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  • Saudi Arabia Eyes Major Slice of China’s Tourism Market

    Saudi Arabia welcomed over 150,000 Chinese visitors last year, and it’s on track to boost those numbers to half a million this year with ambitious tourism and economic strategies in play. An investment of $800 billion is fueling the country’s drive to grow its global tourism appeal, with $500 billion specifically aimed at opening up the Kingdom to new markets like China. Chinese tourist groups will also benefit from easier access to Saudi Arabia due to its newly received Approved Destination Status from China. This initiative is part of the Kingdom’s strategy to make China its third-largest source of international tourists by 2030, with a target of attracting five million Chinese visitors by then.

  • Saudi foreign reserve assets fall to SAR 1.63T in October

    Saudi Arabia's foreign reserve assets declined by SAR 80.9 billion, or 5%, month-on-month (MoM), to SAR 1.63 trillion in October, according to the Saudi Central Bank (SAMA). Reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.

  • Saudi: MBC Group’s profits skyrocket 36,686% in 9M-24

    MBC Group achieved net profits valued at SAR 250.51 million in the first nine months (9M) of 2024, an annual leap of 36,686% from SAR 681,000. The sales hit SAR 2.95 billion in January-September 2024, higher by 355.34% than SAR 649.33 million a year earlier, according to the interim financial statements. The group reported a 378% hike in net income to SAR 250.50 million, driven by solid revenue growth and expanded profit margins across all segments. Earnings per share (EPS) climbed year-on-year (YoY) to SAR 0.67 in 9M-24 from SAR 0.02

  • Saudi GDP per capita reaches $33,114 by end of 2023

    Between 2010 and 2023, Saudi Arabia’s GDP grew by approximately 102%, while population growth registered at around 34%, underscoring a balance between economic growth and improvements in living standards. In 2010, GDP per capita stood at 82,500 riyals. A sharp rise followed in 2011, with a 22% increase lifting the figure to 100,000 riyals. This upward trend continued in 2012, reaching 106,000 riyals.

  • The UAE’s strategic AI ambitions

    The United Arab Emirates (UAE) has in past years made significant strides towards economic diversification, with a strategic focus on advanced technologies such as artificial intelligence (AI) and semiconductor manufacturing. These efforts are central to its vision of becoming a regional hub for innovation. The momentum has recently accelerated, with two of the world's largest chipmakers—Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung Electronics—reportedly in talks to establish mega-factories in the Gulf Arab state. The projects could be worth more than 100B USD, elevating the Emirati role in the global tech value chain and generating significant economic opportunities.

  • Iran projects unity, openness to talks as Trump wins elections

    Senior political figures in Iran, including government officials, are signaling an openness to dialogue with the Donald Trump administration. In parallel, the Islamic Republic is moving to project unity at home, in a possible message that any talks will be held from a position of strength. But the path to negotiations is fraught with challenges. The latest snag is an alleged murder-for-hire plot by Iran to assassinate Trump, which Tehran has dismissed.

  • Saudi Arabia to Cut Oil Supply to China Amid Weak Demand

    Weak demand in China will lead to lower supply from the world’s top crude exporter, Saudi Arabia, to the world’s largest crude importer in December, trading sources told Reuters on Monday. The drop in Saudi supply would come despite the fact that the Kingdom has reduced its official selling prices (OSPs) for crude loading in December for Asia. December will see a second consecutive month of lower Saudi deliveries to China, estimated at a total of 36.5 million barrels. This would be down from 37.5 million barrels expected this month, and 46 million barrels in October, according to trade data compiled by Reuters.

  • Saudi Residential Real Estate: The Market Is Booming

    Residential real estate prices and rents continue to soar in Saudi Arabia. The cities of Riyadh and Jeddah saw year-on-year sales prices jump by 10% and 5%, respectively, in the first half of 2024, according to property consultancy company JLL's KSA Market Dynamics Report H1 2024. Rental yields also remain high, with year-on-year growth of 9% in Riyadh and 4% in Jeddah. The total number of real estate transactions across all asset classes surged by 38% to just over 106,700 in the first half of 2024, while their total value leapt by 50% to Saudi riyal (SAR) 127.3 billion, according to global real estate company Knight Frank's Saudi Arabia Residential Market Review - Summer 2024.

  • Saudi Arabia’s Mohammed bin Salman says Israel committing genocide in Gaza

    At a joint summit by the Arab League and the Organisation of Islamic Conference held in Riyadh, the prince and other Arab leaders doubled down on their criticism of Israel's assaults on Gaza and Lebanon, calling for an immediate ceasefire. "This summit is held as an extension to the previous summit in light of the continued heinous Israeli aggressions against our brotherly Palestinian people and the extension of aggressions on the brotherly Republic of Lebanon," he said in his keynote speech. "The kingdom reiterates its denounciation of the genocide perpetrated by Israel against the brotherly Palestinian people, which resulted in more than 150,000 martyrs, wounded and missing, the majority of whom are women and children."

  • In Gaza, ‘an entire society now a graveyard’

    Aid workers and U.N. officials paint a picture of complete devastation. Louise Wateridge, a spokesperson for the U.N. agency for Palestinians, UNRWA, posted a video of her recent drive through stretches of northern Gaza, showing an endless moonscape of cratered buildings and desolate, debris-strewn streets. “There is no way of telling where the destruction starts or ends,” she wrote online. “No matter from what direction you enter Gaza City, homes, hospitals, schools, health clinics, mosques, apartments, restaurants — all completely flattened. An entire society now a graveyard.”