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Savvy-backed Scopely LA Office. Image by Scopely

Saudi Arabia’s Savvy Games acquires Scopely for $4.9bn

The company will benefit from Savvy’s long-term financial backing to deliver on its strategy to grow and deepen existing franchises

Fitch upgrades Saudi Arabia.

Fitch Ratings raises Saudi Arabia’s outlook on strong fiscal buffers

The kingdom has one of the highest reserve coverage ratios among Fitch-rated sovereigns at 18 months of current external payments

SABB rebrands as SAB – الأول

SABB rebrands as Saudi Awwal Bank after merger with Alawwal

The bank will operate as ‘Saudi Awwal Bank’ after obtaining the necessary regulatory and shareholders’ approvals

Saudi jobs growth highest in half a decade

IHG to open another voco property in Riyadh

The 246-key voco Hotel and Suites Riyadh North is scheduled to host its first guests in 2026

Oil prices surges after OPEC+ cuts

Oil surges after OPEC+ makes unexpected crude production cut

Oil prices surged after OPEC+ pledged to make production cuts starting next month that will exceed one million barrels a day

IsDB - bank signs off on $403m

Islamic Development Bank approves three projects valued at $403m

The bank signed off on EUR318m ($344.5m) towards the financing of Phase I of the Electric Express Train Project in Egypt

Aramco Rongsheng deal

Saudi Aramco bolsters China investments with $3.6bn refinery deal

The state-owned oil major said the deal includes the supply of 480,000 bpd of crude oil to Rongsheng refinery for 20 years

Aramco, HAPCO JV

Aramco, China JV to start work on petrochem complex

The state-owned oil giant will supply up to 210,000 bpd of crude oil feedstock to the complex, which is being built in China’s Liaoning province

NEOM Airlines launched

New Saudi carrier: NEOM Airlines to launch in 2024

The airline will be focused on enabling travel for tourists, residents and commercial partners to and from NEOM


Aramco, Samsung sign MoU, will leverage 5G tech

The non-binding MoU aims to contribute to the digital transformation of various industrial sectors in Saudi Arabia

NEOM Bay Airport contract

Saudi Arabia’s NEOM awards contract for international airport

The contract’s scope includes project management for master planning, design and construction services, through to testing, commissioning, operational readiness, activation and transition

Olayan Saudi Holding Company hospital with Vamed Hospital render

Olayan Saudi Holding Company, Vamed to open hospital in Riyadh

It’s the first of many hospitals planned in Saudi Arabia and regionally, as part of OSHCO’s aim to grow its healthcare investment portfolio

Dubai Police Ramadan Cannon

Ramadan 2023: UAE moon-sighting committee to meet Tuesday

The sighting of the moon signifies the start and the end of Ramadan, the ninth month of the Islamic calendar

SRC Alrajhi Bank Signing ceremony

Saudi’s SRC, Alrajhi Bank sign landmark refinancing deal

The deal is the largest of its kind signed in the Saudi banking industry

S&P Global, Moody’s raise Saudi Arabia rating

S&P Global, Moody’s raise Saudi Arabia rating on reform agenda

Fitch Ratings, one of the big three rating agencies, assigns Saudi Arabia the same score as S&P Global while Moody’s has it one level higher


Saudi Arabia explores setting up framework for SPAC listings

Yazeed Saleh Aldemaigi, deputy of strategy and international affairs at Capital Market Authority didn’t give a time frame for when the framework could be introduced

Tamara, Goldman Sachs

Goldman Sachs backs BNPL startup Tamara with $150m facility

The facility will help finance the growing demand for bringing the buy now, pay later products in the GCC while continuing its growth across new verticals

PIF unveils 3 private sector initiatives. Image by PIF

Saudi Arabia’s PIF unveils three initiatives to boost private sector growth

The strategy aligns with the fund’s aim to support the private sector in increasing its contribution to GDP by up to 65 per cent by 2030

Saudi Aramco’s record net income. Image by Aramco

Saudi Aramco profit surges to $161.1bn in 2022, raises dividend

The company’s declared a dividend of $19.5bn for the final quarter of 2022, a 4 per cent increase compared to the previous three-month period

riyadh air

Saudi Arabia unveils Riyadh Air, the country’s new national carrier

Riyadh will be the company’s operational hub, and will connect the Saudi capital to over 100 destinations globally

Saudi Arabia tourism visa

Saudi Arabia relaxes tourist visa rule for all GCC residents

The announcement is the latest in a series of initiatives that seek to attract visitors coming from GCC countries

Saudi Arabia GDP 2022

Saudi Arabia’s 2022 GDP grows 8.7 per cent, boosted by higher oil prices

The country’s GDP crossed the $1tn mark for the first time in 2022 as higher oil prices boosted government revenues

Cover story: How Magnom Properties is keen to invest in the future

The real estate arm of Saudi conglomerate, Rawabi Holding, is looking to be part of the solution on climate change

Korea Eximbank and Saudi Aramco deal

Saudi Aramco signs $6bn deal with Korea Eximbank

The deal comes amid expectations of lucrative business opportunities in Saudi Arabia and the Middle East

Agility opens data centre sites

Kuwait’s Agility launches data centre sites across Middle East and Africa

The company plans to build additional sites in other rapidly growing data centre markets including Nairobi, Casablanca and Lagos

Tamakani milestones showcased by Aamer Sheikh PepsiCo CEO Middle East

How PepsiCo’s Tamakani initiative is empowering Saudi women

Aamer Sheikh, PepsiCo CEO Middle East, shares how the company’s women empowerment platform aims to support one million Saudi women by 2030

Saudi Coffee Company Chairman Fahad Alnuhait photo supllied

From bean to brew: How Saudi Coffee Company is powering the kingdom’s coffee industry

Saudi Coffee Company‘s chairman Fahad Alnuhait tell us how the company is protecting the legacy of the kingdom’s coffee farmers

UAE corporate tax exemptions.

MENA M&A activity smashes record to top 700 deals in 2022

Domestic deals represented 34 per cent of the total M&A value at $28.4bn while outbound deals led in value at $40.1bn

Saudi oil Europe

Saudi Arabia raises oil prices for Asia and Europe for April

Prices for US customers were left unchanged

Shareek programme to suppport Saudi Arabia's private sector

Aramco, ACWA Power, SABIC to receive support from Saudi’s Shareek programme

The first wave of supported projects, which will have strategic impact on several economic sectors, will benefit from investments worth SAR192.4bn