GCC and Japan Conclude First Round of Free Trade Agreement Negotiations
The first round of negotiations on a free trade agreement between the Gulf Cooperation Council (GCC) and Japan concluded in Riyadh on December 12. Representing the Kingdom at the negotiations was the General Authority of Foreign Trade (GAFT). Discussions covered a range of topics, including goods, services, rules of origin, customs procedures, general provisions, digital […]
Finance Ministry Concludes Participation in International Public Sector Accounting Standards Board Meetings
The Ministry of Finance concluded its participation in the meetings of the International Public Sector Accounting Standards Board (IPSASB), hosted by the Kingdom December 10-13, 2024, in Riyadh. According to a press release issued by the Finance Ministry today, the meeting participants discussed the strategic directions for 2024-2028 and reviewed the progress in the adoption […]
Foreign Ministry Expresses Saudi Arabia’s Condemnation and Denunciation of Israeli Occupation Forces Bombing of Al-Nuseirat Camp in Central Gaza
The Ministry of Foreign Affairs expresses the Kingdom of Saudi Arabia’s condemnation and denunciation of the Israeli occupation forces bombing of Al-Nuseirat Camp in central Gaza. The Kingdom affirms that the occupation forces’ repeated violations of international law and international humanitarian law, along with their continued targeting of innocent civilians, are a direct consequence of […]
Saudi insurance sector’s outlook stable in 2025: S&P Global
Saudi Arabia’s insurance sector is set to remain resilient in 2025, with expected growth in top-line revenue between 10 percent and 15 percent, according to a new analysis. In its latest report, credit rating agency S&P Global revealed that the net profit of insurance companies in the Kingdom grew by 17 percent in Q3 2024, […]
PIF launches Adeera to redefine Saudi hospitality with local brands
Saudi Arabia is making a significant move to develop its own homegrown hospitality brands with the launch of Adeera, a new hotel management company fully owned by the Public Investment Fund. The new venture aims to introduce a variety of local hotel brands designed to meet the needs of a diverse range of visitors, from mid-range […]
Robust manufacturing sector lifts Saudi industrial index by 5%: GASTAT
Saudi Arabia’s industrial production index rose by 5 percent year on year in October, driven by robust growth across key economic sectors, official data showed. According to figures from the General Authority for Statistics, the index also edged up 0.4 percent month on month, reaching 106.9 points. The mining and quarrying sub-index, which includes oil production, […]
Minister of Economy and Planning Meets with Middle East Institute Delegation
Minister of Economy and Planning Faisal Alibrahim has met with a delegation from the Middle East Institute to discuss the Kingdom’s economic diversification efforts under Saudi Vision 2030, and the latest global economic developments. SPA
Saudi Economy’s Liquidity Grows by over SAR247 Billion
Liquidity levels, or “available money,” in the Saudi economy have grown by more than SAR247.647 billion year-on-year, reflecting an increase of 9.2% and reaching SAR2,936.089 billion by the end of October 2024, compared with SAR2,688.442 billion in the same period last year. The growth is based on the broad money supply indicator (M3), according to […]
Energy Efficiency Project at Prince Abdulaziz Bin Musaed Hospital in Arar Aims for 14% Energy Saving
The National Energy Services Company (Tarshid) has launched an energy efficiency retrofit project at Prince Abdulaziz Bin Musaed Hospital in Arar city, aiming to achieve a 14% reduction in energy consumption in the hospital’s 10 buildings, while complying with the best global standards, according to a press release issued recently by the company. Tarshid Managing […]
SAMA Announces Launch of ‘Samsung Pay’ Service in Saudi Arabia
The Saudi Central Bank (SAMA) announced in a press release today the launch of “Samsung Pay” in Saudi Arabia, through the national payment system “mada”, as part of its continuous endeavors to improve digital payment, in line with the Saudi Vision 2030. This will help promote financial inclusion and expand the use of FinTech solutions […]