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  • Saudi Fisheries widens H1 2024 net loss to SAR 19.7M; Q2 at SAR 10.8M

    H1 2024 sales dropped 43%, primarily due to the decline in the wholesale and retail segments on supply challenges. The company reported a net loss at SAR 10.8 million for Q2 2024, compared to SAR 12.7 million in Q2 2023, on higher production costs and inclusion of fair value gains from the investment properties.

  • Spinneys Opens Its First Ever Grocery Store in Riyadh, Saudi Arabia

    Spinneys, the popular UAE based grocery chain has opened its first store in the Saudi capital, Riyadh at La Strada Yard in An Nuzhah district. Spinneys stores offer a great range of local and international products including from the UK and USA. Spinneys aims to open 12 stores across the Kingdom by 2028, including 3 more stores in Riyadh and Jeddah this year.

  • Saudi Arabia Date Production Covers More than Local Needs

    Riyadh emerges as the top date producer, contributing 436,112 tons annually, followed by Qassim with 390,698 tons. Madinah and the Eastern Region also make substantial contributions, producing 263,283 tons and 203,069 tons respectively.

  • Foreign Direct Investment in Saudi Arabia rises to $215 Billion

    These reforms have helped drive rapid investment growth, with gross fixed capital formation increasing by 74% from 2017 to nearly $300 billion in 2023.  Additionally, FDI stock increased by 61% from 2017 to 2023, reaching almost $215 billion in 2023, and FDI inflows have surged by 158%, jumping from $7.5 billion in 2017 to $19.3 billion in 2023.  These initiatives and developments, in addition to incentives, facilities, and enablers, have motivated investors to seek a positive, supportive, and stable investment environment, the Saudi Press Agency (SPA) reported.

  • Saudi Film Commission Revolutionizes Cinema Landscape with Significant License Fee Reductions

    The revised fee structure unveiled by the Film Commission reflects a strategic commitment to bolstering the film industry’s growth and vitality. By slashing licensing costs across different city categories, from “A” to “C,” the Commission aims to empower cinema enterprises, stimulate economic contributions, and foster cultural and creative diversity on the big screen.

  • Green Hydrogen: A New Frontier for Thailand and Saudi Arabia

    In April 2023, Thailand’s state-owned oil and gas conglomerate, PTT Group, announced that it would invest $7 billion in producing green hydrogen with ACWA Power, Saudi Arabia’s leading renewable energy company. The project aims to build a plant in Thailand that can produce 225,000 tons of green hydrogen annually, equivalent to about 1.2 million tons of ammonia. Green hydrogen is a form of renewable energy that is produced by using electricity from solar, wind, or other sources to split water molecules into hydrogen and oxygen. Unlike fossil fuels, green hydrogen does not emit any greenhouse gases when used, making it a clean and sustainable alternative for various applications.

  • Israel orders more Gaza evacuations after school shelter attack kills scores

    Israel expanded evacuation orders in Khan Younis in the southern Gaza Strip overnight, forcing tens of thousands of Palestinian residents and displaced families to leave in the dark as explosions from tank shelling reverberated around them. The Israeli military said it was attacking militants from the Hamas group - which administered Gaza before the war - who were using those areas to stage attacks and fire rockets.

  • China has spent at least $230 billion to develop its EV industry and ‘flood’ the market

    At least $230.8 billion between 2009 and 2023, according to new research from the Center for Strategic and International Studies (CSIS). Funding over the first nine years the Washington-based think tank examined came out to about $6.74 billion per year, before tripling for the following three years, and then spiking again from 2021 onwards.

  • Riyadh Air unveils Saudi Arabia’s first 47-seat electric coach

    In an effort to support the United Nations’ 17 Sustainable Development Goals (SDGs) after signing onto the UN Global Compact earlier in 2024, Riyadh Air, in collaboration with the National Transportation Solutions Company (NTSC), has launched the first in a fleet of electric coaches for employee transport.

  • Saudi Arabia’s $1T Bet on Tourism: Video

    Saudi Arabia is investing hundreds of billions of dollars in an effort to bolster the nation’s tourism industry. Anita Mendiratta, UN Tourism Special Advisor to the Secretary General, joins Bloomberg's Lizzy Burden on "Bloomberg: Horizons Middle East and Africa" to discuss the challenges facing the Saudi government, as well as tourism's impact on the local economy.