Saudi Arabia begins sale of triple-tranche sukuk
Saudi Arabia has started selling its triple-tranche benchmark-sized Islamic bonds, or sukuk, with tenors of 3, 6 and 10 years, fixed-income news service IFR reported on Tuesday. Initial guidance has been placed around 85 basis points over US Treasuries for the three-year sukuk, 100 bps over UST for the 6-year portion, and 110 bps for […]
Saudi Arabia’s non-oil sector to grow by 4.8% in 2024: Riyad Capital
Saudi Arabia’s non-oil sector is projected to grow at a rate of 4.8 percent in 2024, driven by the Kingdom’s growth-oriented fiscal policy, according to an analysis. In its latest report, Riyad Capital stated that the sector will accelerate further in 2025, with a projected expansion rate of 5.2 percent. “We project continued solid growth […]
Saudi Arabia appoints first envoy to Syria in more than a decade
Saudi Arabia has appointed Faisal Al-Mujfel as the kingdom’s new ambassador to Syria, the Saudi Press Agency reported. “The honored ambassador extends his thanks to the leadership on the occasion of his appointment as Ambassador to the Syrian Arab Republic,” SPA said. Al-Mujfel is the kingdom’s first envoy to Damascus since the closure of the Saudi […]
Saudi Arabia, Norway host meeting on coordinated approach to recognition of Palestine in Brussels
Saudi Arabia and Norway hosted a meeting on a coordinated approach to the recognition of Palestine in Brussels on Sunday. The meeting discussed the urgent need to end the war in Gaza and take the necessary steps to implement a two-state solution, Saudi Press Agency reported. It was attended by ministers and representatives of Algeria, […]
Saudi’s ACWA Power signs several MoUs with Japanese companies
Saudi Arabia’s ACWA Power signed memorandums of understanding with several Japanese companies on the sidelines of the Saudi-Japan Vision 2030 Business Forum that took place on May 21. ACWA Power signed agreements with Sumitomo Mitsui Banking Corporation, Mizuho Bank, SBI Holdings and Toray Membrane Middle East to encourage collaboration on sustainable energy and water solutions. […]
Saudi Arabia to propel global sustainable development through AI, says finance minister
Saudi Arabia is on track to help propel sustainable development globally through its pivotal role in artificial intelligence, according to the Kingdom’s finance minister. In a session titled “AI and Development: Challenges and Opportunities” at the third meeting of G7 finance ministers and central bank governors under the Italian presidency, held last week in Stresa, […]
SME financing in Saudi Arabia surges 20.4% in Q4 of 2023
Financing provided to small and medium enterprises in Saudi Arabia surged by 20.4 percent year on year to $73.5 billion in the fourth quarter of 2023, official data showed. In its latest quarterly report, the Kingdom’s Small and Medium Enterprises General Authority said that credit facilities provided to micro and SMEs amounted to $6.7 billion […]
King Khalid International tops Saudi airport rankings with 82% compliance rate: GACA report
Saudi Arabia’s King Khalid International Airport emerges as one of the top three performing terminals in the Kingdom, according to official data. The Riyadh-based aviation facility topped the category for international terminals with over 15 million passengers annually, achieving an 82 percent compliance rate with the General Authority of Civil Aviation’s standards. In its monthly […]
Saudi Arabia’s non-oil exports up 3.3%: GASTAT
Saudi Arabia’s non-oil exports, including re-exports, saw an annual increase of 3.3 percent in the first quarter of this year, official data showed. According to the latest report released by the General Authority for Statistics, the value of re-exported goods increased by 31.5 percent during the same period, while national non-oil exports, excluding re-exports, decreased […]
Lebanon’s reforms insufficient for recovery, IMF says
Lebanon’s economic reforms are insufficient to help lift the country out of its economic crisis, the International Monetary Fund said on Thursday. Ernesto Ramirez Rigo, the head of the IMF mission visiting Lebanon, said in a statement that Lebanon’s ongoing refugee crisis, fighting with Israel at its Southern border and the spillover from the war […]