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  • Saudi Arabia sees Italy as partner of choice on green products

    Saudi Arabia regards Italy as a useful ally to help it deliver green energy and fuels - including hydrogen produced with renewable power - to Europe, the kingdom's investment minister said on Thursday. Under its multi-year energy strategy, Saudi Arabia aims to grow its production capacity for low-carbon products to diversify away from its traditional oil and gas business. However, since the market for low and zero-carbon hydrogen is still at an initial stage, the country is looking for allies who could facilitate the export of these products.

  • New Saudi campaign explores the ‘Heart of Arabia’

    The heroine of the film – a solo female traveller – is initially filled with trepidation but experiences a warm Saudi welcome as she embarks on an enigmatic quest through the country’s spectacular destinations. It also showcases a lesser-known side to Saudi – its expansive geography, diverse terrain, and human and natural wonders – from the clear turquoise waters of the Red Sea, to Aseer’s lush mountains, the vibrant cities of Riyadh and Jeddah as well as iconic UNESCO World Heritage Sites of Diriyah, Hegra and Al Balad. The wider message of the campaign is about Saudi’s extraordinary heritage, its rapid transformation into a dynamic global destination, and the endearing warmth of its people.

  • Leading KSA Fintech – Hakbah – Partners with the Saudi Institute of Internal Auditors

    akbah, the Saudi-based fintech savings platform, announces a new agreement with The Saudi Institute of Internal Auditors to enhance the development of internal auditing systems, governance, and oversight within financial technologies, at 24Fintech in Riyadh. Under this agreement, Hakbah and The Saudi Institute of Internal Auditors will exchange information and updates on professional standards and scientific references, facilitating specialised internal audit studies as well as research on relevant systems, regulations, and discussion panels.

  • IMF Executive Board Concludes 2024 Article IV Consultation with Saudi Arabia

    Oil production cuts led to an overall contraction in growth of 0.8 percent in 2023, albeit non-oil GDP grew by a robust 3.8 percent, driven mostly by private consumption and non-oil investment. The unemployment rate reached historic lows, with women labor force participation rates remaining comfortably above the 30 percent 2030 target. Geopolitical events have not had any major impact on the Saudi economy so far.

  • IMF Saudi Arabia 2024 Article IV Consultation: Press Release and Staff Report

    Saudi Arabia’s unprecedented economic transformation is progressing well. Strong domestic demand is keeping non-oil growth robust while unemployment is at record lows. Inflation is contained and the current account surplus is rapidly narrowing. The recalibration of the authorities’ investment plans would help reduce overheating risks and pressures on fiscal and external accounts.

  • The Saudi Artists Breathing New Life into Jeddah’s Oldest Neighborhood

    Most of the buildings here date back between 200 and 300 years, when Al-Balad was the main entry point for Muslim travelers arriving by sea on their pilgrimage to Mecca. In recent years the district has hosted Ramadan-related events, the Red Sea International Film Festival, and the Balad Beast EDM festival. Three heritage houses, each more than 100 years old and named for the family that formerly lived in them, have been converted into small boutique hotels, the first of their kind in Al-Balad.

  • Saudi Masters Snooker Championship to Start Tomorrow in Riyadh

    The first edition of the Saudi Masters Snooker Championship begins tomorrow in Riyadh. Organized by the Saudi Billiards and Snooker Federation under the supervision of the Ministry of Sport, the tournament will take place at the Green Halls Sports Complex and continue until September 7. It will feature 144 players from around the world. The championship boasts the participation of global stars, led by seven-time world champion Ronnie O'Sullivan and the world's top-ranked player, Judd Trump.

  • Saudi Masters Snooker Championship to Start Tomorrow in Riyadh

    The first edition of the Saudi Masters Snooker Championship begins tomorrow in Riyadh. Organized by the Saudi Billiards and Snooker Federation under the supervision of the Ministry of Sport, the tournament will take place at the Green Halls Sports Complex and continue until September 7. It will feature 144 players from around the world. The championship boasts the participation of global stars, led by seven-time world champion Ronnie O'Sullivan and the world's top-ranked player, Judd Trump.

  • $200m fund for Gulf startups launched by Saudi investors

    A group of Saudi family offices and investors have launched a SAR750 million ($200 million) Gulf-focused startup investment fund called Waad.  The fund brings together Saudi investor Yaser AlGhamdi, who is the new fund’s  CEO, the AlMajed family office, which owns the Al Majdiah Group, and the AlMisfer family office, which owns the Saudi Real Estate Infrastructure Company (Binyah).  A statement issued by the fund said Waad was the largest private investment firm dedicated to supporting growth-stage startups including mentorship and financing, in the kingdom.

  • Barq, a Saudi financial services start-up led by former STC Pay CEO Ahmed Alenazi, has officially launched to the public.

    Founded last year, the start-up offers a financial app that enables users to transfer money to more than 200 countries. The company claims to have already transferred over $133 million (SAR 500 million) within just three weeks of its debut.