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  • PIF strengthens renewable energy localization in Saudi Arabia with three new joint ventures

    PIF has today announced the signing of three new agreements to localize in Saudi Arabia the manufacturing and assembly of equipment and components needed for solar and wind power. These agreements have been entered into by the Renewable Energy Localization Company (RELC) – a fully owned PIF company. They are in line with the Saudi Ministry of Energy’s drive to localize production of renewable energy components.

  • IMF revises Saudi GDP growth down on oil cuts

    The International Monetary Fund on Tuesday revised downwards Saudi Arabia's economic growth by nearly one percentage point, mainly due to oil production cuts. The revision was the biggest among major economies and dragged down the rest of the Middle East and North Africa region, which is projected to grow 2.2% this year, a downward revision of half a percentage point from three months ago, IMF projections in its World Economic Outlook showed.

  • Saudi Arabia updates requirements for construction of residential buildings

    The updated specifications included a number of provisions related to facilitating various types of construction work for the beneficiaries. These provisions aimed to preserve safety of buildings and protect them from risks, in addition to providing the best standards in construction work such as increasing the proportion of built area in residential buildings and villas, and buildings for commercial, administrative and residential purposes. It also aims to reduce setback, which is the minimum open space required around any building or structure, in residential villas.

  • Nine killed in Oman Shi’ite mosque shooting, including three attackers

    Nine people were killed, including three attackers, and more than two dozen others were injured in an assault on a Shi'ite Muslim mosque in Oman late on Monday, law enforcement said, in a rare security breach in the oil producing Gulf state. Four Pakistanis , an Indian and a police officer were among those killed in the gun attack, according to Pakistani, Indian and Omani officials. The Oman police said 28 people of various nationalities were wounded, including security personnel.

  • Global Growth Steady Amid Slowing Disinflation and Rising Policy Uncertainty

    Our global growth projections are unchanged at 3.2 percent this year and slightly higher at 3.3 percent for next year, but there have been notable developments beneath the surface since the April World Economic Outlook. Growth in major advanced economies is becoming more aligned as output gaps are closing. The United States shows increasing signs of cooling, especially in the labor market, after a strong 2023. The euro area, meanwhile, is poised to pick up after a nearly flat performance last year.

  • Al-Hilal SFC named Saudi Arabia’s strongest football club brand as nation bolsters financial commitment to the sport

    Al-Hilal SFC is Saudi Arabia’s strongest football club brand with a brand strength index (BSI) score of 74.6, and an equivalent AA+ rating, according to new data from Brand Finance. Al-Hilal's strategic investments, including the signings of Neymar, Ruben Neves, and Milinković-Savić, have solidified the club’s dominance in the Saudi Pro League and reinforced its status as a top football brand in the region.

  • IMF projects Saudi economy to grow 1.7% in 2024

    The International Monetary Fund (IMF) trimmed its forecast for Saudi economic growth to 1.7% for 2024, compared to its former 2.6% estimate issued last April.  In its Global Economic Outlook report issued today, July 16, the fund indicated that slashing its Saudi economic growth expectations by 0.9% for the current year primarily reflects the extension of oil production cuts. It also expected the Saudi economy to advance by 4.7% in 2025, compared to its previous projection issued in April of 6%, marking a 1.3% downgrade.

  • British PM praises Saudi crown prince for role in promoting Middle East stability

    While discussing the situation in the Middle East, the prime minister praised the crown prince for his leadership in supporting regional stability, and emphasized the UK’s enduring commitment to peace and security in the region.

  • Archaeologists Found 345 Ancient Stone Circles That Tell a New Story About Humans

    Archaeologists recently discovered a whole mess of these circles—roughly 345, actually—in Saudi Arabia using aerial surveillance techniques. “These structures were individual dwellings, constructed in concentrations of varying numbers with associated domestic installations, such as hearths,” the research time behind the find, who published their study in Levant, explained. “The standing stone circle sites presented in this paper demonstrate a scale of Neolithic occupation not previously recognized in Saudi Arabia.”

  • Saudi Arabia to Host Arab Geographical Names Experts Conference

    The Kingdom of Saudi Arabia, represented by the General Authority for Survey and Geospatial Information (GEOSA), will host the 10th Arab Geographical Names Experts Conference in Jeddah on November 10-12. The theme for the event is "Strengthening Arab Relations and Ties in Geographical Names." This hosting is part of GEOSA's efforts in the field of geographical names. It oversees the Kingdom's surveying, geospatial information, and imaging sectors and chairs the National Committee for Geographical Names, which includes 21 government agencies.