Saudi non-oil exports jump 12.7% to $6.76bn in October: GASTAT
Saudi Arabia’s non-oil exports surged 12.7 percent year on year in October, reaching SR25.38 billion ($6.76 billion), underscoring the Kingdom’s push to diversify its economy away from oil dependence. According to the General Authority for Statistics, chemical products led the non-oil export categories, accounting for 26.8 percent of the total, while plastics and rubber products […]
IMF staff-level agreement set to pave way for $1.2bn funding for Egypt
Egypt will potentially have access to around $1.2 billion from the International Monetary Fund, following a staff-level agreement under the Extended Fund Facility. The agreement, which is subject to approval by the IMF’s Executive Board, aims to provide crucial financial support as Egypt navigates a challenging economic landscape. The funding is part of Egypt’s broader […]
‘FOMEX 2025’ set to kick off on February 19
The third edition of Future of Media Exhibition (FOMEX), the region’s largest exhibition specializing in media and digital production technology in the Middle East, is set to take place from February 19-20, 2025 in Riyadh. FOMEX will convene a diverse range of leading global companies specializing in media and technology. The event will run alongside […]
Spanish group Ayesa wins PMC contract for big Aramco stadium
Ayesa, a global provider of technology and engineering services headquartered in Spain with offices in 23 countries, has been awarded the project management consultancy (PMC) contract by Saudi oil giant Aramco for its new 47,000-seat stadium coming up at Al Khobar. Spanning 800,000 sq m area, it will boast cutting-edge sports and leisure facilities, retail […]
Aramco secures prime ratings for $10bn commercial paper program from Moody’s and Fitch
Saudi Aramco’s robust financial standing has been reaffirmed by Moody’s and Fitch, with the agencies assigning strong ratings to the energy giant’s newly established $10 billion US Commercial Paper Program. Moody’s assigned a Prime-1 short-term issuer rating to the energy giant and reaffirmed its Aa3 long-term issuer rating with a stable outlook, reflecting the company’s […]
Oil Updates — prices rise in thin pre-Christmas trade
Oil prices rose on Tuesday, reversing the prior session’s losses, buoyed by slightly positive market outlooks for the short term and stronger US economic data, despite thin trade ahead of the Christmas holiday. Brent crude futures were up 33 cents, or 0.5 percent, to $72.96 a barrel, and US West Texas Intermediate crude futures rose […]
Saudi banks report 24% profit growth amid strong non-interest income
Saudi banks’ aggregate profit reached SR7.7 billion ($2.05 billion) in October, marking a 23.67 percent year-on-year increase, newly released data has revealed. According to the Saudi Central Bank, also known as SAMA, these figures represent profits before zakat and taxes. Cumulatively, from the beginning of the year to the end of October, banks recorded a […]
Arab markets see 60% surge in trading volumes in November: AMF
Trading activity across Arab financial markets surged in November, with volumes jumping nearly 60 percent, driven by strong performance in Iraq and other regional exchanges, a new report showed. In its latest monthly analysis, the Arab Monetary Fund reported that the Iraq Stock Exchange led the way with a 131.24 percent surge in trading volumes, […]
Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park
French hospitality group Accor and Naif Alrajhi Investment have signed an agreement to bring the Middle East’s first TRIBE hotel to Saudi Arabia. The project, featuring a 250-key property, will be situated within Riyadh’s King Salman Park and will include the debut of TRIBE Living, a new residential community concept. The collaboration builds on the […]
‘Paradigm shift’ as GCC urban population to surge 30% by 2030: Arthur D. Little
Urban populations across the Gulf Cooperation Council region are projected to grow 30 percent from 2020 to 2030, increasing demand for housing, infrastructure, and inclusive development, analysts say. In its latest report, international management consulting firm Arthur D. Little said that 90 percent of GCC residents will live in cities by 2050, providing a $150 […]