China grants Saudi Arabia Approved Destination Status
China has officially granted Approved Destination Status (ADS) to Saudi Arabia thereby setting the stage for increased visits of citizens of the Asian country to the kingdom. Saudi Arabia aims to attract three million Chinese travellers by 2030. The ADS is expected to allow Chinese citizens to travel to Saudi Arabia in group tours as […]
Saudi Tourism Authority expands collaboration with Huawei Mobile Services
The Saudi Tourism Authority (STA) has expanded its strategic collaboration with Huawei Mobile Services (HMS) and Petal Ads, the advertising arm of HMS, in order to boost Chinese tourism to Saudi by creating a smarter and more immersive travel experience for tourists. The partnership aims to revolutionize the way tourists explore the country through increased […]
Saudi’s Wahaj picks IFS Cloud to accelerate digitalization
IFS, the global cloud enterprise software company, has announced that Saudi Advanced Technologies Company (Wahaj) has selected IFS Cloud ERP and defense manufacturing solutions. Wahaj is Saudi Arabia’s fastest-growing precision engineering & manufacturing company in the Aerospace and defense as well as Oil and Gas sectors and a fully owned affiliate of Sahara International Petrochemical […]
ADES Holding IPO’s retail tranche oversubscribed nearly 10 times
Saudi Arabia’s oil and gas driller ADES Holding Company’s retail subscription was oversubscribed 9.83 times, the company said in a statement on Wednesday. The order book reached nearly 4.5 billion riyals ($1.2 billion), with subscriber numbers at 1,307,676. Individual subscribers will receive a minimum of 10 shares each. The remaining shares will be allocated pro rata […]
NEOM’s Sindalah welcomes MB92 for yacht repair facility
Saudi Arabia’s $500 billion futuristic city, NEOM and the leading superyacht maintenance company, MB92 Group, have harnessed a partnership to establish a 10,000 square-meter repair facility for yachts at NEOM’s luxury island and yachting destination on the Saudi water of the Red Sea, Sindalah. The partnership aligns with the imminent opening of Sindalah during 2024 […]
Lucid opens Saudi Arabia’s first car production facility
Electric carmaker Lucid Group has inaugurated the first-ever car production facility in Saudi Arabia’s port city of Jeddah. The facility, which is the automaker’s second Advanced Manufacturing Plant (AMP-2) and first international plant, will produce electric vehicles (EV) for Saudi Arabia and export to other markets. The AMP-2 facility, located in King Abdullah Economic City (KAEC), will […]
InterContinental unveils first Riyadh resort
IHG Hotels and Resorts has unveiled an InterContinental Durrat Al Riyadh Resort and Spa in Saudi Arabia, InterContinental’s first resort in the kingdom’s capital. Positioned as the brand’s debut “urban luxury resort and spa” in Riyadh, the property recently underwent a SAR45 million refurbishment. Interior design studio Kristina Zanic Consultants were appointed for the refurbishment of the property […]
Saudia resumes services to Canada in December: Restarts Jeddah-Toronto route
After a hiatus since September 2018, Saudia is set to re-establish its presence in Canada starting from December 2023. The airline will revive its Jeddah – Toronto and Riyadh – Toronto routes, marking an important milestone in its service offerings. Initial frequency and aircraft Saudia, a member of the SkyTeam alliance, is gearing up to […]
Saudi Arabia forecasts slower growth, budget deficit for 2023
Saudi Arabia has lowered its growth forecast and expects to post a budget deficit this year rather than an earlier projected surplus, a preliminary budget statement showed on Saturday. The largest Arab economy expects real gross domestic product to grow by 0.03 per cent this year, the document released by the ministry of finance showed, […]
Saudi economy enters trillion dollar club: report
A report by the Federation of Saudi Chambers , issued on the occasion of the kingdom’s 93rd National Day, revealed that the kingdom’s gross domestic product (GDP) reached SAR4.155tn, exceeding the ceiling of $1tn for the first time. This achievement has made the kingdom a member of the ‘trillion-dollar’ club and marks the achievement of the […]