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 […]
Saudi Arabia accelerates digital transformation with new transport initiatives
Saudi Arabia’s Ministry of Transport and Logistics has taken a significant step forward in its digital transformation with the launch of a new Digitalization and Technical Processing Center, alongside the unveiling of the Unified Documents and Records Platform. These initiatives were announced by Minister of Transport and Logistics Services Saleh Al-Jasser during a ceremony attended […]
Folk Maritime expands sustainability and connectivity in Middle East shipping
Trade facilitation specialist Folk Maritime Services has secured a strategic agreement with Shanghai CIMC Yangshan Logistics Equipment to purchase 5,600 advanced, fully recyclable shipping containers, revealed the company’s CEO. The move is part of the Public Investment Fund-owned company’s broader strategy to promote sustainability and drive technological innovation in the Middle East’s maritime industry. Poul […]
Startup Wrap – MENA startup ecosystem flourishes as year comes to an end
Startups across the Middle East and North Africa region are gaining momentum, with funding rounds and expansions fueling innovation. From artificial intelligence to fintech, health tech to media, these developments highlight the region’s growing ecosystem and investor confidence. Aiming to boost the regional space, Saudi Venture Capital Co. has announced its investment in the $150-million […]
Harnessing the Sun: Saudi Arabia’s solar revolution
Saudi Arabia is a world leader when it comes to extracting energy sources from the ground, but it is the Kingdom’s drive to harness a power supply in the sky that is attracting attention. Favorable government policies, a shift to meeting energy demands through renewable power, and a reduced dependence on fossil fuels are all […]
Saudi tourism sector workforce grows 5.1%: GASTAT
Saudi Arabia’s tourism sector added jobs at a steady pace in the second quarter of 2024, with the workforce growing 5.1 percent year on year to 959,175, official data showed. According to official data released by the General Authority for Statistics, the sector’s workforce rose 1.57 percent quarter on quarter, signaling sustained momentum in the […]
Saudi hotel sector sees 10% spending growth despite overall POS dip: SAMA
Spending in Saudi hotels saw a weekly rise of 10.4 percent between Dec. 8 and 14, reaching SR349.2 million ($92.9 million), according to official data. The latest point-of-sale bulletin released by the Kingdom’s central bank, also known as SAMA, showed this was the only sector of the economy to record a positive change over the […]