Prime Highlights: Ubisoft is creating a new subsidiary for its highest-end brands, and Tencent is buying it for €1.16 billion for a 25% stake. Action is to enhance game worlds,…
Prime Highlights: Saudi Arabia aims to secure SR9 trillion ($2.4 trillion) in private sector investments, with an initial SR3 trillion from the Public Investment Fund (PIF). The PIF is driving…
Prime Highlights: FlyNow, a developer of electric aviation solutions, plans to roll out modular electric helicopters for transporting goods and passengers. This innovation is aimed at addressing traffic congestion, air…
Prime Highlights: Input costs rose at their slowest rate in 13 months, enabling firms to increase their purchases of inputs. Non-oil businesses experienced a sharp rise in sales, largely driven…
Prime Highlights: Derayah Financial sets its initial public offering (IPO) price between SR27 ($7.20) and SR30 ($8.00) per share. The offering, comprising 49.95 million shares (20% of the company’s share…
Prime Highlights: Saudi Arabia's Public Investment Fund (PIF) raised $4 billion through a bond offering, which was four times oversubscribed, receiving $16 billion in orders. The bonds were issued in…
Prime Highlights: Saudi Arabia's real estate sector is evolving under the Vision 2030 reform agenda, which is driving growth across affordable housing and luxury developments. The Saudi government is playing…
Prime Highlights: Saudi Arabia raised SR3.72 billion ($990 million) through sukuk in January 2025. The issuance was split into four tranches, with maturities ranging from 2029 to 2039. S&P Global…
Prime Highlights: Arable secures $2.55 million in seed funding to advance hydroponic farming in Saudi Arabia, with 90% of capital raised from foreign investors. Hydroponic farming technology offers a sustainable…
Prime Highlights: Saudi Arabia's real estate price index rose by 3.6% year-on-year in Q4 2024, driven primarily by the residential sector. The residential sector recorded a 3.1% increase, with land…
Prime Highlights: Saudi Arabia's fintech sector is experiencing rapid growth due to Vision 2030 reforms, including the Financial Sector Development Program (FSDP). The Saudi Central Bank (SAMA) has been pivotal…
Prime Highlights: Steve Witkoff, U.S. President-elect Donald Trump's Middle East envoy, achieved a breakthrough in hostage negotiations during a tense meeting with Israeli Prime Minister Netanyahu on January 11, 2025.…
Prime Highlights: Saudi e-commerce sales via Mada cards hit $4.65 billion in November 2024, a 29.4% year-on-year growth. The surge includes online shopping, in-app purchases, and e-wallet transactions, excluding credit…
Prime Highlights: Halo AI, a Saudi-based firm specializing in AI-driven creator-brand partnerships, raises $6 million in seed funding. The round was led by Raed Ventures (Saudi Arabia) and Shorooq Partners…
Prime Highlights: Saudi Investment Promotion Authority (SIPA) signs MoU with Japan’s Mizuho Bank. The agreement aims to foster enhanced investment ties between the two nations. Key Background: In a significant…
Prime Highlights: Saudi Arabia’s Public Investment Fund (PIF) aims to reach $2 trillion in assets under management (AuM) by 2030, making it the second-largest sovereign wealth fund globally. PIF’s projected…
Prime Highlights: Industrial Production Index increased by 3.4% year on year in November 2024. Mining and quarrying saw a 1.2% annual rise, driven by modest growth in oil output. Key…
Prime Highlights: Saudi Arabia has issued over 36,000 investment licenses since the launch of Vision 2030, marking a five-fold increase compared to the pre-Vision 2030 period. In 2024, there was…
Prime Highlights: Riyad Bank has launched SR-denominated additional Tier 1 sukuk under its SR10 billion program. The offering started on January 7, 2025, and will run through January 16, 2025.…
Prime Highlights: Saudi Arabia's Aramco is contemplating a decision to establish a large oil refinery in Bangladesh with which to support the country's growing demand for petroleum products and regional…
Prime Highlights: Saudi Aramco hiked the price of diesel to SR1.66 ($0.44) per liter, effective January 1, 2025 which is an increase of 44.3% from January 2024. Gasoline 91 and…
Prime Highlights: 42 percent of Saudi adult’s plan to start a business within the next three years, a record level since 2016. Saudi Arabia aims at increasing the contribution of…
Prime Highlights: The country's net foreign direct investment surged by 37% to SR16 billion ($4.27 billion) in Q3 2024. Outflows of FDI stand at 74.36% year on year with respect…
Prime Highlights: BNPL services are now used by 77% of Saudi consumers to pay for essential purchases, according to a report published by Tabby recently. First-time BNPL use tends to…
Saudi Arabia's insurance industry is likely to be buoyant in 2025 with top-line revenue growth ranging between 10 percent and 15 percent, said a report by S&P Global this week.…
US companies now hope to draw into this swiftly growing market in Saudi, to be discussing new prospects there like energy transport, tourism, healthcare, Saudi-US Business Forum held recently in…
The members of OPEC+ agreed to extend the voluntary cuts by three more months for an attempt to stabilize the world oil market. The resolution came after a virtual meeting…
The move by Crown Prince Mohammed bin Salman in Saudi Arabia into unveiling the National Red Sea Sustainability Strategy is an ambitious effort put out to protect marine ecosystems as…
On Tuesday, Saudi Arabia's Cabinet, headed by Crown Prince Mohammed bin Salman, approved the Kingdom's state budget for the fiscal year 2025. The budget projects revenues of SR1.18 trillion ($315.73…
