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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

Amirah al-Turkistani, a graphic design lecturer at Jeddah International College, shops with her children and husband at a supermarket in Jeddah, Saudi Arabia, February 3, 2018. REUTERS/Reem Baeshen SEARCH "BAESHEN WOMEN" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES.

What a plunging dollar means to Gulf imports and inflation

The dollar’s slump to multiyear lows against many major currencies risks raising import costs in the dollar-pegged Gulf economies, fuelling inflation and pressuring business profitability, analysts say. From mid-January, the dollar is down 11 percent against each of the euro (to its lowest in more than three years), the Japanese yen (its lowest since late 2023), […]

Indian prime minister Narendra Modi meets Saudi Crown Prince Mohammed Bin Salman in Jeddah

New oil refineries in India among Saudi trade deals

Saudi Arabia and India have strengthened their trade partnership in the areas of energy, defence, tourism and culture following a visit by Indian prime minister Narendra Modi this week. Energy sector agreements include plans for two new oil refineries in India and collaboration on petrochemicals, electricity, renewable energy and climate policy, Bloomberg reported.  The countries, […]

Saudia will buy up to 20 A330 aircraft from Airbus

Saudia signs Airbus deal for up to 20 wide-body aircraft

Saudia, Saudi Arabia’s national airline, has finalised a new agreement with European manufacturer Airbus to buy up to 20 new wide-body A330neo aircraft. Of these, 10 are firm orders for Flyadeal, the group’s budget airline, the carrier said in a statement. The delivery of these aircraft is set to start in 2027, with the last […]

FORMULA 1 STC SAUDI ARABIAN GRAND PRIX 2023

Saudi ticketing app webook plans European expansion

Riyadh-based Webook, which describes itself as Saudi Arabia’s largest booking platform for events and experiences, says it is expanding beyond the Middle East into Europe to tap a growing market for ticketing. Set up in 2016 under the name Hala Yalla, Webook initially focussed as a service to book football pitches, before expanding to include […]

Street vendors in the historic Balad district of Jeddah. Falling oil prices have hit the Saudi economy

Saudi Arabia’s debt burden ‘to rise more quickly’, says IMF

The International Monetary Fund has revised its forecast for Saudi Arabia’s debt burden as tumbling oil prices dent the country’s revenues. The IMF is now projecting that Saudi government gross debt will be 44.5 percent of GDP by 2029, according to the twice-yearly Fiscal Monitor released in Washington DC on Wednesday.  In last October’s report, […]

A Russian oil rig in the Caspian Sea. India's increasing reliance on cheaper Russian oil erodes the dominance of traditional Middle Eastern suppliers like Saudi Arabia and Iraq

Gulf share of India oil market slides on Russia gains

India’s pivot toward discounted Russian crude oil has accelerated, eroding the dominance of traditional Middle Eastern suppliers in one of the world’s fastest-growing oil markets. In the Indian fiscal year ending March 31, Russia retained its position as India’s top oil supplier for a third year in row, Reuters reported, based on ship tracking data […]

Customers use Al Rajhi cash dispensers at a branch in Mecca. The bank's total assets have topped SAR1 trillion

Al Rajhi Bank reports 34% rise in quarterly profit

Al Rajhi Bank, the world’s largest Islamic bank by capital, has reported a 34 percent increase in net profit for the first quarter of 2025, to SAR5.9 billion ($1.5 billion). The Saudi bank’s total assets have risen by 22 percent to SAR1.02 trillion, marking the first time Al Rajhi has surpassed the trillion-riyal mark. Its […]

New factories and licenses issued in Saudi Arabia's industrial sector are projected to generate over 5,600 jobs, marking significant growth in February

New licences drive strong Saudi industrial growth

Saudi Arabia’s industrial sector recorded strong growth in February, with 105 new industrial licences issued, representing a 66.7 percent month-on-month increase. These newly awarded licences represent around SAR1 billion ($272 million) in investments and are expected to create 1,504 jobs, according to a report by the Ministry of Industry and Mineral Resources’ National Industrial and […]

Sandstone rock formations rise above the Hisma desert, Neom

Aiman Al Mudaifer named permanent CEO of Neom

Neom is to appoint Aiman Al Mudaifer as its permanent chief executive, more than five months after he took on the role of acting CEO. Al Mudaifer has worked for the Public Investment Fund, the $925 billion sovereign wealth fund backing Neom, since 2018. He took over the CEO’s post at Neom, one of the […]

Shams Solar Power Station in the UAE. Both the UAE and Saudi Araba are aiming to increase electricity exports as their share of renewable energy grows

