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…
The second day of the Taif Rose Festival “Qetaf 19” saw an incredible turnout, with the main entrance and flower pathways at Al Radif Park bustling with visitors from Taif, tourists from all over, and nearby provinces. Volunteers pitched in to support the municipality and the Cooperative Association of Taif Roses, ensuring everything was well-organized….
In 2023, Saudi Arabia saw a significant boost in its non-oil exports, hitting around 215 billion riyals, marking a substantial improvement in overall performance totaling 458 billion riyals. Service exports also saw a noteworthy surge, reaching 182 billion riyals. Additionally, re-exports exceeded 61 billion riyals. During this period, the Saudi Exports Authority embarked on 9…
This announcement coincided with the introduction of a strategic alliance between the Gates Foundation and the Mohammed Bin Salman Foundation (Misk), with the goal of enriching youth involvement in the non-profit sector. The collaboration was disclosed at the World Economic Forum Special Meeting in Riyadh. The newly established regional office will act as a central…
During the World Economic Forum in Riyadh, Saudi Minister of Tourism, Ahmed Al-Khatib, confirmed that tourist numbers in Saudi Arabia saw a “10%” increase in the first quarter of 2024, with their expenditure rising by “17%”. Al-Khatib highlighted that the Kingdom has exceeded the targets set in the National Tourism Strategy, surpassing 100 million visits….