RIYADH: Saudi Arabia’s sustainable tourism developer, The Red Sea Development Co, signed an agreement with the Red Sea Farms to establish a farm that will produce food using smart technologies, sunlight, and seawater to supply the hotels it is building with sustainable food, Arab News reported. Red Sea Farms will build and operate the indoor farm, growing … Read more
RIYADH: Saudi Arabia’s public debt increased SR25.5 billion ($6.8 billion) in the third quarter of this year, reflecting a growth rate over the period of 2.8 per cent, Arab News reported. The total debt now stands at SR948.3 billion, the recent quarterly budget performance report revealed. The increase was almost solely due to the growth in domestic … Read more
RIYADH: Saudi Arabia and Oman have signed two agreements to enhance cooperation in land and air transport, Arab News reported. “The memorandums of understanding aim at exchanging experiences between the two sides and enhance cooperation in these sectors,” the kingdom’s Ministry of Transport and Logistics said in a statement after the signing in the capital, Riyadh. The … Read more
CAIRO: Saudi Arabia reported its first quarterly budget surplus since the first quarter of 2019, as oil prices are trading at a multiyear high and the government cut down on its social spending and rationalised expenditures, Arab News reported. The kingdom’s budget turned to a surplus of SR6.68 billion ($1.78 billion) in the third quarter of this … Read more
Saudi Arabia completed earlier than planned the repurchase of a portion of outstanding bonds and Sukuk due in August, September, October, November and December of 2022, with a total value of more than SR33 billion ($8.79 billion), Arab News quoted. The kingdom, represented by the Ministry of Finance, also announced the issuance of new Sukuk … Read more
RIYADH: The tourism industry is “too big to fail”, Arab News quoted a Saudi assistant minister, as she invoked the 2008 banking collapse to describe the challenges facing the sector. Speaking at the Future Investment Initiative Forum, Princess Haifa Al Saud called for enhanced cooperation between the public and private sectors with a focus on … Read more
Greece is keen to work with Saudi Arabia to help deliver energy harvested by the Middle East country to Europe, the Greek Prime Minister has said Speaking at the Future Investment Initiative Forum in Riyadh, Kyriakos Mitsotakis said the current energy situation in his continent has made him look towards the Gulf for more supply … Read more
Saudi Arabia has agreed to deposit $3 billion with the State Bank of Pakistan to support the country’s depleting foreign exchange reserves and mitigate the negative impact of Covid-19 on its economy, the Saudi Press Agency reported on Tuesday. Additionally, the kingdom has also approved $1.2 billion on oil deferred payments. “The Saudi Fund for … Read more
Pilgrims, wishing to perform Umrah, are no longer needed to wait for 14 days to book for the ritual, according to Saudi Arabia’s Ministry of Hajj and Umrah. According to the Arab News, the capacity of the Grand Mosque has significantly been increased for Umrah pilgrims and prayers, and so, the condition is not needed … Read more
RIYADH: Saudi Arabia has launched a national infrastructure fund to invest SR200 billion ($53.3 billion) in projects over the next decade, the Saudi Press Agency reported on Monday. The fund will invest in transportation, water, energy, health, education, communication and digital infrastructure, it said. Under the kingdom’s National Development Fund, it will finance privatised infrastructure projects and … Read more
MAKKAH: Prime Minister Imran Khan on Saturday prayed for the peace and prosperity of Pakistan as he performed Umrah, along with first lady Bushra Bibi and other ministers, during his three-day trip to Saudi Arabia. In a video shared by the Prime Minister Office (PMO), the premier was seen in an ihram (a cloth that … Read more
RIYADH – Top crude exporter Saudi Arabia will aim to achieve net zero carbon emissions by 2060, its de facto ruler said on Saturday, days before the COP26 global climate summit. The kingdom, one of the world’s biggest polluters, said it would also join a global effort to cut methane emissions by 30 percent by 2030. The UN … Read more
DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom is aiming to achieve net carbon neutrality by 2060, during a speech to the Saudi Green Initiative forum in Riyadh on Saturday, Arab News reported. The Crown Prince said Saudi Arabia’s adoption of the Carbon Circular Economy, based on zero waste, will help reach the target. … Read more
RIYADH: Pakistan’s Ambassador to Saudi Arabia Lt Gen Bilal Akbar (Retd) has said that with two million Pakistani expatriates already working in the kingdom, the number was expected to reach around 2.5 million in the coming years due to increased human resource requirements under the 2030 vision of Crown Prince Mohammad bin Salman bin Abdul … Read more
RIYADH: The Islamic Development Bank of Saudi Arabia has announced the price of its second and final issuances as part of its plan to mobilise financial resources. The Saudi Press Agency (SPA) reported the final price of issuance instruments by the bank was SR6.3 billion ($1.7 billion), due to five years of annual returns by … Read more
RIYADH: Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said users switching from gas to oil could account for the demand of 500,000-600,000 barrels/day, adding that the world was now waking up to the shortages in the energy sector, Arab News reported. Prince Abdulaziz said the potential switch depended on how severe winter weather would be and … Read more
RIYADH: Saudi Arabia issued SR8.5 billion ($2.27 billion) in the domestic Sukuk for the month of October, Arab News quoted the National Debt Management Centre, as saying. The Islamic bonds were split into two tranches: SR3.905 billion due in 2029, and another of SR4.595 billion due in 2033.
