Up to 77% of Swedish firms in Saudi plan to boost investment over the next year, official says
Up to 77 percent of Swedish companies operating in Saudi Arabia plan to increase their investment over the next year, according to a top official from the European country. In an interview with Arab News, Director General of Trade Policy at the Swedish Ministry of Foreign Affairs Camilla Mellander cited a recent study by Business […]
Saudi Aramco reports $27.52bn net profit in Q3
Energy giant Saudi Aramco reported a net profit of SR103.37 billion ($27.52 billion) in the third quarter of this year, exceeding analyst expectations, which projected a median net income of $26.9 billion. In a statement, the firm revealed that its net profit for the third quarter witnessed a decline of 15.40 percent compared to the same […]
Red Sea Global likely to spend another $27bn by 2030: Report
Red Sea Global, the developer of regenerative tourism hubs, The Red Sea and Amaala, is likely to spend another $27 billion over the next six years to push ahead with developments that are designed to draw more tourists to the kingdom, reported Bloomberg, citing its top official. RSG has already spent around that amount to […]
Saudi Arabia working on $798m road infrastructure projects
Saudi Arabia’s Roads General Authority (RGA) said the road sector in Riyadh region is witnessing a significant transformation with work under way on SAR3 billion ($798 million) projects. The region’s total length of roads is approximately 15,000 km, and efforts are currently underway to implement new road projects and other maintenance projects in all governorates […]
Saudi Arabia’s PIF to acquire 54% stake in MBC Group
Saudi Arabia’s sovereign wealth fund is set to acquire a 54 percent stake in media giant MBC Group for SR7.46 billion ($1.99 billion). In a bourse filing, MBC Group, listed on the Kingdom’s main market, said that it was notified by Istedamah Holding Co., one of its major shareholders, on the finalization of a sale […]
Saudi Arabia climbs 15 places to 12th in global tourist spending: UN Tourism
Saudi Arabia has made a remarkable leap, climbing 15 places to rank 12th in global tourist spending for 2023, according to the latest UN Tourism report. This is the largest jump among the top 50 countries. The ranking follows a September report from the UN Tourism, which highlighted the Kingdom’s leadership among G20 nations with […]
Aramco, Taulia, SIDF join forces for key supply chain financing solution
Aramco, a global leader in integrated energy and chemicals companies based in Saudi Arabia, and Taulia, a SAP company and leading FinTech provider of working capital management solutions – supported by the Saudi Industrial Development Fund (SIDF) as one of the key finance providers of the domestic industrial sector – have signed agreements to establish […]
Saudi Arabia will maintain crude capacity as it develops renewables, energy minister tells FII8
Saudi Arabia is committed to keeping its crude oil capacity at 12.3 million barrels per day, despite a shift to renewable power, according to the Kingdom’s energy minister. During a speech on the first day of the Future Investment Initiative taking place in Riyadh from Oct. 29 to 31, Prince Abdulaziz bin Salman set out […]
Saudi Arabia exceeds HQ target with 540 international firms in Riyadh, says Al-Falih
Saudi Arabia attracted 540 international companies to establish their regional headquarters in Riyadh, ahead of a 2030 target of 500, according to Khalid Al-Falih, the Kingdom’s minister of investment. Speaking at the eighth Future Investment Initiative summit in Riyadh on Oct. 29, Al-Falih said that Saudi Arabia’s economic growth and investment landscape continues to remain […]
Aramco CEO calls for ‘Transition Plan 2.0’ with focus on Asia, Global South
Saudi Aramco has called for a new energy transition strategy that addresses the needs of Asia and the Global South, amid concerns over the current plan’s uneven progress. Speaking at the Singapore International Energy Week, Aramco President and CEO Amin H. Nasser emphasized the need for a “Transition Plan 2.0,” placing Asia at the forefront […]