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  • Saudi restaurant and cafe sales boost August POS spending to $15.6bn

    Saudi Arabia’s point-of-sale spending reached around SR58.51 billion ($15.6 billion) in August, marking a 9.67 percent rise compared to the same month last year, according to the latest data. Figures from the Saudi Central Bank, known as SAMA, revealed that 36 percent of POS spending during this period — totaling SR16.55 billion — was spent on beverages, food, restaurants, and cafes, reflecting a 4.72 percent increase. This growth was primarily driven by higher spending in restaurants and cafes.

  • Saudi Arabia: First week of Riyadh Season welcomes two million visitors

    The first week of Riyadh Season 2024 drew in an impressive two million visitors, Saudi Arabia’s General Entertainment Authority (GEA) announced on Sunday. With an exciting lineup of events and attractions, Riyadh Season 2024 is poised to solidify the Saudi capital’s status as a global entertainment destination, the Chairman of the GEA Turki AlAlshikh said in a statement carried by the Saudi Press Agency (SPA).

  • Saudi Aramco CEO ‘fairly bullish’ on China oil demand

    Saudi Aramco (2222.SE), opens new tab is "fairly bullish" on China's oil demand especially in light of the government's stimulus package which aims to boost growth, the head of the state-owned oil giant said on Monday. "We see more demand for jet fuel and naphtha especially for liquid-to-chemical projects," Aramco CEO Amin Nasser said on the sidelines of the Singapore International Energy Week conference. "A lot of it is happening in China mainly because of the growth in chemical needs. Especially for the transition, for the electric vehicles, for the solar panels, they need more chemicals. So that's huge growth there," Nasser said.

  • Saudi holdings of US Treasuries rise to $142.8B in August

    Saudi Arabia’s holdings of US Treasuries reached $142.8 billion in August, up by $89 million month-on-month (MoM), new data released by the US Treasury showed. The Kingdom's holdings of US Treasuries in August were the highest in nearly four and half years, i.e. since March 2020. Accordingly, Saudi Arabia maintained its 17th place among the largest holders of US Treasuries for the month.

  • Temasek, Saudi Arabia’s PIF rated highest for credit metrics and liquidity by Moody’s

    emasek Holdings and Saudi Arabia’s Public Investment Fund (PIF) have the strongest intrinsic credit quality, among the 11 government-owned investment holding companies (IHCs) it rated, said Moody’s Ratings in an Oct 17 report. The rating agency explained that while credit quality of the rated government-owned IHC is generally closely aligned with that of its government, intrinsic credit quality generally varies, as it is a reflection of the IHC’s standalone credit strength, excluding extraordinary government support.

  • GCC Secretary General: GCC-EU Summit a Milestone in Deepening Ties

    In his remarks, Albudaiwi highlighted that, according to the cooperation agreement signed by both sides in 1988 and the Joint Action Programme for the period 2022-2027, which includes constructive mechanisms and proposals for cooperation in political, security, economic, and other fields, this distinguished relationship is a source of pride due to its high standing on many fronts, including political coordination, energy cooperation, and academic, health, and cultural collaboration. He noted that the strategic partnership holds great potential to achieve higher economic, political, and security integration levels and enhance communication between our peoples.

  • EU, GCC forge stronger economic ties with focus on sustainable energy, trade

    “We agree to continue our dialogue on a regular basis by holding a summit every two years and look forward to the next summit in Saudi Arabia in 2026,” stated the joint statement. Jasem Al-Budaiwi, the GCC secretary-general, noted that the event underscores the shared commitment of both regions to strengthen political and economic partnerships, as well as to advance cooperation in areas such as political coordination, energy, health, education, and cultural exchanges. He also highlighted the robust trade relations between the two blocs, mentioning that trade volume between the GCC and the EU exceeded $204 billion in 2022, accounting for approximately 13 percent of the GCC’s total trade in goods.

  • EU backs Arab demands for Iran to end ‘occupation’ of islands

    The Gulf Cooperation Council (GCC) and the European Union (EU) have jointly urged Iran to relinquish control of three Persian Gulf islands, which it has held since 1971 following Britain's withdrawal from the region. The joint statement, issued on Wednesday during the first EU-GCC summit in Brussels, urges Iran to end its control of Greater Tunb, Lesser Tunb, and Abu Musa, islands claimed by the United Arab Emirates (UAE) after it gained independence following Britain's withdrawal.

  • First European Union-Gulf Cooperation Council Summit – Joint Statement

    We, the Heads of State and Government of the Member States of the European Union (EU) and the Gulf Cooperation Council (GCC) held our first Summit on 16 October 2024 in Brussels, Belgium, under the theme “Strategic Partnership for Peace and Prosperity” to celebrate the deepening partnership between the two blocs, co-chaired by H.E. Charles Michel, President of the European Council and H.H. Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar as rotating President of the Gulf Cooperation Council, in the presence of H.E. Ursula von der Leyen, President of the European Commission, and, H.E. Jasem Al Budaiwi, Secretary General of the Gulf Cooperation Council and H.E. Josep Borrell Fontelles, High Representative of the EU for Foreign Affairs and Security Policy.

  • EU, Gulf states seek give and take on Ukraine, Middle East

    EU and GCC sources both said the negotiations on the finalized joint statement in the weeks leading up to Wednesday's summit were difficult. Top of Europe's wishlist was strong wording condemning Moscow for its full-scale invasion of Ukraine. One EU diplomat said initially, the GCC — the group of wealthy Gulf states that includes Saudi Arabia, Qatar, the United Arab Emirates, Bahrain, Kuwait and Oman — wanted no direct reference to Russia in the text. Ultimately, leaders compromised by simply lifting the language from a 2022 United Nations General Assembly resolution in which they "deplore in the strongest terms the aggression by the Russian Federation against Ukraine."