Saudi FDI inflows hit SR122 billion in 2022, placing 10th among G20
The foreign direct investment (FDI) flows into Saudi Arabia amounted to SR122 billion ($33 billion) during the year 2022, and this places the Kingdom on the 10th rank among the G20 economies last year. This figure was almost double to the value of FDI inflows in 2015 that accounted for SR64 billion ($17 billion). These updated […]
Cabinet urges energy minister to hold talks with AOS on clean fuel solutions for food provision
The Cabinet, chaired by Custodian of the Two Holy Mosques King Salman Tuesday in Riyadh, approved a model of a memorandum of understanding between Saudi Arabia and the governments of countries and international organizations to cooperate in implementing the initiatives of the Oil Sustainability Program (OSP). It also authorized the minister of energy, chairman of […]
Saudi EXIM bolsters trade ties between Saudi Arabia & Vietnam
A delegation from the Saudi Export-Import Bank (Saudi EXIM) concluded a visit to the Socialist Republic of Vietnam, that is aimed at discussing opportunities for mutual cooperation in the fields of export and import. Furthermore, the visit intends to enhance trade exchange, and economic growth between the two countries. The delegation held intensive meetings over […]
Project Management Institute strikes MoU with Saudi PIF
US-based Project Management Institute (PMI) has signed a strategic Memorandum of Understanding (MoU) with the Public Investment Fund (PIF), the Saudi Arabian sovereign wealth fund, during the PMI Global Summit 2023. PMI is the leading authority in project management, committed to advancing the project management profession to positively impact project success. It will empower professionals […]
Riyadh Air to announce narrowbody plane order in coming weeks
Riyadh Air will announce a deal to buy a “sizeable” number of narrowbody aircraft in the coming weeks, the startup airline’s chief executive said. Former Etihad Airways boss Tony Douglas is helping build a second carrier for Saudi Arabia which is set for take-off in 2025. He was hired in March to head up Riyadh Air, […]
Saudi Aramco Q3 profit falls 23% on lower crude oil prices, volumes
Saudi oil giant Aramco on Tuesday reported a 23 per cent fall in third-quarter net profit, marginally beating analyst estimates, on lower crude oil prices and volumes sold. Net profit declined to $32.6bn for the quarter to September 30 from $42.4bn a year earlier. The Saudi oil giant said the decline in oil prices and […]
Saudi Arabian petrochemical giant SABIC reports Q3 net loss
Saudi Basic Industries Corp (SABIC), one of the world’s biggest petrochemical companies, on Thursday posted an almost 17 per cent fall in third-quarter revenue and a net loss. In a filing, SABIC reported a net loss of 2.88 billion riyals ($768m) for the three months to September 30, compared with a profit of SAR1.84bn a […]
stc Group inks strategic partnership with Red Sea Global
Saudi telecom group stc group signed a strategic partnership with Red Sea Global (RSG) on November 5. The agreement aims to facilitate digital transformation and empower tourist destinations along the Red Sea coast by adopting state-of-the-art communication technologies and digital services, focusing on seamless and sustained connectivity services. According to stc, the group entered this […]
Red Sea Global unveils Shebara , its luxury hotel brand
Red Sea Global (RSG) has announced it will operate its own luxury hotel brand, named Shebara, at The Red Sea destination. The news was revealed at the World Travel Market show in London. Shebara will open in the summer of 2024 and is the first resort to be owned and operated by RSG at The […]
IHG opens Makkah’s largest hotel
IHG Hotels and Resorts has opened its voco Makkah property which it says is the largest hotel within Makkah. The 4321-key hotel has rooms that can accommodate between two to four guests. To manage the high number of guests that may be checking into the hotel simultaneously during peak periods, the hotel has included multiple […]