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  • India’s EV maker Wardwizard Innovations to form joint venture in Saudi Arabia

    Indian electric vehicle maker Wardwizard Innovations and Mobility (WARW.BO), opens new tab announced on Friday it received a letter of intent to form a joint venture in Saudi Arabia, aiming to establish an assembly plant and an EV cell plant in the kingdom. The assembly plant will initially focus on producing electric two-wheelers, three-wheelers and four-wheelers, with plans to expand in the future to include electric bus production.

  • FE moves Saudi doubleheader to Jeddah

    Formula E will move its Saudi Arabia doubleheader event from Diriyah to Jeddah for the upcoming 11th season of the all-electric open-wheel series. The anticipated move from Diriyah will see the series use a modified version of the Jeddah Corniche circuit, which has been used by Formula 1 for the Saudi Arabian Grand Prix since 2021.

  • Young Saudi paves way in tech, artificial intelligence

    His internship at Takamul Technologies in 2022 marked a pivotal moment in his career. Tasked with resolving a critical issue on the company’s website, he reduced the load time of the 3D section from a cumbersome 70MB to a lightning-fast 100KB. “This impressive feat earned me a part-time job offer from the CEO, a rare opportunity for an intern,” he said. “It was a confidence boost (to have) my abilities recognized in a professional setting.”

  • Greece and Saudi Arabia in Talks to Avert Massive Oil Spill from Stricken Tanker

    The tanker remains on fire, and with each passing day, the risk of its 1 million barrels of oil spilling into the sea is increasing. Private salvage companies have concluded that the conditions are too dangerous to proceed with towing operations. With the private sector efforts stalled, Greece and Saudi Arabia are now holding talks to explore alternatives. One option being considered is to pump the oil directly out of the ship on-site. Another is to tow the vessel, despite the risks, to a Saudi port, likely Jeddah.

  • Trump edges out Williams for Saudi Arabia title

    World number one Judd Trump won a dramatic final frame on the black to beat Mark Williams and lift the inaugural Saudi Arabia Masters title. The 35-year-old Englishman cleared up with a break of 72 to clinch the final 10-9 after Williams missed a red when 62 ahead. Trump, who was checking flights home at 4-0 down to Wu Yize in his first match of the tournament, claimed £500,000 for winning the first ranking event to be held in Saudi.

  • Construction licenses drive investment surge in Saudi Arabia; Egypt secures 30% of total share in Q2

    Construction permits led Saudi Arabia’s investment licenses in the second quarter of 2024, with 737 issued, representing 27 percent of the total, according to official data. Figures from the Kingdom’s Ministry of Investment quarterly report also revealed that this number represents a 32.1 percent increase compared to the same period last year. Saudi Arabia is aiming to increase foreign direct investment inflows by SR388 billion annually by the end of the decade, contributing 5.7 percent to GDP,  as part of its Vision 2030 economic diversification strategy.

  • Can Saudi Arabia Actually Afford Vision 2030?

    In other words, the suggestion that Saudi Arabia is in trouble because it cannot make the ends of its planned budget meet is accurate—up to a point. The megaprojects can be delayed, as they have been before when the price environment was sub-optimal. Money can also be drawn from international debt markets where Saudi bonds appear to enjoy substantial popularity, not unlike Aramco shares. Oil-dependent economies, it seems, still draw investors in, transition and non-OPEC output growth notwithstanding.

  • Al-Sisi, Saudi interior minister discuss bilateral relations, common challenges

    Egypt’s President Abdel Fattah Al-Sisi met on Sunday with Saudi Minister of Interior Abdulaziz bin Saud bin Naif bin Abdulaziz, and Minister of State and Member of the Saudi Cabinet, Essam Bin Saeed, in Cairo. The meeting was attended by Egypt’s Minister of Interior Mahmoud Tawfik, and the Saudi Ambassador to Egypt, Saleh bin Eid Al-Husseini

  • Saudi debt market growing rapidly, more issuance expected: FTA CEO

    The Financial Academy’s (FTA) CEO Mana Alkhamsan said that the debt and financial derivatives market in the Kingdom is witnessing rapid development and is expected to play a vital role in diversifying funding sources and improving liquidity.

  • Saudi Arabia’s non-oil economy grows 4.9% in Q2: GASTAT

    According to data from the General Authority for Statistics (GASTAT), and published by Arab News, the financial, insurance, and business services sectors surged 7.1 percent in the second quarter compared to the same period last year.