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DARK SECRETS: 8 | Vintage Vibes

Saudi Fintech Sector Sees Unprecedented Growth

A report by the Washington-based Saudi-American Business Council pointed to an “unprecedented” growth in the field of startup investments. Saudi Arabia has one of the most developed financial services sectors in the Middle East and North Africa region. The report indicated that during August 2022, the Kingdom witnessed a 79…

Asharq Al-Awsat

Saudi Unemployment Hits Record Low, Approaches ‘Vision 2030’ Target

In the last quarter of 2022, the unemployment rates in Saudi Arabia hit a historical low of 8%, which is only one percentage point away from the targeted rate of 7% specified in the country's national transformation plan, “Vision 2030.” The decrease in joblessness in the Kingdom can be attributed…

Asharq Al-Awsat

UNHCR Underlines Strategic Partnership with Saudi Arabia

Director of Private Partnerships and Philanthropy at the United Nations High Commissioner for Refugees Roaa Fathi has emphasized that Saudi Arabia is a significant partner of UNHCR in all its relief efforts through the generous financial donations to refugees around the world. Fathi commended the humanitarian role of the Kingdom,…

Asharq Al-Awsat

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Saudi Arabia Boosts Ties with China, Eurasian Countries

Saudi Arabia has approved a memorandum on granting the kingdom the status of a dialogue partner in the Shanghai Cooperation Organization (SCO), state news agency SPA said. The SCO is a political and security union of countries spanning much of Eurasia, including China, India and Russia. Formed in 2001 by…

Asharq Al-Awsat

Saudi Arabia Ranks First in Arab World, 20th Globally, in Emissions Reduction

Two years after the launch of the Saudi Green Initiative, Saudi Arabia reached the top position among Arab countries and the twentieth globally, in carbon dioxide emissions reduction. In March 2021, Crown Prince Mohammed bin Salman announced the Saudi Arabia Green and Green Middle East initiatives, which he said will…

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Saudi Crown Prince, China’s President Stress Importance of Ties Between 2 Countries

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, made a phone call on Tuesday to Chinese President Xi Jinping, the Saudi Press Agency reported. During the phone conversation, they stressed the importance of the strategic relations between the Kingdom and China, SPA said. The Crown…

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Bukhari Meets Geagea: Saudi Role in Five-way Committee Falls in Lebanon Interest

The Saudi Ambassador to Lebanon Walid Bukhari on Saturday warned of the consequences of a vacuum at the top state post in Lebanon, stressing that the Saudi role in the five-way committee meeting is beneficial for the crisis-hit nation. Bukhari warned of the “consequences of not holding the presidential elections,”…

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Saudi Arabia Strongly Condemns Burning Copy of Holy Quran by Extremists in Copenhagen

The Saudi Ministry of Foreign Affairs expressed, in the strongest terms, the Kingdom's condemnation and denunciation of the burning of a copy of the Holy Quran in Denmark's Copenhagen by an extremist group outside the Turkish embassy. The Kingdom stressed the need to consolidate the values of dialogue, tolerance and…

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Saudi Arabia Condemns Israel’s Bid to Build Settlements in Occupied West Bank

Saudi Arabia on Saturday condemned a decision by the Israeli authorities to publish bids to build settlement units inside the occupied Palestinian lands. The Ministry of Foreign Affairs said in this regard that it expresses the Kingdom's condemnation of the decision by the Israeli occupation authorities to float bids to…

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Saudi Crown Prince Receives Well-Wishers on Occasion of Ramadan

Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince and Prime Minister, received at Al-Yamamah palace in Riyadh on Friday the Grand Mufti of the Kingdom, princes, Ulema, ministers, and citizens, who came to greet and congratulate him on the occasion of the holy month of Ramadan. At the outset…

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Saudi Arabia Allocates Sand, Landfill Site for Mining Activities

The Saudi Ministry of Industry and Mineral Resources said on Thursday it will allocate the sand and landfill site in the Khulais Governorate, west of the Kingdom, which extends over an area of 39.6 square kilometers, for a mining complex. The ministry is working to develop the areas adjacent to…

Asharq Al-Awsat

Saudi Arabia Works on Strengthening Legislation Frameworks to Combat Money Laundering

Saudi authorities have been keen on strengthening legislative and regulatory frameworks to combat money laundering crimes, confirmed Deputy Governor for Supervision at the Saudi Central Bank (SAMA) Yazeed AlSheikh. Speaking at the 14th Compliance and Anti-Money Laundering (CAML) seminar in Riyadh, AlSheikh reaffirmed that the Kingdom attaches great importance to…

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King Salman: Saudi Arabia Spares No Effort in Providing Comfort, Safety to Two Holy Mosques' Guests

