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BIZARRE: 14 - You Need To See This

Saudi Arabia Inks Agreements, MoUs of $2.66 Bln at Real Estate Future Forum

Saudi Arabia has signed agreements and MoUs of more than 10 billion Saudi riyals ($2.66 billion) to set up four investment funds to develop commercial, tourism and residential projects. A part of the investments will also be made in the field of real estate development and construction techniques. Moreover, Saudi…

Asharq Al-Awsat

Red Sea Global Awards $266 Mn Contract in Saudi Arabia

The Saudi Red Sea Global awarded a Primary Infrastructure and Utility Contract of $266 million to the al-Ayuni Investment and Contracting to progress expansion at Amaala’s first phase of development across its Triple Bay masterplan. Red Sea Global is developing The Red Sea and Amaala destinations in the Kingdom. Al-Ayuni,…

Asharq Al-Awsat

Tonne of 'ice' seized in past week alone

Police have seized 1.1 tonnes of crystal methamphetamine of “ice” in less than a week, officers said on Tuesday, as the kingdom cracks down on smuggling that has surged since the country’s borders reopened.

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Saudi Arabia Boosts Efficiency of Customs Clearances

Saudi Arabia has reduced its customs clearance period from 12 days to 2 hours in a move aimed at increasing the efficiency of customs processes in all the Kingdom’s land, sea and air ports. The Kingdom, according to a new initiative by the Zakat, Tax and Customs Authority (ZATCA) will…

Asharq Al-Awsat

Saudi Arabia Aspires for Real Estate Role in Attracting Foreign Investments

The Saudi Real Estate Future Forum keeps pace with the government's tendency to attract foreign companies to invest in the Kingdom's real estate sector, asserted Minister of Municipal, Rural Affairs, and Housing Majid al-Hogail on Monday. Hogail described the forum as an "opportunity to exchange regional and international experiences and…

Asharq Al-Awsat

Saudi Arabia Condemns Sweden for Allowing Extremist to Burn Quran

The Saudi Foreign Ministry strongly condemned on Saturday Swedish authorities for allowing an extremist to burn a copy of the holy Quran in front of the Turkish embassy in Stockholm. It underscored the Kingdom’s firm position that calls for the importance of spreading the values of dialogue, coexistence and shunning…

Asharq Al-Awsat

New Corporate Law to Stimulate Saudi Commercial, Investment System

Starting Thursday, companies operating in Saudi Arabia entered a new phase after the Kingdom enforcing a new corporate law within its framework of completing the modernization and reform of commercial and investment legislation and systems. The new legislation regulates investment and trade in the Kingdom and is based on clear…

Asharq Al-Awsat

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Saudi-Korean Partnership to Finance Jafurah Gas Field

Saudi Arabia’s Riyad Bank signed a project financing agreement with the Export-Import Bank of Korea to develop the power station project in the al-Jafurah gas field. In 2020, Saudi Aramco that it had obtained approval to develop the Jafurah unconventional gas field in the Eastern Province, the largest non-associated gas…

Asharq Al-Awsat

Saudi Arabia Joins WEF Jobs Consortium

Saudi Arabia has joined the World Economic Forum’s (WEF) Jobs Consortium, it was announced at the organization’s 2023 Annual Meeting in Davos. The Jobs Consortium is a coalition of CEOs, ministers, and other leaders with a common aim to promote a better future of work for all by enabling job…

Asharq Al-Awsat

Saudi FM: Global Energy Security Hinges on Geopolitical Stability

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah stressed on Wednesday that geopolitical stability was the most important key to global energy security. Speaking at the World Economic Forum in Davos, he underlined the need for stability in the short-term for energy markets. He added that the Kingdom was…

Asharq Al-Awsat

Saudi Minister Says Efforts Underway to Stabilize Energy Security

Saudi Foreign Minister Prince Faisal bin Farhan said that his country is “working to stabilize energy security,” adding that the OPEC Plus has faced market fluctuations and worked for the benefit of both producers and consumers. In remarks during a session of the Davos 2023 World Economic Forum (WEF) on…

Asharq Al-Awsat

Saudi Heritage Commission Launches National Trip to Explore Inscriptions, Rock Arts

The Saudi Heritage Commission has launched a national trip to explore inscriptions and rock art around the kingdom, urging Saudis to engage in this initiative aimed at reviving the national heritage of rock art and inscriptions found on rocks and mountains. The initiative was launched during the commission’s inauguration of…

Asharq Al-Awsat

Saudi Arabia Stresses Agreement with Egypt on Regional, Int’l Issues

The Saudi government stressed on Tuesday its agreement with Egypt on several regional and international issues. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh. The cabinet underscored the ongoing coordination between Riyadh and Cairo in confronting challenges facing the…

