Saudi Arabia’s non-oil exports surge 19.7%: GASTAT
Saudi Arabia’s non-oil exports surged 19.7 percent year on year in November to reach SR26.92 billion ($7.18 billion), bolstering the Kingdom’s efforts to diversify its economy. According to the General Authority for Statistics, chemical products led the growth, accounting for 24 percent of total non-oil exports, followed by plastic and rubber products, which made up […]
Saudi agritech firm closes $2.55m in seed funding round
Saudi Arabia’s hydroponic farming sector is poised for a boost, as the Kingdom-based agritech startup Arable announces the successful closure of a $2.55 million seed funding round, led by undisclosed investors. The funding round attracted both institutional and private investors, with 90 percent of the capital coming from foreign investors. The funds will be allocated […]
Saudi Arabia’s FM announces landmark visit to Lebanon
DAVOS: Prince Faisal bin Farhan said on Tuesday in Davos he would visit Lebanon later this week, the first such trip by a Saudi foreign minister in more than a decade. He made the announcement during a panel on diplomacy at the World Economic Forum’s annual meeting in the Swiss resort town. The one-day trip on […]
Saudi economy minister speaks on global growth, US economic policies, Vision 2030
Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim on Tuesday said the Kingdom would continue to assess shifting US economic policies as it eyes more integration to help protect global trade. Alibrahim made the comments during a panel discussion at the World Economic Forum in Davos. Moderator Steve Sedgwick asked Alibrahim about US President […]
Saudi reserves at central bank grow to $450bn
Saudi Arabia’s reserves at the Kingdom’s central bank saw a 2.8 percent year-on-year rise to SR1.69 trillion ($450.31 billion) in November. These assets include monetary gold, foreign accounts, and special drawing rights — the International Monetary Fund’s reserve position. The latter category comprises currency and deposits abroad as well as investments in foreign securities and […]
Saudi Arabia qualifies 6 mining firms for Exploration Enablement Program
Saudi Arabia has chosen six local and international mining companies for its Exploration Enablement Program designed to boost investments and enhance the competitiveness of the sector. Royal Road, Ajlan and Bros Holding, and EV Metals Group were selected for this first phase of qualification, as well as Ma’aden, Gold and Minerals Co., and Al-Masane Al-Kobra Mining Co., […]
Saudi Arabia committed to embracing sustainability-driven growth in tourism sector, minister says at WEF
The tourism sector in Saudi Arabia, which has undergone a transformative shift in recent years, must continue to grow with sustainable practices front and center, according to the country’s tourism minister. Speaking at a media briefing on Monday attended by Arab News at the World Economic Forum’s annual meeting in Davos, Ahmed Al-Khateeb said it […]
‘Unlock the full potential of human capital by making healthcare an utmost priority,’ Saudi minister tells WEF
Healthy, resilient, and productive human capital is the backbone of economic vitality, Faisal Alibrahim, the Saudi minister of economy and planning, told a panel discussion at the World Economic Forum in Davos on Monday. “However, we see an interesting story where we invest billions in energy, education and other solutions, but the investments in healthcare […]
Saudi banking sector poised for stability with 10% lending growth: S&P Global
Saudi Arabia’s banking sector is set to maintain profitability this year, with lending projected to grow by 10 percent, driven by corporate loans linked to Vision 2030 projects, according to a new analysis. In its latest report, S&P Global said that stable credit growth, fueled by lower interest rates and a supportive economic environment, will […]
Saudi rent now, pay later firm Rize closes $35m in equity and debt funding
Saudi real estate technology company Rize has closed an SR132 million ($35 million) “Series A” funding round to expand its presence beyond the nation’s capital. The round included a mix of equity and debt. funding and was led by Raed Ventures, with participation from SEEDRA Ventures, Aqar Platform, JOA Capital, Nama Ventures, and HALA Ventures. […]