Saudi Arabia, Indonesia sign key agreements to boost trade and mining cooperation
Saudi Arabia and Indonesia have signed a series of memoranda of understanding aimed at enhancing bilateral trade and expanding cooperation in the mining sector. As part of an official visit to Jakarta, Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, signed an MoU with Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, […]
Saudi defense minister arrives in Tehran for an official visit
Saudi Minister of Defense, Prince Khalid bin Salman, arrived on Thursday in the Iranian capital, Tehran, on an official visit, the Saudi Press Agency reported. During the visit, Prince Khalid will hold several meetings to discuss bilateral relations and issues of mutual interest between the two countries. The visit follows renewed diplomatic engagement between the […]
Saudi banks extend $2.4bn in home loans in Feb.; demand broadens across nationals and expats
Saudi Arabia’s banks issued SR8.91 billion ($2.37 billion) in new residential mortgages to individuals in February — a 28.33 percent annual increase, according to official data. Figures from the Saudi Central Bank, also known as SAMA, show that apartment lending recorded the highest growth during this period, rising by 46.45 percent to SR2.9 billion. While […]
Saudi Arabia’s M&A boom: Shaping a future-ready economy for Vision 2030
Amid the mergers and acquisitions boom in Saudi Arabia, the approval of economic concentration requests by the General Authority for Competition is reshaping the country’s business landscape, signifying a strategic shift toward market consolidation and growth. Such oversight is required in the M&A market to ensure that they do not create monopolies or disrupt market […]
Ras Al-Khair becoming Saudi Arabia’s industrial powerhouse
Saudi Arabia’s industrial and mining sector has long been recognized for its scale and significance, and Ras Al-Khair Industrial City, on the Kingdom’s eastern seaboard, is proving a critical driver of global supply chains. A recent media visit to Ras Al-Khair Industrial City, organized by the Ministry of Industry and Mineral Resources, provided an exclusive […]
Saudi Arabia launches $266m program to promote eco-friendly projects
Saudi Arabia has unveiled a new environmental financing initiative worth SR1 billion ($266.6 million), supported by Riyad Bank, to encourage private sector participation in sustainable and eco-friendly projects. Abdulrahman Al-Fadhli, Saudi Arabia’s minister of environment, water, and agriculture and chairman of the Environmental Fund’s board of directors, officially introduced the program on Sunday. The launch […]
Saudi Arabia’s inflation holds steady at 2% in February: GASTAT
Saudi Arabia’s inflation held firm at 2 percent year on year in February, driven largely by rising housing costs, official data showed. According to the General Authority for Statistics, the increase was fueled by an 8.5 percent surge in housing rents, contributing to a 7.1 percent overall rise in the housing, water, electricity, gas, and […]
Saudi Arabia’s top body reviews economic performance, global outlook
Saudi Arabia’s Council of Economic and Development Affairs hosted a virtual meeting to discuss financial performance and global developments, focusing on improving public sector contributions. Operating under the Council of Ministers, CEDA oversees the governance framework, mechanisms, and policies essential to achieving Saudi Vision 2030. It addresses key domestic sectors, including health, labor, education, and […]
Global trade hits record $33tn in 2024, growing by 3.7%: UNCTAD
Global trade reached a record high of $33 trillion in 2024, marking a 3.7 percent increase from the previous year, driven by an uptick in the services sector. According to the latest Global Trade Update from the UN Conference on Trade and Development, services drove growth, rising 9 percent for the year and adding $700 billion […]
Saudi Arabia, Ukraine issue joint statement as talks kick off in Jeddah
Saudi Arabia and Ukraine issued a joint statement Tuesday following the visit of Ukraine President Volodymyr Zelensky to the Kingdom, the Saudi Press Agency reported. Saudi Arabia expressed hope that efforts would succeed in ending this crisis in Ukraine in line with international law and the United Nations Charter, including respect for the principles of […]