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  • Construction kicks off on $1.95bln ‘The Avenues – Khobar’ Project in Saudi Arabia

    The contract was awarded by the developer Shomoul Holding Company - a subsidiary of Kuwait-based developer Mabanee - to a joint venture of Saudi group AlKifah Contracting Company and Kuwait-based Al Ahmadiah Contracting. Working alongside Kuwait-based regional architecture and engineering firm Pace, the JV is working to bring to life this visionary project which is set to transform the landscape of Al Khobar city.

  • Saudi National Team Lifts Spirits With Jeddah Hospital Visit Ahead Of World Cup Qualifier

    As part of their community outreach, players from the Saudi national football team took a break from their World Cup preparations to bring some joy to patients at King Faisal Specialist Hospital & Research Centre (KFSHRC) in Jeddah. On Tuesday evening, the team visited the hospital, delivering gifts and flowers to patients, hoping to lift their spirits and provide a bit of comfort during their stay.

  • Saudi Arabia issues implementing rules on exporting personal data

    The new rules (11-page PDF/1.6MB) provide implementation details on how personal data can be exported globally from the Kingdom under the amended Personal Data Protection Law. The updated legislation, which has lifted some of the previous restrictions on exporting personal data, came into force on 14 September 2023, but businesses were given one year from that date to comply with the new regime, with the grace period for compliance ending on 14 September 2024.

  • Saudi Aviation to Strengthen Ties at Egypt Airshow

    Saudi Arabia's General Authority of Civil Aviation President Abdulaziz Al-Duailej is leading a delegation to the Egypt International Airshow 2024, from Sept. 3 to 5. GACA will focus on strengthening bilateral relationships, fostering commercial partnerships, exploring investment opportunities, and identifying areas for collaboration to enhance the aviation sector. The three-day event is being held at El Alamein International Airport in northern Egypt, with participants from over 100 countries, 300 exhibitors, and leaders in the aviation and aerospace industries.

  • Saudi Arabia External Balances Weaken on Oil Drop, IMF Says

    That would mark a significant turn around from 2022, when crude soared to almost $130 a barrel after Russia’s invasion of Ukraine and Saudi Arabia’s current account surplus was almost 14% of GDP. Prices have since fallen, in recent months because of concerns about the state of the US and China’s economies. This week, Brent has slumped more than 7% to around $73 a barrel, far below what the kingdom needs to balance its budget.

  • IMF: Financial and Regulatory Reform Agenda Contributes to Accelerating Saudi Economy’s Growth

    The International Monetary Fund (IMF) issued a favourable report on the Kingdom of Saudi Arabia following the conclusion of the Article IV consultations with Saudi Arabia. The IMF report confirmed that Saudi Arabia's financial and regulatory reform agenda contributed to accelerating the Saudi economy's growth, containing inflation, and reducing the unemployment rate to its lowest levels ever. The IMF praised the ongoing economic transformation and efforts to diversify the economy under the Saudi Vision 2030.

  • Saudi Industry Minister Visits China to Explore Investments, Cooperation

    Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef has commenced an official visit to the People's Republic of China. The visit aims to explore opportunities in the fields of automation and technology solutions, in addition to attracting quality investments to strategic industrial sectors in the Kingdom of Saudi Arabia, including the automotive, technology, and artificial intelligence sectors.

  • Saudi Athletes Poised for Paris Paralympic Challenges Wednesday

    Saudi Arabian athletes Abdulrahman Al-Qurashi, Ahmed Sharbatly, and Adnan Noor are primed for action as they prepare to take on their respective challenges in the Paris 2024 Paralympic Games on Wednesday. Al-Qurashi will be hitting the Men's 100m T53 wheelchair racetrack at Stade de France, competing against a cohort of vigorous athletes in heat 1.

  • Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it?

    In May of 2023 the International Monetary Fund forecast the kingdom’s breakeven oil price at $80.90 per barrel, which moved it back into a fiscal deficit following its first surplus in nearly a decade. The Fund’s latest forecast, in April, put that figure at $96.20 for 2024; a roughly 19% increase on the year before, and about 32% higher than the current price of a barrel of Brent crude, which is trading at around $73 as of Wednesday afternoon.

  • IMF says oil cuts phase-out will aid Saudi economy

    The phase-out of oil production cuts is expected to help increase Saudi Arabia’s overall growth to 4.7 percent in 2025, the International Monetary Fund (IMF) has said. However, growth is expected to average 3.7 percent annually beyond 2025, the fund said in its latest staff report. Despite the contraction of 0.8 percent in overall growth last year due to oil production cuts, non-oil GDP grew by 3.8 percent thanks to robust private consumption and non-oil investment.