO price range, begins book-building SPACs may reshape Gulf financial markets As SNB celebrates fastest and biggest merger, some clients struggled to find their way Aramco shares slip after $80bn stake transfer to Saudi wealth fund Al Rajhi Capital sees Saudi oil revenues jumping following Aramco's share transfer to PIF Tech-savvy Saudi youth key to Kingdom's leap into digital economy: Huawei exec Saudi economy back to growth in 2021 as non-oil activities lead pandemic recovery Saudi ports cargo up 5% in January TASI recovers slightly as oil prices rise: Closing bell Saudi NEOM, MBC Group to create first regional AAA games studio Abu Dhabi's ADNOC Drilling Co. net profit up 6.1% in 2021 Strong oil output pushes Saudi industrial production index to highest since June Maersk expects supply chain chaos to continue in 2022 Feds arrest New York couple, seize $3.6bn in stolen cryptocurrency stc unit enters Pakistani market with AWAL Telecom acquisition Saudi Arabia’s Elm IPO 1,311% oversubscribed to reach $3.2bn Saudi workers lead Central Jeddah project, says CEO Fitch downgrades 11 Kuwaiti banks and keeps outlook stable Algae the key as KAUST seaweed biotech aims to boost Kingdom’s fisheries Saudi Arabia targets a 13.5m bpd capacity energy minister tells Time magazine Saudi Arabia to convert 4,000 factories to use 4IR technology: Minister Saudi Arabia’s first international military fair sells out all exhibition space Central Bank of Kuwait net foreign assets suffer biggest fall in at least 30 years Bahrain introduces “golden” permanent residency visas to attract talent Saudi fisheries program CEO lays out $4bn investment plan Australia-based Avass Group inks MoU with Saudi Prince to manufacture electric vehicles, lithium batteries Bids for Saudi new large mining site to close in Q2, says mining official Saudi mining law ‘inspired by Canada, Australia, and Africa’, says international lawyer Saudi strategy will make KSA a mining hub, industry pundits believe Saudi Arabia launches national military academy to meet 800 needed skills With hundreds of millions in deals LEAP shows Saudi momentum in tech advances is paying off Bids for Saudi new large mining site to close in Q2, says mine official Saudi mining law ‘inspired by Canada, Australia, and Africa’ Egypt adds 3,000 hotel rooms through 19 new hotels in 2021 Middle East AI firm Mozn raises $10m to enhance Natural Language Understanding engine Kingdom kicks off its dream of a Saudi Silicon Valley with an Apple-inspired Garage Oil rises further above $90, headed for seventh weekly gain as freezing weather strikes Saudi Arabia's PIF holds $1.2bn stake in Japanese gaming firms Capcom, Nexon: Bloomberg ‘Come and find us’: Red Sea Company calls for tech start-ups to get in touch Saudi Arabia will lead the way in green energy tech, vows minister at LEAP SABIC's CEO sees headwinds to petrochemical demand growth in 2022 SABIC shares down 1.62% despite significant 2021 earnings beat Saudi chemical giant SABIC reports a massive rise in 2021 profit Dell plans to spend over $20bn in 5 years as data is the world’s new oil Saudi Arabia to become a top global tech hub, Lenovo manager says Access to ‘competent’ talent one of the world’s most pressing issues, Cisco executive says NEOM’s tech arm moves from spending to luring investors as it plans “world's first truly metaverse platform” With fear of $100 oil back, OPEC+ is heading into a tough meeting Saudi Arabia to develop cooperation in digital economy with Bahrain, Finland AI can solve supply chain crisis, says SAP chief at LEAP Aramco launches $1bn venture capital fund at LEAP after a year in operation Saudi Arabia ploughs $6.4bn into future tech, Minister tells LEAP UAE announces 9% corporation tax Saudi Arabia aims to create regional center for fisheries: minister Small-scale fisheries critical to food security goals in Saudi Arabia: FAO expert PIF-owned digital security firm Elm plans to collect $816m in IPO Technology key to unlocking region’s aquaculture potential: UAE minister Egypt ‘spent billions’ on lake restoration: minister Electric car construction will drive aluminum prices to 30 year high: Mining company CEO SIMEC: Saudi Arabia prepares to tap resource rich seas for fishing bounty KAUST leading Saudi Arabia’s progress in aquaculture SNB board recommends dividends of over $1bn for the second half of 2021 Retail