MUST-READS

• Prominent Emirati businessman Saeed Juma Al Naboodah passes away

  Prominent Emirati businessman Saeed Juma Al Naboodah, Chairman of the Saeed and Mohammed Al Naboodah Group, and former Chairman of the Dubai Chamber of Commerce and Industry, passed away today (Wednesday, 13th March). The funeral prayer for Saeed Juma Al Naboodah will take place after the noon prayer tomorrow (Thursday). Condolences will be received for three days, starting from Thursday evening prayer and continuing until Saturday, at the designated location in the Al Khawaneej area.

• Lionel Messi models Gulf headdress for Saudi brand

  Lionel Messi is now the face of Sayyar, a men's fashion brand in Saudi Arabia.

  The sports star, who's also the kingdom's tourism ambassador, appears in a video posted by the company on its social media platforms. In the short clip, Messi is in full Gulf attire, with a traditional white thobe and red-and-white shemagh, or scarf, on his head.

  He poses for the camera, in between shots of him fixing the headdress. It ends with him holding an orange box featuring the name of the brand.

• Saudi Arabia reaffirms world’s security and stability on advent of Ramadan

  The weekly session of the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh on Tuesday, reaffirmed the Kingdom’s wishes for the world’s security and stability on the advent of the holy month of Ramadan. Addressing the Cabinet, the Crown Prince expressed gratitude to God Almighty for blessing all Muslim communities with this holy month and granting the Kingdom the honor of serving the Two Holy Mosques and their visitors. He also prayed that this month may bring security and stability to the Islamic nations as well as to the entire world.

• “KSrelief is the only entity authorized to receive donations outside Saudi Arabia”

  The Ministry of Interior confirmed that the King Salman Humanitarian Aid and Relief Center (KSrelief) is the only entity authorized to receive and distribute donations outside Saudi Arabia, the Saudi Press Agency reported.

  The ministry emphasized that the Saudi society is a giving society. “The donation campaigns carried out by the Kingdom to relieve countries during disasters, and the Ehsan, Farajat and Tabarra platforms are based on regular procedures that ensure that donations reach those who deserve them and are not used for exploiting in a way undermining the security,” it said.

• Saudi in talks to add new banks to Aramco’s secondary share sale: Report

  Saudi Arabia is in talks to include top Wall Street banks for the proposed secondary share sale in oil giant Aramco, Bloomberg reported, citing informed sources.   The kingdom plans to hire JPMorgan Chase & Co. as one of the main underwriters to the offering, with Bank of America and Morgan Stanley contending for lead roles on the deal, which could raise as much as $20 billion, the report said.   The final list of advisers may change and more banks are expected to be added before the deal launches. No final decisions have been made on the sale's timing or the offering's size.

• Red Sea crisis raises Saudi construction costs

  Riyadh-based Jadwa Investment has now estimated that disruption to commercial shipping in the Red Sea and Gulf of Aden has contributed to a 25-50% construction material price rise in recent weeks. This steep rise comes amid renewed escalation in the Red Sea following a start to the year characterised more by falling risk perceptions due to the heavy build-up of the US-led naval coalition in the area. All of this changed on 18 February with the holing of the UK-owned Rubymar, which sank on 3 March. That ship had been carrying Saudi fertiliser from Dammam to Bulgaria. However, perhaps a more direct concern for the Saudi construction sector is the strike on 6 March of the bulk carrier True Confidence, which came from China loaded with steel and commercial vehicles.

• Saudi ports record 17% growth in container handling in February

  Seaports in Saudi Arabia recorded a 16.88 percent increase in the number of containers handled in February compared to the same period last year, official data showed.  The Saudi Ports Authority, also known as Mawani, disclosed that docks in the Kingdom received 226,672 standard containers in February 2024, marking an increase from 193,937 in the corresponding month of 2023.  Furthermore, the maritime facilities experienced a 1.44 percent uptick in the volume of handled tonnage, reaching 23.38 million tonnes, in contrast to 23.04 million tonnes recorded in February 2023.  

• Moody’s retains positive outlook for Saudi Arabia’s banking sector

  Moody’s Investors Service has retained a positive outlook for Saudi Arabia’s banking sector thanks to the Kingdom’s economic diversification programs. In its latest report, the US-based credit rating agency said the demand for credit for government-backed projects will improve loan performance and generate strong profit for banks in Saudi Arabia. “The banks’ operating environment will continue to be supported by the strong momentum in the non-oil sector, which will benefit from the accelerated implementation of the economic diversification agenda,” said Moody’s. The report added that expected interest rate cycle reversal could squeeze margins, although loan growth and lesser funding costs could soften the impact of lower rates.

• CEO interview: Riyadh’s King Abdullah Financial District is being ‘activated’ in 2024

  This year will see the "activation" of the King Abdullah Financial District (KAFD), according to the CEO of the firm developing the project, and will involve building more infrastructure, including car parking spaces, more office spaces, retail and the district’s “green lung”. Gautam Sashittal, CEO of KAFD Development and Management Company (KAFD DMC), said 95 buildings have been delivered in the district so far, amounting to 50% of the district area already being built on, an area of 1.6 million square metres. “Our challenge today is to keep the city active as we build for the future. So we already have 10 new projects that are either in design or under construction,” he said. 

• Report: Saudi Arabia’s PIF pitches $1bln investment into tennis

  Golf isn't the only sport Saudi Arabia's Public Investment Fund is trying to get its hands on. In the midst of negotiations with the PGA Tour, PIF is also looking to invest in tennis, specifically the ATP Tour and the WTA Tour, Sportico reported Wednesday. PIF is not looking to take over the tours, per the report. Instead, the money invested would primarily be used to acquire licensing that would bring a Masters 1000 event to Saudi Arabia. ATP chairman Andrea Gaudenzi reportedly made those on the tours aware of the offer last weekend at the BNP Paribas Open in Indian Wells, Calif.

• 10 of 59998 results<< 1 … 328 329 330 … 6,000 >>