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  • Saudi Arabia’s tech sector poised for $4 billion profit boost with GenAI by 2028

    By adopting and leveraging generative artificial intelligence (GenAI), Saudi Arabia’s technology sector could see an increase in operating profit of $4 billion by 2028. This projection comes from global consulting firm, Strategy& Middle East, which indicates that a 15% margin growth is achievable if technology companies develop and commercialize new GenAI applications and meet the demand for advanced hardware and infrastructure.

  • Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman extend voluntary cuts

    The OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on September 5th, 2024, during which the eight member countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments. The group includes Iraq and Kazakhstan, who have overproduced since January 2024, but have strongly reaffirmed their commitment to the agreement and to their compensation schedules submitted to the OPEC Secretariat as agreed under the 53rd meeting of the JMMC on April 3rd 2024.

  • Green Jobs Surge: How Saudi Arabia’s Eco-Initiatives Create New Opportunities

    Saudi Arabia's focus on sustainability has led to a notable rise in green jobs. According to recent statistics, the green sector has grown by over 30% in the past five years. This growth is fueled by investments in renewable energy, sustainable agriculture, and eco-friendly technologies. The surge in green industry sectors is not just a trend; it's a tidal wave transforming the Saudi economy.

  • Saudi Arabia’s PIF gets $2 billion from year’s fourth debt foray

    Saudi Arabia's sovereign wealth fund, the Public Investment Fund, locked in $2 billion on Tuesday from its fourth foray into the debt markets this year, as it continues to pour billions into an ambitious programme to wean the economy off oil. PIF launched $1.5 billion in three-year Islamic bonds, or sukuk, as well as $500 million in green notes maturing in October 2032, a document from an arranging bank showed on Tuesday.

  • Saudi Arabia surpasses fintech targets with 224 active companies and $186 million in deals

    Saudi Arabia is intensifying its fintech efforts, setting a goal to establish 525 companies by 2030. Finance Minister Mohammed bin Abdullah Al-Jadaan revealed this ambitious target at the inaugural 24 Fintech Conference, highlighting the kingdom’s swift advancement in the sector.

  • Stars gear up for Saudi Arabia Masters – all you need to know

    The inaugural event which has been given the unofficial title of being the sport’s ‘fourth major’ by organisers, is the biggest ever staged outside the UK in the sport’s history, with a £2.3m prize fund and £500,000 winner’s cheque available - equal to the amount on offer at the Crucible in Sheffield.

  • Torrential rains trigger urban flooding in Saudi Arabia

    Saudi Arabia was struck by thunderstorms and flash flooding on most of its Red Sea on Friday with footages on social media showing roads inundated and cars stranded in floodwater, according to The National. The rains are expected to last until Tuesday prompting the directorate to urge the citizens to remain on alert and adhere to safety guidelines issued through media as per the Saudi Gazette.

  • Saudi Arabia records 21% surge in credit card loans to reach $8bn

    Saudi banks recorded a 21 percent annual surge in credit card loans in the second quarter of 2024, reaching SR30.04 billion ($8.01 billion), according to official data. Figures from the Saudi Central Bank, also known as SAMA, showed that this is the highest quarterly figure reported, and the most substantial annual growth seen in a year.

  • Saudi Arabia changes senior military commanders

    Saudi Arabia issued royal decrees announcing changes to the heads of its joint forces, navy and land forces, state news agency SPA reported on Thursday.
    The chief of general staff, Lieutenant-General Fayyad bin Hamed al-Ruwayli, was left in place. The next most senior military role, commander of the joint forces, will be taken by Lieutenant General Fahd bin Hamad bin Abdulaziz Al-Salman, who was promoted from a major general, the decree said.

  • Saudi Arabia’s GEA unveils details for 5th edition of Riyadh Season

    The fifth edition will also see the launch of a new area called “Boulevard Runway,” developed in partnership with Saudi Airlines, which will repurpose old, unused airplane models. Boulevard Runway will consist of three zones with a capacity of 9,000 people, spread across 140,000 square meters.