Saudi Arabia

Saudi Arabia to cut export and import customs fees starting October 6

Changes introduced to streamline trade processes and support business operations

Saudi Arabia’s debt market doubles in value to $213.12 billion since 2019

The debt market remains under 20 percent of the Saudi economy, offering significant room for further development

Four-day holiday for Saudi Arabia’s 94th National Day

The theme of this year’s National Day is ‘We dream, we achieve’

Saudi Arabia cancels hotel licensing fees to boost tourism investment 

This change, effective September 4, aims to position the Kingdom as a global tourism leader

GCC banks well positioned to continue strong run in 2024: Report

The report stated that high interest rates kept profit margins at 2.7 percent, with strong bank profitability in H1

Sharjah’s SEWA inks water project deal with Saudi Arabia’s ACWA Power

Project to meet the demand for potable water for 1.4 million people

Saudi Arabia and Türkiye central banks sign MoU to enhance economic cooperation, financial stability 

The central banks will share expertise and resources to address challenges and boost economic development

Italy’s Saipem secures $1 billion in two major offshore contracts with Saudi Aramco

Saipem will be responsible for the EPCI three production deck modules, 33 km of subsea pipelines, and 34 km of power cables

STC Bank becomes founding partner of Saudi Arabia’s 24 Fintech event

During its participation at 24 Fintech, STC Bank will showcase its offerings and services

Saudi Arabia-GCC non-oil trade balance exceeds $1.8 billion in Q2 2024

The UAE led with exports valued at SAR15.070 billion, approximately 61.8 percent of total Saudi non-oil commodity trade among GCC countries

Sharjah Airport welcomes first flights of Saudi Arabia’s flynas, boosting international connectivity in the UAE

flynas will operate seven weekly flights from Jeddah and two from Madinah to Sharjah Airport, using Boeing 737s

Algeria joins BRICS New Development Bank: A new era in economic collaboration

By joining the BRICS financial branch, Algeria is advancing its global financial integration

UAE oil imports to Japan reach 31.07 million barrels in July 2024, 49.1 percent of total

Arab oil made up 97.8 percent of Japan's imports, totaling 61.92 million barrels

Multilateral Industrial Policy Forum to boost Saudi Arabia’s position as leading global industrial center

The forum, to be held in October, will bring together over 3,000 industry leaders

Red Sea Global launches Saudi Arabia’s second water aerodrome at Shebara resort

Last year, Red Sea Global secured the first operating license for a water aerodrome in Saudi Arabia at Ummahat Island

Celebrating Emirati Women’s Day: Visa’s ‘She’s Next’ returns to UAE with third edition

The third edition supports women entrepreneurs in publishing, fashion, food, and more over several months

GCC listed banks post record $14.8 billion net profit in Q2 2024

Year-over-year, the growth was robust at 9.2 percent compared to Q2 2023

Saudi Arabia’s PIF signs $15 billion revolving credit facility with 23 international financial institutions

The facility has a duration of three years and is extendable for up to two additional years

Mastercard, Saudia partner to empower Saudi female entrepreneurs with ‘Her Voice’ podcast

Mastercard has committed to bringing 25 million women entrepreneurs worldwide into the digital economy by 2025

Saudi Arabia’s flynas expands UAE network with 8 new routes starting September 1

Expansion makes flynas the only Saudi airline serving the major four airports in the UAE with more than 20 daily flights

Saudi’s stc Group recommends 37.5 percent increase in annual dividends, totaling $2.93 billion over 3 years

The group reported 7.73 percent surge in net profit, 4.79 percent rise in revenues in H1 2024

Visa-free travel to Sri Lanka: UAE, Saudi Arabia, and 33 other countries granted access

Saudi Arabia ranked third as a potential market for Sri Lankan tourism in June 2024

Growing Saudi-China ties to facilitate renminbi-based oil trade between the two countries, says S&P

China's trade with the Middle East has more than tripled over the last 20 years, a key factor in the potential for broader use of the renminbi by Gulf states

Aluminum and iron ore drive Bahrain’s $894.31 million export surge in July 2024

China emerged as the leading import partner, contributing BHD73 million (16 percent) to Bahrain's import basket