Asharq Al-Awsat

Saudi Arabia Advances 10 Ranks Internationally in Gender Pay Gap

Saudi Arabia has achieved remarkable progress in the fields of training and gender balance in the labor market, after it approved several regulations and legislation for the development of human capabilities and women empowerment. Last year, Crown Prince Mohammad bin Salman launched the Human Capacity Development Program, within the Kingdom’s…

Asharq Al-Awsat

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Asharq Al-Awsat

Saudi Crown Prince Launches Investment Fund on Culture, Tourism, Entertainment, Sports

Prince Mohammed bin Salman, Crown Prince and Prime Minister, announced on Tuesday the launch of the Events Investment Fund (EIF) that aims to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors across the Kingdom, reported the Saudi Press Agency. Crown Prince Mohammed will act as chairman…

Asharq Al-Awsat

Jubail, Yanbu Sign $11.4-Billion-Worth Investment Agreements in Mining

The Royal Commission for Jubail and Yanbu (RCJY) - the two largest industrial cities in the Kingdom – have announced five agreements worth more than 43 billion riyals ($11.4 billion) to establish projects in Ras Al-Khair Minerals City and Yanbu Industrial City. The agreements were signed on the sidelines of…

Asharq Al-Awsat

Int'l Conference in Riyadh Upholds Roadmap to Support Smart Mining

The Future Minerals Forum, which concluded in Riyadh on Thursday, stressed the importance of adopting a road map to support smart mining, while reducing the costs of green hydrogen and developing the use of hydrogen to reach a carbon-free mining sector. Participants in the conference emphasized the role assumed by…

Asharq Al-Awsat

Int’l Mining Community Highlights Importance of Saudi Minerals in Meeting Global Demand

Officials and investors emphasized on Wednesday the importance to uncover the Kingdom’s mining wealth, given the gap the world faces in the need for minerals and renewable energy. During the first day of the International Mining Conference in Riyadh, senior officials and heads of major international companies said Saudi Arabia…

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Asharq Al-Awsat

Saudi Arabia Accelerates Transition to Clean Energy

The second edition of the Future Minerals Forum kicked off in Saudi Arabia under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz. The Forum aims to develop dialogue on the future of minerals and investment in mining and boost cooperation throughout the area extending…

Asharq Al-Awsat

Saudi Energy Minister: Kingdom Intends to Utilize its National Uranium Resources

Saudi Arabia plans to use domestically-sourced uranium to build up its nuclear power industry, Energy Minister Prince Abdulaziz bin Salman said on Wednesday. He added that recent exploration had shown a diverse portfolio of uranium in the Gulf Arab state, the world's top oil exporter. Saudi Arabia has a nascent…

Asharq Al-Awsat

Saudi Arabia's Ma'aden Forms JV to Invest in Mining Assets Abroad

Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, said on Wednesday it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. Ma'aden will own 51% in the venture while the Public Investment Fund (PIF) will own 49%, the company said…

Asharq Al-Awsat

‘Smart Haram’ Project to Pave Way for Comprehensive Digital Transformation

The opening session of the second edition of the Hajj and Umrah Services Conference and Exhibition, launched on Tuesday in Jeddah, shed light on the efforts of the Kingdom and its wise leadership in serving pilgrims. Participants at the session discussed the role of the Kingdom’s Vision 2030 in developing…

Asharq Al-Awsat

Riyadh Mulling Raising Investments in Pakistan to $10 Billion

Prince Mohammed bin Salman, Crown Prince and Prime Minister, ordered that that Saudi Arabia’s investments in Pakistan be reviewed so that they could be increased to 10 billion dollars. The Kingdom had declared investments in the country back on August 25. He ordered that the Saudi Fund for Development study…

Asharq Al-Awsat

Saudi Crown Prince Announces Diriyah as PIF’s Fifth Giga-Project

Saudi Crown Prince and Chairman of the Public Investment Fund (PIF) Mohammed bin Salman announced on Monday designating Diriyah as the fifth giga-project owned by the Kingdom’s sovereign wealth fund. The Diriyah tourism project aligns with PIF’s strategy for achieving the goals of the Kingdom’s plan for national transformation, Vision…

Asharq Al-Awsat

Saudi Arabia Set to Become World’s Fastest-Growing Major Economy in 2023

Saudi Arabia is set to overtake India as the fastest-growing major economy in 2023 after the latter lost growth due to weak demand at home and abroad. The Kingdom’s real gross domestic product grew by 8.8 % in the third quarter of 2022 compared to the same period in 2021,…

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