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  • Saudi Arabia to provide $500m in new economic support for Yemen

    Saudi Arabia announced on Friday a new economic support package for Yemen worth $500 million and aimed at bolstering the government’s budget, stabilizing the Central Bank of Yemen, and fostering the development and stability of the Yemeni people. The latest assistance includes a $300 million deposit into the Central Bank of Yemen to improve economic and financial conditions, alongside $200 million to address the Yemeni budget deficit, the Saudi Press Agency reported.

  • Saudi Arabia condemns Israel’s burning of Gaza hospital

    Saudi Arabia on Friday denounced the burning of a Gaza hospital by Israeli forces and the forced removal of patients and medical staff from the facility. Hospital officials said that Israeli troops raided Kamal Adwan Hospital on Friday, gathered staff outside the facility, removed their clothes, and took them to an unknown location. Israeli soldiers then set fire to several parts of the facility, which is one of the last operating in the northernmost part of the Gaza Strip, including the surgery department, according to the Palestinian health ministry in the enclave.

  • Saudi Arabia’s Year in Sport: Highlights from a blockbuster 2024 in the Kingdom

    From football to Formula 1 and boxing to MMA, 2024 has been a huge year of sport in Saudi Arabia, as the Kingdom continues to cement its position as one of the globe’s leading destinations for elite-level competition. Last Saturday’s heavyweight boxing clash between Tyson Fury and Oleksandar Usyk was the final major sporting event of a memorable year, which has seen numerous records tumble and titles change hands. With the curtain coming down on 2024, Al Arabiya English reflects on another busy 12 months of sport in the Kingdom.

  • Saudi Arabia publishes camel vocabulary guide

    The King Salman Academy of Arabic (KSGAAL) has unveiled a comprehensive linguistic resource that includes terms and expressions related to camels, their breeds, colors, life stages, and diseases. In addition to the scientific section, the dictionary features a chapter on idioms, proverbs, stories, fairy tales, and poems dedicated to these iconic animals, Azernews reports. KSGAAL Secretary General Abdullah Al-Vashmi emphasized that the guide is a vital tool for preserving and understanding the central role of camels in Arab culture. Historically, these animals were the primary means of transportation, traversing mountains, valleys, and deserts like ships crossing the sea.

  • Saudi Arabia’s FDI Inflows Drop, Setting Up Tough Fourth Quarter

    FDI inflows dropped 8% quarter-on-quarter to 18 billion riyals ($4.8 billion) in the three months through September and were also down from a year ago, according to data released Monday by the Saudi General Authority for Statistics. The tally brings inflows to $14.5 billion for the first nine months of 2024. That’s below year-ago levels and just half way to reaching the government’s target of $29 billion in 2024. To meet that goal, Saudi Arabia would need one of its biggest quarterly hauls ever for foreign investment. Saudi Arabia aims to quadruple FDI inflows to $100 billion by 2030 as it seeks to share some of the financial burden of spending on its economic diversification plan. Crown Prince Mohammed Bin Salman’s government also sees foreign expertise as critical to training the local population in new industries like technology and minerals exploration and catalyzing growth in those sectors.

  • Giga-projects fueling real estate boom in Saudi Arabia

    “Saudi Arabia’s policy reforms and investment under Vision 2030 have transformed the Kingdom’s real estate landscape, making it one of the most dynamic markets in the region,” said Tarek Lotfy, president of Mercer in India, Middle East, and Africa, in an interview with Arab News. He emphasized that these reforms have accelerated the sector by aligning with broader initiatives to increase homeownership, improve livability, and attract foreign investments. This has been achieved through eased ownership regulations and the creation of Special Economic Zones. According to Sally Menassa, partner at Arthur D. Little Middle East, these reforms have included “easing foreign ownership restrictions, enhancing transparency in real estate transactions, introducing incentives for green building practices, and establishing a national framework for smart city development.”

  • Saudi Arabia’s final IPO for 2024 – AlMoosa Health – rakes in 408.7% retail over-subscription

    Saudi Arabia's stock market has closed 2024 on a high, going by the response the final offering has garnered. The retail subscription for AlMoosa Health pulled in 395,986 investors subscribing at SR127 a share - and generating a retail tranche oversubscription of a substantial 408.71%. The total retail demand came to SR1.4 billion. The retail tranche had 2.66 million shares, or 20% of the total offer size. This is the second IPO from a Saudi healthcare company this year. (The Dr. Soliman Abdel Kader Fakeeh Hospital Co. was the earlier one.)

  • Assad’s Fall Prompts Initial Gulf Unity but Differences and Concerns Are Emerging

    The rapid downfall of the Assad dynasty in Syria has caught the Gulf Arab monarchies by surprise, much as everyone else. Understandably, their initial reaction was somewhat guarded and holding to general principles. All of the Gulf Arab states issued brief statements supporting the preservation of Syria’s government institutions and stability and unity of its people. The Gulf states, like states bordering Syria, are unlikely to escape the consequences of these seismic changes in the heart of the diverse Arab east. There are concerns about the potential for renewed civil strife or terrorism in Syria and the possibility of it spreading to neighboring states Iraq and Jordan. There are already calls for greater Gulf engagement to balance Turkey’s advances and moderate the emerging Syrian leadership. The foreign ministers of Qatar, the UAE, and Bahrain joined Saudi Arabia and the other states of the Arab Ministerial Contact Committee on Syria in Aqaba, where they issued a statement pledging more robust aid and support for the transitioning Syrian government while emphasizing the need for a comprehensive and inclusive national dialogue.

  • Saudi Re sets date for new shares subscription; preemptive rights suspended

    Saudi Reinsurance Co. (Saudi Re) announced today, Dec. 25, subscription period for new shares to increase its capital, while also suspending preemptive rights. In a statement to Tadawul today, Dec. 25, the company said the subscription period will run from Dec. 26 till Dec. 30. It will be limited to the Public Investment Fund (PIF), as specified in the offering prospectus.

  • Saudi Arabia’s Absher Platform Reaches 28 Million Digital Identities Milestone

    The Absher platform serves as a comprehensive digital gateway, enabling users to access various Ministry of Interior services through three main channels: Absher Individuals, Absher Business, and Absher Government. Users can interact with more than 500 government and private entities through the unified national access portal known as “Nafath.” The platform has evolved from its original focus on passport and civil status services to become an integral part of Saudi Arabia’s Vision 2030 digital transformation strategy. Operational data reveals that the Absher platform processed over 605,000 daily operations during the past year, demonstrating the system’s robust performance and widespread adoption. The Ministry of Interior has implemented advanced technical solutions to optimize service procedures and enhance user experiences. The improvements include AI-powered verification systems and cloud-based infrastructure that ensures 24/7 availability.