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  • Saudi Arabia adopts moving chain methodology to calculate real GDP

    The new system is much more dynamic in measuring economic growth rate and uses the weights and prices of the year preceding the year of measurement. It helps provide a measurement within contiguous time periods and accurately reflects current economic conditions. The moving chain methodology takes into account the impact of price changes and is flexible in dealing with economic activities and continuously updates the figures. It also considers the structure of production and consumption patterns and allows for clearer international comparisons.

  • Saudi Arabia, Qatar, Egypt among world’s top arms importers: SIPRI

    Gulf states and Egypt accounted for more than 25% of global arms sales in the past four years, according to a report released Monday. The Stockholm International Peace Research Institute's (SIPRI) quadrennial report on international arms transfers details the import and export of weapons around the world between 2019 and 2023.

  • Saudi Arabia’s Jada makes first investment in venture debt

    Baghoomian adds: “We are thrilled to partner with Jada to accelerate the growth of Saudi Arabia's private credit sector. This collaboration exemplifies our shared commitment to fostering entrepreneurship, driving technological advancement, and unlocking opportunities for local talent.” Partners for Growth has secured commitments from a wide range of institutional investors from around the globe. Partners for Growth VII, with a fund size of over 1 billion riyals, provides investors with an opportunity to gain exposure to fast-growing and high-potential mid-market companies across a variety of sectors.

  • Saudi Aramco’s $100 Billion Payout Has Investors Grappling for Answers

    Saudi Aramco paid out nearly $100 billion in dividends last year, taking it close to the total cash returns of the five biggest Western supermajors put together. This year, it’s promising even more. The vast majority of that goes to the Saudi government and helps fund Crown Prince Mohammed bin Salman’s expensive plans to diversify the economy from oil. But the potential for higher payouts also may attract investors as the company prepares a follow-on share sale that would raise about $20 billion.

  • National flag: A symbol of pride, glory and national unity

    Saudi Arabia celebrates on Monday, March 11, its Flag Day for the second time in its three centuries-old history. On March 1, 2023, Custodian of the Two Holy Mosques King Salman issued a royal decree designating March 11 every year as a special day to celebrate the national flag. The Saudi Arabian flag was endorsed first in 1937, the 27th of Dhu Al Hijjah 1355 AH.

  • Saudi Tourism CEO: Lionel Messi Ad Targets Traveler ‘Preconceptions’

    In Saudi Arabia’s latest tourism campaign, Argentine soccer star Lionel Messi aims to bust the stereotypes global travelers may have about the kingdom. The campaign emphasizes that Saudi Arabia has a lot to offer and is a welcoming destination, said Fahd Hamidaddin, CEO of the Saudi Tourism Authority. Saudi has been hyperfocused on cutting its dependence on oil and diversifying its economy. Over the next 10 years, the country plans to invest $1 trillion in its tourism sector and wants to become a global tourist destination. Hamidaddin spoke with Skift at the ITB Berlin travel trade show last week about growth from European travelers, how the $25 million Messi marketing campaign performed, the kingdom’s dependence on tour operators, and more.

  • Islamic art: Riyadh library exhibition to showcase 350 rare Qur’an copies

    The King Abdulaziz Public Library will host an exhibition of rare gilded and decorated Qur’ans on Thursday in celebration of the holy month of Ramadan. The event will take place at the library’s King Abdulaziz Historical Center in the Al-Murabba branch. It is part of the library’s efforts to showcase rare items on religious and national occasions. More than 350 Qur’ans from the library’s collection will be showcased, including intricately gilded and decorated copies from past centuries. They reflect the values and aesthetics of Islamic decorative arts, illustrating artistic methods used in designing the margins of the surahs and verses of the Qur’an.

  • Is Saudi Aramco cooling on crude oil? Don’t bet on it

    Has Saudi Arabia stopped believing in a bright future for petroleum? That is the question that in recent weeks has hung over Saudi Aramco. The desert kingdom’s national oil goliath has a central position in the world’s oil markets. Its market value of $2trn, five times that of the second-biggest oil firm, ExxonMobil, and its rich valuation relative to profits are predicated in large part on its bountiful reserves of crude and its peerless ability to tap them cheaply and, as oil goes, cleanly (see chart 1). So Saudi Arabia’s energy ministry stunned many industry-watchers in January by suspending the firm’s long-trumpeted and costly plans for expanding oil-production capacity from 12m to 13m barrels per day (b/d). Was it proof that even the kingpin of oil had finally accepted that oil demand would soon peak and then begin to decline?

  • Al-Urubah Park construction begins in Riyadh

    The Board of Directors of the Royal Commission for Riyadh City (RCRC) announced the start of construction work of Al-Uruba Park, one of the largest parks in the city of Riyadh, as part of the ‘Green Riyadh’ program. The project will be implemented on a sprawling area covering 754,000 square meters. More than 600,000 trees and shrubs will be planted, covering 65 percent of the park area. The park is distinguished by its vital location at the intersection of Prince Turki bin Abdulaziz Al-Awwal Road with Al-Urubah Road, and that facilitates easy access for the residents from various parts of the city. The park contributes to raising the quality of life, providing recreational places for residents and visitors, and transforming the city of Riyadh into one of the most sustainable cities in the world, the commission said in a press statement.

  • Saudi King urges international community to halt ‘brutal crimes’ against Palestinians

    In a statement marking the commencement of Ramadan, Saudi Arabia’s King Salman emphasized the international community’s duty to halt the “brutal crimes” perpetrated against Palestinians. “It pains us that the arrival of the month of Ramadan this year coincides with the ongoing attacks endured by our brothers in Palestine, and we stress the need for the international community to assume its responsibilities to stop these brutal crimes and provide safe humanitarian and relief corridors,” the official Saudi Press Agency (SPA) quoted King Salman as saying on Sunday.