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  • SMEs account for 90% of Saudi industrial sector: Minister

    The industrial base in most countries consists of small and medium-sized enterprises (SMEs), Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said during an interview at Monsha'at Support Council in Riyadh. He added that SMEs dominate 90% of the industrial sector in Saudi Arabia.

  • Chip Startup Groq Backs Saudi AI Ambitions With Aramco Deal

    Artificial intelligence startup Groq Inc. has partnered with oil producer Aramco to build a giant data center in Saudi Arabia that it hopes will become a hub for companies running AI systems across the Middle East, Africa and India. The data center will be up and running by the end of this year, and could later expand to include a total of 200,000 language processing units, Ross said

  • Goldman Sachs, Citigroup cut China’s 2024 growth forecast to 4.7%

    Goldman Sachs and Citigroup have lowered their full-year projections for China's economic growth to 4.7%, after the world's second-largest economy's industrial output slowed to a five-month low in August. Weak economic activity in August has ramped up attention on China's slow economic recovery and highlighted the need for further stimulus measures to shore up demand. The faltering growth has prompted global brokerages to scale back their 2024 projections to below government's target of around 5%.

  • 3-month midday outdoor work ban comes to an end in Saudi Arabia

    The rate of compliance of establishments with the decision to ban work under direct sunlight this year reached 94.6 percent, according to the ministry sources. During the implementation period, the ministry, in coordination with the National Council for Occupational Safety and Health, instructed employers to organize working hours and adhere to the provisions of the decision to reduce occupational injuries and diseases.

  • Alcoa to Get $1.1 Billion for Stakes in Saudi Aluminum Plants

    Alcoa Corp. will receive $1.1 billion in cash and stock in Saudi Arabian Mining Co. as part of a deal that will involve the Pittsburgh-based firm selling its stake in two metals plants in northern Saudi Arabia.  Maaden, as the Saudi firm is known, signed a deal with Alcoa to purchase its holdings in a bauxite facility and an aluminum smelter for 563 million riyals ($150 million) in cash and 3.6 billion riyals of stock in the Riyadh-based miner, according to a statement Sunday.

  • Saudi Arabia’s inflation rate inches up to 1.6% in August

    Saudi Arabia's annual inflation rate inched up to 1.6% in August, from 1.5% in July, government data showed on Sunday, driven by an increase in housing rents and food prices. Housing rents rose by 10.7% in August, weighing on the overall rise in prices of housing, water, electricity, gas, and other fuels by 8.9%, according to the General Authority for Statistics. The inflation rate had held steady at 1.5% in June and July, underpinned mostly by apartment rents.

  • Saudi Arabia presents space advances at G20 meeting in Brazil

    Saudi Space Agency Vice Chairman and CEO Mohammed Al-Tamimi led the Saudi delegation at the fifth G20 Space Economy Leaders Meeting in Foz do Iguacu, Brazil, from Sept. 11 to 13. This year’s meeting, initiated during Saudi Arabia’s G20 presidency, focused on “Space Economy and Climate Change: Challenges and Opportunities.” Al-Tamimi highlighted Saudi Arabia’s advances in its space sector and the Kingdom’s commitment to using space technology for sustainable development and climate change mitigation.

  • S&P Boosts Saudi Arabia Outlook, Flags Possible Ratings Upgrade

    S&P Global Ratings raised Saudi Arabia’s outlook to positive from stable and flagged the possibility for future ratings increases as the kingdom presses ahead with a massive economic overhaul aimed at diversifying revenues and boosting the non-oil sector. “The positive outlook reflects the potential that the Saudi government’s wide-ranging reforms and investments will underpin the development of the non-oil economy while upholding sustainable public finances,” S&P analysts including Zahabia Gupta said in a report on Friday.

  • Saudi Arabia winger in intensive care after fall

    Saudi Arabia international Fahad Al-Muwallad is in intensive care after falling from a balcony at his apartment in Dubai. The player's club, Al-Shabab, said an accident occurred on Thursday at a home owned by the 30-year-old. Local police confirmed that Al-Muwallad, who has represented his country 78 times, "fell from the balcony of his second-floor home".

  • No Saudi-Israeli normalization without Palestinian state: Prince Turki

    He said the US is keen on the resumption of talks between Israel and Saudi Arabia to strengthen regional security and to forge economic ties, but Riyadh’s position is that “if there’s a Palestinian state that Israel accepts to come (into) existence, then we can talk about normalization with Israel.” The prince added: “Before Oct. 7 … talks not only progressed along those lines, but also the Kingdom invited a Palestinian delegation to come and talk directly to the Americans about what it is that might bring about a Palestinian state.