Saudi Arabia has witnessed a remarkable increase in its current account surplus, which surged to $7.6 billion (SAR28.6 billion) in the first quarter of 2024. This represents a significant 75.46% rise from the previous quarter, primarily driven by robust services exports. According to data from S&P Global Market Intelligence, the country’s services exports reached $15.64 […]
Saudi Arabia has embarked on a new phase in its ambitious Sports Clubs Investment and Privatization Project, which aims to privatize an additional 14 sports clubs. This initiative, launched by Crown Prince Mohammed bin Salman in June of last year, is a collaborative effort between the Ministry of Sport and the National Privatization Center. The […]
Qatar Airways achieved its best financial performance ever in the fiscal year 2023-2024, posting a significant 39 percent increase in net profits to $1.7 billion. The airline’s total revenue grew by 6 percent to $22.2 billion, with its earnings before interest, taxes, depreciation, and amortization (EBITDA) margin reaching $5.2 billion. This reflects the company’s emphasis […]
Several Gulf cities have been ranked among the safest in the world, according to the latest update from the ‘Crime Index by City 2024 Mid-Year’ by Numbeo. The list includes Abu Dhabi, Ajman, Doha, Dubai, Ras Al Khaimah, and Oman as some of the top cities globally in terms of safety. Out of 311 cities, […]
Saudi Arabia’s Minister of Defense, Prince Khalid bin Salman, was welcomed by Turkish President Recep Tayyip Erdogan at the Presidential Palace in Ankara on Tuesday. The meeting involved a thorough review of the relations between Saudi Arabia and Turkey, exploring avenues for enhancement. They also discussed regional and international developments and the efforts being made […]
Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, announced on Monday that Saudi Aramco has made significant discoveries in the Kingdom’s Eastern Province and Empty Quarter. According to the Saudi Press Agency (SPA), these discoveries include two unconventional oil fields, a reservoir containing light Arabian oil, two natural gas fields, and two natural gas reservoirs. […]
n the first quarter of 2024, Saudi Arabia experienced a 5.6 percent rise in net foreign direct investment (FDI) flows compared to the same period in the previous year. Data from the General Authority for Statistics (GASTAT) reveals that net FDI flow reached SAR9.5 billion ($2.53 billion) in the first three months of 2024, up […]
In May, Egypt’s net foreign assets recorded a surplus of $14.3 billion, marking the first surplus in over two years, compared to April’s $3.7 billion deficit, according to the latest data from the Central Bank of Egypt (CBE). This significant turnaround follows a near-record high of $30 billion in net foreign assets earlier this year. […]
The United Nations has designated November 24 as World Conjoined Twins Day following a proposal by Saudi Arabia, as reported by the Saudi Press Agency. Starting this year, the day will be observed annually, an initiative put forth in collaboration with Bahrain, Morocco, Qatar, and Yemen. The purpose of this day is to raise global […]
Net foreign direct investment (FDI) inflows to Saudi Arabia rose by 5.6 percent to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, according to government data released on Sunday. Compared to the previous year, inflows increased by 0.6 percent to 17 billion riyals in the first three months, while outflows decreased by […]