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  • Saudi Arabia’s non-oil exports rise 12.4 percent, imports down 1.3 percent in April: Report

    Saudi Arabia’s non-oil exports saw a 12.4 percent annual increase in April 2024 while imports declined by 1.3 percent. National non-oil exports rose 1.6 percent while the value of re-exported goods increased by 56.4 percent during the same period. The latest report from the General Authority for Statistics (GASTAT) also reveals that Saudi Arabia’s merchandise exports declined by 1 percent annually in April 2024. Therefore, the share of oil exports from total exports declined from 80.6 percent in April 2023 to 78 percent in April 2024.

  • Saudi Arabia sees sharp increase in FDI to $65 billion after pandemic: Report

    Saudi Arabia attracted $65.1 billion in foreign direct investment (FDI) in the three years following the pandemic until 2023, placing it among West Asia’s top recipients, a new report suggests. According to the latest World Investment Report by the UN Conference on Trade and Development, the Kingdom’s FDI outflows totaled over the same period $73.1 billion, with $16 billion recorded in 2023 alone. This ranks Saudi Arabia 16th among the top 20 economies globally for FDI outflows

  • Saudi Arabia’s futuristic ‘mega cities’ could be quietly downgraded: report

    Continued low oil prices mean that some of the more ambitious elements of NEOM - such as The Line project - might be reduced in size and constructed over a longer period with the source telling the BBC that the planned 170km linear city will be just 2.4km in length when its first stage is completed in 2030. "The decision will be based on multiple factors," an anonymous advisor told the BBC.

  • Despite mediation efforts, the risk of an all-out Israel-Hezbollah war is rising rapidly

    • The war of words between Hezbollah and Israel continues to escalate, with Hezbollah Secretary-General Hassan Nasrallah stating in a speech on June 19 that if Israel were to mount a large military offensive against the group, there will be “no rules” and “no ceilings” to its response.

  • Saudi Arabia shortens Friday sermons until end of summer

    The sermon preceding the Friday noon prayers at Islam's two holiest mosques in Saudi Arabia will be shortened to a few minutes until the end of summer to ease the burden on worshippers amid the extreme heat in the kingdom. Under a royal directive, the duration of the Friday sermon and prayers in the two Holy Mosques will be reduced to 15 minutes, starting yesterday and continuing until the end of summer, a senior Saudi official has said.

  • IPOs, pre-Eid selling weigh on Saudi market: Analysts

    Analysts surveyed by Argaam said that the market experienced negative performance last week, with the Tadawul All Share Index (TASI) dropping by 4% year to date. This drop is attributed to pressures from IPOs, falling oil prices, the Federal Reserve meeting, and pre-Eid Al-Adha selling.

  • Saudi Arabia Loads Up on Debt Amid Growing Megaproject Bills

    The kingdom added around $17 billion in new sovereign debt in the first three months of the year, hitting its total target for all of 2024. The borrowing is part of Saudi Arabia's dash for cash to feed the hugely expensive megaprojects that anchor its planned economic revamp. Saudi Arabia's debt level remains conservative versus Western economies. Its sovereign debt equaled about 27% of gross domestic product last quarter, well shy of the 60%-plus seen in much of Europe.

  • Saudi Equities — Five-Year Milestone and the Road Ahead

    Since May 2019, the MSCI Saudi Arabia and MSCI Tadawul 30 Indexes and the MSCI Saudi Arabia Investable Market Index (IMI) have outperformed the MSCI Emerging Markets IMI. The MSCI Tadawul 30 Index, jointly launched by MSCI and the Saudi Stock Exchange Co. (Tadawul), includes the top 30 stocks listed in the Saudi equity market, based on free-float-adjusted market capitalization and screened for liquidity and international investability.

  • Al-Jadaan: Saudi Arabia seeks deepening collaboration with Switzerland in diverse fields

    He said this while inaugurating the 4th Saudi-Swiss Financial Dialogue held in Zurich, Switzerland, on Thursday. Al-Jadaan headed the Saudi delegation to the conference and the delegation also included a number of senior officials from the Saudi Ministry of Finance, Saudi Central Bank, Insurance Authority, Financial Sector Development Program, and Fintech Saudi.

  • Esports World Cup in Saudi Arabia with a $60 mln prize: All you need to know

    Saudi Arabia is gearing up to host its debut Esports World Cup (EWC) in Riyadh with prize pool of over $60 million in July. The prize pool is the largest ever in the industry, to be divided into four categories – game championships ($33 million), player bounties ($1 million), qualifiers ($7 million), and a cross-game competitive format club championship ($20 million).