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  • Photos: Sweltering Saudis escape to mountainous ‘City of Fog’

    "It's 46 degrees in Riyadh and only 20 here, it's 26 degrees lower," says Al Enizi at the holiday destination, about 850 kilometres (530 miles) south-west of the Saudi capital. "We're escaping the heat. Here, it's cool and the rain and fog are here nearly all the time," added the semi-retired Saudi, 45, who drove about 12 hours from Riyadh.

  • Venture Capital in Saudi Arabia: Report from STV highlights potential for 25+ #unicorns by 2030

    Saudi Arabia's STV released an interesting, forward-looking report on the opportunities for investors in the MENA region, particularly in startups. Lucien's one big thing is the report from STV, which says the MENA region is set to witness the birth of more than 45 unicorns in the next eight years, with an estimated total equity value to reach more than $100 billion, according to a new Saudi Technology Ventures (#STV) report.

  • Saudi Arabia Should Lift Cap on Domestic Fuel Prices, IMF Says

    Saudi Arabia should resume letting domestic energy prices rise as part of efforts to reduce consumption and help in hitting reduction targets for emissions, according to the International Monetary Fund. The world’s biggest crude exporter set an upper limit for the domestic cost of gasoline to soften the impact of higher living costs on citizens last year, just a month before announcing a plan to hit net zero carbon emissions by 2060.

  • Saudi Arabia aims to transform Riyadh into global fintech capital: Network Intl chief

    According to Fintech Saudi’s National Fintech Adoption Survey, 74 percent of individuals have had experience in using at least one fintech solution and fintech transaction values have jumped by more than 18 percent between 2017 and 2019 year-on-year, reaching over $20 billion in 2019 and expected to surpass $33 billion in 2023.

  • Sawtasura Captures the Voice and Lyrical Heritage of Saudi Women

    Documenting the voice and lyrical heritage of Saudi women, the Sawtasura crowdsourcing platform opens new windows for historians.

  • Foreign or joint capital makes up 39% of Saudi industrial investments

    As for the factories with foreign investment in Saudi Arabia, the ministry stated that their number reached 839 factories by the end of May 2022, representing approximately 8 percent of the total number of factories, with investments estimated at more than SR65 billion. The number of joint venture factories in Saudi Arabia reached about 787 factories, which constitute 7 percent of the total factories, with investments estimated at more than SR464 billion.

  • Foreign or joint capital makes up 39% of Saudi industrial investments

    The Saudi Ministry of Industry and Mineral Resources has revealed on Sunday that foreign or joint capital investments represent about 39 percent of the total investments in the industrial sector in the Kingdom. It also revealed that the total number of existing and under construction factories until the end of last May reached 15 percent. The ministry said that these percentages confirm Saudi Arabia's ability to attract quality investments in various economic activities.

  • Saudi Arabia And The UAE Won’t Be Tapping Emergency Oil Capacity

    According to the sources, Saudi Arabia and the United Arab Emirates are ready to deliver a "significant increase" in crude oil production if the market should run up against a severe supply crisis this winter. The sources said that this spare capacity would only be tapped in the event of a supply crisis.

  • Stenson wins LIV Golf debut, ‘I played like a captain’

    Henrik Stenson won his first start on the LIV Golf Invitational Series on Sunday in New Jersey less than two weeks after he was stripped of his role as Europe's Ryder Cup captain over his decision to join the Saudi Arabian-funded circuit. Stenson shot a two-under-par 69 in the final round of the 54-hole event to reach 11-under at Trump National Golf Club Bedminster where he finished two shots clear of Dustin Johnson and Matthew Wolff to collect the $4 million first prize.

  • Middle East may become leader in global carbon capture: MHI

    The Middle East could become the world's leading region to capture carbon dioxide for future use in enhanced oil recovery or for storage, with Mitsubishi Heavy Industries Ltd. (MHI) forecasting the market in the region at 50 million mt/year in a decade, led by steps now being taken by the UAE and Saudi Arabia, along with an unusual project now starting in Bahrain.