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  • First AI Center in Saudi Banking sector Introduced by Riyadh Bank

    Riyad Bank has marked a significant milestone in Saudi Arabia’s digital banking landscape with the inauguration of the Center of Intelligence, the kingdom’s pioneering artificial intelligence (AI) hub within the banking sector. This innovative initiative, unveiled on July 23, underscores the bank’s commitment to advancing operational efficiency and enhancing customer experiences through cutting-edge AI technologies. 

  • Saudi Arabia turns to Kuwait for fuel oil in rare move to meet summer demand

     Saudi Arabia imported fuel oil from Kuwait for the first time in more than two years in July to help meet peak summer power demand while discounted supplies from Russia fell, according to trade sources and shipping data. Imports of Kuwaiti high sulphur fuel oil (HSFO) exceeded 180,000 metric tons (about 37,000 barrels per day), data from shipping analytics firms Kpler and Vortexa showed, the kingdom's first fuel purchase from Kuwait since May 2022.

  • Saudi Tadawul Group Holding Company Just Beat Revenue By 6.6%

    The second-quarter results for Saudi Tadawul Group Holding Company (TADAWUL:1111) were released last week, making it a good time to revisit its performance. It was a workmanlike result, with revenues of ر.س353m coming in 6.6% ahead of expectations, and statutory earnings per share of ر.س3.25, in line with analyst appraisals. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year.

  • Al-Khateeb highlights Taif as a top tourism destination

    Minister of Tourism Ahmed Al-Khateeb highlighted Taif is one of the top tourist destinations in the Kingdom while emphasizing the ministry's commitment to strengthening partnerships with the private sector, the main driver of the tourism industry. As part of his tour across various regions of the Kingdom, coinciding with the Saudi Summer Program, Al-Khateeb visited Taif Province, accompanied by several ministry leaders on Wednesday.

  • 100 days to go until Saudi Arabia hosts historic WTA Finals in Riyadh

    The event is the season-ending crown jewel event on the Hologic WTA Tour featuring the Top 8 singles players and doubles teams, contesting a record prize pool.  The event will take place between November 2-9 at King Saud University in the capital. The event is part of the Saudi Tennis Federation’s ambition to inspire 1 million into tennis by 2030.

  • Saudi Factories Surpass 2023 Targets, Boosting Product Competitiveness

    Saudi factories are increasingly adopting automation to improve product quality and competitiveness while cutting costs. A total of 479 factories have completed the Smart Industry Readiness Index “SIRI” assessment, exceeding the Kingdom’s 2023 targets. The Ministry of Industry and Mineral Resources started evaluating the second group of factories under the Future Factories Program in July 2023. This phase covers 260 factories, each with licensed capital over SAR 200 million ($53.3 million).

  • Saudi athletes gear up for Paris 2024 Summer Olympics with rigorous training

    Saudi teams continue preparations for the 33rd Summer Olympic Games, which will officially open in Paris on Friday. Saudi Arabia will participate with 10 athletes in four events: show jumping, taekwondo, athletics, and swimming. The Saudi show jumping team in both individual and team events will be represented by riders Ramzi Al-Duhami, Abdullah Al-Sharbatly, Khaled Al-Mobty, and Abdulrahman Al-Rajhi. The taekwondo team will feature Dunia Abu Talib in the 49 kg category.

  • Saudi’s flynas strikes deal for 75 Airbus A320neos, 15 A330s

     Low-cost Saudi airline flynas has signed a memorandum of understanding with Airbus (AIR.PA), opens new tab for 75 of its narrow-body A320neo family aircraft and 15 of its wide-body A330-900 jets, the companies said at the Farnborough Airshow on Thursday.  The A320neo deal is worth about $4 billion and the A330 deal about $1.7 billion, according to estimated delivery prices from Cirium Ascend. Reuters reported that flynas was negotiating an A330 deal ahead of the air show.

  • Aramco and PIF invest in Saudi-Chinese steel venture

    Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese state-backed Baoshan Iron & Steel has doubled its investment in the venture to $1 billion. The Shanghai-listed producer holds the remaining 50 percent stake.

  • A guide to Saudi Arabia’s athletes competing in the Paris 2024 Olympics

    Saudi athletes will be competing across four sports — athletics, equestrian, swimming and taekwondo — with seven men and three women included in the Paris-bound delegation. A total of four medals were scooped by Saudi athletes in 12 previous appearances at the Olympics, most recently a silver clinched by Tareq Hamedi in karate in Tokyo 2020.