Saudi Cabinet approves fundraising law
The Saudi Council of Ministers, chaired by Custodian of the Two Holy Mosques King Salman in Jeddah on Tuesday, approved amendments to some articles of the Labor Law. The Cabinet also endorsed the law for fundraising. Minister of State, Member of the Cabinet and Acting Minister of Media Dr. Essam bin Saad bin Saeed said in a statement […]
Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
The cultural landscape of Saudi Arabia is being enriched as the entertainment sector undergoes significant expansion. The ambitious Saudi Vision 2030, which strives to diversify the economy and increase global engagement, is the driving force behind this broader cultural transformation. One prime example of the Kingdom’s initiatives aimed at propelling the entertainment sector is the […]
Saudi municipalities offer 57 investment opportunities across commercial and residential sectors
Saudi Arabia’s Hail, Qassim, and Asir municipalities have unveiled 57 new investment opportunities across entertainment, sports, commercial, and residential sectors, aimed at boosting economic growth and supporting the private sector. These initiatives are intended to enhance service levels, improve quality of life, boost regional investment, and increase municipal revenues, the Saudi Press Agency reported. This […]
ACWA Power’s net profit surges 35 percent to $274m in H1
Saudi utility giant ACWA Power reported a 35.46 percent increase in net profit for the first half of 2024, reaching SR926.79 million ($246.94 million), compared to the same period last year. In a statement to the Saudi Stock Exchange, the company attributed the earnings rise to higher gross profit, driven by increased revenues, as well […]
Flash flood kills one in Saudi Arabia’s Jazan
A flash flood from the mountains of southwestern Saudi Arabia swept away part of a bridge in Jazan province, killing one person on Saturday, Al-Ekhbariya reported. The news channel aired images of two vehicles caught up in the floodwaters, one of them crushed by a collapsed bridge support. It said several people were also injured […]
Saudi king, crown prince offer condolences to Indian president after Kerala landslides
Saudi Arabia’s king and crown prince offered their condolences on Saturday to Indian President Droupadi Murmu after landslides set off by torrential rains killed over 300 people in Kerala. In separate cables of condolences to Murmu, King Salman and Crown Prince Mohammed bin Salman said they hoped that the missing would return safely and wished […]
Saudi, Korean business ties to grow with official visit
Saudi-Korean trade is set to see a significant boost as a delegation from the Kingdom, led by the minister of commerce, heads to Seoul. Taking place from July 29 to 31, the gathering will see Majid Al-Qasabi alongside representatives from 10 government entities and 55 senior business leaders and executives from major national companies. The visit’s […]
Saudi Arabia seeks stronger ties with Brazil in mining sector
A high-level Saudi delegation continued discussions in Brazil on Sunday to enhance bilateral ties and advance Saudi Arabia’s mining sector. On July 28, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visited Vale’s Carajas mines, where he was briefed on advanced technologies used in mineral extraction and processing, including remote mine management and driverless […]
Saudi Investment Ministry to assist Hail region achieve full economic potential
Saudi Arabia’s northern province of Hail is set to attract increased investments due to its strategic and logistical importance, as emphasized by the region’s governor. Hail Gov. Prince Abdulaziz bin Saad highlighted the pivotal role of the Ministry of Investment in fostering performance that aligns with the nation’s broad growth objectives. This statement was made during […]
Saudi insurance sector to consolidate as Buruj and MedGulf sign merger deal
The Saudi insurance sector is set for consolidation as two leading firms signed a non-binding memorandum of understanding to explore a potential merger. The MoU between Buruj Cooperative Insurance Co. and the Mediterranean and Gulf Insurance and Reinsurance Co., known as MedGulf, aims to establish a framework for the strategic transaction through a share exchange […]