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  • Saudi Arabia look to break PSG Ligue 1 stranglehold with possible purchase

    AS Monaco has recently been put up for sale by its Russian owners who still own 65% of the football club with the remaining 35% shares belonging to the local Royal Family in the Principality. A Saudi Arabian prince who has already shown interest in a potential acquisition of Olympique Marseille a few months ago has now changed his focus moving on ‘Les Rouges et Blanc’.

  • Saudi foreign reserve assets fall to SAR 1.61T in February

    Saudi Arabia's international reserve assets retreated by SAR26.98 billion, or 2%, month-on-month (MoM) to SAR 1.619 trillion in February 2024, according to the Saudi Central Bank (SAMA). On a yearly basis, the Kingdom’s foreign reserve assets plunged 5%, or SAR 78.2 billion. Saudi Arabia’s reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.

  • Gates for entry and exit of Umrah pilgrims allocated at Grand Mosque during Ramadan

    The new arrangements were made in coordination with government agencies operating within the Grand Mosque. The holy month of Ramadan is expected to witness huge flow of millions of pilgrims from within the Kingdom and all over the world. The Saudi authorities have mobilized all the arrangements and preparations to ensure the pilgrims and worshipers to perform their rituals in ease and comfort.

  • 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.