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  • Minister Al-Sheikh hails Saudi leadership for championing moderate Islam and combating extremism

    Ministers of Islamic affairs and endowments as well as muftis, heads of Islamic councils, associations and institutions from 60 countries are taking part in the 9th Conference of Ministers of Endowments and Islamic Affairs from Islamic Countries, which began in Makkah on Sunday. The Saudi Ministry of Islamic Affairs, Call and Guidance, is hosting the conference under the theme of “the role of ministries of endowments and Islamic affairs in promoting and consolidating the principles and the values of moderation.”

  • Saudi Arabia welcomes 27 million visitors in 2023, with GCC tourists contributing $4 billion

    Saudi Arabia’s tourism sector saw exceptional growth in 2023, with 8.6 million visitors from GCC countries alone contributing $4 billion to the kingdom’s economy, according to the Ministry of Tourism. Bahrain led as the top GCC source market with 3.4 million tourists, followed by Kuwait with 2.3 million, the UAE with 1.4 million, Qatar with 1.1 million, and Oman with 455,000 visitors.

  • E-sports World Cup and Olympics: Lasting Impact of E-sports on the Economy is in Full Display

    Revenues in the Saudi gaming sector are projected to hit $10.6 million in 2024, registering a growth rate (CAGR) of 8.90% over the next eight years, between 2024 and 2032. Much of this growth is largely driven by supportive government policies and investments, a rise in business expansion activity in Saudi Arabia, and the uptick in the popularity of e-sports among Saudis. Roughly two-thirds (67%) of the Saudi population consider themselves gamers. This signifies the rise in demand for consumption as the gaming culture continues to unabashedly take hold.

  • Market value of listed Saudi companies falls by $47.03bln, impacted by sharp drop in global markets

    The shares of 223 Tadawul listed Saudi companies declined at the end of their trading on Sunday. This is in the first trading session after the collapse recorded by global markets at the end of their weekly trading, coinciding with the decline in oil prices by more than three percent.

  • Saudis joining private sector doubled to over 34600 in July

    The number of Saudi citizens joining the private sector for the first time doubled in July to exceed 34600 citizens, compared to 16500 in June. This figure shows their number increased more than two times within just one month. A recent report, released by the National Labor Observatory, revealed that the total number of workers in the private sector reached 11.473 million last month, compared to 11.409 million workers in the previous month of June, while the number of citizens exceeded 2.342 million, compared to 2.340 million in June.

  • 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.