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  • Saudi Arabia’s startup appeal spans across diverse sectors

    The Saudi fintech sector has seen its fair share of new entrants during the first quarter of the year, with US-based MoneyHash being the most recent mover. Established in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash has set its sights on the Saudi market following a successful $4.5 million seed funding round in February.

  • Biden Lifts Ban on Offensive Weapons Sales to Saudi Arabia

    Biden had ordered the pause on the sale of precision-guided munitions and other weapons to pressure Riyadh to wind down its war against Houthi rebels in Yemen. The Saudis met their end of the bargain, according to a senior US official who asked not to be identified discussing a decision that hasn’t been publicly announced.

  • US to lift ban on offensive weapons sales to Saudi Arabia

    The Biden administration has decided to lift a ban on U.S. sales of offensive weapons to Saudi Arabia, the State Department said on Friday, reversing a three-year-old policy to pressure the kingdom to wind down the Yemen war. The State Department was lifting its suspension on certain transfers of air-to-ground munitions to Saudi Arabia, a senior department official confirmed. "We will consider new transfers on a typical case-by-case basis consistent with the Conventional Arms Transfer Policy," the official said.

  • Saudi Fisheries widens H1 2024 net loss to SAR 19.7M; Q2 at SAR 10.8M

    H1 2024 sales dropped 43%, primarily due to the decline in the wholesale and retail segments on supply challenges. The company reported a net loss at SAR 10.8 million for Q2 2024, compared to SAR 12.7 million in Q2 2023, on higher production costs and inclusion of fair value gains from the investment properties.

  • Spinneys Opens Its First Ever Grocery Store in Riyadh, Saudi Arabia

    Spinneys, the popular UAE based grocery chain has opened its first store in the Saudi capital, Riyadh at La Strada Yard in An Nuzhah district. Spinneys stores offer a great range of local and international products including from the UK and USA. Spinneys aims to open 12 stores across the Kingdom by 2028, including 3 more stores in Riyadh and Jeddah this year.

  • Saudi Arabia Date Production Covers More than Local Needs

    Riyadh emerges as the top date producer, contributing 436,112 tons annually, followed by Qassim with 390,698 tons. Madinah and the Eastern Region also make substantial contributions, producing 263,283 tons and 203,069 tons respectively.

  • Foreign Direct Investment in Saudi Arabia rises to $215 Billion

    These reforms have helped drive rapid investment growth, with gross fixed capital formation increasing by 74% from 2017 to nearly $300 billion in 2023.  Additionally, FDI stock increased by 61% from 2017 to 2023, reaching almost $215 billion in 2023, and FDI inflows have surged by 158%, jumping from $7.5 billion in 2017 to $19.3 billion in 2023.  These initiatives and developments, in addition to incentives, facilities, and enablers, have motivated investors to seek a positive, supportive, and stable investment environment, the Saudi Press Agency (SPA) reported.

  • Saudi Film Commission Revolutionizes Cinema Landscape with Significant License Fee Reductions

    The revised fee structure unveiled by the Film Commission reflects a strategic commitment to bolstering the film industry’s growth and vitality. By slashing licensing costs across different city categories, from “A” to “C,” the Commission aims to empower cinema enterprises, stimulate economic contributions, and foster cultural and creative diversity on the big screen.

  • Green Hydrogen: A New Frontier for Thailand and Saudi Arabia

    In April 2023, Thailand’s state-owned oil and gas conglomerate, PTT Group, announced that it would invest $7 billion in producing green hydrogen with ACWA Power, Saudi Arabia’s leading renewable energy company. The project aims to build a plant in Thailand that can produce 225,000 tons of green hydrogen annually, equivalent to about 1.2 million tons of ammonia. Green hydrogen is a form of renewable energy that is produced by using electricity from solar, wind, or other sources to split water molecules into hydrogen and oxygen. Unlike fossil fuels, green hydrogen does not emit any greenhouse gases when used, making it a clean and sustainable alternative for various applications.

  • Israel orders more Gaza evacuations after school shelter attack kills scores

    Israel expanded evacuation orders in Khan Younis in the southern Gaza Strip overnight, forcing tens of thousands of Palestinian residents and displaced families to leave in the dark as explosions from tank shelling reverberated around them. The Israeli military said it was attacking militants from the Hamas group - which administered Gaza before the war - who were using those areas to stage attacks and fire rockets.