Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25
Saudi Arabia’s startup ecosystem continues to gain momentum ahead of the Kingdom’s flagship technology conference, LEAP 2025, fintech, artificial intelligence, and industrial technology companies securing major funding rounds. Key investments include Saudi-based peer-to-peer lending platform Forus securing a $60 million credit facility from Fasanara Capital. The funding will enable Forus to provide over $150 million […]
Saudi’s sports ambitions are fueling economic growth
From Formula One to boxing, golf to the FIFA World Cup, Saudi Arabia is rapidly establishing itself as a global sports hub. But beyond hosting world-class events, the Kingdom’s push is a key pillar of Vision 2030, its economic diversification strategy. Saudi Arabia has secured hosting rights for major sporting events — including motorsports, tennis, […]
LEAP 2025: Saudi Arabia’s tech ambitions take center stage
Saudi Arabia is set to host its flagship technology event, LEAP 2025, in Riyadh from Feb. 9, bringing together visionaries, innovators, and investors from around the world. The latest edition follows last year’s record-breaking LEAP 2024, which saw $13.4 billion in investments and project commitments. Under the theme “Into New Worlds,” LEAP 2025 aims to […]
Syria interim president arrives in Saudi Arabia for first foreign visit
Syria’s transitional President Ahmed Al-Sharaa arrived in Saudi Arabia on Sunday in his first foreign trip since he assumed power, local media has reported. Syrian state news agency Sana earlier reported the president was accompanied by the country’s foreign minister, Asaad Hassan Al-Shibani. Al-Sharaa will meet Saudi Crown Prince Mohammed bin Salman in Riyadh, SANA […]
Fitch affirms Saudi Arabia rating at ‘A+’; outlook stable
Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating at ‘A+’ with a Stable Outlook, the agency said on Friday. Fitch indicated the rating reflects the Kingdoms strong fiscal and external balance sheets. It said: “government debt/GDP and sovereign net foreign assets considerably stronger than both the ‘A’ and ‘AA’ medians, and significant […]
Arab foreign ministers reject Trump call for transfer of Palestinians
Arab foreign ministers on Saturday rejected any transfer of Palestinians from their land under any circumstances, presenting a unified stance against US President Donald Trump’s call for Egypt and Jordan to take in residents of the Gaza Strip. In a joint statement following a meeting in Cairo, the foreign ministers and officials from Saudi Arabia, Egypt, […]
Saudi banking sector dominating TASI trading, latest report reveals
Saudi Arabia’s banking sector led trading on the Kingdom’s stock exchange in 2024’s fourth quarter with a 17 percent market share, according to Tadawul’s latest report. The industry was responsible for approximately SR66.42 billion ($17.7 billion) of transactions, ahead of the materials sector with SR45.04 billion, comprising 11.45 percent of the market. The energy sector […]
Green Horizons: Saudi Arabia’s sustainable tourism drive planting seeds for economic growth
Eco-friendly holiday destinations being developed across Saudi Arabia are positioning the Kingdom as a leader in sustainable tourism, a host of experts have told Arab News. Aligning with the Vision 2030 strategy to increase visitor numbers to the Kingdom to 150 million a year by the end of the decade, Saudi Arabia is creating a […]
Saudi Arabia building the ‘most complex structure known to man,’ says developer
Saudi Arabia is set to build the “most complex structure known to man” as part of a major architectural project within the New Murabba development, according to the head of the company behind the project Positioned at the heart of the large-scale urban project, the Mukaab is designed to be a futuristic mixed-use landmark that […]
Saudi Arabia’s real GDP grows 4.4%: GASTAT
Saudi Arabia’s real gross domestic product saw an annual expansion of 4.4 percent in the fourth quarter of 2024, marking its highest growth in two years, official data showed. According to flash estimates from the General Authority for Statistics, the Kingdom’s non-oil activities grew by 4.6 percent year on year in the three months to the end […]