Baha farmer spices up region’s agriculture with cardamom
A farmer in Baha has found a way to cultivate the elusive cardamom, the ingredient that gives Saudi coffee, or gahwa, its signature flavor and aroma. Driven by his love and passion for cardamom-flavored coffee, Abdullah Al-Zahrani, a farmer in Bani Hassan, northwest Baha, tried agricultural experiments that led to him growing more than 350 […]
Tourists’ spending in Saudi Arabia up 23% to $12bn
Tourism spending in Saudi Arabia saw an annual increase of 23 percent in the first three months of the year, hitting SR45 billion ($12 billion), according to new figures. Data released by the Saudi Central Bank showed that the balance of payments for travel – encompassing expenditures by foreign tourists visiting the country and spending by […]
Saudi SME Bank drives economic growth with $267m disbursed since inception
Saudi Arabia’s Small and Medium Enterprise Bank disbursed SR1 billion ($267 million) between its launch in December 2022 and January this year, latest figures show. Official data from the Kingdom’s National Development Fund highlights that the bank introduced five new financing products for SMEs in 2023 – microloans, working capital loans, term loans, commerce loans, […]
Middle East carriers witness 15.3% air cargo demand growth in May: IATA
Middle Eastern airlines witnessed a 15.3 percent year-on-year demand growth for cargo in May, driven by growing e-commerce and maritime issues, an analysis showed. In its latest report, the International Air Transport Association said that airlines in the Middle East region handled 13.5 percent of the overall cargo globally, a figure that remained unchanged from […]
Saudi Arabia to turn 3m tonnes of waste into fuel annually with new management project
Saudi Arabia is set to process approximately 3 million tonnes of municipal solid waste annually to produce refuse-derived fuels in six governorates following a new agreement. The new plastic waste management project, a collaboration between MVW Lechtenberg and Partner, a German environmental consulting firm, and Norwegian solution provider Empower, is expected to reduce carbon emissions by approximately 1,791,300 […]
Saudi Local Content Coordination Council achieves 47% domestic content rate – latest figures
Saudi companies that are members of the Local Content Coordination Council sourced 47.22 percent of their purchases domestically in 2022, latest data showed. A statement released by the Local Content and Government Procurement Authority attributes this figure to the building of effective partnerships between government agencies and the private sector, as well as several initiatives, […]
PIF’s revenue soars 100% to $88.3bn, latest figures show
Saudi Arabia’s sovereign wealth fund has reported strong financial results for 2023, achieving revenues of SR331 billion ($88.3 billion) from its diverse investment portfolio, marking over 100% percent growth from 2022. Demonstrating robust returns and significant progress toward its long-term objectives, the Public Investment Fund has released its consolidated financial statements for the year ending […]
Saudi, Bangladeshi foreign ministers chair political consultations in Riyadh
The foreign ministers of Saudi Arabia and Bangladesh chaired a second round of political consultations between the two countries on Monday, Saudi Press Agency reported. Prince Faisal bin Farhan and Hasan Mahmud discussed strengthening bilateral and political relations and intensifying bilateral and multilateral coordination on issues of common concern. Prince Faisal also held a luncheon […]
OIC holds international symposium on Jerusalem, Gaza war in Jeddah
The Organization of Islamic Cooperation held an international symposium on Jerusalem and the Gaza war at the organization’s headquarters in Jeddah on Monday. Organized in conjunction with the Committee on the Exercise of the Inalienable Rights of the Palestinian People, the symposium was titled: “Jerusalem and the Gaza War: Palestinian Identity and Existence Under Threat […]
Private sector establishments must update branch data through ‘Qiwa’ platform
The Ministry of Human Resources and Social Development has called on private sector establishments to update their branch location data using the “Establishment Location Management” service available on the Qiwa platform. The initiative aims to maintain an accurate and up-to-date database, enhance transparency, facilitate oversight, ensure compliance with regulations, improve operational efficiency and strengthen comprehensive […]