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  • CMA Chief: Trading based on algorithms represents 25% of transactions in Saudi capital market

    The CMA chief said that Saudi Arabia was one of the first countries to introduce digital trade in the 1990s, noting that this trade represents more than 90 percent of traded volumes at present. “The financial services sector represents about 15 percent of global spending on information technology, which illustrates the focus of spending, its importance, and digitization in financial services,” he added.

  • The Fastest Wallet to Eclipse 1 Million Customers Globally – Built in Saudi Arabia

    Saudi Arabian fintech startup, barq, the latest wallet and challenger bank to launch in the Kingdom, has reached a significant milestone by enlisting 1.6 million wallet users and account holders in its first full month of operation. The milestone follows barq’s previous achievement of surpassing one million users in its first 21 days of operation – a remarkable achievement that established barq as the fastest-growing private wallet globally, outside of China. For context, it took Revolut a year to reach 100,000 users, while NuBank and CashApp each gained 10,000 users in their first month.

  • Saudi Arabia’s PIF gets $2 billion from year’s fourth debt foray

    Saudi Arabia's sovereign wealth fund, the Public Investment Fund, locked in $2 billion on Tuesday from its fourth foray into the debt markets this year, as it continues to pour billions into an ambitious programme to wean the economy off oil. PIF launched $1.5 billion in three-year Islamic bonds, or sukuk, as well as $500 million in green notes maturing in October 2032, a document from an arranging bank showed on Tuesday.

  • Saudi Arabia surpasses fintech targets with 224 active companies and $186 million in deals

    Saudi Arabia is intensifying its fintech efforts, setting a goal to establish 525 companies by 2030. Finance Minister Mohammed bin Abdullah Al-Jadaan revealed this ambitious target at the inaugural 24 Fintech Conference, highlighting the kingdom’s swift advancement in the sector.

  • Reem Albishi dreams of being Saudi’s first female referee at a FIFA World Cup

    Saudi Arabian futsal referee Reem Albishi is making strides toward her ambitious goal of being the Kingdom’s first female referee at a FIFA World Cup. The 27-year-old Jeddah native recently took a significant step forward by officiating at the OFC Futsal Women’s Nations Cup in Honiara, Solomon Islands.

  • Navigating Saudi Arabia’s Vision 2030: Career Opportunities for Young Professionals

    For young professionals, Vision 2030 is like a treasure map leading to a future filled with opportunities. The digital economy is booming, and with it comes over a million new jobs by 2025 in cutting-edge fields like AI, cybersecurity, and digital marketing. Imagine being part of a tech start-up that could become the next global unicorn, or leading a project in renewable energy that helps Saudi Arabia become a world leader in sustainability.

  • Italy’s Saipem wins two contracts worth $1 bln in Saudi Arabia

    Italian energy engineering group Saipem (SPMI.MI), opens new tab said on Tuesday it won two offshore contracts in Saudi Arabia worth around $1 billion in total, under an existing long term agreement with oil giant Saudi Aramco (2222.SE), opens new tab. The two contracts involve the engineering, procurement, construction and installation of infrastructure, including subsea pipelines, at the Marjan oil and gas field and the Zuluf and Safaniyah oil fields, Saipem said.

  • The Saudi Artists Breathing New Life into Jeddah’s Oldest Neighborhood

    Most of the buildings here date back between 200 and 300 years, when Al-Balad was the main entry point for Muslim travelers arriving by sea on their pilgrimage to Mecca. In recent years the district has hosted Ramadan-related events, the Red Sea International Film Festival, and the Balad Beast EDM festival. Three heritage houses, each more than 100 years old and named for the family that formerly lived in them, have been converted into small boutique hotels, the first of their kind in Al-Balad.

  • LIV Golf will open its fourth season in Riyadh

    LIV Golf, the circuit bankrolled by the Public Investment Fund of Saudi Arabia, will kick off its 2025 season by playing in the country's capital city, Riyadh, for the first time. The tournament, scheduled for Feb. 6-8, will be held at Riyadh Golf Club. Currently in its third season, LIV Golf has played three events in Saudi Arabia, all at Royal Greens Golf & Country Club near Jeddah. The tour's announcement Tuesday revealed the first four sites of the 2025 season.

  • Saudi wealth fund raises $2bn to support mega-projects

    The Public Investment Fund has raised $2 billion through a combination of sukuk (Islamic bond) and green bond offerings to support its mega-project pipeline. The Saudi wealth fund issued $1.5 billion in three-year sukuk and $500 million in green notes maturing in October 2032, Reuters said, citing a bank document. PIF has tapped into the global bond market for the fourth time this year.