Lucid Motors released its Q1 financial results this week, showing some progress compared to last year despite still experiencing significant losses. Download Lucid Q1 2024 Results Report In the latest report, Lucid revealed a net loss of $684.7 million, a decrease from $779.5 million in the same period last year. The company, known for luxury…
Today, the first flight from China Airlines landed safely in Riyadh, Saudi Arabia’s capital. This event is significant because it highlights the strengthening bond between Saudi Arabia and China. This new flight route links Beijing’s airport with King Khalid International Airport in Riyadh, offering over 45,000 seats annually. It’s great news for Chinese travelers interested…
The board of directors at Al Qiddiya Investment Company has announced the unveiling of “Aquaribia” today, marking the opening of the Kingdom’s first-of-its-kind water amusement park, also the largest in the region. Situated in the heart of Al Qiddiya city, “Aquaribia” complements the existing “Six Flags Al Qiddiya.” “Aquaribia” stands out as the Kingdom’s first…
The financial data from the Saudi Ministry of Finance for the first quarter of 2024 reveals revenues totaling 293.4 billion riyals, with expenditures reaching 305.8 billion riyals, resulting in a deficit of 12.4 billion riyals. → Download Saudi 2024 Q1 Budget PDF During the first quarter, oil revenues amounted to 182 billion riyals, showing a…
The Kingdom leads in more than half of the car sales in the Gulf Cooperation Council countries, positioning it among the top 20 global markets. According to Hamoud Al Harbi, spokesperson for the Zakat, Tax, and Customs Authority, the Kingdom imported over 160,000 cars through all its customs outlets from 2022 to 2023. Al Harbi…
Saudi Arabia saw more people using the internet in 2023, with 99% of users, mostly split evenly between men and women. A report called “Saudi Internet” looked at how people use the internet in the Kingdom. It found that over half spend 7 hours or more online each day, mostly at home or while out….
Saudi Arabia’s digital presence expands globally as the Arabian Internet and Communications Services Co. buys a 40 percent share in Devoteam Middle East, spending SR296.69 million ($79.1 million). This strengthens the position of the company, also known as Solutions by stc, in the digital market. The acquisition, completed from Devoteam Group’s regional branch, values the…
China State Shipbuilding Corporation and Qatar Energy have agreed to build 18 of the world’s biggest LNG carriers together. This shows they are supporting Qatar’s plans to grow its LNG industry. The deal is worth about $6 billion, making it the largest single order of LNG carriers ever. These new ships will be part of…
The preliminary financial results for the first quarter of 2024 from the Saudi Basic Industries Corporation (SABIC) show a total revenue of 32.6 billion Saudi riyals, marking a 10.2% decrease from the same period last year and a 6.6% decrease from the previous quarter. SABIC recorded a net profit of a quarter billion riyals for…
BlackRock and the Saudi government have made a deal to set up an investment firm in Riyadh. It’s kind of a big deal, backed by a cool $5 billion from the kingdom’s Public Investment Fund. This new venture, BlackRock Riyadh Investment Management, will be fully owned by the folks over at BlackRock. They’ll have their…