Saudi Arabia’s net FDI rises by 37% to over $4bn
Saudi Arabia’s net foreign direct investment saw a quarter-on-quarter rise of 37 percent in the three months to the end of September, according to the General Authority of Statistics. Data released by the organization showed that the figure – which reflects the net investment gain for the Kingdom after accounting for both inbound and outbound […]
KSrelief continues food aid projects globally
KSrelief, Saudi Arabia’s aid agency, continues to provide food assistance to vulnerable populations in several countries. KSrelief distributed 500 cartons of dates on Thursday in the Red Sea State of Sudan, benefiting 5,162 individuals from displaced families. KSrelief distributes 500 date cartons in Sudan (SPA) The agency also handed out 175,000 bags of […]
Saudi startup investment shifts focus to AI, enterprise software, and SMEs
Saudi Arabia’s startup ecosystem is gaining momentum, propelled by government-backed initiatives and an influx of investor interest. While the fintech sector remains a primary focus, emerging opportunities in artificial intelligence, enterprise systems, and small-to-medium enterprise investments are drawing attention. As part of its Vision 2030 initiative to reduce its dependence on oil, Saudi Arabia is […]
Saudi Arabia’s oil legacy fuels shift to renewable energy hub
Saudi Arabia’s established prowess in crude oil production could help the Kingdom emerge as a global leader in the renewable energy sector, experts suggest. Paul Sullivan, an energy and environment expert at Johns Hopkins University, emphasized that Saudi Arabia possesses the technical and engineering skills necessary to become a central hub for renewable energy. Speaking […]
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 […]