Saudi Arabia leads Arab nations in condemning Israel’s Gaza electricity cut
Saudi Arabia led other Arab nations Qatar and Jordan in condemning Israel’s decision to cut electricity supply to the war-battered Gaza Strip, calling in separate statements for the international community to take action. Israel announced on Sunday it was disconnecting the only power line to a water desalination plant in Gaza, in an effort to […]
Tadawul approves Morgan Stanley Saudi Arabia as market maker for 8 listed securities
Tadawul has approved Morgan Stanley Saudi Arabia to serve as a market maker for eight securities on the main trading platform and the parallel index, Nomu. The decision allows the financial services company to enhance market liquidity and improve price efficiency in accordance with regulations and procedures. Among the securities listed on the main index, […]
PIF launches Saudi Arabia’s first duty-free company to boost travel retail market
Saudi Arabia’s Public Investment Fund has launched Al Waha Duty Free Operating Co. as part of its strategy to capture a larger share of the Kingdom’s travel retail market, contributing to the nation’s economic growth. In a press statement, it was announced that Al Waha is the first Saudi-owned duty-free operator. The company plans to […]
Saudi Aramco posts $106.2bn profit for 2024
Saudi energy giant Aramco reported a net profit of SR398.42 billion ($106.2 billion) in 2024, despite challenging market conditions, including lower prices for crude oil, refined products, and chemicals. In a press statement, the company revealed that its net profit declined by 12.39 percent from $121.3 billion in the previous year. Despite the earnings decline, […]
Saudi Arabia’s non-oil sector maintains strong growth, latest PMI report shows
Saudi Arabia’s non-oil private sector continued its strong growth in February, driven by strong customer demand, increased hiring, and a positive economic outlook. According to the latest Riyad Bank Purchasing Managers’ Index report, the score stood at 58.4, reflecting sustained increases in business activity despite a slight dip from January’s decade-high reading of 60.5. The […]
Saudi, Lebanese leaders reaffirm commitment to Taif Agreement and Lebanon’s sovereignty
Leaders of Saudi Arabia and Lebanon emphasized the importance of enhancing Arab cooperation and coordinating positions on regional and international issues, Saudi state news agency SPA reported on Teusday. Both sides reaffirmed the necessity of fully implementing the Taif Agreement. This agreement, which ended Lebanon’s civil war, was negotiated in Saudi Arabia, in 1989. They also stressed […]
Saudi defense minister meets senior US officials in Washington
Saudi Defense Minister Prince Khalid bin Salman met with US Secretary of State Marco Rubio at the State Department on Tuesday. The pair reviewed Saudi-US relations and the shared vision of both nations. They discussed their nations’ common vision to “overcome shared challenges and promote international peace and security,” the minister wrote on social media […]
New Riyadh Metro station opens to the public
A new station on the Riyadh Metro opens to the public at 6 a.m. on Wednesday morning. The Royal Commission for Riyadh City said Qasr Al-Hokm is one of four key stations in the Metro network, serving as a vital hub linking the Blue and Orange lines with the city’s bus services. The stop is […]
Lucid CEO steps down, company expects to more than double vehicle production this year
Electric vehicle maker Lucid Group said on Tuesday that Peter Rawlinson, its CEO for over 5 years, is stepping down from the role, and forecast its vehicle production will more than double this year, sending the company’s shares up 10 percent in extended trading. Through his 12-year tenure as part of the top brass at […]
Saudi Arabia raises $2.36bn in euro bonds, including inaugural green tranche
Saudi Arabia has raised €2.25 billion ($2.36 billion) through a euro-denominated bond sale, including its first green tranche, as part of its Global Medium-Term Note Issuance Program. In a press statement, the Kingdom’s National Debt Management Center said the offering, split into two tranches, saw an oversubscription of four times the issuance size, attracting around […]