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Saudi Arabia

Business news and financial news from Saudi Arabia, covering the biggest Saudi companies including Saudi Aramco, the Public Investment Fund (PIF), Sabic, Riyadh Air, Saudia and Saudi National Bank

Non-oil industries saw strong growth but it is slowing. Picture: Creative Commons

Growth in Saudi non-oil private sector still robust in April

Saudi Arabia’s non-oil private sector continued to see robust growth in April, albeit at a slower pace than in March as fears over inflation began to weigh on demand, a survey showed on Monday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy fell to 55.7 in April […]

Revealed: top co-working spaces in the Gulf

Demand for co-working spaces is on the rise in the Gulf as business communities evolve to support the shift towards knowledge-based economies and nurture a new generation of startups driving a different way of working. Spaces are opening up across the region to accommodate a different breed of worker that prioritises flexibility, low rates and […]

Egypt gets Gulf aid as eyes turn to currency flexibility

The central bank allowed Egypt’s pound, which had been stable since November 2020, to drop by 14 percent against the dollar on March 21 after Russia’s invasion of Ukraine prompted investors to withdraw billions of dollars from Egyptian treasury markets. Last week Saudi Arabia said it had deposited $5 billion with Egypt’s central bank and […]

Joe Biden is under pressure to bring down petrol prices in the US

Saudi Arabia leads OPEC move to drop energy watchdog’s data

A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about US influence on the figures, said sources, adding to strain on ties between Riyadh and Washington. The Organisation of the Petroleum Exporting Countries and allies including Russia, a group referred to as OPEC+, has […]

Person, Human, Plywood

Saudis ‘let down’ by US over Houthi security threats, says royal

Saudi Arabia feels “let down” by the United States in tackling security threats to the kingdom and wider region by Yemen’s Iran-aligned Houthi movement, a senior member of the Saudi royal family and former intelligence chief said. Traditionally strong ties between Riyadh and Washington have been shaken under U.S. President Joe Biden by the 2018 […]

Musk’s Twitter free speech promise may be tested in Middle East

In a region where the local media is often controlled by the state, millions of people rely on social media platforms to follow news and express their opinions. Both Twitter and Facebook showed their potential to influence real-life events during the 2011 Arab Spring uprisings, when they played an outsize role in social upheaval. But […]

President Erdogan of Turkey
  • Analysis

Erdogan heads home from Riyadh, hoping to have mended ties

Three-and-a-half years after accusing Saudi Arabia of murder and running a sham trial over the killing of Jamal Khashoggi, Turkish President Tayyip Erdogan has made a trip to the Gulf kingdom to mend ties. Turkey and Saudi Arabia have a common will to “reactivate a great economic potential” between the two countries, Erdogan said after […]

Tie, Accessories, Accessory

Turkey, Saudi to revive great economic potential, Erdogan says

Turkey and Saudi Arabia have a common will to “reactivate a great economic potential” between the two countries, Turkish President Tayyip Erdogan said on Saturday, after his first trip to the kingdom since 2017. Speaking to reporters on a flight back from Saudi Arabia, where he sought to mend frayed ties, Erdogan said the sides […]

Alloy Wheel, Wheel, Spoke

Lucid to buy 100,000 electric vehicles from Saudi Arabia

Electric carmaker Lucid Group Inc on Tuesday said it has signed an agreement with the government of Saudi Arabia for the purchase of up to 100,000 of its vehicles over the next 10 years. Saudi Arabia commits to purchase 50,000 vehicles under the agreement, with an option to buy an additional 50,000 vehicles during the ten-year time frame, […]

Al Rajhi Bank reports 24% rise in Q1 profit

Al Rajhi Bank, Saudi Arabia’s second-biggest lender, reported a nearly 24 percent rise in quarterly earnings, fuelled by a jump in net financing for customers, and higher investment income and fees from banking services. The bank reported a net profit of SR 4.1 billion ($1.09 billion) for first quarter ended March 31, up SR 3.34 billion in the […]

Logo, Trademark, Symbol

Americana selects banks for Saudi and UAE listings

The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and theUnited Arab Emirates, a source with knowledge of the matter said. Americana Group has selected Goldman Sachs, First Abu Dhabi Bank (FAB) and Saudi National Bank (SNB) for the deal, said the source, declining […]

Oil will cushion Middle East from economic impact of Ukraine war

The war in Ukraine will sharply reduce economic growth in the Central Asian region in 2022, but higher oil prices will partly cushion the blow for the Middle East and North Africa, the International Monetary Fund said on Wednesday. Both regions, however, will feel the impact of surging commodity prices, the IMF said, warning higher […]

Turkish President Erdogan plans visit to Saudi’s Crown Prince

Turkish President Tayyip Erdogan plans to visit Saudi Arabia on Thursday and meet Crown Prince Mohammed Bin Salman as Ankara tries to mend ties with Riyadh after dropping a legal case on the killing of journalist Jamal Khashoggi in Istanbul. Relations have been tense since a Saudi hit team killed Khashoggi at the kingdom’s Istanbul […]