e-payments exceed Saudi Vision target in 2021, Central Bank says Saudi Arabia to host the 14th edition of global oil and gas conference End of Facebook’s cryptocurrency dreams points to challenges for stablecoins NAFT to increase to 500 gas stations in Saudi Arabia thanks to $300m Saudi Automotive Services deal Commerce Minister bets on Saudi to be among top 10 global competitive economies by 2030 Who’s coming to Saudi Arabia’s LEAP conference French construction design firm Clestra Hauserman opens regional HQ in Riyadh Saudi Arabia gaming consumption expected to hit $6.8bn by 2030: BCG report Saudi Arabia, Iraq sign electrical interconnection agreement Dairy giant Saudia to ‘grow as fast as Saudi GDP’ as it delights customers, CEO says Saudi Arabia to host LEAP tech conference to address future challenges Oil demand will exceed pre-pandemic levels by the end of this year, Aramco’s CEO says Saudi Arabia, Iraq work on data center, annual economic forum to promote trade IKTVA contributed $100bn to Saudi Arabia economy: Aramco Chairman Saudi dairy giant Almarai posts 21% profit drop amid pandemic challenges Brace for the trading week on Tadawul as earnings season comes into play Cyber security jobs top list of fastest-growing roles in Saudi Arabia, LinkedIn study shows Saudi Crown Prince launches Boutique Group to develop Kingdom’s historical palaces World’s first hydrogen tanker to ship test cargo to Japan from Australia Lebanon’s 2022 draft budget forecasts 20.8% deficit amid financial crisis Twitter offers NFT profile pics; Bitcoin falls below $40,000: Crypto moves Oil falls from 7-year high after US inventory build US 5G rollout: Emirates to resume Boeing 777 flights to US Saudi energy ministry signs hydrogen projects with NEOM, TRSDC, other ministries Saudi Arabia will dominate the hydrogen market, energy minister says South Korea, GCC expect free trade deal within 6 months as negotiations resume TRSDC closes financing for $3.76bn loan from four Saudi banks Saudi IPO market leads the GCC in 2021: Kamco Invest report Why airlines fear 5G will upend travel this week? Emirates, ANA cancel some US flights over 5G rollout Egypt raises minimum wage to $172 for public sector employees Saudi PIF plans a green hydrogen project with Korea's Posco and Samsung C&T Aramco signs 10 agreements during Saudi-Korean Investment Forum Crude oil’s latest bull run puts spotlight on geopolitical events Two new firms to join Saudi Exchange’s parallel market on Tuesday PIF's new AI company launches operations Saudi pharmaceutical company SPIMACO to produce Swiss-firm’s medical treatment amid $64m deal Saudi energy minister: It's US prerogative to draw on strategic oil reserves Egypt completes a $3bn loan for green and Islamic financing Startup of the Week: Saudi fintech joins battle for US retail investors Bank of America analyst says Solana could take market share from Ethereum: Crypto Moves Government deposits with SAMA in biggest monthly drop since 2016 Saudi’s Social Insurance office shakes-up stock market investments in 30 companies Souq founder remains MENA’s online guru at Amazon Mixed fortunes for startups during the financial crisis in Lebanon Stocks stumble, yields jump on rates outlook; oil rallies Brent crude approaches $85, heads for fourth weekly advance Batic to acquire stake in Smart Cities Solutions for $3.19m No external interference in OPEC+ decision, Saudi energy minister says Mining industry can earn the thanks of the world, says Saudi minister Foundation stone laid for wind power project implemented by ACWA Power worth SR1.1 billion World needs more copper if it wants to move away from fossil fuels: Ivanhoe Chairman Barrick Gold strengthens its partnership with Ma’aden to uncover gold, copper in Saudi Arabia Environmental protection key to getting investment, says Saudi minister Aramco acquires stakes in Polish refiner amid expansion efforts Saudi Arabia and Tunisia sign deal to develop renewable energy Saudi Arabia to triple size of its rail network AS IT HAPPENED: Future Minerals Forum, Day 2 ‘Our uranium is key to achieving energy transformation’: Saudi minister Saudi Arabia to establish first private equity fund for $26m dedicated to tourism investing Oman and UK discuss cooperation in clean energy, investment France plans investment fund to secure minerals supply Two high-level ministerial meetings kick