Saudi Arabia: Daily Business Update.

RIYADH: In Q3 2024, Saudi Aramco earned a net profit of $ 27.52 billion (SR 03.37 billion), above analyst expectations of $ 26.9 billion. However, the profit was 15.40% lower than in Q3 2024 given the challenging market conditions and lower crude oil, refined and chemical product pipes. The oil output was cut by 50,000 […]

RIYADH: Red Sea Global (RSG) secured $ 1.5 billion for funding the AMAALA Infrastructure project which will transform Saudi Arabia’s Red Sea coastline into a luxury wellness destination. Partners of the project include EDF Group, Masdar, Korea East-West Power Co. (EWP) and SUEZ. First Abu Dhabi Bank, Emirates NBD and Riyad Bank are the main […]

RIYADH: Saudi Arabia is getting closer to its goal of becoming a Cashless society as the country recorded 98% in-person contactless transactions, a rise from 4% recorded in 2017, as stated by Visa’s regional president Andrew Torre. Government support, consumer demand and visa initiatives have all contributed to this rapid growth, aligning with Saudi Arabia’s Vision […]

Hello! Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go! From 23rd October to 28th October 2024 IMF forecasts 4.6% growth for Saudi economy, highest among GCC by 2025 RIYADH: Saudi Arabia’s economy is expected to increase by 1.5% in 2024 and 4.6% in […]

RIYADH: The General Authority for Statistics (GASTAT) revealed that Saudi Arabia’s non-oil exports have increased by 7.5%, reaching a total of SR 27.52 billion ($ 7.33 billion), showing a remarkable growth when compared with same month of the last year. This growth falls in line with Saudi Arabia’s Vision 2030 which aims to diversify the […]

RIYADH: Saudi Arabia’s Minister of Health, Fahad Al-Jalajel announced during the Global Health Exhibition in Riyadh investment deals worth over SR 50 billion ($ 13.3 billion) in order to boost the healthcare sector. The major deals are agreements with NUPCO and Novo Nordisk and Sanofi for a SR 4 billion pharmaceuticals manufacturing deal, Fakeeh Care […]

Hello! Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go! From 14th October to 22nd October 2024 25% rise in Saudi Residential Transaction value for Q3 RIYADH: Residential transaction values in Saudi Arabia rose by 25% year-on-year to SR 35.4 billion ($ 9.4 […]

RIYADH: Saudi Arabia’s economy is projected to grow by 1.6% in 2023 and 4.9% in 2025, with inflation staying low at 2.1% in 2024 and 2.3% in 2025. This growth is boosted by structural reforms and rising female participation which rose to 34% in 2023 from 22% in 2016, Vision 2030. The economy has diversified […]

RIYADH: A $ 25 million credit agreement was signed between Saudi Export-Import Bank and South Africa’s Standard Bank Group at the Saudi-South African Business Forum held in Johannesburg. This deal is to help Saudi companies trading in South Africa with financial support. The forum brought 420 business leaders and officials together to discuss how to […]

RIYADH: Saudi Arabia wishes to become a Global Logistics Hub status by 2030 by investing heavily, strategically in technology and infrastructure. King Salman International Airport Development Co. (KSIADC), which is owned by Saudi Arabia’s sovereign wealth fund has teamed up with ewpartners, a firm which focuses on private investment and strategic alliances. The collaboration with […]

RIYADH: Saudi Arabia’s Investment Minister, Khalid Al-Falih said he plans to allocate a part of the country’s $ 200 billion annual construction and material procurement contracts to Pakistan. During his visit to Islamabad, he revealed the news of finalising $ 2 billion in business deals. Saudi Arabia is at the forefront of becoming the world’s largest […]

RIYADH: The Saudi Central Bank (SAMA) reported expatriate remittances from Saudi Arabia grew by 10% in August 2024, reaching a total of SR11.86 billion ($3.16 billion). Also, the remittances from Saudi nationals increased by 19% at SR5.83 billion. Saudi Arabia is a main source of global remittances, being the primary source of financial well-being for […]

Hello! Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go! From 30th September to 07th October 2024 New Tech Initiative unveiled to support Startups and drive digital growth RIYADH: The Tech Talent Hub initiative was launched by Saudi Arabia’s Ministry of Communications and […]

RIYADH: According to a report submitted by Moody’s, Saudi Arabia’s non-oil GDP is expected to grow between 5%-5.5% from 2025 to 2027, a rise from 4.6% recorded in 2022-2023. The growth is in line with the objectives of Vision 2030 which wants to diversify the economy by focusing more on non-oil revenue and reducing dependence on […]

RIYADH: The Global Cybersecurity Forum in Riyadh focused on how global collaboration is important to secure the digital future. Saudi Information Technology Co.’s CEO Saad Al-Aboodi said that the global systems being interconnected and the shift of physical assets to digital ones, raises the significance of cybersecurity for modern societies. He highlighted importance of knowing cybersecurity […]