RIYADH: Saudi Arabia’s National Fisheries Development Programme has launched a project to develop commercial algae technology and promote localisation of the algae industry in the kingdom, Arab News reported. The fisheries development programme comes under the purview of the Saudi Ministry of Environment, Water and Agriculture. Ali Al-Shaikhi, the CEO of the programme, said the project aims … Read more
RIYADH: Saudi Arabia’s holding of US Treasury securities decreased by the end of August to $124.1 billion, the lowest since May 2020, Arab News quoted the latest data from the US government. The Saudi holdings in August were down by 3.1 per cent or $4 billion compared to the previous month. The holdings declined by 4.5 per … Read more
RIYADH — Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud set up strategic offices on Sunday to develop three regions in the kingdom, the Saudi Press Agency reported. The offices in Al Baha in the west, Al Jouf in the north and Jazan in the southwestern of the kingdom would be the … Read more
RIYADH: Jordan’s Aqaba Special Economic Zone Authority signed an investment agreement to establish a privately-owned Saudi-Jordanian airline with a capital of $20 million, Arab News quoted Jordan’s PETRA news agency, as saying. This huge investment project was the result of joint cooperation between the two countries, Jordan and Saudi Arabia. “The new airline will operate flights to … Read more
SAUDIA ARABIA: The Grand Mosque in the Muslim holy city of Makkah in Saudi Arabia operated at full capacity on Sunday (Oct 17), with worshippers praying shoulder-to-shoulder for the first time since the coronavirus pandemic began. Workers removed floor markings that guide people to social distance in and around the Grand Mosque, which is built … Read more
RIYADH: Saudi Arabia and Egypt have signed an agreement to increase cooperation in the areas of housing and urban development. The Ministry of Municipal and Rural Affairs and Housing and its Egyptian counterpart signed an agreement to develop an executive programme, SPA reported. The agreement sets out a detailed programme for exchanging expertise between the … Read more
RIYADH: Saudi Arabia’s National Investment Strategy will include 40 initiatives, including the opening of economic zones, Arab News quoted Minister of Investment Khalid Al Falih revealed. The kingdom will see the opening of the economic zones soon, Al Falih said during an interview with Al Arabiya, without providing a time frame. “We want Saudi Arabia to be … Read more
RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan will head the Kingdom’s delegation at the annual meetings of the International Monetary Fund (IMF) and the World Bank, which kicked off in Washington on Tuesday, Saudi Press Agency announced. The delegation includes the governor of the Saudi Central Bank, Fahad Al-Mubarak, and a number of specialists … Read more
RIYADH: Saudi Arabia wants its economic output to reach 6.4 trillion riyals ($1.71 trillion), Arab News quoted Investment Minister Khalid Al-Falih, as saying. The minister was speaking about the kingdom’s economic development strategy to year 2030, the channel said. He said the kingdom aims at boosting annual total investments to over SR2 trillion by 2030, … Read more
RIYADH: Foreign investment in Saudi Arabia has grown 16 per cent to SR2.256 trillion in the second quarter of 2021, up from SR1.951 trillion last year, Arab News quoted the Saudi Central Bank’s data (SAMA), as showing. Crown Prince Mohammed bin Salman launched a national investment strategy (NIS) on October 11 to help increase the net foreign direct investment to SR388 billion … Read more
More than half of Saudi Arabian consumers would have “no problem” moving banks as financial services competition intensifies amid the rise of digital lenders, Arab News quoted a new survey. Fifty-two per cent of the Saudis would be comfortable making the change, and 63 per cent are actively looking for new lending offers, says US consulting firm … Read more