off Future Minerals Forum in Riyadh An ex-engineer at Saudi miner plans to fill a gap in Kingdom’s value chain South Africa seeks two-fold hike in mining sector investments Egypt unveils plans for investments in its mining sector Saudi fintech investment jumps as regulators set 2021 landscape: Year in Review ‘Neom Coin’ started trading on BitMart, but it’s not connected to Saudi Arabia’s NEOM Oil price rises as Kazakhstan turmoil adds to supply concerns Riyadh futures minerals forum to unearth potential of Saudi mining industry The rise of cryptocurrencies: Year in Review Saudi Arabia’s ‘unprecedented growth’ set to cement position as M&A leader in 2022 New privatization rules signed off in Saudi Arabia to encourage investors Copper is offering renewable energy opportunities in minerals-rich Kazakhstan despite political turmoil Kazakhstan update: Oil market ‘jitters’ after unrest in central Asian country Qiddiya — a global tourism destination is in the making: Year in Review Kazakhstan update: Key oil field hit by protests; uranium output unaffected Soudah Development eyes 2 million annual visitors over 3,000 meters above sea level: Year in Review Farewell 2021, the year that put OPEC+ back in driving seat: Year in Review TRSDC — More than just a sustainable tourism site powered by green energy: Year in Review Farewell 2021, the years that put OPEC+ back in driving seat: Year in Review Dividends recover for Saudi Arabia’s 10 biggest companies after pandemic: Year in Review Saudi bourse sees positive start to new year despite omicron surge: Closing bell Farewell 2021, the years that put OPEC+ back in driving seat Global stocks end 2021 with losses after a strong year Goodbye to 2021’s loose money and hello to 2022’s inflation fighting: Year in Review How Saudi economy came out of the pandemic in 2021: Year in Review Saudi stock market ends 2021 with highest jump in 14 years despite omicron worries Saudi Central Bank to use Bloomberg auction system from January 2022 Oil set for biggest annual advance since 2016 on producer restraint What does 2022 hold in store for crypto? Prediction roundup Murabaha, Tawarruq gain in importance as financing tools at Saudi Islamic banks Non-Saudi’s money transfers out of the Kingdom drop to lowest level since July King Salman calls for continued commitment to the OPEC+ agreement Saudi Arabia plans to generate over 15,000GW/h from renewables by 2024 Saudi Central Bank extends deferred payment program for SMEs impacted by COVID-19 Real estate is 2nd contributing sector to Saudi GDP, housing minister says Oil drives Saudi Arabia’s 3Q current account surplus up 149% Saudi CMA approves listing of Al Nahdi Medical, SHL in new wave of IPOs Saudi mining revenues hit highest level on record Brent nears $80 as market shrugs off Omicron Riyadh 2030 strategy to be finalized in 2022, SPA reports Saudi stocks stay in green, as TASI likely to record biggest annual leap in decade: Closing Bell Saudi Central Bank’s assets go up by 2% in November to hit $504bn Oil prices rise about 3% as omicron concern eases World’s largest crypto platform gets initial approval from Bahrain’s central bank: Crypto Moves Saudi bourse closes marginally lower on lingering omicron worries: Closing bell Saudi Arabia to fully employ locals in 3 sectors to create up to 10,000 jobs Saudi mineral potential is ‘enormous,’ Ivanhoe chairman says US government grants $1bn for Nebraska hydrogen project What you need to know as Tadawul approaches 2021’s trading season finale Saudi stock market close to hit its biggest annual leap since 2010: Opening bell Majority of young Saudis are interested in tourism than oil and gas careers: TRSDC Study Saudi national debt office completes $33.3bn borrowing plan for 2021 2021: the year crypto went mainstream Saudi Arabia’s National Building sets up unit of Ukrainian aerospace firm Yuzhmash World's largest cryptos platform moves Singapore chief to head Middle East from Dubai Saudi Arabia prepares 100 plants for the fourth industrial revolution Analysts expect Bitcoin to fall in 2022: crypto wrap Saudi grain organization will buy wheat with an exceptional increase from local farmers Europe may see further gas price rises after October record Saudi market regulator approves 70.3 million shares as this year’s IPO tsunami continues Saudi stocks end week higher on IPOs and dividends wave: