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  • Saudi cities announce 57 investment opportunities for commercial and residential sectors

    Saudi Arabia’s Hail, Qassim, and Asir municipalities have launched 57 new investment opportunities across various sectors such as entertainment, sports, commercial, and residential. The purpose of this initiative is to boost economic development, promote the private sector and improve the living standard within these regions.  

  • Lucid Gets Another $1.5 Billion Lifeline From Saudi Arabia

    The new funding is critical because Lucid, like fellow startup Rivian, has been burning through hundreds of millions of dollars every quarter. It sells the impressive Air sedan, but not in high enough volumes to cover its enormous costs. Lucid on Monday also reaffirmed its target of making 9,000 Airs this year, only slightly more than 2023.

  • Saudi Arabia awards $31.7 billion Contracts in First Quarter 2024

    The value of awarded contracts witnessed an astounding surge during Q1’24 as the value reached SAR118.8 billion ($31.7 billion). This continues the impressive pace that was witnessed in 2023, which finished the year with SAR270.6 billion ($72.2 billion) in awarded contracts. The value of awarded contracts during Q1’24 grew by 79 percent YoY and marks the second highest value during a quarter on record since Q3’15, when it reached SAR147.1 billion ($39.2 billion).

  • Lucid gets up to $1.5 bln in funding ahead of electric SUV rollout

    Lucid Group (LCID.O), opens new tab said on Monday its largest shareholder, Saudi Arabia's Public Investment Fund, will inject up to $1.5 billion in cash, as the electric vehicle maker looks to ramp up production of a new SUV. The EV maker's shares jumped about 6% in extended trading after closing down 3.9% in the regular session.
    The deal comes just ahead of Lucid's planned production of its much-awaited Gravity SUV later this year and keeps the EV maker sufficiently funded till the fourth quarter of 2025.

  • Lebanon housing costs surge amid property crunch as conflict fears spark exodus, echoing 2006 war

    Panic set in among many residents following a recent strike near Beirut and the killing of a senior Hezbollah commander, reigniting fears of a wider conflict and prompting many to seek temporary accommodations in northern Lebanon and mountainous regions.

  • US personnel wounded in attack against base in Iraq, officials say

    At least five U.S. personnel were injured in an attack against a military base in Iraq on Monday, U.S. officials told Reuters, as the Middle East braced for a possible new wave of attacks by Iran and its allies following last week's killing of senior members of militant groups Hamas and Hezbollah. Two Katyusha rockets were fired at al Asad airbase in western Iraq, two Iraqi security sources said. One Iraqi security source said the rockets fell inside the base. It was unclear whether the attack was linked to threats by Iran to retaliate over the killing of the Hamas leader.

  • US passes message to Iran not to escalate at ‘critical moment’ for Middle East

    The United States has been urging other countries through diplomatic channels to tell Iran that escalation in the Middle East is not in their interest, a State Department spokesperson said on Monday, at what Secretary of State Antony Blinken called a "critical moment" for the region. Blinken said Washington was "engaged in intense diplomacy, pretty much around the clock" to help calm tensions amid fears Iran is preparing a retaliatory strike against Israel.

  • Saudi Arabia’s Aramco reports lower half-year profits as economic worries dampen energy prices

    Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before amid worries about a slowing global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher.

  • Saudi’s small crude price hike for Asia shows bigger concerns

    Asia's beleaguered oil refiners have received welcome relief on two fronts as crude prices slide and top supplier Saudi Arabia offered some relief. Saudi Aramco , the kingdom's state-controlled producer and the world's largest oil exporter, raised its official selling prices (OSPs) for September-loading cargoes for Asian customers by less than expected. The benchmark Arab Light grade saw an increase of 20 cents a barrel to a premium of $2 barrel above the Oman/Dubai average, Aramco said in a statement on Monday.

  • Mandarin teachers get ready for Saudi Arabia

    A total of 175 Chinese language teachers for primary and middle schools will begin their careers in Saudi Arabia in mid August.  They will become the first batch of Mandarin teachers to serve in Saudi Arabia, honoring an agreement on enhancing cooperation in Chinese language education that the two countries made last year. They completed pre-service training at Tianjin Normal University from July 29 to Friday.