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  • Trump Organisation and Saudi developer sign deal for Dubai luxury tower

    The Trump Organization on Thursday announced a deal with a Saudi developer to build a luxury high-rise tower in Dubai, as the former president’s real estate company continues its expansion in the Gulf region. The Trump Organization and Dar Global, a subsidiary of Saudi Arabia's Dar Al Arkan Real Estate Development, said the project will launch next year, without providing a cost estimate.

  • Saudi Arabia sets new tourism record

    A record 60 million tourists to Saudi Arabia during the first half of 2024 spent a total of SR143 billion ($38.1 billion), Minister of Tourism Ahmed Al-Khateeb has announced. Speaking at a press conference on Wednesday, the minister highlighted the significant advances made by both the Kingdom and its tourism industry which have resulted in such a notable achievement. “Our country is blessed with a multiplicity of tourist destinations and climate diversity, (as well as) the moderate weather that the Aseer region enjoys during the summer season and low temperatures compared to most cities in the world,” he said.

  • Saudi Arabia signs deal with Chinese construction giant to build 20,000 new homes, eyes $67bn housing boost

    Saudi Arabia has signed a deal with a Chinese construction to build 20,000 new homes as it looks to deliver $67bn of new real estate projects. The National Housing Company (NHC) has signed an agreement with China State Construction Engineering Corporation (CSCEC) in the presence of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail. The agreement aims to build 20,000 housing units in the suburbs and communities developed by NHC across various regions of the Kingdom of Saudi Arabia.

  • A father’s love, a daughter’s freedom

    The survey, conducted for researchers at the University of Massachusetts Amherst, could upend the approach of the international community to restore full education for Afghan girls. Trying to persuade or threaten the Taliban to change has only hardened their position in the three years since they retook power after the American withdrawal. Instead, researchers suggest that fathers with eldest daughters be “primed” by outside groups to use their authority in a male-dominated society to overturn the education ban.

  • Saudi Fisheries’ financial woes persist in Q1 2024

    Saudi Fisheries Company's (SFC) financial issues continue to intensify, as the aquaculture firm’s accumulated losses by the end of the first quarter of 2024 spiked to SAR 265 million (USD 70.6 million, EUR 65.5 million) – equivalent to 66 percent of ‎the company’s capital – according to the company’s recently published interim results.

  • Saudi: Israel’s rejection of Palestinian statehood reflects its aggressive approach

    The Ministry of Foreign Affairs in Saudi Arabia strongly condemned the Israeli Knesset’s vote to reject the establishment of a Palestinian state and far-right Minister Itamar Ben-Gvir storming Al-Aqsa Mosque. “These continued hostile practices towards Islamic sanctities and international resolutions and laws reflect the aggressive approach of the Israeli occupation authorities,” the ministry said in a statement.

  • Saudi Arabia, Russia to maintain ‘close coordination’ on OPEC+: Kremlin

    Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin reaffirmed their countries’ commitment to the OPEC+ oil production accord among other bilateral issues in a phone call late July 17, the Kremlin said in a statement. “The importance of continuing close coordination within the framework of OPEC+ to ensure stability in the energy market was noted,” the statement said. A Saudi statement posted by the official Saudi Press Agency did not mention the OPEC+ agreement but said the two leaders “discussed a number of issues and topics of common interest” in a phone call initiated by the crown prince.

  • Saudi Arabia rolls out red carpet for foreign filmmakers

    The government is also offering financial incentives. The state-run Saudi Film Commission gives rebates of up to 40 per cent on production spending, compared with the 30 per cent offered by regional rivals such as Egypt and Morocco. Filmmakers can also apply for a share of a $234mn Saudi Cultural Development Fund pot. Film commission officials say their incentive package gives Saudi Arabia a competitive advantage. “In other countries you just get the cash rebate, then you are on your own when it comes to dealing with different government departments,” said one. “We handle the whole thing.”

  • Non-Oil Activities Drive Saudi Economic Diversification Efforts

    Experts speaking to Asharq Al-Awsat anticipate non-oil sector participation to rise to approximately 65% by 2030, driven significantly by private sector contributions. They noted significant economic evolution towards income sources beyond oil, such as investments in coastal infrastructure projects.

  • Launch of Saudi Arabia’s NEOM Airlines on hold – report

    Other developments facing cutbacks, the sources claimed, include the Qiddiya Coast, a tourism and entertainment project in Jeddah on the Red Sea once projected to have a potential budget of USD50 billion. Downsizing of other projects can be expected as the government committee finalises its review.