RIYADH: Saudi Arabia’s automotive sector localization is fast on track as part of the government’s efforts to achieve its Vision 2030 targets, according to a senior official. At the Saudi-American Business Council seminar, Aftab Ahmed, a senior adviser to the Kingdom’s National Center for Industrial Development in the automotive sector, underscored the rapid transition toward … Read more
RIYADH: UAE-based grocery store operator Spinneys 1961 Holding PLC has announced its intention to proceed with an initial public offering on the Dubai Financial Market. Al Seer Group, Spinney’s parent company and the selling shareholder, expects to sell 25 percent of the total issued share capital of the firm, equivalent to a total of 900 … Read more
RIYADH: Oman’s top five ports saw a 1.5 percent annual increase in cargo handling in 2023, surpassing 93.2 million tonnes, underscoring their growing significance in maritime trade. The terminals of Sultan Qaboos, Salalah Sohar and Khasab as well as Shinas, and A’Suwaiq handled approximately 91.8 million tonnes of general, liquid, and bulk cargo in 2022, … Read more
Saudi Arabia braces for Eid Al-Fitr rush with anticipated surge in airline passengers RIYADH: Buoyed by the millions of Umrah performers and worshippers throughout the holy month of Ramadan, Saudi Arabia braces for a surge in travel for Eid Al-Fitr. The spike is expected to result in a significant rise in the number of arriving … Read more
RIYADH: The Green Team of the Medical Students’ Association at Alfaisal University recently organized a desert clean-up, clearing the popular Khararah Lake site in Riyadh. The aim of the exercise was to eliminate plastic waste, reduce land pollution and eventually improve the overall environment in the area. The Green Team is a student-led committee created to … Read more
RIYADH: The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions. According to the report released by research firm Insurance Monitor, in association with Lux Actuaries and Consultants, four firms from the Kingdom grabbed their spots on the list of the … Read more
RIYADH: Saudi Arabia’s Tadawul All Share Index posted an annual gain of 1,811.46 points, or 17.11 percent, to reach 12,401.56 at the end of the first quarter of 2024, official data showed. According to the report released by Saudi Exchange, the highest close level of the main index in the first quarter was on March … Read more
RIYADH: Carbon markets are set to play a pivotal role in achieving climate goals, with efforts from Saudi Arabia and the UAE, paving the way for a smooth energy transition. According to a new report from the International Energy Forum, carbon markets are capable of effectively lowering the costs associated with greenhouse gas removal by … Read more
RIYADH: Saudi Arabia is emerging as a proactive leader, pioneering green initiatives to mitigate economic challenges posed by the transformation toward sustainability, according to the International Monetary Fund. A recent report by the IMF highlighted the intricate dynamics at play and underscored the Gulf Cooperation Council and Saudi Arabia’s strategic positioning in this evolving scenario. … Read more
TOKYO: Oil prices edged up on Thursday, following two consecutive sessions of decline, as investors reassessed the latest data on US crude oil and gasoline inventories and returned to buying mode, according to Reuters. Brent crude futures for May were up 31 cents, or 0.4 percent, at $86.40 a barrel while the more actively traded … Read more