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  • Saudi Arabia’s non-oil exports jump 19% in July

    Non-oil exports in Saudi Arabia recorded an increase of 19 percent reaching SR25.4 billion in July this year, compared to SR21.3 billion in the same month in 2023. Non-oil exports, excluding re-exports rose 6.5 percent, while the value of re-exported goods rose 78.4 percent in the same month.

  • ‘Shaandaar Saudi’: Saudi Arabia’s New Campaign to Attract Indian Tourists

    Saudi Arabia has launched its first-ever marketing campaign targeted exclusively at Indian tourists: “Shaandaar (Spectacular) Saudi.” Unveiled in Mumbai on Tuesday, the campaign highlights Saudi Arabia as a year-round destination for Indian families, culture enthusiasts, adventurers, and food lovers. Bringing in Indian tourists is an important part of Saudi’s Vision 2030, a plan to diversify the economy and attract 150 million visitors by the end of the decade. Saudi aims to bring in 7.5 million visitors from India alone.

  • Saudi Arabia draws $144B in foreign investments, says Alkhorayef

    This announcement was made during a promotional event in New York for the upcoming Multilateral Industrial Policy Forum (MIPF 2024), which will be held in Riyadh on Oct. 23-24, 2024. According to data available with Argaam, foreign investment within the Saudi economy rose to SAR 2.55 trillion by the end of Q1 2024, reflecting a 6% increase compared to the end of 2023.

  • Saudi Arabia Surges to 14th Position in Global AI Index, 1st in Arab World.

    The Kingdom of Saudi Arabia has achieved a significant milestone in the field of artificial intelligence, securing 14th place globally and the top spot in the Arab world in the Global AI Index for 2024, published by Tortoise Intelligence. This remarkable 17-rank improvement among 83 countries underscores Saudi Arabia's rapid progress in AI adoption and development.

  • Israel rejects U.S.-backed Lebanon ceasefire proposal

    Israel rejected proposals on Thursday for a ceasefire with Hezbollah, defying allies including the United States which had called for an immediate three-week halt in fighting to allow for diplomacy to avert a wider war. "There will be no ceasefire in the north," Foreign Minister Israel Katz said on X. "We will continue to fight against the Hezbollah terrorist organization with all our strength until victory and the safe return of the residents of the north to their homes."

  • The AI market could reach almost $1 trillion in 3 years

    The total addressable market (TAM) for AI-related hardware and software is estimated to grow between 40% and 55% each year for at least the next three years, according to consulting firm Bain’s global technology report. That means the TAM — which refers to the potential overall revenue of a product or service if it has 100% share of the market — for AI could reach between $780 billion and $990 billion by 2027, according to Bain.

  • Oil prices slide on prospects Saudi Arabia to raise output

    Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, the Financial Times reported on Thursday, citing people familiar with the matter. The Organization of the Petroleum Exporting Countries - led de facto by Riyadh - along with the group's allies including Russia, together known as OPEC+, have been cutting oil output to support prices.

  • Saudi Arabia Scraps $100 Oil Price Target to Boost Market Share

    Saudi Arabia is willing to endure short-term oil price and revenue pain as it is making a U-turn in policy and going to take back market share and ditching its unofficial $100 oil price target, the Financial Times reported on Thursday, quoting sources with knowledge of the latest Saudi thinking.

  • Saudi Aramco raises $3 billion from second debt sale since July

    State oil giant Saudi Aramco (2222.SE), opens new tab has raised $3 billion from two-part Islamic bonds, or sukuk, tapping the debt markets for the second time this year as it expects to pay huge dividends, mainly to the government. The state oil giant on Wednesday sold $1.5 billion in five-year sukuk at a spread of 85 basis points (bps) over U.S. Treasuries and $1.5 billion in 10-year Islamic bonds at 100 bps above the same benchmark, two sources with direct knowledge of the matter said, tighter than earlier guidance on strong demand.

  • Wizz Air drops Saudi subsidiary plans

    The low-cost carrier recently announced London Gatwick-Jeddah International as the first route to be operated by Wizz Air UK (W9, London Luton) using an A321-200NY(XLR). The route will launch in March 2025 and will be the first Saudi service for the holding's British AOC. However, Wizz Air, Wizz Air Malta, and Wizz Air Abu Dhabi all already serve Saudi Arabia, connecting Jeddah, Riyadh, Dammam, and Madinah.