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  • Saudi Arabia’s Almarai starts sale of dollar sukuk – IFR

    Saudi Arabian food and beverage company Almarai (2280.SE) is set to raise $750 million from a sale of 10-year Islamic bonds that drew over $4 billion in orders, fixed income news service IFR said on Tuesday. The sukuk launched at 145 basis points over U.S. Treasuries, IFR said, tightened from initial price guidance of around 180 bps over the same benchmark, a bank document showed earlier on Tuesday.

  • Türkiye, Saudi sign series of deals as part of Erdoğan’s visit

    Erdoğan is accompanied by members of his cabinet and other Turkish officials throughout his tour. After Saudi Arabia, Erdoğan held a one-on-one meeting with Qatari Emir Sheikh Tamim bin Hamad Al Thani, who welcomed him with an official ceremony at Lusail Palace. Subsequently, they attended bilateral meetings and an official dinner. The final leg of Erdoğan's tour will take him to the United Arab Emirates, where he is scheduled to meet with President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi on July 19.

  • Wednesday is start of new Hijri year, says Saudi Supreme Court

    Saudi Arabia’s Supreme Court announced Tuesday that Wednesday July 19 would be the start of the Islamic new year 1445. The beginning of Muharram, the first month of the Islamic calendar, marks the start of the new year.

  • Wednesday is start of new Hijri year, says Saudi Supreme Court

    Saudi Arabia’s Supreme Court announced Tuesday that Wednesday July 19 would be the start of the Islamic new year 1445. The beginning of Muharram, the first month of the Islamic calendar, marks the start of the new year.

  • Saudi startups top MENA region in raising funds in H1, collects $446m 

    Saudi Arabia’s focus on encouraging entrepreneurship has paid off as startups in the Kingdom raised $446 million in the first half of 2023, the highest in the Middle East and North Africa region. According to MAGNiTT’s “H1 2023 Saudi Arabia Venture Capital Report”, Saudi startups accounted for 42 percent of the total capital deployed in the MENA region. According to the Dubai-based data analytics platform, the Kingdom ranked second in deal counts, facilitating 54 transactions against the UAE’s 60.

  • Saudi Arabia announces start of new Umrah season for GCC citizens and residents

    Saudi Arabia’s Ministry of Hajj and Umrah announced on Tuesday the start of the new Umrah season for citizens and residents of Gulf Cooperation Council countries including the Kingdom. Citizens and residents of GCC countries are now able to apply for an Umrah permit via the Nusuk or Tawakkalna applications after the successful end of this year’s Hajj season. The Nusuk application can be used to obtain the necessary permits to perform Umrah and visit the Holy Rawdah in the Prophet’s Mosque in Madinah, while Tawakkalna ensures that the applicant meets the necessary health requirements.

  • Saudi Arabia’s Oil Production Cuts Are Quietly Starting to Bite

    “To me, it looks like the start of the hot summer in the crude market,” said Jorge Leon, senior vice president of oil market research at Rystad Energy. “It is the tipping point the market was expecting. Fundamentals are finally starting to drive the market.”

  • Saudi Arabia Smart Cities Market is poised to reach USD 14,745.2 Million, growing at a 19.6% CAGR by 2027

    As per the report, the Saudi Arabia smart cities market size was pegged at $3.55 billion in 2019, and is projected to reach $14.74 billion by 2027, growing at a CAGR of 19.6% from 2020 to 2027. Rise in efforts to minimize oil dependency, proactive smart city initiatives, and surge in investments by government have boosted the growth of the Saudi Arabia smart cities industry. However, data security & private concerns with smart cities hinder the market growth. On the contrary, the environmental friendliness of smart cities and technological advancements in IoT and cloud technologies are expected to open lucrative opportunities for the market players in the future.

  • Saudi officials thwart attempt to smuggle over 170,000 Captagon pills in Jeddah

    Saudi authorities on Friday thwarted an attempt to smuggle 178,274 captagon pills into the Kingdom, the official Saudi Press Agency (SPA) reported. For all the latest headlines follow our Google News channel online or via the app. The pills were found hidden in a shipment of beehive boxes at King Abdulaziz International Airport in Jeddah. Two people have been arrested, SPA added.

  • Chart: Saudi Arabia’s European Soccer Shopping Spree

    Saudi Arabian clubs' European shopping spree has not been limited to players, either. Following on from former Spurs manager Nuno Espírito Santo's move to Al-Ittihad last year, Liverpool legend Steven Gerrard joined Al-Ettifaq as head coach this week.