Saudi Arabia

Saudi Arabia closes March issuance of sukuk program at $1.17 billion

To cater to investors with different investment horizons, the issuance has been divided into three tranches

Saudi Cabinet greenlights agreement for setting up IMF regional office in Riyadh

The initiative seeks to enhance the presence and collaborative efforts of the IMF with Arab institutions

EFG Hermes concludes advisory on Cenomi retail’s sale of a portfolio of fashion brands to Abdullah Al-Othaim Fashion

In December 2023, Cenomi Retail acquired 100 percent of the share capital of Innovative Outfit Trading Company

Egypt’s Modern Gas to develop $533K subsidiary in Saudi Arabia

Modern Gas generated revenues of $55.2 million in 2023

Saudi Arabia’s crude exports dip 0.2 percent in January

OPEC+ extends output cuts amid market dynamics and global demand predictions

Telcos in the GCC embrace technology for revenue diversification: Report

The revenue contribution from non-telecom operations will not have immediate impact on ratings, as per the report

Saudi Arabia’s mineral wealth estimated at $2.4 trillion

Exploitation licenses in the Kingdoms mining sector soared by 138 percent

Oil prices hold near four-and-a-half month high on reduced exports, market caution

Surging prices fueled by refinery activity, China demand, and Middle East disruptions

Saudi Arabia’s tourism sector attracts $13 billion in investments, eyes $85 billion in revenue

Kingdom positions itself as a premier travel destination with ambitious growth plans

Economic and social reforms bolster Saudi Arabia’s stable credit ratings: Report

The non-oil sector investment is key to sustaining 3.3 percent annual GDP growth over 2024-2027, the report says

Moody’s affirms stable outlook for Bahraini banks amid non-oil growth

Non-oil economic growth in Bahrain is projected to remain stable at 3.2 percent

Saudi Arabia’s non-oil economy reaches 50 percent of real GDP

Private investment and robust exports drive record-breaking expansion

Investments in 11,670 Saudi factories reach $410 trillion by January

A total of 152 new industrial licenses were issued in January

Housing costs propel Saudi Arabia’s inflation to 1.8 percent in February

Subcategory prices for housing, water, electricity, gas, and fuels rose 8.5 percent YoY

Booming hospitality, transport, and arts sectors fuel Saudi Arabia’s business growth in 2023

The ministry of commerce reported an increase in commercial registrations across various sectors

Saudi Arabia’s PIF inches closer to $1 trillion in assets

Strategic acquisitions and diversification drive growth trajectory

Construction begins on Al-Urubah Park, Riyadh’s largest green space project

More than 600,000 trees and shrubs will be planted, covering 65 percent of the park area

Saudi Arabia’s non-oil activity increases by 4.4 percent in 2023

Despite decline in oil production, diverse industries foster growth in the kingdom

Saudi ministries boost job opportunities with 35 percent localization in dental professions

The new resolution will apply to private sector establishments that employ three or more workers in dental professions

Saudi Arabia, China Eastern Airlines forge strategic partnership for new air route

China Eastern Airlines will operate the route using an A330-200 aircraft, providing an annual capacity of 35,880 inbound seats

Saudi Arabia’s industrial production index up 0.3 percent in January on mining and quarrying

Manufacturing activities in the Kingdom rose by 1.1 percent in January 2024

Saudi Arabia’s Ceer awards $1.3 billion contract for EV manufacturing complex

Saudi Arabia's first EV brand advances Vision 2030 with state-of-the-art facility