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  • Saudi Chemical Behemoth Warns on Outlook After Surprise Loss

    Saudi Arabia’s top chemicals maker warned of “considerable uncertainty” for the industry after reporting a surprise full-year loss. Saudi Basic Industries Corp., also known as Sabic, posted a net loss of 2.77 billion riyals ($739 million) for 2023, missing analyst expectations for a profit. The result underscores the depth of the challenge chemicals companies face as they grapple with a weak market, slower economic growth and a drop in prices.

  • Saudi crown prince receives chairman of Russia’s State Duma

    Saudi Arabia’s Crown Prince Mohammed bin Salman received the chairman of Russia’s State Duma in Riyadh on Monday. During the reception, the crown prince and Vyacheslav Volodin discussed the friendly relations between the Kingdom and Russia. They also reviewed prospects for parliamentary cooperation and discussed issues of common interest.

  • Past the deadline, Western defense firms still navigating Saudi Arabia’s localization mandates

    "Foreign firms that are direct beneficiaries of lucrative Saudi government contracts will most likely be the first to relocate. [...] Firms who are invested in the Saudi market but do not have direct government dealings will likely try to bide themselves more time," one expert said.

  • Saudi Arabia grants 6-month residency to stranded Gazans

    On Monday, the Palestinian Ministry of Foreign Affairs stated that Saudi Arabia has granted a six-month residency permit to Gazan pilgrims stranded in Saudi due to the Israeli war, Khaberni reported.

  • Moody’s affirms credit ratings of key Saudi companies

    Several prominent Saudi companies received affirmation on their credit ratings from Moody’s Investor Services, a leading global provider of financial assessments, research, and risk analysis. Following the agency’s recent update to its Government-Related Issuers Methodology, several firms, including Saudi Basic Industries Corp., Saudi Telecom Co., and Saudi Electricity Co., have maintained their A1 ratings, while Saudi Arabian Mining Co., also known as Ma’aden, continues to hold a Baa1 rating.

  • Al Hilal sets new record in Saudi Pro League with 14 consecutive wins

    Coach Jorge Jesus’ team have achieved 14 consecutive victories in the league, ending Al Nassr’s previous record of winning 13 matches from November 2013 until February 2014. Sergej Milinkovic-Savic gave Al Hilal the lead in the 40th minute with a header after a corner. Salem Al Dawsari added the second goal from close range in first half added time.

  • Number of factories in Saudi Arabia rises to 11,600 in 2023

    The number of factories in Saudi Arabia rose by 10% to 11,550 in 2023 from 10,520 a year earlier, data issued by Ministry of Industry and Mineral Resources showed. New industrial licenses reached nearly 1,379 in 2023 with total investments of over SAR 82 billion. Production started in 1,058 factories with investments worth SAR 45 billion. The total of investments in existing factories that reach 11,550 amounted to SAR 1.54 trillion.

  • Neom continues transformation of Saudi Arabia with lush desert oasis

    Elanan is designed by Mark Foster Gage Architects and will be located on the Gulf of Aqaba coastline, which is the same area that the Xaynor, Siranna, and Zardun projects are being built on. The idea behind all these developments is to turn the entire region into a center of wellness and luxury.

  • Saudi Arabia’s economic shifts under MBS raise stability concerns

    MBS, unlike many leaders in the region, is popular. In fact, he enjoys a level of popularity last experienced by leaders immediately following independence. Such cohesiveness could indeed create momentum for the Kingdom to enact further bold reforms. Yet the escalation of violence between Israel and Palestine risks engulfing the region, and this uncertainty could derail Saudi Arabia’s transformation agenda.

  • How the G20 Can Build on the World Economy’s Recent Resilience

    After several years of shocks, we expect global growth to reach 3.1 percent this year, with inflation falling and job markets holding up. This resilience provides a foundation to shift focus to the medium-term trends shaping the world economy. As our new report to the G20 makes clear, some of these trends—such as AI—hold promise to lift productivity and improve growth prospects. We badly need it—our projections for medium-term growth have declined to the lowest in decades.