Saudi Arabia

Islamic banks to outpace conventional banking in GCC, says Moody’s

Non-oil economic growth in GCC countries to remain strong in 2025 due to ambitious government economic diversification plans

Saudi Arabia’s data, AI authority partners with Microsoft to advance innovation in GenAI

Partnership seeks to build national AI capabilities through various joint programs

Saudi Aramco announces agreements with key Chinese partners

Aramco's agreement with Hengli Group enables talks for a potential 10 percent stake acquisition

Saudi Industrial Production Index rises 1.6 percent in July 2024

The manufacturing sub-index rose by 4.6 percent year-on-year

Saudi Aramco signs MoUs to collaborate on advanced AI, supercomputing solutions 

Aramco has also launched initiatives to enhance advanced digital solutions in its operations 

Saudi Arabia’s Citizen Account deposits $906.2 million into 10.8 eligible beneficiaries’ accounts in September

Deposits will continue until today end of day, and beneficiaries can check their amounts in the program's app

Microsoft and partners to generate $24 billion in Saudi Arabia over next four years, says IDC study

Microsoft’s partner ecosystem will earn roughly $8 for every $1 of revenue generated by Microsoft’s cloud services

Saudi private sector employment surges to over 11.5 million workers in August 2024

The number of residents employed in the private sector stood at 9,202,580, with 8,812,758 men and 389,822 women

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

OPEC+ members extend voluntary output cuts for two more months as oil prices slump

Overall, OPEC+ is cutting output by 5.86 million barrels per day, about 5.7 percent of global demand

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 markets’ net foreign inflows cross $50 billion for first time in August: Report

In August, GCC equity markets saw strong net foreign inflows of $892 million

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

flynas launches inaugural flight at Zayed International Airport, linking Saudi Arabia and UAE with affordable travel

This new route will benefit business and leisure travelers, boosting tourism and trade between the two countries

Qatar cultural events in September: New attractions, events, performances and concerts

Qatar recorded 2.6 million visitors, with a notable 43 percent coming from GCC countries during the first six months of 2024

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

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

Global video game market expected to reach $257 billion by 2028: Key trends and insights

Over 25 percent of revenue invested in marketing by companies under $1 billion