Closing bell Saudi ACWA secures $1.33bn to power world's largest sustainable tourism site Marriott, Diriyah Gate sign deal to open Ritz-Carlton and Luxury Collection hotels TRSDC's international airport joins IATA's network of global terminals Jahez to start on Dec. 23 collecting $427m in Nomu’s biggest IPO in 2021 Saudi state-owned KFSHRC turned into independent healthcare provider ACWA Power closes $1.33bn financing for world's largest sustainable tourism project TRSDC With Hejazi and Najdi dialects, Amazon’s Alexa goes hyperlocal in Saudi Arabia Saudi Arabia ends the year with local sukuk issuance of $110.5m BNY Mellon, SNB Capital data service to help investors in KSA manage big bets Women-led startups among finalists in PIF’s Sanabil, 500 Global accelerator program Dubai World Trade Centre to set up specialized crypto zone Saudi Arabia to privatize all its airports: GACA PIF's Sanabil leads $75m round for Sary as Saudi B2B platform plans GCC expansion ACWA Power won Uzbekistan's first public tender for a wind farm with lowest tariff of $2.57 Saudi startups trail Egyptians in VC deals despite 400% increase in Q3 funding What to watch for on Tadawul Dec. 19, 2021 Crown Prince launches Jeddah Downtown $20bn master development plan Saudi Fashion Professional Association to be launched before new year says president Forecasters see Saudi inflation in 2020 below 2%, given no change in VAT Oil prices slide toward weekly loss as COVID-19 uncertainty weighs Saudi holdings of US Treasuries drop to four-year low in October Riyadh starts campaign to host World Expo 2030 ESG faces backlash as investment falls Saudi Arabia needs oil prices at $70-$75 to see a surplus: Jadwa Saudi oil exports and production hit highest level since April 2020 Saudi bourse notches fourth day of gains, TECO hits eight-year high: Closing bell PIF raises $3.2bn from sale of 120m stc shares GCC states’ inflation is predicted at 2.1% in 2021 due to higher costs of raw materials Saudi inflation rate rises for 3rd consecutive month to highest level since June Gulf economies see 3.1% growth in 2021 on higher oil production: report Saudi Arabia sees spending on power and renewable projects to hit $293bn PIF, stc complete $3.2bn secondary public offering Saudi energy minister warns of a supply crisis due to lower energy investment Riyadh to host 42nd GCC summit today as economic ties grow PIF to exceed Q2 objective with assets under management of $480bn Saudi Arabia needs $75 oil price to achieve 2022 surplus: Al-Rajhi Capital Saudi economy to grow by 7.4% in 2022 to near $1tr, finance minister says Saudi Arabia predicts $24bn budget surplus in 2022 Saudi finance minister says Kingdom is expected to record surplus in 2023 and 2024 Saudi PIF to invest $40bn locally in 2022, says Crown Prince Mohammed bin Salman Saudi Arabia and Kuwait working on increasing oil production from Khafji and Wafra Saudi mining facilities hit 360 as Kingdom launches database for investors Saudi food delivery app Jahez plans to collect up to $428m from IPO Saudi Arabia, Bahrain study establishment of joint multidisciplinary holding company ‘Buy what you love and love what you buy’: Young buyers drive Saudi art market Saudi F1 Grand Prix helps Jeddah hotel rates to record Has omicron knocked the global supply chain back on its heels? Shipping prices rose 700% due to COVID-19: TASNEE CEO ‘With luck and pixie dust, you might find a gem’: Bahrain revives its pearl industry Chinese property giant Evergrande defaults for first time: Fitch NEOM to build Cognitive City security system to defend against cyber attacks Australia proposes central bank digital currency: Crypto Wrap Saudi Arabia and Greece sign cooperation agreement on maritime transport Biden order to make US government carbon neutral by 2050 Saudi-Qatari business forum reviews economic, investment ties Saudi PIF aims to invest $5bn in Oman Over 170 companies delisted from major US stock exchanges in a year, says report Amazon launches Arabic-speaking Alexa in Saudi Arabia TASI up 0.79%, SADR hits an all-time high: Closing Bell Nissan says phasing out gas-powered cars depends on customer demand UAE shifts weekend to ‘align with global business hubs’ Egypt reveals plans for electric cars, 3,000 charging stations Saudi eateries give tough competition to foreign outlets Aramco chief calls for a realistic approach to