JEDDAH: A new shipping route connecting Jeddah to India’s major commercial hubs has been launched by a subsidiary of Saudi Arabia’s Public Investment Fund. Folk Maritime Services Co., which specializes in regular liner and feeder services, will connect Jeddah Islamic Port on the Red Sea with the Asian country’s maritime hubs of Mundra and Nhava…
RIYADH: Saudi Arabia’s non-oil activities expanded 4.9 percent year-on-year in the second quarter of 2024, driven by gains in the financial and insurance sectors, official data showed. According to data from the General Authority for Statistics, the financial, insurance, and business services sectors surged 7.1 percent in the second quarter compared to the same period…
RIYADH: Saudi Arabia’s fintech sector has become a major player in the country’s financial services landscape, with companies generating over SR3.75 billion ($1 billion) in revenues and reaching millions of customers daily. “The Saudi fintech sector has made substantial progress over the past five years to the point where it is now firmly established as…
RIYADH: Saudi oil giant Rabigh Refining and Petrochemical Co., known as Petro Rabigh, has had $1 billion in debt waived by its two largest shareholders as part of its refinery upgrade plans. According to a statement on Tadawul, Saudi Arabia’s Aramco and Japan’s Sumitomo Chemical Co. have each agreed to waive $500 million in revolving…
RIYADH: A second water aerodrome is set to be opened in the Red Sea tourist development after an operating license was secured, it has been announced. The move means passengers will be able to arrive on Sheybarah Island, home to the Shebara resort, by seaplane – with the facility opening to guests in September. General…
Muscat: Net income reported by listed banks in the GCC reached a new record high during the second quarter of 2024 after four out of the six country aggregates showed growth as compared to the first quarter of 2024, according to a new report. “Aggregate net profits reached $14.8 billion during the quarter as compared to…
BENGHAZI: Libya’s oilfield closures spread on Wednesday as the Sarir field almost completely halted output, two field engineers told Reuters, amid a political dispute over control of the central bank and oil revenue.Authorities in the east, where most of Libya’s oilfields lie, declared on Monday that all production and exports would be halted.Sarir was producing…
ALULA: AlUla’s palm farms are making a significant contribution to the regional economy with the production of more than 100,000 tonnes of dates each year. Spanning approximately 16,579 hectares with over 3.1 million palm trees, the farms are currently mid-harvest, with the season running from Aug. 15 to Oct. 30. The main variant harvested is…
JEDDAH: Saudi Arabia’s housing sector has strengthened its international partnerships by signing five key agreements on real estate development and financing with major US companies. The deals aim to enhance the Kingdom’s mortgage refinancing market, expand property funding, and attract foreign investments. The country’s housing program has transformed the sector by expanding financial access, streamlining…
RIYADH: Saudi Arabia’s real estate price index edged up by 1.7 percent in the second quarter of 2024, compared to the same period last year, driven by a surge in residential sector costs, official data showed. According to the General Authority for Statistics, housing sector prices increased by 2.8 percent year-on-year in the second quarter,…
