Phil Mickelson has apologized for his remarks about the US PGA Tour and Saudi backers of a proposed rival tour, saying he will “desperately need some time away” from golf. The 51-year-old left-hander, the winner of six major titles and the reigning PGA Championship titleholder, also lost long-time sponsor KPMG after he issued a lengthy … Read more
Even after several top stars said they are staying with the US PGA Tour over a proposed Saudi-funded rival, other players do not see the upstart group stopping anytime soon. Dustin Johnson, Bryson DeChambeau, Jon Rahm and Rory McIlroy were among top players who last week expressed their PGA support over the Saudi Golf League … Read more
Phil Mickelson apologized Tuesday for remarks about the US PGA Tour and Saudi backers of a proposed rival tour, saying he will “desperately need some time away” from golf. The 51-year-old left-hander, winner of six major titles and the reigning PGA Championship titleholder, also lost long-time sponsor KPMG after issuing a lengthy apology on Twitter. Author … Read more
Widely acknowledged as one of the world’s natural treasures, Al-Ahsa oasis in Saudi Arabia’s Eastern Province is home to shady palm groves, crystal clear springs, and a centuries-old secret. Scientists have long puzzled over how the ancient watercourse, the largest self-contained oasis in the world, managed to survive the passage of time, providing its lush, … Read more
RUMAH: Saudi women, in a first for the kingdom, have paraded their camels in a beauty pageant for the prized “ships of the desert”. “I hope today to reach a certain social standing, InshaAllah (God willing),” said Lamia Al-Rashidi, 27, who participated at the weekend contest in the Rumah desert northeast of the capital Riyadh. … Read more
CAIRO: Only Muslim men are allowed to get permits to visit the Prophet’s (PBUH) tomb in the holy city of Madinah via the app “Eatmarna”, Gulf News quoted a Saudi newspaper as reporting. Women can book such visits while at the mosque that houses the tomb, it added. The Ministry of Hajj and Umrah has set a … Read more
RIYADH: The Saudi economy recovered in 2021 after a tough year of pandemic restrictions as vaccination campaigns rolled out in the kingdom and across the world driving its key oil exports, Arab News reported. MENA’s largest economy bounced back from last year, when the kingdom’s gross domestic product contracted by 4.1 per cent, according to the International … Read more
RIYADH: Saudi fintech, Thiqah, a business services company, and Emdha, an IT firm, have signed 2 initial agreements, to empower small and medium-sized fintech companies in the kingdom, through reducing the cost of services, Arab News quoted a tweet, as saying. The agreements were signed under the patronage of the Digital Government Authority and Saudi central bank. … Read more
RIYADH: Saudi Arabia’s Public Prosecution on Tuesday announced the establishment of an independent specialised unit to investigate financial frauds, the Saudi Press Agency reported. Saudi Arabia is taking several measures to ensure the protection of consumers and businesses within the kingdom and from criminals operating outside. [embedpost slug=”/saudi-arabia-to-privatise-all-its-airports/”]
RIYADH: The jobless rate among Saudis remains unchanged at 11.3 per cent in the third quarter, Arab News quoted official data from Gastat. While unemployment was unchanged in total, the data showed that both male and female jobless rates among Saudi experienced a slight drop. Unemployment in men fell 0.2 per cent to 5.9 per … Read more
RIYADH: Saudi Arabia was among the top countries in the Middle East and North Africa for new venture capital deals in the third quarter of 2021 with startups raising SR769 million ($205 million) from 91 deals, Arab News reported. It is a 439 per cent hike as compared with the figures of a year ago during which … Read more
RIYADH: Saudi-based United Electronics Co, known as extra, to inject one billion Egyptian pounds ($64 million) as an initial investment for a fully owned subsidiary in Egypt, marking its first expansion outside the Gulf Cooperation Council, Arab News quoted the company, as saying, in a bourse filing. The expansion in Egypt will be financed entirely from the … Read more
RIYADH: Saudi Arabia’s holdings of US Treasuries fell to the lowest level in about four years in October, Arab News reported. The kingdom’s stocks of US government debt fell by $8 billion, the most in a year, to $116.5 billion, the lowest level in four years, according to US Treasury Department data. Saudi Arabia was the biggest … Read more
RIYADH: The Saudi Ministry of Industry said work is under way with the Ministry of Finance to prepare regulations for a mining fund to support the objectives of the comprehensive strategy for the mining industries, Arab News reported. The main objective of establishing the fund is to find sustainable sources of funding to develop and support mining … Read more
