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  • Saudi Arabia’s 3.7 GW solar tender attracts lowest bid of $0.0129/kWh

    Saudi Power Procurement Co. (SPPC) announced this week the shortlisted bidders for the final phase of the fifth round of the Saudi Arabian government's National Renewable Energy Program (NREP).  For the 2000 MW Al-Sadawi Solar PV IPP Project, the shortlisted bidders are a consortium comprising UAE-based Masdar and Korea Electric Power Corporation (KEPCO), which offered a price of $0.0129/kWh, and a consortium formed by China-based SPIC Huanghe Hydropower Development Co., Ltd. and France-based EDF Renouvelables, which submitted a price of $0.0131/kWh.

  • Saudi Arabia pumps funding into startups as it vies for Mena No 1

    The VC market across the Middle East and North Africa raised $1.3 billion from January to September 2024 – and Saudi Arabia “led the region”, said startup analyst Magnitt. The kingdom secured “39 percent of Mena’s total funding” and activity was driven by $100 million-plus “deals like SallaApp’s $130 million round” in March, according to Magnitt’s Q3 report. The UAE was the region’s “most active market”, Magnitt added, “with a 12 percent increase in deal volume, accounting for 38 percent of all deals”

  • Saudi Arabian economic growth to accelerate in 2025 as oil taps open

    Saudi Arabia, the world's largest exporter of crude oil, is reportedly preparing to abandon its unofficial target of reaching $100 per barrel. This will allow the kingdom to reverse past production cuts and increase market share, which along with non-oil revenue growth, will help drive faster economic growth. The Oct. 9-22 Reuters poll of 21 economists forecast the Saudi economy would expand 4.4% in 2025, the fastest in three years, and up from an expected 1.3% this year.

  • Saudi crown prince, Iraqi prime minister discuss regional crises during phone call

    Saudi Crown Prince Mohammed bin Salman spoke on the phone with Iraq's Prime Minister Mohammed Al-Sudani on Tuesday, Saudi Press Agency reported. During the call, they reviewed relations between the two countries and ways to enhance and develop them in various fields. They also discussed the latest developments in the region and the efforts made to prevent the deterioration of the situation in Palestine and Lebanon, as well as how to spare the region from the risks of escalation.

  • Seven GCC IPOs raise $1.7 billion in Q3 2024, UAE leads growth with $1.1 billion

    Markaz’s report also revealed that the UAE led the GCC region in terms of IPO proceeds in Q3, raising a total of $1.1 billion from one offering. This constituted 69 percent of total GCC IPO proceeds during the quarter. Meanwhile, Saudi Arabia’s IPO proceeds reached $512 million during the quarter with six offerings constituting 31 percent of total GCC IPO proceeds during the quarter.

  • BRICS summit 2024 to begin on Tuesday: All you need to know

    The original BRICS members—Brazil, Russia, India, China, and South Africa—will be joined by the newly admitted members: Egypt, Ethiopia, Iran, and the United Arab Emirates. However, Brazilian President Luiz Inácio Lula da Silva will participate virtually due to a recent injury, adding an interesting dynamic to the proceedings.

  • Saudi Minister of Finance Heads Kingdom’s Delegation to 2024 IMF-WBG Annual Meetings & 4th G20 FMCBG Meeting

    The Saudi Delegation will also include His Excellency the Governor of the Saudi Central Bank (SAMA), Mr. Ayman Alsayari; His Excellency the Saudi Vice Minister of Finance, Mr. Abdulmuhsen Alkhalaf; the Deputy Minister of Finance for International Affairs, Mr. Khalid Bawazier; the Deputy Chair of the International Monetary and Financial Committee (IMFC), Dr. Ryadh Alkhareif; and a number of specialists from the Saudi Ministry of Finance, SAMA, the Saudi Fund for Development (SFD), the Zakat, Tax and Customs Authority (ZATCA), and the National Debt Management Center (NDMC).

  • Two Falcons Sold for SAR191,000 at Third Night of Saudi Falcons Club Auction 2024

    The Saudi Falcons Club Auction 2024, held at the club's headquarters in Malham, north of Riyadh, continues until November 15. On the third night, two Shaheen falcons were sold for a total of SAR191,000. The first falcon, Tarh Al-Faw Hafr Al-Batin, presented by falconer Omar Al-Enezi, sold for SAR41,000. The second falcon, Tarh Al-Leith, presented by falconer Ibrahim Al-Ayyaf, began with a starting price of SAR50,000, generating intense competition before ultimately selling for SAR150,000.

  • Saudi Arabia, China forge tourism partnerships to boost investment, travel

    In a post on his X account, Al-Khateeb said: “During my visit to China, I met with Chinese investors and discussed the great potential and investment opportunities in Saudi Arabia’s tourism sector and ways for collaboration to elevate the experience of tourists.” In June, the Kingdom announced its official Approved Destination Status, effective July 1, following participation in the second China Roadshow and ITB China in Shanghai.

  • A Mideast Shift Is Underway, Without Israel

    A diplomatic détente is underway in the Mideast, but not the one envisioned by the Israeli prime minister, Benjamin Netanyahu, who continues to say that his administration can clinch a deal with Riyadh. This month, the foreign ministers of the Persian Gulf states met for the first time as a group with their Iranian counterpart. It is a shaky, early-stage rapprochement that will only chip away at centuries of sectarian antagonisms, but it represents a sharp shift in a region where the rivalry between Riyadh and Tehran has drenched the region in bloodshed for decades.