Moody’s upgrades Saudi Arabia’s rating on economic diversification
Global credit ratings agency Moody’s upgraded Saudi Arabia’s rating to “Aa3” from “A1” on Friday, citing the country’s efforts to diversify beyond its oil economy. The world’s leading oil exporter is investing billions of dollars to achieve its Vision 2030 plan, which focuses on reducing its reliance on oil and spending more on infrastructure to […]
Riyadh Metro to kick off first phase on Nov 27, includes 3 lines
On November 27, Saudi Arabia will mark a significant milestone in its urban transformation with the launch of the first phase of the Riyadh Metro. The metro features six routes in total, spanning 176km and 84 stations. The first phase will see operations kick off on its first three lines, with the remaining expected to […]
Riyadh Metro: 5 ways it will boost transport in Saudi’s biggest city
On November 27, 2024, Riyadh will witness a significant milestone with the inauguration of the first phase of its metro system. This initial launch will see three of the six planned lines become operational, connecting key areas such as Al Orouba to Batha, King Khalid International Airport Road, and the intersection of Abdulrahman Bin Auf […]
Saudi Arabia forms new committee to spur private sector role in petrochemicals
Saudi Arabia has established its first-ever national committee for energy and petrochemicals under the Federation of Saudi Chambers, aimed at enhancing private sector participation in these key industries. With investments in the petrochemical sector expected to reach $600 billion by 2030, the committee will work closely with government ministries, regulatory authorities, and major companies to […]
Saudi Arabia’s non-oil exports surge 16.8% in Q3: GASTAT
Saudi Arabia’s non-oil exports reached SR79.48 billion ($21.17 billion) in the third quarter of 2024, a rise of 16.76 percent compared to the same period in 2023, according to official data. As reported by the General Authority for Statistics, the Kingdom exported non-oil goods worth SR19.58 billion to the UAE, followed by India and China […]
Saudi NHC to build 10,000 new residential units in Riyadh region
Saudi Arabia’s National Housing Company has announced the launch of 11 key residential projects in Khuzam area of capital Riyadh featuring over 10,000 units – ranging from luxurious villas to contemporary apartments – thus catering to different clients’ needs. These developments, including modern designs, are part of NHC’s strategic push to diversify housing supply and […]
Diriyah unveils plans for mega districts within $63bn project
Diriyah Company, a dynamic mixed-use developer transforming Saudi Arabia’s historic birthplace into a vibrant new capital of culture and entertainment destination, today (November 20) unveiled details of two high profile developments – Qurain Cultural District and Northern District – to be developed within its $63.2 billion Diriyah project, on the outskirts of Saudi capital Riyadh. […]
SEC, Acwa Power, Kepco sign $4bn Saudi power purchase deal
Saudi Electricity Company (SEC), Acwa Power, and Korea Electric Power Corporation (Kepco) have announced the signing of a Power Purchase Agreement with Saudi Power Procurement Company (SPPC) for two transformative power generation projects: Rumah 1 and Nairyah 1. With a combined capacity of 3.6 GW, these Independent Power Plant (IPP) projects represent a significant advancement […]
Saudi Arabia raises $910m in November sukuk offering
Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for November, raising SR3.41 billion ($910 million), a 28.19 percent year-on-year increase. In October, the Kingdom issued sukuk worth SR7.83 billion, while the figures for September and August were SR2.6 billion and SR6.01 billion, respectively. Sukuk, also known as Islamic bonds, are Shariah-compliant […]
Saudi Arabia, China, Iran meet to advance Beijing Agreement
The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement was held in Riyadh on Tuesday, the Saudi Press Agency reported. Saudi Deputy Foreign Minister Waleed bin Abdulkarim Elkhereiji chaired the meeting, with Vice Foreign Minister of China Deng Li and Iran’s Deputy Foreign Minister for Political Affairs Majid […]