RIYADH: Saudi Arabia is expected to record a surplus of SR27 billion in 2023 and SR42 billion in 2024, Arab News quoted Finance Minister Mohammed Al-Jadaan, as saying, at a press conference; following the cabinet’s approval of the fiscal budget for 2022. He said the kingdom expects revenues to reach SR968 billion in 2023, while … Read more
RIYADH: Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has said that transparency is the key to attracting investment in the kingdom’s mining sector, Arab News reported. Speaking at a post-budget forum in Riyadh, Alkhorayef said Saudi Arabia is committed to the environmental, social, and governance concepts in all sectors, including mining. He said mining is … Read more
RIYADH: Saudi Arabia expects a budget surplus of SR90 billion riyals ($24 billion), Saudi Press Agency reported, citing a cabinet statement. The total revenues for 2022 is estimated at SR1.05 trillion, while the spending is at SR955 billion, the statement said; following a meeting chaired by King Salman. With the Saudi budget statement for the 2022 fiscal … Read more
Saudi Ports Authority, or Mawani, launched a new transshipment service connecting King Abdulaziz Port Dammam, Khalifa bin Salman Port in Bahrain, and various Far East ports. The new transshipment service comes under Mawani’s strategy that aims at increasing Saudi’s links with global seaports, attracting major international shipping lines to its ports. The authority aims at … Read more
RIYADH: The Saudi Central Bank has issued the IT governance framework to streamline functions of financial institutions operating in the kingdom, the Saudi Press Agency reported. The framework will also be applicable to lending institutions, Saudi Payments and credit information companies. It is part of SAMA’s responsibilities to effectively identify and address potential IT risks and threats. … Read more
RIYADH: Saudi Real Estate Refinance Company has completed issuing a SR2 billion ($533 million) Sukuk to support lenders in the kingdom’s housing market, Arab News reported. The 10-year Sukuk was issued at a fixed profit rate of 3.04 per cent marketed to Saudi institutional investors, the deal was oversubscribed 2.5 times, the company said in a statement. … Read more
RIYADH: Jahez International Company for Information Systems Technology, a leading Saudi online food delivery platform, plans to collect up to SR1.6 billion ($428 million), Arab News quoted a filing, as showing. The company, also known as Jahez, set the price range for its initial public offering on Nomu Parallel Market between SR750 and SR850/share. The company offered … Read more
RIYADH: Saudi Arabia’s Ministry of Energy has signed an agreement with the Singaporean Ministry of Trade and Industry to enhance cooperation in the energy sector, Arab News reported. The memorandum of understanding will promote digital transformation and innovation, renewable energy and hydrogen technologies, and the development of a circular carbon economy, according to the Ministry of Energy’s … Read more
RIYADH: Saudi Arabia’s e-commerce market value increased 60 per cent between 2019 and 2020, and is now forecast to exceed SR50 billion ($13 billion) by 2025, Arab News quoted a new analysis. Boston Consulting Group’s report, prepared jointly with Meta, explains e-commerce’s large growth relative to the traditional retail sector. E-commerce sales in Saudi Arabia have been … Read more
RIYADH: Saudi industrial production expanded by an annual rate of 7.7 per cent in October to reach its highest level since April 2020, Arab News quoted data published by Gastat, as showing. Jumps in the output of the mining and quarrying sector were mainly responsible for the expansion as it went up by 9.1 per … Read more
RIYADH: Three special deals were completed on Tuesday in the Saudi Sukuk and bond market, with a total value of SR51.7 million ($13.7 million), Arab News reported. Special deals are orders executed when a seller and a buyer agree to trade specific securities at a certain price in order to comply with the Saudi Stock Exchange, Tadawul. … Read more
RIYADH: Saudi Aramco has announced its entry into the kingdom’s domestic lubricants market with the launch of a new line of products, Arab News reported. The oil giant timed the Orizon® launch to coincide with the inaugural Saudi Arabian Formula 1 Grand Prix in Jeddah. The product line has been introduced in more than 20 cities, including … Read more
RIYADH: Saudi Arabia is set to experience strong economic growth in the fourth quarter of 2021, thanks to oil production hitting its highest level since April 2020, Arab News quoted a report from Capital Economics. Some 9.76 million barrels per day were produced in October, broadly in line with pre-virus levels of output, analysts at the London-based … Read more
RIYADH: Saudi Arabia will start implementing the mandatory application of the first phase of e-invoicing ‘fatoorah’ on Saturday, December 4, Argaam reported. An e-invoice, according to regulations, is a tax invoice that is issued electronically by each taxpayer subject to value-added tax in the kingdom. The first phase requirements consist of ensuring that there is a technical … Read more
