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  • GCC travelers spent $3.9 bln in Saudi Arabia in 2023: Saudi tourism ministry

    Travelers from the Gulf Cooperation Council (GCC) countries spent more than $3.9 billion during their travels in Saudi Arabia, the Kingdom’s Ministry of Tourism said in its annual report. Around 8.6 million visitors from these countries came to Saudi Arabia. This included 3.5 million travelers from Bahrain, 2.3 million from Kuwait, 1.4 million from the UAE, 1.1 million from Qatar, and 455,000 from Oman.

  • Saudi Bank Performance and Growth Prospects Underpinned by Favourable Operating Environment

    The operating environment for Saudi banks remains favourable, and our operating environment score of 'bbb+' is the highest across the GCC’s banking sectors (one notch above the bbb of its closest peers - the UAE, Qatar and Kuwait), being the highest score for EM banking sectors scored by Fitch globally. The operating environment for banks in the kingdom is underpinned by high oil prices and by government spending, supporting the country's giga projects and the Visions 2030 strategy, and resulting in solid non-oil GDP growth. Fitch Ratings forecasts real non-oil GDP growth to average 4.5% over 2024–2025 (2022–2023: 5%).

  • Saudi non-oil activity growth eases in July, PMI shows

    Growth in Saudi Arabia's non-oil sector eased in July from the previous month, with new orders increasing at the slowest pace in two and a half years, a survey showed on Monday. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 54.4 in July from 55.0 in June. It was the lowest reading since January 2022, although still well above the 50 level which marks growth in activity.

  • Saudi Aramco Hikes Oil Prices for First Time in Months

    Saudi Aramco raised the official selling prices of its light crude for Asian clients for the first time in three months, with the September price for flagship Arab Light up by $0.20 per barrel for September delivery. Aramco kept Arab Medium and Arab Heavy crude prices unchanged for Asian buyers. With the hike, Arab Light will cost $2 per barrel over the Oman/Dubai average next month for Asian buyers, although the increase was smaller than the amount analysts expected, which was 50%. The September price for the flagship blend will be the highest in two months.

  • Airlines avoid some Mideast airspace, cancel Israel flights as tensions mount

    Airlines are avoiding Iranian and Lebanese airspace and cancelling flights to Israel and Lebanon, as concerns grow over a possible conflict in the region after the killing of senior members of militant groups Hamas and Hezbollah this week. Singapore Airlines (SIAL.SI), opens new tab stopped flying through Iranian airspace from early Friday morning and is using alternative routes, saying safety is its top priority, it told Reuters in a statement.

  • Saudi Fund’s Multibillion-Dollar Bank Deals Deepen China Pivot

    Saudi Arabia’s wealth fund signed preliminary agreements worth as much as $50 billion with six Chinese financial institutions, in the latest example of the kingdom’s deepening ties with Beijing. The deals were done to boost two-way capital flows through both debt and equity, according to a statement from the $925 billion Public Investment Fund. The memoranda of understanding were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export & Credit Insurance Corp., Export-Import Bank of China and the Industrial and Commercial Bank of China.

  • Saudi: Real estate price index shows 1.7% increase in Q2

    The General Authority for Statistics (GASTAT) disclosed on Thursday that the real estate price index has shown a 1.7% increase in the second quarter of 2024 compared to the same quarter of the previous year. This rise is attributed to a 2.8% increase in residential real estate prices.

  • Commentary: The Limits of a U.S.-Saudi Security Deal

    At a time when many countries are hedging their bets amid the emerging great-power competition among China, Russia, and the United States, why would the Saudis double down on their historic reliance on Washington? In short, they want what neither China nor Russia can provide: security.

  • KSRelief: Saudi Arabia’s humanitarian aid exceeds $130 billion

    The General Supervisor of King Salman Humanitarian Aid and Relief Center (KSRelief), Dr. Abdullah Al-Rabeeah, has confirmed that Saudi Arabia provided more than $130 billion in humanitarian and relief aid between 1996 and 2024, benefiting 170 countries around the world. He made the remarks on Saudi Arabia's relief and humanitarian efforts and projects around the world during his participation via video conferencing in a meeting organized by the National Council on US-Arab Relations, in the presence of the Council's CEO Delano Roosevelt.

  • Saudi Arabia’s PIF to enhance investments in Egypt

    Saudi Arabia’s sovereign wealth fund is set to significantly increase its financing in Egypt, with plans to convert its deposits into direct investments following a key meeting between officials from both countries. The discussions, held in New Alamein City, Egypt, focused on strengthening economic ties and expanding joint investment initiatives.