Saudi Arabia

Saudi Aramco’s Wa’ed Ventures invests $15 million in South Korean AI chipmaker Rebellions

Funding to accelerate company's expansion in Saudi Arabia and the development of AI chips globally

New luxury resort slated to debut in Saudi giga-project NEOM

The resort will include a long, bridge-like structure that spans 450 meters and is suspended 40 meters above a lagoon

flynas receives 53rd aircraft from its order of 120 Airbus A320neo planes

Fleet expansion falls in line with Saudi Arabia's National Civil Aviation Strategy

Saudi Arabia’s annual inflation rate rises to 1.5 percent in June 2024: GASTAT

Food and beverage prices increased by 1.1 percent, driven by a 6.5 percent rise in vegetable prices

Saudi central bank launches new digital platform for streamlining government financial transactions

This initiative is part of SAMA's strategy to provide banking services to government agencies and support digital development

Saudi Arabia launches Carbon Capture and Utilization Challenge with UpLink

This challenge aims to seek innovative solutions that accelerate the circular carbon economy

Saudi Arabia’s airports see 17 percent rise in passenger numbers to 62 million in H1 2024

Number of flights saw a 12 percent increase to 446,000 in the first half of the year

Saudia Group expands domestic network with eight new daily flights to Abha

Saudia has increased its daily flights to Abha from 14 to 19, marking a notable 35.71 percent growth

Saudi Arabia’s Diriyah Company signs $2 billion development contract to develop new mixed-use district

The project involves the construction of advanced educational institutions, cultural venues, modern offices, and a luxury hotel

Saudi Arabia reveals designs for world’s tallest sports tower in Riyadh

The tower stands tall at 130 meters, encompassing 84,000 sqm of world-class facilities

Emirates inaugurates $5.4 million lounge at Jeddah’s King Abdulaziz International Airport

Emirates' 900-square-meter lounge is located in the airport’s newest Terminal 1

Saudi Aramco exercises greenshoe option, raises $12.35 billion from share sale

By exercising the greenshoe option, Aramco raised an additional $1 billion from the listing

Saudi Arabia attracts $412 million in venture capital funding in H1 2024: Report

Kingdom accounts for 54 percent of the region's VC investments, a significant increase from its 38 percent share in 2023

E-commerce in Saudi Arabia sees 17.47 percent surge with 40,697 new records in Q2 2024

Riyadh topped the regions in Saudi Arabia for issuing e-commerce records, with 16,535 commercial records

Saudi Aramco starts issuing U.S. dollar-denominated bonds

Aramco's bond issuance began on July 9 and will end on July 17

Saudi’s flynas launches first direct flight between Riyadh and Egypt’s El-Alamein

flynas already connects Egypt to Saudi Arabia with more than 120 weekly direct flights

Aramco Digital, World Wide Technology ink partnership to transform Saudi Arabia’s AI infrastructure

The partnership aligns with Saudi Vision 2030’s goals of digital transformation and economic diversification

Saudi banks post $1.95 billion in aggregate profits for May 2024, reaching 14-month high

Cumulatively, banks recorded a total profit of $9.27 billion in the first five months of 2024

Saudi Arabia issues 121,521 business registrations in Q2 2024, up 78 percent year-over-year

E-commerce saw a 17.47 percent yearly increase, reaching 40,697 registrations

14 Saudi sports clubs slated for privatization in latest push to modernize industry

The first batch of clubs includes Al-Zulfi, Al-Nahda, Al-Okhdood, Al-Ansar, Al-Orouba, and Al-Kholood

Saudi Arabia’s PIF expands Middle East-Asia Investments, invests $500 million in Hong Kong conglomerate

The investment includes $100 million in five-year convertible debentures and $400 million in a five-year loan

Saudi Arabia’s current account surplus surges to $7.6 billion in Q1 2024, driven by strong service exports

Services exports in the three months to the end of March hit $15.64 billion, the second-highest quarterly figure on record

Saudi Arabia announces $10 million in aid for Lebanon, inks agreement for 28 projects

Since its launch, KSrelief launched more than 7,000 humanitarian projects with a total value of $129.68 billion in 169 countries