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, affirmed that Saudi Arabia spares no effort in ensuring comfort and safety for the guests of the Two Holy Mosques, including pilgrims, Umrah performers, and visitors. King Salman asserted that the Kingdom provides all services from the guests' arrival…

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Saudi Arabia Strongly Condemns Israel’s Decision to Allow Re-settlement in Northern West Bank

Saudi Arabia on Wednesday strongly condemned a decision taken by the occupying Israeli authorities to allow re-settlement in the areas of the northern West Bank in Palestine. “The Ministry of Foreign Affairs expressed the Kingdom’s strong condemnation of this decision, which is a flagrant violation of all international laws, contributes…

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Saudi Arabia Underscores Values of Coexistence, Mutual Respect Among Peoples

The Saudi government reiterated on Tuesday the Kingdom’s firm stance that calls for bolstering coexistence and mutual respect between people around the world. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh. The ministers highlighted the Kingdom’s participation at the…

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Saudi Arabia Slams Offensive, Racist Israeli Remarks against Palestine

Saudi Arabia condemned on Tuesday the offensive and racist remarks made by an Israeli minister against the state of Palestine and its people. The Foreign Ministry underscored the Kingdom’s rejection of such baseless statements that only stoke hatred and violence and undermine international efforts for peace and dialogue.

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Saudi Culture Ministry Introduces Three New Fonts to Celebrate Kingdom’s Culture

Saudi Arabia’s Ministry of Culture on Monday launched an initiative creating three new Saudi fonts in celebration of the Arabic language. In a statement, it said it is “introducing a unique touch that gives a Saudi identity to Arabic fonts and celebrates Saudi heritage and cultural symbols.” The fonts, celebrating…

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Saudi Arabia Calls for Sighting of Ramadan Crescent Moon on Tuesday

Saudi Arabia’s Supreme Court called on all Muslims throughout the Kingdom to sight the crescent moon of the holy month of Ramadan on Tuesday evening. It called on whoever sights the crescent moon by naked eyes or through binoculars to report to the nearest court and register their testimony, or…

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Asharq Al-Awsat

Rating Agencies Raise Saudi Economy Rating with Positive Outlook

Rating agencies have upgraded the Saudi economy to a “positive” and stable outlook. They affirmed that the structural reforms have been reflected in the tangible progress in economic development and the support of diversification policies, especially in the non-oil sector. S&P Global Ratings upgraded its credit report for Saudi Arabia,…

Asharq Al-Awsat

Jordan Launches Project to Explore Lead, Zinc, Gold

Jordan's Energy and Mineral Resources Minister Saleh Kharabsheh launched Saturday a project to explore lead, zinc, and gold in the Samrat Teibah area in Wadi Araba. Jordan News Agency (Petra) quoted Kharabsheh as saying that the Ministry of Energy is carrying out the project within the framework of a national…

Asharq Al-Awsat

Saudi Arabia Supports Film Sector with $234.4 Million

The Saudi Cultural Development Fund (CDF) launched a $234.4 million program to finance the film sector in the Kingdom. The program aims to support the film industry, provide financing solutions that facilitate the work of local and foreign film companies and creative entrepreneurs, sustainably stimulate the sector’s growth, and transform…

Asharq Al-Awsat

'S&P' Raises Saudi Arabia's Credit Rating to A/A-1 with Stable Outlook

The world credit rating agency ”S&P Global Rating” updated its credit report for the Kingdom of Saudi Arabia raising its long and short-term foreign and local currency sovereign credit ratings to 'A/A-1' with Stable Outlook. The agency indicated in its report that this rating upgrade is a result of the…

Asharq Al-Awsat

Verstappen Leads Red Bull One-Two in First Saudi Practice

Formula One champion Max Verstappen shrugged off a stomach upset and picked up where he left off on Friday, with the Dutch driver leading Red Bull teammate Sergio Perez one-two in first practice for the Saudi Arabian Grand Prix. Aston Martin's Fernando Alonso, third in the March 5 opener in…

Asharq Al-Awsat

Saudi Banks Safe from Troubled US Banks

Ayman Al-Sayari, Governor of Saudi Central Bank (SAMA), ruled out any transactions between Saudi banks and troubled US banks, affirming that the Kingdom’s banking sector enjoys capital adequacy and reassuring liquidity. Al-Sayari spoke with Al-Arabiya TV on the sidelines of the Financial Sector Conference in Riyadh when he added that…

Asharq Al-Awsat

Yemen’s Hadramout Receives 3rd Batch of Saudi Oil Derivatives Grant

A new batch of Saudi fuel derivatives arrived Thursday to the Yemeni province of Hadramout, coming from Aden and offered under the Saudi Development and Reconstruction Program for Yemen (SDRPY). The grant includes 5,500 tons of diesel and 13,000 tons of mazut and is an affirmation of the Kingdom's keenness…

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