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Saudi Arabia to Invest $64 Billion in Entertainment Sector – Report
Saudi Arabia said it will invest $64 billion in its entertainment industry as part of its ongoing efforts to diversify its economy, according to reports.
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Saudi Arabia Seeks to Host World’s Fair in 2030
Saudi Arabia intends to submit a bid to host the Expo 2030 world fair, Saudi Crown Prince Mohammed bin Salman said on Friday, as the Kingdom continues to open itself up to the world and diversify its economy.
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Future Investment Initiative (FII) Kicks Off 5th Annual Summit with Focus on Climate, Humanity, Energy
The first day of the Future Investment Initiative (FII) conference kicked off this morning in Riyadh with a focus on investing in humanity, sustainability, and impactful investing. The FII comes just a day after the Saudi Green Initiative and Middle East Green Initiative Launch Events that concluded yesterday in the Saudi capital.
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Saudi Arabia Joins Global Community with Pledge to Achieve Net Zero Emissions by 2060
Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Saturday at the Saudi Green Initiative (SGI) event that the world’s top oil exporter aims to reach “net zero” emissions of greenhouse gases, mostly produced by burning fossil fuels, by 2060, according to reports.
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Saudi Arabia’s Nayifat Finance Company Latest to Announce IPO Plans on Surging Tadawul
Saudi Arabia’s Nayifat Finance Company said on Tuesday it plans an initial public offering (IPO) on the Riyadh stock exchange with a free float of 35% of its shares, according to a Reuters report. Nayifat, a consumer-focused Islamic finance firm, said in a statement that it plans a sale of 35 million shares to institutional […]
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Saudi Arabia Adjusts Fiscal Outlook for 2022, Jadwa Investment Sees ‘Conservative’ Approach by Saudi Ministry of Finance
Saudi authorities released a preliminary budget statement for the 2022 fiscal year on 30th September 2021, and some fiscal and economic indicators were revised for the medium term. According to a report and analysis by Jadwa Investment, the main adjustment to Saudi Arabia’s fiscal outlook “relates to government revenue, with the upward revision to revenue from 2022 […]
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Residential Mortgages Soar in Saudi Arabia; Commercial Rents in Riyadh See Post-Pandemic Recovery
Roughly five years after the launch of the Kingdom’s National Transformation Plan (NTP), a key part of the Saudi Arabia’s Vision 2030 social and economic masterplan, Saudi is seeing major initial progress in the real estate sector, with new residential mortgages soaring 1000% since 2016, according to a report from industry powerhouse KnightFrank.
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‘Massive’ Coral Colony Discovered on Saudi Arabia’s Al-Waqadi Island is First in Region
A team of marine scientists and environment experts working for the Red Sea Development Company found a massive and unique coral reef south of Al-Waqadi Island off of Saudi Arabia’s coastline, Arab News and the Saudi Press Agency report.
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Report: Potential Showdown Looms as PGA Tour Says it Wont Allow Players to Compete in Saudi International
The PGA Tour will refuse to allow some of its biggest stars to play in the Saudi International golf tournament next year in response to the Saudi Public Investment Fund’s backing of a new challenging tour to rival the PGA, according to a report in Golf Week.
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Saudi Arabia’s Rock Art Complex Hima Gets Sought-After UNESCO World Heritage list Designation
Hima, one of the largest rock art complexes in the world located in Saudi Arabia, has landed on UNESCO’s World Heritage list, the sixth such location in the Kingdom to receive the sought-after designation, according to reports. Entered into UNESCO’s listings as the Ḥimā Cultural Area, the incredible rock art is located in an arid, mountainous area of […]
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Saudi Mega Projects Seek Partners in Bid to Hit Goals
Executives from The Line, New Murabba and Diriyah Company — complex developments ranging from a futuristic mega city on the Red Sea to an urban development housing a cube-shaped skyscraper set to be the tallest in the Saudi capital — discussed challenges with supply chains, costs and finding skilled workers as they underscored the urgent need for experienced partners to assist in completing projects.
