Saudi Arabia and Spain discuss opportunities in drone and automotive industries
Saudi Arabia is exploring partnerships with Spanish companies in drone technology, automotive components, and geological surveying, as the Kingdom’s industry minister held talks with business leaders in Madrid. During the meeting, Saudi Industry and Mineral Resources Minister Bandar Alkhorayef discussed localizing the production of heavy-duty drones, automotive parts, and shipbuilding supplies, the Saudi Press Agency […]
Saudi restaurant and cafe sales boost August POS spending to $15.6bn
Saudi Arabia’s point-of-sale spending reached around SR58.51 billion ($15.6 billion) in August, marking a 9.67 percent rise compared to the same month last year, according to the latest data. Figures from the Saudi Central Bank, known as SAMA, revealed that 36 percent of POS spending during this period — totaling SR16.55 billion — was spent […]
Saudi hotel spending rises 2.4% amid broader POS decline: SAMA
Saudi hotel spending rose 2.4 percent in the week of Oct. 6—12 to SR270.7 million ($72.1 million), the only sector to grow amid an overall decline in point-of-sale transactions, official data showed. According to the latest figures from the Saudi Central Bank, POS transactions fell 10.6 percent to SR12.2 billion after a 2.6 percent rise […]
Crown Prince to lead Saudi delegation at EU-GCC Summit in Brussels on Wednesday
Strength of the Saudi and Egyptian fraternal relations highlighted in cable of thanks Saudi Crown Prince and Prime Minister Mohammed bin Salman will lead the Saudi delegation attending the Summit of the European Union-Gulf Cooperation Council (GCC), which will be held in Brussels, Belgium, on Wednesday, Oct. 16. This is in line with the directives […]
Saudi Crown Prince holds wide-ranging talks with President Sisi in Cairo
Saudi Crown Prince and Prime Minister Mohammed bin Salman held wide ranging talks with Egyptian President Abdel Fattah El-Sisi in Cairo on Tuesday. During their meeting, the Crown Prince and El-Sisi discussed ways to further strengthen fraternal relations and other issues of common interest, especially the latest developments in the region. On the sidelines of […]
ACWA Power secures $150m deal to finance wind power plants in Uzbekistan
Saudi utility giant ACWA Power has signed a letter of intent with the Asian Infrastructure Investment Bank to provide $150 million for three wind power plants in Uzbekistan. According to a press statement, the financing covers the Kongrad 1, 2, and 3 facilities, each with a capacity of 500 megawatts. The Tadawul-listed firm added that […]
Saudi Arabia leads Arab region in green building projects with 2k registrations
Saudi Arabia has made significant strides in sustainable construction, registering 2,000 of the 5,000 green building projects across the Arab world, according to a top official. Speaking at the opening of the 14th annual Saudi Green Building Forum, held in Riyadh from Oct. 6-8, Minister of Municipalities and Housing Majed Al-Hogail highlighted the Kingdom’s numerous […]
SRC inks MoU with Damanat to guarantee residential mortgage portfolios
The Saudi Real Estate Refinance Company (SRC), a PIF company, has inked a Memorandum of Understanding (MoU) with the Saudi Mortgage Guarantees Services Company, ‘Damanat’. The partnership aims to guarantee the residential mortgage portfolios owned by SRC as well as the portfolios being acquired, thereby helping to reduce financing barriers and boosting the number of […]
Saudi Arabia sees 23.4% rise in FDI: GASTAT
Saudi Arabia experienced a 23.4 percent increase in foreign direct investment in the second quarter of this year compared to the previous three months, according to official data. The latest figures from the General Authority for Statistics revealed that net FDI flow reached SR11.7 billion ($3.12 billion) in the second quarter of 2024, up from […]
Saudi unemployment rate falls to 3.3% in Q2 as job market strengthens: GASTAT
Saudi Arabia’s overall unemployment rate fell to 3.3 percent in the second quarter of 2024, a 0.2 percentage point drop compared to the previous quarter, official data showed. According to data from the General Authority for Statistics, the unemployment rate also declined by 0.8 percentage points compared to the same period last year. The jobless […]