energy transition Aramco signs $15.5bn gas pipeline deal with global consortium led by BlackRock ACWA power to sign $7bn green hydrogen deal with Omanoil, Air Products Saudi Space Commission signs agreement with French counterpart Saudi stock markets bounce back after a tumultuous week: Market wrap Saudi, French firms sign 27 MoUs as Macron visits the Kingdom SAMI launches JV with French firm to build aerostructure components in Kingdom Aramco announces collaboration with French companies including hydrogen cars deal with Gaussin Saudi Competition Authority approves joint venture to sell, distribute Gucci products UAE financial literacy app raises $400,000 in pre-seed, prepares for $1.5m seed round Saudi Arabia to start mandatory e-invoicing first phase on Dec. 4 Saudi economy to grow strongly in the fourth quarter, to rise 7.3 percent in 2022: Capital Economics Jeddah music center promotes Kingdom’s nascent entertainment sector Saudi Arabia, Foxconn eye an electric vehicle joint venture Russia gas no quick fix for European spot market: Analysts Tadawul’s TASI and Nomu wrap up a positive trading session, led by SADR, DWF: Market Close Saudi Arabia showcases NEOM in its first roadshow in London Saudi Arabia’s $100bn plan to become largest shale gas producer outside of the US OPEC+ sees little impact from SPR on market Discussions with India’s Reliance continuing: Aramco chief Saudi Arabia approves new authority for the Red Sea amid more steps to develop and protect it SMEs loans growth slows down in 3Q 2021 Saudi government buys Saudi Electricity subsidiary Aramco to spend $68bn to develop its giant Jafurah gas field Saudi energy minister says too early to tell Omicron’s impact on oil demand Oil demand expected to reach pre-pandemic levels despite omicron fears: Aramco CEO OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says TASI falls 4.5% to near 5 month-low: Market wrap How omicron is affecting Middle East markets Women comprise 50% of flyadeal’s staff as Saudi carrier to double its fleet Saudi stock market drops 5.3 as Omicron sparks global concern EFG Hermes fintech subsidiary to expand in Saudi Arabia in 2022 — CEO Sustainable fashion is not a trend, it’s a necessity, says e-commerce platform chief Saudi finance minister OKs amendments to unified GCC Customs Law Saudi financial sector remains resilient, more digital banks to enter market, says SAMA chief Bitcoin prices likely to double over the next 12 months Anghami to complete US merger ‘soon,’ CEO says Saudi Arabia applies spending cap despite oil revenues, says Minister Saudi egamers begin battle for $1.1m prize pot Saudi women seize startup culture with both hands World Travel & Tourism Council sees global spending on travel rising in 2022 Retail, e-commerce lead record Saudi new foreign investment licenses Saudi finance minister says non-oil sector grows with economy gradually recovering from pandemic Saudi Arabia preparing for 160 privatization deals in 2022 Foreign inflows in Saudi capital market have reached nearly $36bn, says CMA Chairman China says it will release oil reserves according to its needs India plans digital currency, to impose ban on unregulated cryptocoins Goldman Sachs says global oil reserves release ‘a drop in the ocean’ US acts outside the IEA and releases oil from SPR to curb fuel prices amid analysts warnings Saudi economy to grow by 4.9% in 2022 on higher oil output, industry reports predict IMF warns El Salvador against using bitcoin as legal tender: Crypto wrap World’s largest computer chip enters Mideast to push AI adoption further Saudi Aramco VC arm invests in China’s NeuraMatrix Saudi Arabia’s TRSDC to deliver first underwater excavation on the Red Sea coast Oil prices rise to one-week high despite consuming nations' stocks release Egypt issues regulations for SPACs India's Reliance drops after slamming brakes on $15bn Aramco deal Saudi competition authority approves the acquisition of fast-food chain Kudu HungerStation’s partnership with AppGallery empowers customers Janssen, National Guard offer breakthrough genetic testing for leukemia patients Danube launches expansion drive with 3 new stores From farm to store: LuLu promotes local pomegranates SABB goes live with instant USD payments for corporates using Ripple technology TAQEEM grants real estate valuation license to LAND STERLING 
United Arab Emirates
