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Saudi-based petrochemicals giant SABIC hit a $2 billion quarterly profit in the second quarter of this year as a healthy global demand for its products drove sales, according to reports.

A third straight monthly gain for oil is benefitting the Saudi economy, as SAMA FX reserves rose in June by $8.8 billion month-on-month and the non-oil PMI was unchanged at 56.4, indicating continued growth, a recently-released monthly Chartbook by Jadwa Investment for the month of June notes.

The Ivory Coast beat Saudi Arabia 2-1 in the Kingdom's opening Olympic soccer match on Thursday in Yokohama, Japan.

Dubai-based research platform Magnitt says Saudi Arabian startups raised more than a quarter of a billion dollars in venture capital (VC) funding during the first half of 2021, as the Kingdom looks to continue to develop entrepreneurship within its borders.