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  • Saudi Arabia to host Multilateral Industrial Policy Forum, bolstering its Global Leadership Position

    Saudi Arabia, in partnership with the United Nations Industrial Development Organization (UNIDO), will host the Multilateral Industrial Policy Forum (MIPF) in October, underscoring the Kingdom's significant industrial transformation, in line with Vision 2030, and aiming to expand the Saudi industrial base and solidify its position as a leading global industrial center. Organized by the Ministry of Industry and Mineral Resources in Riyadh, the forum is yet another substantial industrial development initiatives the Kingdom relentlessly takes.

  • How Riyadh’s new King Salman Park will provide an urban haven for flora and fauna

    Scheduled to open in 2025, King Salman Park is set to become the largest of its kind in the world, covering about 16.6 sq. km. As a flagship initiative of Saudi Vision 2030, it will not only expand the city’s green spaces, but also enhance quality of life. “King Salman Park is set to redefine Riyadh’s urban landscape,” Khaled Al-Ojyan, an architect with Green Riyadh, told Arab News. “This ambitious project aligns perfectly with Vision 2030, transforming the city into a more sustainable, vibrant and green environment.”

  • GAFT refers 915 investment, export opportunities to Ministry of Investment

    The Saudi General Authority of Foreign Trade (GAFT) referred 915 investment and export opportunities to the Ministry of Investment and the Saudi Export Development Authority (SEDA) in 2023, compared to 948 opportunities referred in 2022. According to GAFT’s annual report, the number of export opportunities referred to SEDA was 660, compared to 871 in 2022. Meanwhile, the number of investment opportunities referred to the Ministry of Investment last year was 255, compared to 77 in 2022.

  • Baker Hughes says US oil rig count unchanged for second week

    The US drilling rig count remained unchanged for the second straight week at 483 in the week ended Aug. 30. Meanwhile, the gas rig count declined by two to 95, the lowest level since April 23, 2021 (94 rigs).

  • Ivan Toney leaves Brentford to join Al-Ahli in Saudi Arabia

    The striker will join Al-Ahli after the Saudi club agreed to pay Brentford a transfer fee reported to be $52 million. The Saudi Pro League had been quiet this summer — in contrast to big spending a year ago — but lured the England international away amid reported interest from Premier League clubs.

  • Reforms to Saudi legal sector set to attract foreign law firms to the Kingdom

    The proposal seeks to amend the first paragraph of Article 50 of the Kingdom’s Code of Law Practice. If enacted, it would allow non-Saudi law firms to set up wholly foreign-owned professional companies. These firms would offer legal advice on the Kingdom’s regulations and represent clients in court through registered Saudi lawyers. Details posted on the Istitlaa platform reveal that this project aims to advance the legal profession, improve the quality and efficiency of the industry, and integrate global expertise into the local context.

  • Torrential rains trigger urban flooding in Saudi Arabia

    Saudi Arabia was struck by thunderstorms and flash flooding on most of its Red Sea on Friday with footages on social media showing roads inundated and cars stranded in floodwater, according to The National. The rains are expected to last until Tuesday prompting the directorate to urge the citizens to remain on alert and adhere to safety guidelines issued through media as per the Saudi Gazette.

  • Saudi Arabia records 21% surge in credit card loans to reach $8bn

    Saudi banks recorded a 21 percent annual surge in credit card loans in the second quarter of 2024, reaching SR30.04 billion ($8.01 billion), according to official data. Figures from the Saudi Central Bank, also known as SAMA, showed that this is the highest quarterly figure reported, and the most substantial annual growth seen in a year.

  • Saudi Cyclists Continue to Win Medals at the Track Asia Cup 2024

    The Saudi cycling team has been performing exceptionally well at the Track Asia Cup 2024, currently taking place in Suphan Buri, Thailand. With over 160 athletes from 28 nations participating, the Saudi riders won two bronze medals today.

  • Saudi Arabia extends the tax amnesty scheme until 31 December 2024

    In March 2020, the Zakat, Tax and Customs Authority (ZATCA) released a tax amnesty program in the context of the COVID-19 pandemic, with the aim of mitigating its impact on taxpayers. This tax amnesty scheme exempted taxpayers complying with certain requirements from fines and penalties arising from late registrations, late payments and late filing of tax returns in relation to certain taxes.