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  • Saudi’s National Building awarded $93.3 million Contract for Residential Units in Riyadh

    National Building and Marketing Co. (NBM), Saudi Arabia announces the signing of a contract worth SAR 350 million for constructing villas and residential apartments (Granada Riyadh Project) with Al-Fayzia Real Estate Development Co. As part of the contract, the company will carry out the infrastructure and superstructure works, construct, finish, implement and supply all project building materials, administrative follow-up and implementation of all related services until the project is ready for investment.

  • Saudi new mortgage approvals rebound

    Yet last year’s total number of new mortgage approvals – 102,583 – was less than half the 2020 peak of 225,073 and the lowest since 2018, data from the Saudi Arabian Monetary Agency (Sama) shows, as soaring interest rates deterred borrowers. Now, though, there are signs of increasing demand. In March and April combined, 17,405 new residential mortgages worth an aggregate SAR12.9 billion ($3.5 billion) were sold in the kingdom, up 18 and 14 percent respectively on the figures for the prior-year period.

  • Jordan makes biggest drugs bust in years at Saudi border

    Jordan has foiled two plots to smuggle millions of captagon pills through a border post to Saudi Arabia, the biggest seizure in years of drugs bound for lucrative Gulf markets from what Jordanian security officials say are Syria-based gangs with ties to Iran.
    The haul was discovered hidden in a shipment of construction vehicles at the Omari crossing in Jordan's eastern desert before it was due to enter Saudi Arabia, officials told Reuters on Wednesday.

  • 2023-24 Roshn Saudi League – in record-breaking numbers

    The recently concluded 2023-24 Roshn Saudi League was one for the history books, with a slew of records tumbling and new benchmarks set. Al Hilal were rampant title winners, Cristiano Ronaldo showed once more why for many he is considered the greatest of all time, while the rapidly growing league encouraged more fans to attend in person and, at the same time, reached a bigger worldwide audience than ever before.

  • What will it take to make the MENA region a renewable energy powerhouse?

    At a time of rapid growth in renewable energies such as solar and wind, it would be easy to write off the region (as some are doing) as a waning power, both in terms of energy and geopolitics. After all, how good can the outlook be for petrostates in a world focused on moving to net-zero emissions? In our view, the opposite is true: the region is well placed to become not just a major source of renewable energy, but also a central and indispensable player in the global energy transition, uniquely able to balance supply and demand for all types of energy, both hydrocarbons, and renewables.

  • One year later, why haven’t the PGA Tour and Saudis completed a deal?

    One year later, the professional golf world is still bitterly divided. Television ratings many weeks are down. There has been no merger and no partnership. The two tours continue to operate independently. The best players on the planet get together just four times a year. And there’s been no infusion of Saudi oil money to help reshape or bolster the PGA Tour.

  • Commentary: Are Iran and Bahrain about to restore diplomatic relations?

    In this discussion about improving ties with neighboring nations, the Bahraini king was not only referring to the Gulf Cooperation Council countries or Iraq, but also openly referring to his country’s eastern neighbor, the Islamic Republic of Iran. Relations with Iran have been strained in recent years, with security and political concerns causing a diplomatic rift. King Hamad told President Putin on May 23: “We have good relations with all countries. Iran is the only one with which we will work to resolve issues and, in fact, there are no significant problems to mention.” The ruler of Bahrain expressed his wish for “progress in development, trade and overall quality of life.”

  • Saudi Arabia joins BIS- and China-led central bank digital currency project

    Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in U.S. dollars.
    The move, announced by the Bank for International Settlements on Wednesday, will see Saudi's central bank become a "full participant" of Project mBridge, a collaboration launched in 2021 between the central banks of China, Hong Kong, Thailand and the United Arab Emirates.

  • World Cup bidder Saudi Arabia accused of abusing migrant workers ahead of FIFA decision

    A global group of trade unions is accusing Saudi Arabia of abusing migrant workers in a complaint filed Wednesday with a UN-backed labor organization, which comes as FIFA prepares to confirm the oil-rich kingdom as host of the 2034 World Cup. The complaint filed by Building and Wood Workers’ International urged the International Labor Organization to investigate Saudi Arabia for “severe human rights abuses and wage theft,” which it said affected at least 21,000 workers over the past decade.

  • Saudi Green Initiative Introduces ‘Namour’ to Inspire Environmental Awareness among Youth and Children

    Saudi Green Initiative (SGI) issued a press release today announcing the introduction of Namour, a character that aims to inspire young people in Saudi Arabia to be environmental heroes. Named after the Arabic word for Arabian leopard (Nimr), Namour represents strength, power, and grace, symbolizing Saudi Arabia's dedication to environmental conservation and sustainability.

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