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  • Alipay+ expands to Saudi Arabia. Good news for luxury?

    Chinese fintech giant Ant Group is aggressively expanding abroad, with its eyes now on Saudi Arabia. Singapore-based Ant International, which extends the group’s innovative fintech solutions to global markets, has signed a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to facilitate business growth in the kingdom.

  • Saudi Arabia readies six airports to receive Hajj 2024 pilgrims

    Saudi civil aviation authorities said they have designated six main airports for receiving Muslims, who will attend next month’s annual Hajj pilgrimage. They are King Abdulaziz International Airport in the Red Sea city of Jeddah; Prince Mohammed bin Abdulaziz Airport in Medina; Taif International Airport in the western city of Taif; King Khaled International Airport in Riyadh; Prince Abdulmohsen International Airport in the coastal city of Yanbu; and King Fahd International Airport in the western city of Dammam.

  • Saudi Aramco maintains $31 billion dividend despite lower Q1 net income

    Saudi Arabia's state oil giant Aramco (2222.SE), opens new tab expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold. The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the company's payouts, which also include royalties and taxes. The kingdom, the world's biggest oil exporter, is spending billions of dollars to diversify its economy away from crude.

  • Exclusive: Shell in talks to sell Malaysia fuel stations to Saudi Aramco, sources say

    Energy giant Shell is in talks with Saudi Arabia's state-owned Saudi Aramco to sell its gas station business in Malaysia, the second-largest such network in the country, four industry sources aware of the discussions said, and a deal could be worth up to $1 billion. Shell said Malaysia is important to the company. "We remain committed to the mobility business in the country," it said in an updated statement on Tuesday, without elaborating.

  • Opinion: A U.S. Deal Could Make Saudi Arabia the Next Egypt

    Will they, or won’t they? That is the question that the Middle East-watching world has been asking for the past few weeks. Will the United States and Saudi Arabia announce the big defense pact-plus deal that officials in both countries have been working on since at least mid-2023?

  • Saudi Arabia’s Donia Abu Taleb set to make historic step for women at Paris Olympics 

    Donia Abu Taleb took an historic step for Saudi women when she earned direct qualification for the taekwondo competition at the Paris Olympics and is determined to take another huge stride in France later this year. The 27-year-old punched her ticket to the Games at the Asian qualifiers in March and her achievement was celebrated by Prince Abdulaziz bin Turki Al Faisal, the minister of sport and head of the Saudi Olympic Committee.

  • Kingdom of Saudi Arabia and United Kingdom Conclude High-Level Strategic Dialogue on International Development and Humanitarian Assistance

    The Kingdom of Saudi Arabia, represented by the King Salman Humanitarian Aid and Relief Centre (KSrelief) and the United Kingdom successfully concluded their Strategic Dialogue on International Development and Humanitarian Assistance with a high-level plenary session on 7 May 2024.

  • Saudi Arabia sees Pakistan as high priority opportunity, believes in its economic potential: Almubarak

    Almubarak made the remarks at the two-day Pakistan Saudi Arabia Investment Conference, which began in Islamabad today, after arriving in the capital the previous night with a key Saudi delegation comprising dozens of investors as Pakistan aims to court foreign investors to boost its exports in collaboration with Saudi companies. The Saudi official said his country “believes in the economic potential of Pakistan” including its demography, location and natural resources.

  • Saudi Arabia’s non-oil revenues rise 9 percent to $29.73 billion in Q1 2024: MoF

    Saudi Arabia’s non-oil revenues saw a 9 percent increase to SAR111.512 billion ($29.73 billion) in the first quarter of 2024, compared to Q1 of 2023, the Ministry of Finance reported in its latest Quarterly Budget Performance Report. During Q1, Saudi Arabia’s total revenues saw a 4 percent annual increase to SAR293.433 billion. Meanwhile, the Kingdom’s expenditures increased by 8 percent annually to SAR305.82 billion. Therefore, Saudi Arabia posted a budget deficit of SAR12.39 billion during the first quarter of 2024.

  • Saudi real GDP likely to grow 2.2% in 2024: S&P Global

    S&P Global Ratings expects the real GDP of Saudi Arabia to grow by 2.2% in 2024, before rising further by 5% in 2025.   In its latest report, the rating agency said that the surge in the non-oil sector will contribute an increasing share of this growth. This was attributed to government-led investments in Vision 2030 projects.   Part of the investments in the Saudi-led transformation programs will come from the government and the Public Investment Fund (PIF), S&P Global said. However, it also projects banks and capital markets to contribute a significant amount.