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  • Tawaref series: A step-by-step guide to Saudi Iqama process

    The Iqama is a residency permit issued to foreign nationals living and working in Saudi Arabia. It is a crucial document for any expatriates, including foreign investors who wish to reside in the country with their families. Although you can start working in the country without an Iqama, most services are blocked.

  • Consulting Industry Booms in the UAE, Saudi Arabia: Video

    The difficult road to partnerships and promotions at some of the world’s largest consulting firms can run through the Middle East these days. And for McKinsey and BCG, the region ranks among the strongest globally based on revenue and profitability. Bloomberg News' Abeer Abu Omar discusses the industry's playbook with Jennifer Zabasajja on Horizons Middle East & Africa.

  • Saudi: Nadec records 83% YoY higher net profit in 9M-24 on back of $648mln revenue

    The National Agricultural Development Company (Nadec) witnessed an 83.39% surge in net profit to SAR 326.59 million during the first nine months (9M) of 2024 from SAR 178.08 million in 9M-23. The company attributed the annual growth in net profit to several factors including the SAR 2.43 billion sales generated during January-September 2024, which were 1.76% higher than SAR 2.39 billion in the corresponding period a year ago, according to the financial results.

  • Saudi restaurant and cafe sales boost August POS spending to $15.6bn

    Saudi Arabia’s point-of-sale spending reached around SR58.51 billion ($15.6 billion) in August, marking a 9.67 percent rise compared to the same month last year, according to the latest data. Figures from the Saudi Central Bank, known as SAMA, revealed that 36 percent of POS spending during this period — totaling SR16.55 billion — was spent on beverages, food, restaurants, and cafes, reflecting a 4.72 percent increase. This growth was primarily driven by higher spending in restaurants and cafes.

  • Saudi Arabia: First week of Riyadh Season welcomes two million visitors

    The first week of Riyadh Season 2024 drew in an impressive two million visitors, Saudi Arabia’s General Entertainment Authority (GEA) announced on Sunday. With an exciting lineup of events and attractions, Riyadh Season 2024 is poised to solidify the Saudi capital’s status as a global entertainment destination, the Chairman of the GEA Turki AlAlshikh said in a statement carried by the Saudi Press Agency (SPA).

  • Saudi Aramco CEO ‘fairly bullish’ on China oil demand

    Saudi Aramco (2222.SE), opens new tab is "fairly bullish" on China's oil demand especially in light of the government's stimulus package which aims to boost growth, the head of the state-owned oil giant said on Monday. "We see more demand for jet fuel and naphtha especially for liquid-to-chemical projects," Aramco CEO Amin Nasser said on the sidelines of the Singapore International Energy Week conference. "A lot of it is happening in China mainly because of the growth in chemical needs. Especially for the transition, for the electric vehicles, for the solar panels, they need more chemicals. So that's huge growth there," Nasser said.

  • Saudi holdings of US Treasuries rise to $142.8B in August

    Saudi Arabia’s holdings of US Treasuries reached $142.8 billion in August, up by $89 million month-on-month (MoM), new data released by the US Treasury showed. The Kingdom's holdings of US Treasuries in August were the highest in nearly four and half years, i.e. since March 2020. Accordingly, Saudi Arabia maintained its 17th place among the largest holders of US Treasuries for the month.

  • Temasek, Saudi Arabia’s PIF rated highest for credit metrics and liquidity by Moody’s

    Temasek Holdings and Saudi Arabia’s Public Investment Fund (PIF) have the strongest intrinsic credit quality, among the 11 government-owned investment holding companies (IHCs) it rated, said Moody’s Ratings in an Oct 17 report. The rating agency explained that while credit quality of the rated government-owned IHC is generally closely aligned with that of its government, intrinsic credit quality generally varies, as it is a reflection of the IHC’s standalone credit strength, excluding extraordinary government support.

  • Saudi Pro League director reveals stance on Mohamed Salah transfer

    "It depends on Mo," he told The Obi One Podcast. "The stories that one of our teams went after him are true. There was an interest, but just like the whole Victor Osimhen thing, it also hinges around... It's okay for me to have an interest in signing Mo, but his club also have to have an interest in letting him go. If those two things don't align, you don't have a deal."

  • Saudi authorities seize multi-million dollar haul of narcotics

    Saudi authorities have seized a massive haul of 1.2 million Captagon tablets, state news agency SPA reported. Customs officials at the Halat Ammar border crossing found the pills using x-ray technology and sniffer dogs. The pills were hidden inside a marble mixer. The Zakat, Tax and Customs Authority (ZATCA) coordinated with the General Directorate of Narcotics Control to arrest two individuals who were supposed to receive the shipment inside the Kingdom. The drugs haul had an estimated street value of between $12 million and $30 million, according to research published in the International Addiction Review Journal, based on assumptions that users pay between $10 and $25 a pill.