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  • Zamil Industrial’s H1-24 accumulated losses hit 16.5% of capital; revenues cross $693mln

    Zamil Industrial Investment Company logged net profits amounting to SAR 11.52 million in the first half (H1) of 2024, against net losses of SAR 197.90 million in H1-23. The group registered revenues valued at SAR 2.63 billion in H1-24, higher by 21.49% year-on-year (YoY) than SAR 2.16 billion, according to the financial results. Earnings per share (EPS) hit SAR 0.19 in the first six months (6M) of 2024, versus a loss per share of SAR 3.30 in H1-23.

  • The Economic Impact of Generative AI Use: The Future of Work in the Kingdom of Saudi Arabia

    This study estimates that using generative AI to transform the way work is currently done in the Saudi private sector economy, excluding government agencies, can potentially unlock USD133.6 billion of productive capacity, equivalent to the size of its manufacturing industry. This estimate does not specify a timeframe for achieving this uplift but illustrates the potential gains for the economy should full adoption be achieved.

  • Saudi Arabia claims qualifying win over China at Asia World Cup

    Australia endured another disappointing evening in Asia’s World Cup qualifying on Tuesday as Graham Arnold’s side were held to a 0-0 draw by hosts Indonesia while Saudi Arabia claimed a late 2-1 win over China. Hassan Kadish’s 90th minute header earned victory for the 10-man Saudis, who moved onto four points from their opening two games in Group C of the third phase of qualifying

  • Saudi Arabia among top global investment destinations, says Al-Falih

    He explained that convincing international investors to invest their money in Saudi Arabia was not difficult, as investors were looking for a destination that offers several key factors, such as political and economic stability, predictability, a long-term vision, abundant opportunities, a strategic location and presence of local investors. Almost 87% of the 1,000 Vision 2030 initiatives have been implemented or are nearing completion. Saudi Arabia included more goals after completing the initial ones.

  • Microsoft and partners to generate $24 billion in Saudi Arabia over next four years, says IDC study

    Microsoft, along with its partners and cloud-utilizing customers, is projected to generate approximately $24 billion in additional revenue above the 2022 figures over the next four years, according to a recent study from IDC. The same research indicates that by 2026, Microsoft’s partner ecosystem will earn roughly $8 for every $1 of revenue generated by Microsoft’s cloud services. This presents significant opportunities for partners in the Kingdom to enhance their revenues, increase local content contributions, and expand their customer bases.

  • Saudi proptech HissaTech raises $670,000 pre-Seed

    Saudi PropTech startup HissaTech has announced raising $667,000 in a pre-seed funding round led by angel investors. The company aims to boost real estate investment in Saudi Arabia by enhancing its digital platform, which simplifies access to income-generating properties.

  • Saudi nationwide initiative to replace old ACs

    A Saudi government agency has launched a nationwide initiative to replace old air conditioners with new ones with the aim of boosting energy efficiency and cutting household consumption. Dubbed “Estbdal” (Replacement), the initiative is undertaken by the Saudi Energy Efficiency Centre in collaboration with other competent government bodies. More than 30 retailers, 350 showrooms and four Saudi plants are joining too.

  • Saudi liquidity reaches $770bln by end of Q2

    The current level, with a growth of SR238,150 million, is the highest, compared to the same period in 2023, when it amounted to SR2,660,556 million. The liquidity levels reflect the money supply in its broad and comprehensive concept (M3), according to data provided by the monthly bulletin of the Saudi Central Bank for July 2024.

  • Saudi Arabia starts time planning for 2025 Hajj season

    Saudi Arabia announced the start of time planning for the 2025 Hajj season, during a meeting held on Sept. 8 in Jeddah, under the auspicious of Prince Khalid Al Faisal, Advisor to the Custodian of the Two Holy Mosques, Governor of Makkah Province and Chairman of the Central Hajj Committee.

  • Analysts predict growth despite Saudi GDP fall

    Saudi Arabia’s year-on-year GDP fell again in the second quarter, according to adjusted government figures released this week, but analysts have said the quarterly increase shows the economy is nearing the end of its negative run. GDP was down 0.3 percent year on year in the second quarter, but has risen by 1.4 percent since the previous quarter.