Saudi Arabia’s annual inflation grows 3.1% in September
The consumer price index (CPI) of Saudi Arabia increased by 3.1% year-on-year (YoY) in September 2022, coming above August’s inflation rate of 3%, the General Authority for Statistics announced in a report released on October 13th. The kingdom’s annual inflation rate in September was mainly driven by the 4.3% increase in food and […]
MEPCO to disburse $6.6mln dividends for H1-22
The board of Middle East Paper Company (MEPCO) has decided to pay SAR 25 million as cash dividends for the first half (H1) of 2022, according to a bourse disclosure. The Saudi firm announced a dividend distribution of SAR 0.50 per share, representing 5% of the share nominal value, for 50 million eligible […]
Investors’ transition to health sector in Saudi proves to be trustworthy
The transition of investors from other sectors to invest in the health sector proves that it is a trustworthy sector, Minister of Health Fahad Al-Jalajel confirmed. Al-Jalajel made the remarks during the third session of the Global Health Forum, which is being held this year in Riyadh with the slogan “Transformation in the […]
Riyadh fair consolidates Saudi Arabia’s position as major Gulf cultural destination
The Riyadh International Book Fair 2022, the largest-ever cultural event in Saudi Arabia, comes to a close on Saturday evening. The ten-day festival of books and culture, with the participation of 1200 publishing houses from 32 countries, witnessed the flocking of an unprecedented number of male and female visitors and book fans, and thus […]
Saudi ANB acquires stake in UAE’s Cashee
Arab National Bank (ANB) has reached an agreement with Cashee, a UAE-based tech startup that provides banking services, to acquire equity in the latter. The Saudi lender however did not disclose the amount of the share it took over nor its value in its press release. The deal comes in line with ANB’s […]
Saudi carrier Flynas links ancient cities with Al Ula-Cairo flights
In a significant step which connects two ancient cities, AlUla International Airport celebrated the arrival of the first direct flight of leading Saudi low-cost carrier flynas from Egyptian capital Cairo. A special ceremony was held at AlUla airport on October 6 to greet the debut flight in the presence of representatives from flynas, the Royal […]
Saudi Tadawul Group awards $36.8mln project to construction firm
Saudi Tadawul Group Holding Company has awarded a project worth SAR 137.98 million to Construction & Planning Company on 6 October 2022. The project covers the fit-out works on designated floors of the group’s new headquarters (HQ) at King Abdullah Financial District (KAFD) in Riyadh, according to a bourse filing. During the first half […]
Outsized OPEC+ output cut raises global risks: Russell
The reaction to the OPEC+ decision to cut 2 million barrels per day (bpd) from it crude oil production is more instructive than the decision itself. The larger-than-expected reduction is both bullish and bearish for prices, depending on whether you are a buyer or seller, and what time frame you pick. The crude oil market […]
Saudi Arabia does not politicize oil — Al-Jubeir
Saudi Arabia does not politicize oil and the shortage is not related to the fundamentals of crude oil supply and demand, Minister of State for Foreign Affairs Adel Al-Jubeir said on Friday. Speaking to Fox News, Al-Jubeir refuted the idea that Saudi Arabia would do this [oil cut production] to harm the US. […]
Saudi’s Minister of Finance refuses to talk about pre-budget statement
Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan refused to talk about the 2023 pre-budget estimates during a press conference on Monday. Saudi Arabia published its preliminary 2023 pre-budget statement last Friday. The Kingdom estimated public revenue in 2023 budget at SR1,123 trillion, and expenditures at SR1,114 trillion, with an expected surplus of SR9 billion. […]