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PIF has launched a new company Badeal

Saudi wealth fund PIF launches Badael to make tobacco-free products

The new company will make tobacco-free nicotine delivery products available across Saudi Arabia by the end of 2023

Majid Al Futtaim issues sukuk

UAE’s Majid Al Futtaim issues $500m green sukuk

The conglomerate will use the proceeds from its fourth green sukuk issuance to refinance an older $800m bond commitment due in May 2024

Red Sea Coastline. Image Credit: redseaglobal.com

Red Sea joins Virtuoso’s portfolio as a travel partner

The destination hopes to be the gold standard for regenerative and sustainable tourism when it opens its doors to travellers later in 2023

Flynas A320 neo aircraft (Image: Supplied by flynas)

Flynas passenger numbers climb to 2.4 million in Q1 2023

The number of flights it operated in Q1 2023 stood at 17,000, a 13 per cent increase year-on-year

Saudi Arabia and Canada restore full diplomatic ties

Saudi Arabia, Canada renew full diplomatic ties

Saudi Arabia had suspended diplomatic ties and halted new trade and investment dealings with Canada in 2018

Jeddah Islamic Port is Saudi Arabia’s busiest port

Jeddah Islamic Port’s April container volume surges by 25%

The port’s cargo column saw an addition of 19.33 per cent to the 2022 volume to achieve about 5,261,883 tons

FAB supply chain finance in KSA

UAE’s FAB launches supply chain finance in Saudi Arabia

The programme allows companies to monetise their receivables at competitive rates and get instant payments, without needing to borrow funds


AI takes flight: Saudia, Accenture collaborate to develop over 260 new digital services

All the digital systems developed by Accenture will be designed specifically for the airline, increasing operational efficiency and reducing costs

International Space Station receives Saudi astronauts after their maiden space flight. Image Credit: NASA TV

Rayyanah Barnawi, Ali Al Qarni’s first day at the International Space Station

The Axiom 2 mission brings together three Arab astronauts on board the ISS for the first time in history

Rajasthan Royals

Saudi’s NEOM partners with India’s Rajasthan Royals for first ever cricket programme

The pilot programme aims to facilitate an active and healthy lifestyle within the growing workforce, forecast to reach 60,000 people by the end of the year

Azulik AlUla resort image courtesy RCU

Saudi Arabia’s RCU to open AZULIK AlUla, a new eco-luxury resort

The eco-luxury resort, which will feature 76 villas, is scheduled to be launched by 2027

NEOM green hydrogen plant

NEOM Green Hydrogen Company closes $8.4bn deal for production facility

The green hydrogen production plant is currently being built at Oxagon in Saudi Arabia’s NEOM region

Minor Hotels signs agreement with Saudi's Tourism Development Fund (Image: Supplied by Minor Hotels)

Minor partners with Saudi’s Tourism Development Fund

Multiple properties from brands including Anantara, Avani, Tivoli and Oaks will open across different regions within the kingdom

Tam Development founder and CEO

Saudi’s TAM Development opens IPO subscription on Nomu-Parallel Market

The price range has been set between SAR100 and SAR130 per share, with 85,600 shares on offer representing 16 per cent of company’s share capital 

Saudi astronauts head to International Space Station. Image Credit: UAE Space Station

Saudi astronauts embark on landmark space mission: Watch liftoff

Saudi Arabia’s historic mission signifies the nation’s commitment to advancing space exploration under the ambit of the Vision 2030 national agenda

ACWA Power Riyadh Headquarters Office

ACWA Power, PIF unit jointly invest $3.25bn in three solar projects

The new solar projects, which will be jointly owned with ACWA and PIF’s Badeel, will have a combined production capacity of 4.55 GWac

King Salman and Prince Mohammad bin Salman invite members to the 32nd Arab League Summit. Image Credit: Saudi Arabia's MOFA

Arab League Summit begins in Jeddah

The 32nd Arab League summit brings together 22 member countries and five observer nations in Saudi Arabia’s coastal town

Hospitality group Accor has confirmed three new luxury properties will open in Riyadh by 2027 (Image: Supplied by Accor)

New Raffles, MGallery and Sofitel announced for Riyadh

It will include a 230-key Raffles hotel, a 250-key Sofitel Serviced Residence and a 60-villa MGallery resort

Saudi Aramco appoints presidents for upstream and downstream businesses

Saudi Aramco promotes upstream, downstream heads to new president roles

Nassir Al-Naimi remains in charge of Aramco’s oil and gas production while Mohammed Al Qahtani will continue to run the refining and chemicals business

IHG to open 12 Holiday Inn Express hotels across Saudi Arabia (Image: Supplied by IHG)

IHG reaches deal for 12 Holiday Inn Express hotels in Saudi Arabia

It has signed a master development agreement with Tashyid for Hotel Operations to develop the hotels totaling 2,500 keys


Saudia and Kuwait Airways sign codeshare agreement

Guests may expect to gain all the benefits of codeshare flights including connectivity, baggage transfer and the convenience of having their entire journey managed by one airline

Arabian Drilling operations

Arabian Drilling’s Q1 revenue surges by 4% to SAR779m

The drilling company’s earnings before interest, taxes, depreciation and amortisation in Q1 2023 reached SAR323m, with a margin of 41.5 per cent

Saudi Real Estate Refinance Company

Saudi Real Estate Refinance Company announces credit rating and outlook upgrades

Moody’s Investor Services affirmed Saudi Real Estate Refinance Company’s ‘A2’ long-term issuer ratings and upgraded its outlooks to ‘positive’


Saudi Arabia restricts entry to Makkah without permit

The move comes as part of the kingdom’s efforts to organise Hajj effectively

Morabaha Financing will list on Saudi Exchange

Saudi Arabia’s Morabaha Financing set to raise $83.4m in IPO

The company plans to use the net proceeds from the share sale to strengthen its capital base to support future growth

Cityscape Global Saudi Arabia Edition

Cityscape Global to debut in Saudi Arabia this year

Over 180,000 domestic and international attendees will attend the debut edition of Cityscape Global

IsDB annual meet concludes in Jeddah

Financing agreements worth $5.4bn signed at annual IsDB meet

The four-day event attracted 4,452 participants from 90 countries as well as 89 organisations working in the field of sustainable development

ISDB LLF 2.0 launched photo Twitter IsDB

Development bank IsDB, partners launch Lives and Livelihoods Fund 2.0

The committed resources for the fund are aimed at supporting 32 member countries of the bank to achieve 10 of the 17 Sustainable Development Goals

Rua Al Madinah (Image: Supplied by Accor)

Accor signs deal for three properties in Madinah

A Fairmont, Swissôtel and Novotel will cumulatively add over 1,000 keys to Accor’s portfolio in Saudi Arabia

Rotana's Guy Hutchinson signs the agreement at the FHS in Riyadh. (Image: Supplied by Rotana)

Rotana signs agreement for five new properties in Riyadh

The openings will cumulatively add 618 keys to its portfolio and includes four Edge by Rotana hotels as well as one Rayhaan by Rotana property