UAE and Saudi Arabia target India and EU electricity exports

Saudi Arabia and the UAE are advancing plans to increase their electricity exports, taking advantage of spare generating capacity after surging investment in solar and wind power and seasonal fluctuation in demand. “The UAE, with around 50 percent spare capacity generation, is among the best-positioned countries to become an exporter of electricity,” Adnan Al Hosani, […]

Aramco's oil field in the Empty Quarter, Shaybah. Saudi oil exports rose in February

Saudi crude oil exports rise to 6.5m barrels per day

Saudi Arabia’s crude oil exports in February rose to 6.55 million barrels per day (bpd) from 6.07 million bpd in January, official data showed on Tuesday. The world’s largest oil exporter’s crude output for February was at 8.95 million bpd, up from 8.92 million bpd in January. Saudi refineries’ crude throughput was at 2.62 million bpd […]

Passenger on the Riyadh Metro. The IMF expects consumer prices in Saudi Arabia to rise by 2% this year

IMF cuts Saudi GDP forecast as trade turbulence continues

The International Monetary Fund has lowered its economic growth forecast for Saudi Arabia in response to escalating trade tensions and falling oil prices. The IMF’s latest World Economic Outlook, released this week, predicts that Saudi Arabia’s GDP will grow by 3 percent this year, down from its previous forecast of 3.3 percent. It now expects […]

Lending income underpins record Q1 for Saudi banks

Three of Saudi Arabia’s five biggest banks by assets have reported record first-quarter profits after generating more income from loans and on lower operating costs. Saudi National Bank, the kingdom’s largest lender, reported a 19 percent jump in profit in the three months to March 31 to SAR6 billion ($1.6 billion), compared with the same […]

Saudi Arabia and the UAE are leading a Gulf push to transform their electricity grids into 'smart' networks

Foreign companies cash in as Gulf turns to smart power grids

Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids “smart” using artificial intelligence – and increase their share of generation from solar and wind power. That share is expected to almost double in the Middle East and North Africa over the next five years. It will rise […]

Tourists in AlUla, Saudi Arabia. Visitors to the country will soon be able to claim back VAT on purchases

Saudi Arabia to expand VAT base as oil prices fall

Saudi Arabia has introduced new regulations allowing visitors to the country to claim back value added tax (VAT) to facilitate the tourism industry, but it plans to widen the tax base to include online transactions.  The world’s second largest oil producer is facing a steep decline in international oil prices on which the government relies […]

The MoU allows nuclear regulators of China and Saudi Arabia to cooperate in nuclear safety, non-proliferation and emergency response

Saudi Arabia and China to advance nuclear cooperation

Barely a week after a deal on cooperation with the US, Saudi Arabia and China have agreed to work more closely on nuclear energy development, China’s state-run Global Times reported. The two countries signed a memorandum of understanding at a China-Gulf Cooperation Council forum on nuclear technology in Chengdu on Monday. The agreement comes after […]

The Jeddah factory, a joint venture between HPDC and BRF, will produce 40,000 tonnes of processed food a year

PIF food unit builds Jeddah factory with Brazilian partner

Halal Products Development Company, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund, and Brazilian food processor BRF have started constructing a processed-food factory in Jeddah. The factory is being developed by the joint venture BRF Arabia Holding Company at a cost of $160 million, BRF said in a statement. Established in 2023, the venture […]

People walk in front of the Pepsi Cola sign at Gantry Plaza State Park in Long Island City, Queens, New York City.

PepsiCo to open Saudi research centre for Arab tastes

PepsiCo has said it plans to open a research and development facility in Saudi Arabia focused on developing new products for Middle Eastern consumers. At a cost of SAR30 million ($8 million), the centre will be the largest of its kind in the Gulf region and located in Riyadh, the US company said as it […]

An Almarai processing plant. It reported increased revenue and profits for Q1

Almarai reports increased first-quarter profits

Saudi dairy congolmerate Almarai Company has reported higher profits for the first quarter compared with the same period of 2024, one year into a $5 billion, five-year expansion plan. The Riyadh-based dairy company reported a 6 percent increase in net profits to SAR731 million ($195 million) and a 6 percent increase in revenues to SAR5.8 […]

India Prime Minister Narendra Modi welcomes Saudi Crown Prince Mohammed Bin Salman in New Delhi on February, 2019

Modi makes trade visit to Saudi Arabia this week

Indian Prime Minister Narendra Modi will visit Saudi Arabia this week to meet Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, to discuss trade, investment and energy tie-ups. The two leaders will also discuss the India-Middle East-Europe Corridor and defence cooperation during the April 22-23 visit, the Indian Express newspaper reported. Saudi Arabia is […]