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  • GASTAT: Saudi non-oil exports jump 10.5 percent in Q2 2024

    Saudi Arabia’s non-oil exports recorded an increase of 10.5 percent during the second quarter of 2024 compared to the same period during the year 2023, according to a report of the General Authority for Statistics (GASTAT). The International Trade Publication for the second quarter of 2024, released by GASTAT on Thursday, showed that the national non-oil exports, excluding re-exports, increased by 1.4 percent while the value of re-exported goods shot up by 39.1 percent.

  • Saudi culture ministry to honor scholarship graduates

    The Ministry of Culture will hold a ceremony on Thursday to honor graduates of the Cultural Scholarship Program, which offers high-quality education in cultural and arts disciplines at prestigious international universities. Under the patronage of Minister of Culture Prince Badr bin Abdullah bin Farhan, the ceremony will celebrate the graduates’ achievements and contributions in their fields. The event will also show the program’s impact on nurturing cultural talent and advancing the cultural sector, the Saudi Press Agency reported.

  • MENA’s Magnetic Pull: Are Foreign Investors Coming Back?

    UAE and Saudi Arabia are the go-to destinations for international investors in MENA, no doubt due to their well-established and relatively mature VC ecosystems. In H1 2024 alone, a whopping 80% of international investors in MENA flocked to these two giants, with the UAE capturing the lion’s share. Both countries boast key attractions such as political stability, economic growth, government support, clear regulations, and enticing tax incentives. The UAE in particular has positioned itself as the tech hub of MENA, making it a magnet for global investors.

  • Airlines fly over Afghanistan as Middle East becomes the greater risk

    Singapore Airlines, British Airways (ICAG.L), opens new tab and Lufthansa (LHAG.DE), opens new tab have increased their flights over Afghanistan after years of largely avoiding it now the Middle East conflict has made it seem a relatively safe option. The carriers mostly stopped transiting Afghanistan, which lies on major routes between Asia and Europe, three years ago when the Taliban took over and air traffic control services stopped.

  • Climate change, security take top billing as Pacific Island leaders prepare to meet

    Climate change and security will dominate discussions at next week's meeting of Pacific Islands leaders in Tonga as China and the United States jostle for influence in the region. The chairman of the Pacific Islands Forum, Cook Islands Prime Minister Mark Brown, told foreign ministers from the 18 member nations this month "regional solidarity amidst the ever-increasing geostrategic interest, navigating the ongoing climate crisis and managing emerging challenges" are top priorities.

  • 59% of Saudi family businesses have no succession plan: CEO of NCFB

    The regions of Qassim and Riyadh lead in the presence of family businesses in Saudi Arabia, constituting 95% of the active commercial establishments and employ 57% of the private sector's workforce, accounting for 48% of the total workforce in Saudi Arabia, Al-Eqtisadiah newspaper reported. Moreover, 69% of family businesses are concentrated in Riyadh, Makkah, and the Eastern Province, which is a natural reflection of the economic activity in Saudi Arabia.

  • Saudi Arabia’s economy set to grow in second half of 2024

    Saudi Arabia’s economic growth is anticipated to recover in the latter half of 2024, as per research firm CreditSights. The kingdom’s GDP is projected to increase by 1.7% in 2024, with a further acceleration to 4.7% in 2025. This follows a 0.4% contraction in the second quarter of 2024, after a 0.8% contraction in 2023 and a 7.5% expansion in 2022.

  • Riyadh airport breaks passenger traffic record, with 130,000 passengers in a single day

    King Khalid International Airport (KKIA) in Riyadh broke its highest-ever passenger traffic record at the end of July and beginning of August 2024. The KKIA, managed and operated by Riyadh Airports Company (RAC), announced in a press release on Thursday that the airport reported handling 3.5 million passengers in July 2024, surpassing the previous record of 3.1 million passengers set in June—an increase of 400,000 passengers. According to the release, the airport set a new single-day record on Thursday, August 1, 2024, with 130,000 passengers, surpassing the previous highs of 125,000 on July 25 and 124,000 on June 13. In July, the airport achieved a seat occupancy rate of 91 percent, demonstrating its high operational efficiency.

  • No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy

    The fund’s investments in domestic infrastructure and real estate development grew 15% year-on-year to 233 billion riyals, while its foreign investments increased 14% to 586 billion riyals. At the same time, the Saudi government introduced laws and reforms to facilitate and even mandate investment in the country as it builds out its Vision 2030 plan to diversity its oil-reliant economy.

  • What Maersk’s $250M logistics park means for Saudi Arabia

    Danish shipping and logistics company Maersk is building a 225,000-square-meter facility in Saudi Arabia's Red Sea-facing Jeddah Islamic Port. The company is investing $250 million in developing a key logistics hub with the Saudi Ports Authority, also known as Mawani. The facility allows for connectivity over land, sea and air. It has warehouses for e-commerce and business requirements and caters to a wide range of sectors such as fast-moving consumer goods, frozen food, automotive, retail and lifestyle, petrochemicals, electronics and pharmaceuticals. The logistics hub will also provide and first- and last-mile deliveries, as well as custom services.