Saudi Arabia's mega-project NEOM will be presented as a generational investment with a long-term horizon, Minister of Investment Khalid Al-Falih said. "This is not for a short period of time,"…
Saudi Arabia's economy is likely to be accelerated by 1.7% in 2024, as its growth would considerably accelerate to 4.7% in 2025 and 2026, Moody's says. The Saudi government itself…
Saudi licensed endowment investment funds have recorded a new peak in net assets at SR1 billion, or $266.67 million, as of 2024, which was a 29.3% rise from last year.…
Al-Shuaibah 1 Solar Photovoltaic Project is one of ACWA Power's notable 600-megawatt renewable energy facilities. It has signed the commercial operation certificate with Saudi Power Procurement Co., which will clear…
ROSHN, the new multi-asset real estate developer backed by Saudi Arabia's Public Investment Fund, is launched with a brand and strategic positioning that seeks to make the company the preeminent…
Qiddiya Investment Co, the flagship project under the Public Investment Fund (PIF) of Saudi Arabia has recently launched an executive office, which is focused on enhancing partnerships of the Company…
Saudi Aramco has reported a net income of SR103.37 billion which translates to $27.52 billion for its third quarter of the year 2024, surpassing the predicted earnings of equity analysts…
Saudi Arabia will invest $25 billion in Africa's private sector in the next ten years as a result of economic and trade cooperation improvements between the Kingdom and the continent,…
Saudi Arabia's National Debt Management Center issued its second riyal-denominated sukuks for October with a record issuance worth SR7.83 billion or around $2.09 billion, representing a whopping 201 percent increase…
Saudi Arabia's POS spending has reached SR58.51 billion equivalents to $15.6 billion in August 2024, while increasing by 9.67 percent over the same period last year, according to data published…
On October 16, 2024, a memorandum of understanding was signed between GAMI and GACA. The development of advanced air mobility technologies will be further emphasized through this memorandum. The agreement…
Saudi Arabia's annual inflation rate was unchanged at 1.7% in September 2023 compared with the same month last year, mainly because of high and increasing housing costs, the General Authority…
Saudi Arabia has emerged as a leader in regional sustainable construction as it managed to register 2,000 of the 5,000 green building projects across the Arab world which was declared…
Startups in the Middle East and North Africa region raised $1.3 billion in funding in the first nine months of 2024, marking a 13% decline from the same period last…
Saudi Arabia's Ministry of Finance has released its pre-budget statement for fiscal year 2025, foreseeing revenues in the range of SR1.18 trillion or $315.73 billion. The ministry reduced the forecast…
Oxford Business Group is happy to confirm its participation in hosting, on behalf of the Arab Fintech Forum, the MENA Fintech Festival 2024, scheduled for December 3-5 at the Qatar…
Saudi Arabia’s Industrial Production Index (IPI) rose by 1.6 percent in July compared to the same month last year, fueled by robust manufacturing activity, according to the General Authority for…
Saudi Arabian buy now, pay later (BNPL) firm Tabby has announced its acquisition of digital wallet provider Tweeq, a significant development in the Kingdom’s fintech landscape. The acquisition, revealed at…
Egypt’s economy is showing encouraging signs of recovery, according to the latest review report from the International Monetary Fund (IMF). The IMF highlighted that the government’s recent measures to restore…
Saudi Arabia's Public Investment Fund (PIF) is in discussions to acquire Boeing and Airbus freighters as part of its plan to establish a new cargo airline, according to a report…
MSCI Inc., a leading provider of research-based indexes and analytics, has announced the inclusion of three Saudi companies in its global and small-cap indexes, underscoring the increasing prominence of Saudi…
Oracle Corp. has announced the launch of its second public cloud region in Riyadh as part of a $1.5 billion investment aimed at advancing Saudi Arabia's digital infrastructure. This new…
Jordan’s agricultural exports experienced a significant 25.3 percent increase from January to May, bolstered by government-implemented irrigation techniques and modern farming practices. This surge raised national agricultural revenues from foreign…
Abu Dhabi’s ADNOC Logistics & Services (ADNOC L&S) has awarded $1.9bn (Dhs7bn) worth of shipbuilding contracts to build 13 new very large ethane and ammonia carriers, with delivery scheduled between…
Financial analyst has predicted 9% annual growth for Saudi Arabia and the Saudi banking sector is going to witness earnings rise in the 2nd quarter of 2024. In an interview,…
According to new research report by Henley Wealth Private Migration Report, UAE is set to be the world’s wealth magnet for a third year in a row. According to a…
The Kingdom's maritime operations and logistics industry are expected to flourish as a result of the Saudi Ports Authority granting fresh permits for several functional domains. The Mawani authorities stated…
It has been announced that the third phase of Shuaa Energy 3's 900 megawatt solar plant, located near Dubai, is prepared to start commercial operations. The project's commercial operation certificate…
According to new data, the value of Egypt's exports to Arab nations increased by 8.7% annually to reach $13.6 billion in 2023. According to a statement from Egypt's Central Agency…
March saw an increase in Saudi Arabia's holdings of US treasuries for the eighth straight month, totalling $135.9 billion, or 3.66 percent more than the previous month. In March, the…