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  • 7 Saudis held for publishing posts inciting communal hatred

    The Saudi security authorities have arrested seven citizens and referred them to the Public Prosecution for committing crimes threatening national unity, peace and community security, it was revealed by the Ministry of Interior. The suspects were found involved in publishing posts that incite abhorrent tribal fanaticism, hatred and animosity in society, the Saudi Press Agency reported.

  • IMF Warns Saudi Oil Revenue to Fall More Sharply This Decade

    Oil revenue will rise to 783 billion riyals ($209 billion) to make up about 26% of gross domestic product in 2026, the IMF said in a report after its annual consultations with the Saudi government. The earnings are seen dipping to 778 billion riyals in 2029, 4.1% less than earlier estimates.

  • Saudi Technology Sector Could See $4bn Surge from GenAI by 2028, Report Says

    An analysis by global consulting firm Strategy& Middle East has showed that Saudi technology sector could witness a surge in operating profit of SR15 billion ($4 billion) by 2028 with the adoption of generative artificial intelligence. The reports states that the Kingdom could achieve a 15 percentage point margin growth if tech companies satisfy the needs of advanced hardware and infrastructure and develop and commercialize new GenAI use cases.

  • A look at municipal services fees for tourist hospitality facilities licenses in KSA

    Saudi Arabia’s Minister of Municipalities and Housing Majed Al Hogail issued a decision to scrap fees for issuing commercial licenses for hotels, hotel apartments, and residential resorts, effective as of Sept. 4. Under the Regulations of Municipal Services Fees, issued on Jan. 14, 2019, fees imposed on issuing licenses for local tourist hospitality facilities are based on the category classification approved by the Saudi Ministry of Tourism. They shall range between a minimum of SAR 10 and a maximum of SAR 250 each, depending on the facility type.

  • Putin Thanks Saudi Prince for U.S.-Russia Prisoner Swap

    Russian President Vladimir Putin thanked Saudi Crown Prince Mohammed bin Salman on Thursday for his role in the historic U.S.-Russia prisoner swap. American journalist Evan Gershkovich and U.S. marine Paul Wheelan returned home after being freed following the largest prison swap between the U.S. and Russia on August 1. Gershkovich and Whelan were accused of espionage by the Kremlin, a charge they and the U.S. government had consistently denied. "Saudi Arabia's Crown Prince played an active role in the initial stages of this work. We are very grateful to him, as it resulted in the return of our citizens to the homeland," Putin said at the Eastern Economic Forum.

  • Activists among 457 prisoners released in Bahrain by royal decree

    Scores of prisoners were released from a Bahrain prison on Thursday following a royal pardon of more than 450 inmates, including activists detained during Shia-led protests more than a decade ago.

  • OPEC+ agrees to delay October oil output hike for two months, sources say

    OPEC+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months, three sources from the producers' group told Reuters on Thursday. Oil prices have been falling along with other asset classes on concerns about a weak global economy and soft data from China, the world's biggest oil importer. "Two months delay," one of the sources said. The three sources declined to be identified by name

  • What went down in August?

    The month began recording the lowest venture funding across all emerging markets in 2024, with no mega deals in sight. August also revealed an in-depth analysis of Africa’s H1 funding figures, highlighting a steep 57% drop compared to last year, marking the region’s most significant decline since 2019. Meanwhile, MENA defied global trends with a notable increase in investor activity, particularly from international backers. The month concluded with insights into investor behavior, spotlighting key players reshaping the venture landscape in the UAE and Saudi Arabia.

  • Family offices now rival hedge funds as a way for the ultra-rich to hoard their wealth

    The number of ultra-wealthy individuals and families continues to increase. Today the amount of wealth held by family offices is an estimated $5.5 trillion, which is already a stark increase from $3.3 trillion in 2019. According to Deloitte projections, the wealth held by family offices will increase by 189% by 2030.

  • Saudi: Barq signs deal with Mastercard for payment solutions

    The agreement will see barq leverage Mastercard Gateway technology to further equip its merchants and consumers around the kingdom with greater access to a wide range of value-added services — responsive, personalised solutions that cater to their unique needs and preferences.