The Latest Breaking News from Kingdom

Global credit rating agency Moody’s has raised the Kingdom’s growth forecast to 2.5 percent for the current year from its last estimation of 1.7 percent, backed by moderate levels of debt and large financial reserves, in addition to its huge oil reserves. For next year, it has elevated the expansion…

The Saudi ministries of culture and investment concluded a memorandum of strategic partnership to develop cultural investment in the Kingdom and attract local and foreign investors to the sector. In a ceremony on Wednesday, Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan and Eng.

Saudi Arabia hosted an “Investment Forum in the Waste Management Sector” with the participation of over 300 local international investors from 25 countries aiming to transform waste from an environmental burden into an economic value. Minister of Environment, Water, and Agriculture, and Chairman of the Board of Directors of the…

Edward Mermelstein, the Commissioner of the New York City Mayor’s Office for International Affairs, revealed a common desire to maximize the financial expertise of the Saudi Public Investment Fund (PIF) in New York, the US economic and commercial capital. On his first visit to Saudi Arabia, Mermelstein said there is…

Saudi Arabia aims to develop a global integrated logistics park in the al-Khumrah region, west of the Kingdom. The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce signed an agreement to set up a $267.6 million integrated logistics park at al-Khumrah, south of Jeddah, to boost economic development, national…

The Saudi General Entertainment Authority launched the Entertainment Business Accelerator program to encourage entrepreneurs interested in the rapidly growing sector. Experts told Asharq Al-Awsat that the Kingdom is experiencing an unprecedented leap in entertainment, which requires qualifying the most significant number of enterprises to cope with the high demand in…

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah stressed on Sunday the Kingdom’s support to international efforts aimed at reaching a political solution to the Ukrainian-Russian crisis. Prince Faisal held official talks in Kyiv with Ukrainian President Volodymyr Zelenskyy. They tackled bilateral relations between their countries and opportunities to…

The spokesman for the German Foreign Ministry in the Middle East and North Africa, Dennis Kumetat, stressed that Germany and the Kingdom of Saudi Arabia share a “deep” partnership. “Berlin is following with interest the political and social reform processes initiated by Saudi Crown Prince Mohammad bin Salman, which would…

The Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a number of agreements to localize the food and beverage industry in the Kingdom, with total investments amounting to 1.07 billion riyals ($285 million). The announcement was made on the sidelines of MODON’s participation in the Gulfood exhibition in…