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  • Goldman Says Israel, Saudi Arabia Risk Scores Worsen Most in EM

    Israel and Saudi Arabia saw their sovereign-risk scores worsen the most during the first half of the year as fiscal positions deteriorated in both countries, according to Goldman Sachs Group Inc. Israel’s war with Hamas and its drain on public finances led to the sharpest decline in sovereign-risk score in emerging markets during the first six months of 2024, according to Farouk Soussa, an economist at Goldman.

  • Esports World Cup: Everything you need to know as Saudi Arabia gaming extravaganza begins

    Starting tonight in Riyadh, the event will run for nearly eight weeks until August 25 and replaces the Gamers8 festival with a grander vision and bigger ambitions. It has a combined prize pool of more than $60 million, setting a new benchmark for esports. The Esports World Cup will feature 22 competitions across 21 different video game titles. It begins in Riyadh's Boulevard City with an opening show which will be streamed live on the official website.

  • Prince Khalid bin Salman, Erdogan discuss ways to enhance bilateral ties

    Prince Khalid bin Salman and his accompanying delegation arrived in the Turkish capital of Ankara on Tuesday for an official visit, following the directives of the Saudi leadership. Upon the arrival at Ankara’s Esenboga Airport, the Saudi minister was accorded a warm welcome by President of the Turkish Defense Industry Agency Prof. Haluk Gorgun, along with several high-ranking officials.

  • Esports World Cup fever in Saudi Arabia as contest kicks off with biggest prize pool

    The much-anticipated Esports World Cup (EWC) was officially launched Tuesday night in Saudi Arabia’s Riyadh, hours before teams from across the globe join the weeks-long competition.

  • Saudi Arabia Led Big Drop in Global Seaborne Oil Flows in June

    Global seaborne flows fell by about 1.08 million barrels a day, according to ship-tracking data compiled by Bloomberg. The month-on-month drop was the biggest this year and about half of the decline came from the kingdom.

  • Saudi non-oil activity grows at slowest pace in 2 1/2 years, PMI shows

    Non-oil business activity in Saudi Arabia expanded at its weakest pace in 2 1/2 years in June as new orders slowed further, although the sector still grew at a healthy clip, a survey showed on Wednesday. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 55.0 in June from 56.4 the previous month, and was the lowest reading since January 2022, although it was still well above the 50-level which indicates growth in activity.

  • ZATCA Releases Guidelines For Regional Headquarters In Saudi Arabia

    On 14 April 2024, the Zakat, Tax, and Customs Authority (ZATCA) released comprehensive guidelines for regional headquarters in Saudi Arabia. These guidelines, available in English and Arabic, provide detailed explanations of regulatory provisions, accompanied by practical examples illustrating the application and utilization of the tax incentives.

  • How to Open a Virtual Office in Saudi Arabia? A Step by Step Guide.

    Saudi Arabia has a growing population and extensive economy in the Middle East and Asia. The country has a rapidly growing demand for products retail and services. They offer multiple opportunities for various businesses to fulfill their demand and needs. However, the latest technology and business emerging trend is the virtual workspace is also entered in the Saudi Kingdom. In this article, we define how to open a virtual workspace or Virtual Office in Saudi Arabia.

  • Saudi liner newcomer targets fleet growth with Bahri deal

    Saudi Arabian liner newcomer Folk Maritime is pressing ahead with ambitious growth targets in a deal with Bahri Ship Management, a unit of the kingdom’s top shipping line, Bahri, to collaborate on technical shipmanagement, crewing and shipbuilding supervision of Saudi-flagged vessels. Under a memorandum of understanding Bahri Ship Management will support the Riyadh-based feeder operator led by former Hamburg Süd boss Poul Hestbaek with the aim of linking Saudi Arabia to regional ports across the Middle East and North Africa.

  • Tourists’ spending in Saudi Arabia up 23% to $12bn

    Tourism spending in Saudi Arabia saw an annual increase of 23 percent in the first three months of the year, hitting SR45 billion ($12 billion), according to new figures. Data released by the Saudi Central Bank showed that the balance of payments for travel – encompassing expenditures by foreign tourists visiting the country and spending by residents traveling abroad – posted a surplus of SR24 billion. This is a 46 percent increase on the first quarter of 2023.