COP16: A turning point for global land restoration and drought resilience
The 16th session of the Conference of the Parties to the UN Convention to Combat Desertification is set to be a pivotal moment in the global fight against desertification and land degradation. Scheduled for Dec. 2-13, 2024, in Riyadh, COP16 carries the theme “Our Land. Our Future.” This event aligns with the 30th anniversary of […]
Saudi banks post 3.7% loan growth in Q3 amid rising credit demand: report
Saudi Arabia’s banking sector recorded a 3.7 percent sequential increase in loans and advances in the third quarter of 2024, driven by a 4.4 percent surge in corporate and wholesale banking, according to Alvarez & Marsal. Deposit growth lagged behind, rising 1.4 percent during the same period, as credit demand continued to outpace deposit mobilization. […]
Nine major deals worth $9.3bn signed at Riyadh WIC
Nine transformative investment deals under Saudi Arabia’s Global Supply Chain Resilience Initiative (GSCRI), valued at over $9.3 billion, were unveiled on Tuesday at the 28th World Investment Conference (WIC) in Riyadh. The deals include major projects such as copper smelting and refining facilities with Vedanta, advanced titanium projects with AMIC and Tasnee, and rare earth […]
Saudi Arabia announces $340bn spending for FY2025
Saudi Arabia’s Ministry of Finance today (November 26) announced the state budget for FY 2025 with revenues projected at SAR1.18 trillion ($315.7 billion) and expenditure at SAR1.28 trillion ($340 billion). These estimates indicate a deficit of SAR101 billion ($26.8 billion), which represents about 2.3% of GDP, reported SPA. The figures align with projections from the […]
King Salman inaugurates Riyadh Metro
The much-awaited Riyadh Metro, the backbone of Saudi capital’s public transport network, was inaugurated on Wednesday (November 27) by King Salman bin Abdulaziz Al Saud. King Salman viewed an introductory video about the Riyadh Metro — one of the Kingdom’s major projects during his reign — distinguished by its standout design and technological features, with […]
Saudi Modon sets up world’s largest food cluster at Jeddah
Saudi Arabia has set a new Guinness Record for the largest food cluster in the world with the Jeddah Food Cluster, which spans over 11 million sq m and has set a new global benchmark. Announcing this key achievement, Saudi Authority for Industrial Cities and Technology Zones (Modon) said it is targeting investments of up […]
NEOM gigaproject a ‘generational investment,’ says Saudi minister
Saudi Arabia‘s NEOM gigaproject, a futuristic region being built in the desert, is a “generational investment” with a long timeline, the country’s investment minister told Reuters on Monday, adding that foreign investment will pick up pace. “NEOM was not meant to be a two-year investable opportunity. If anybody expected NEOM to be foreign investment in two, three […]
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 […]