RIYADH: Moody’s Investors Service has retained a positive outlook for Saudi Arabia’s banking sector thanks to the Kingdom’s economic diversification programs. In its latest report, the US-based credit rating agency said the demand for credit for government-backed projects will improve loan performance and generate strong profit for banks in Saudi Arabia. “The banks’ operating environment … Read more
RIYADH: Saudi Arabia’s technology conference LEAP 2024 is awash with thousands of international companies and startups, but government agencies are also using the event to showcase their digital products and services. As well as 1,800 exhibitors, 170,000 attendees and 1,100 expert speakers, over 30 public sector entities are attending the Riyadh-based gathering, now in its third … Read more
RIYADH: Energy firm Aramco’s technology arm was one of several companies to sign deals at the LEAP conference, along with global brands Nokia, IBM, and Mobily. On the third day of the Riyadh tech event, Aramco Digital took the spotlight by unveiling plans for a potential partnership with Groq, a global leader in the artficial intelligence chip market. … Read more
Dubai real estate market soars amid record residential transactions in 2023: report RIYADH: Dubai’s real estate market experienced robust growth in 2023, reaching an all-time high with residential transactions totaling 118,993 units, a report from CBRE revealed. The report highlighted a 29.6 percent year-on-year increase in deal volumes, driven by growth in both the off-plan … Read more
RIYADH: Chinese e-commerce giant Alibaba Group Holding plans to strengthen ties with the Gulf region by partnering with local firms in Saudi Arabia and the UAE. During a panel session at Dubai’s World Governments Summit, Michael Evans, president of Alibaba Group, highlighted the company’s successful partnerships within the Gulf Cooperation Council and expressed plans to replicate … Read more
Cenomi Centers secures $1.39bn Shariah-compliant, sustainability-linked financing RIYADH: Saudi Arabia’s lifestyle and leisure sectors have been infused with SR5.25 billion ($1.39 billion) after mall operator Cenomi Centers secured financing for the “next generation” of retail experiences. The firm’s Shariah-compliant, sustainability-linked funding agreement with a syndicate of top-tier banks is set to deliver a new take on retail within the … Read more
RIYADH: Saudi Arabia has concluded its first government sukuk savings round for February, with a total volume of requests reaching SR861 million ($229.5 million), fully allocated to 35,000 applicants. The National Debt Management Center said in a statement that this surge in interest underscores the growing popularity of sukuk investments among individuals seeking secure and … Read more
RIYADH: Saudi Arabia plans to stimulate urban policies to ensure coordinated services for residents by 2025 as part of its efforts to boost quality of life, says top minister. Speaking during the opening remarks of the first Global Smart City Forum held in Riyadh, the Kingdom’s Minister of Municipal and Rural Affairs and Housing Majid … Read more
RIYADH: Financial risks are increasing for countries neighboring Gaza, given the prolonged conflict and its spillage into nearby areas, says Fitch Ratings. According to the latest “Fitch Wire” newsletter, the involvement of Yemen’s Houthi forces underscores the potential impact on external finances, particularly affecting Egypt and Jordan. Egypt’s current account deficit narrowed in the fiscal … Read more
RIYADH: CBX, the official promoter of the 2024 Diriyah E-Prix, has announced Diriyah Company as a partner in the Formula E event, which kicks off on Friday. The event, which marks rounds two and three of the ABB FIA Formula E World Championship, is expected to attract thousands of fans who will watch 22 drivers … Read more