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UK launches major trade push in Saudi Arabia at Riyadh talks
Five UK ministers will be at the head of a huge British delegation visiting Saudi Arabia this week, as Britain seeks to strengthen trade and cultural ties with the kingdom. Oliver Dowden, the UK's Deputy Prime Minister, Lucy Frazer, the Culture, Media and Sport Secretary, Dominic Johnson, the Investment Minister and Nick Markham, minister at the Department of Health and Social Care, have taken a British delegation of more than 450 business and cultural leaders to Riyadh, where the UK is hosting an event called Great Futures, aimed at highlighting the co-operation and partnerships between British companies and institutions, and their Saudi counterparts.
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Saudi dates exports jump by 13.7% in Q1 of 2024
The National Center for Palms and Dates announced that the value of Saudi Arabia’s exports of dates during the first quarter of 2024 rose to reach SR644 million, an increase of 13.7% compared to the same period in 2023 when the value of its exports reached SR566 million.
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Ministry of Interior joins hands with SDAIA in providing high tech services for pilgrims
During the sixth year after the launch of the initiative in 2017, with the exemption of two years during which there was a restriction for the Hajj of foreign pilgrims due to the outbreak of coronavirus pandemic, the Ministry of Interior and SDAIA launched the highly advanced system, which allowed beneficiaries to complete procedures automatically, by taking biometrics, reading pilgrims’ passport data, and facilitating procedures for the elderly and people with disabilities, using the latest technologies to achieve the highest levels of safety and reliability.
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In Saudi Arabia, Ancient Desert Walls Are Rewriting the Stone Age
The ancient town at Hegra, just outside the modern town of Al-Ula in northern Saudi Arabia, is famous for its Nabataean monuments carved directly into the red rock, many ornately decorated and complete with inscriptions. Similar in style to its more famous Nabataean sibling, Petra, in Jordan, Hegra only recently received a comparable level of attention from archaeologists. When it did, the finds were spectacular. In 2008, excavations began on tombs that still contained not only bodies but also the ceramics and jewelry buried with them (astonishingly undisturbed, unlike the tombs at Petra).
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Why tourism is set to drive economic diversification in the Gulf
Saudi Arabia reported more than 106 million tourists in 2023, up 12 per cent from 2022 and an astonishing 56 per cent higher than 2019. Of this 106 million, slightly more than a quarter, or 27.4 million, were international visitors.
Dubai attracted a record 17.2 million international visitors last year, up by about 20 per cent year on year, while the other emirates also reported strong growth in both domestic and international visitor numbers in 2023.
Hospitality was the fastest-growing sector in both Dubai and Qatar in the first nine months of last year, posting double-digit growth. In Bahrain, hospitality was the second fastest-growing sector after transport.
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Saudi benchmark index closes in green with $1.8bn trade volume
Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,259.60 points, witnessing an increase of 42.55 points, or 0.35 percent. Nomu, the parallel market, ended the day at 26,859.37 points, shedding 336.56 points or 1.24 percent. Concurrently, the MSCI Tadawul Index grew by 5.34 points to close at 1,535.83, a 0.35 percent increase.
TASI reported a trading volume of SR7 billion ($1.86 billion), with 85 stocks making gains and 134 witnessing declines. -
Saudi Film Commission takes charge of cinema sector
Saudi Arabia’s Film Commission has announced it will now have oversight over the cinema sector, which will no longer fall under the jurisdiction of the General Authority of Media Regulation. The Council of Ministers had ordered the change, which has now been implemented after the completion of the required regulations, the Saudi Press Agency reported on Monday.
The first phase includes regulating licensing for the operation of permanent, temporary and special cinemas, as well as the production, distribution and import of movies, videos and television programs. -
China-Gulf free trade talks stall on Saudi industrial agenda, sources say
Negotiations between China and an Arab bloc for a free trade agreement have stalled over concerns by Saudi Arabia that cheap Chinese imports could undermine its ambitions to transform the kingdom into an industrial powerhouse, sources say.Saudi Arabia has backed renewed efforts over the past two years for the Gulf Cooperation Council (GCC), the Arab bloc which includes the kingdom, United Arab Emirates and Qatar, among others, to finally seal a long sought deal with China.
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How Al Hilal won the Saudi Pro League title
Hilal has been a ruthless, winning machine in the 2023-24 season - memorably setting a new world record of 34 successive victories in all competitions, 20 of which came in the Saudi Pro League. If Jorge Jesus’ side can avoid defeat in its final three games it has the chance to complete an invincible season, though the first of those is against a wounded Al Nassr team.
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