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  • Saudi Aramco offered $12 billion worth of stock. It sold out in hours

    Saudi Arabia will still own the vast majority of the company, both directly and through its Public Investment Fund. The country is using some of the proceeds to help diversify its economy in anticipation of so-called “peak oil,” when the commodity’s demand and/or supply begin to fall for climate and alternative energy-related reasons. One big priority for the new economy has been tourism, which Saudi Arabia has been working to increase through the creation of new attractions and travel options.

  • Doctor’s Sons Turn Billionaires as Saudi IPOs Mint New Fortunes

    A hospital group is set to become the kingdom’s biggest listing of the year, turning its two top shareholders into billionaires. Brothers Mazen and Ammar Fakeeh, the sons of the physician who founded the Dr. Soliman Abdul Kader Fakeeh Hospital Co., will have a combined fortune of at least $2.5 billion after the sale, while their sister Manal will be worth some $600 million, according to the Bloomberg Billionaires Index.

  • New Study Say Life on Earth may have Originated in Saudi Arabia 3.48 billion years ago

    Scientists have identified living stromatolites on Saudi Arabia’s Sheybarah Island in the Red Sea, marking the first discovery of living shallow-marine stromatolites in the Middle East. The discovery raises significant questions related to how and where life first originated on planet Earth. Published in the journal Geology, the study explores these ancient microbial structures and offers a unique glimpse into Earth’s early life and the environmental conditions that prevailed billions of years ago.

  • Saudi Arabia, Brazil sign defense agreement

    Saudi Arabia and Brazil signed on Monday in Riyadh a cooperation agreement in the defense field. The deal was signed during a meeting between Saudi Defense Minister Prince Khalid bin Salman and Brazil’s Vice President and Minister of Development, Industry, Trade and Services Geraldo Alckmin.

  • Saudi games company wants to deepen Nintendo, Capcom ties

    "Game development is our long-term goal -- we want to build a global hub for gaming and esports," he said. The prince has invited prominent Japanese game developers, including Nintendo, Bandai, Capcom and Konami Group, to consider setting up offices in the Middle East. Currently, the region lacks a direct presence, with gaming companies typically overseeing their businesses from offices in Europe.

  • Nearly 1 million foreign Hajj pilgrims arrive

    Nearly one million foreign pilgrims arrived in Saudi Arabia for the upcoming annual pilgrimage of Hajj. By the end of Sunday, a total of 935,966 Hajj pilgrims arrived through all the Kingdom’s air, land and sea ports, according to the General Directorate of Passports (Jawazat). The directorate revealed that the overwhelming majority of pilgrims came by air and their number reached 896,287, while the number of pilgrims arrived via land entry points stood at 37,280 pilgrims, and 2,399 pilgrims came via sea ports, the Saudi Press Agency reported. The directorate said that it is harnessing all its capabilities to facilitate the entry procedures for the guests of God, by supporting its online platforms at international air, land and sea ports with the latest technical devices operated by qualified Saudis who are proficient in different languages spoken by the pilgrims.

  • Saudi Arabia largely removes negative portrayal of Israel from its school curriculum

    Textbooks for the 2023-2024 school year no longer teach that Zionism is a “racist” European movement, and no longer deny the historical Jewish presence in the region, according to the study, published last week by the nonprofit IMPACT-se, which monitors educational curricula in Middle Eastern and North African countries.

  • Fostering a sustainable future: the role of land restoration in Saudi Arabia

    Nearly one-fifth of our planet is threatened with desertification leading to the loss of fertile soils and biodiversity which we need to grow food for millions of people and feed for livestock. Climate change has further aggravated the situation especially in countries that have experienced alarming drought events, battled large-scale deforestation or continued using unsustainable agricultural techniques. Since 1961, climate change has reduced global agricultural productivity by about 21%. Moreover, since 2000, the world has lost more than 10% of its global tree cover, with the tropics accounting for 1.48 million km2 of deforestation — an area larger than France, Spain, and Germany combined.

  • Saudi Arabia sees 477% increase in multinational HQs in first quarter

    Some 127 international companies have relocated their regional headquarters to Saudi Arabia over the first quarter of 2024, according to a new report, an increase of 477% from the previous year as the kingdom looks to lure businesses to set up there as it diversifies its economy away from oil.  

  • Sweden’s Seventh AP Fund excludes Saudi Aramco and six other companies

     Sweden's Seventh AP Fund (AP7) has blacklisted Saudi Aramco and six other companies from its portfolio all due to large-scale operations within oil extraction or coal production, the pension fund manager said on Monday.
    "The companies are blacklisted because they do not act in line with the Paris Agreement due to large-scale oil or coal operations without transition plans," AP7 said in a statement.