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The Latest Breaking News from Kingdom

'S&P' Raises Saudi Arabia's Credit Rating to A/A-1 with Stable Outlook

The world credit rating agency ”S&P Global Rating” updated its credit report for the Kingdom of Saudi Arabia raising its long and short-term foreign and local currency sovereign credit ratings to 'A/A-1' with Stable Outlook. The agency indicated in its report that this rating upgrade is a result of the…

Asharq Al-Awsat

Verstappen Leads Red Bull One-Two in First Saudi Practice

Formula One champion Max Verstappen shrugged off a stomach upset and picked up where he left off on Friday, with the Dutch driver leading Red Bull teammate Sergio Perez one-two in first practice for the Saudi Arabian Grand Prix. Aston Martin's Fernando Alonso, third in the March 5 opener in…

Asharq Al-Awsat

Saudi Banks Safe from Troubled US Banks

Ayman Al-Sayari, Governor of Saudi Central Bank (SAMA), ruled out any transactions between Saudi banks and troubled US banks, affirming that the Kingdom’s banking sector enjoys capital adequacy and reassuring liquidity. Al-Sayari spoke with Al-Arabiya TV on the sidelines of the Financial Sector Conference in Riyadh when he added that…

Asharq Al-Awsat

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Yemen’s Hadramout Receives 3rd Batch of Saudi Oil Derivatives Grant

A new batch of Saudi fuel derivatives arrived Thursday to the Yemeni province of Hadramout, coming from Aden and offered under the Saudi Development and Reconstruction Program for Yemen (SDRPY). The grant includes 5,500 tons of diesel and 13,000 tons of mazut and is an affirmation of the Kingdom's keenness…

Asharq Al-Awsat

Saudi Arabia, Russia Stress Commitment to OPEC+ Decision on Oil Output Cuts

Saudi Minister of Energy Prince Abdulaziz bin Salman met in Riyadh on Thursday with Russian Deputy Prime Minister Alexander Novak who is visiting the Kingdom, the Saudi Press Agency reported. They discussed global oil markets and the efforts of OPEC+ to promote market stability, SPA said. They also stressed their…

Asharq Al-Awsat

Saudi GDP Exceeds $1 Tln, Shows Kingdom’s Economy Is on Right Track

The size of Saudi Arabia’s GDP, which reached $1.7 trillion in 2016, demonstrated that the Kingdom’s economy is on the right path as it advances the implementation of Vision 2030. Vision 2030 is a unique transformative blueprint that aims to diversify and double the size of the Saudi economy, so…

Asharq Al-Awsat

Saudi Finance Minister: Opportunities Available for Saudi Arabia, Iran if Agreement Is Respected

Saudi Minister of Finance Mohammed Al-Jadaan stressed on Wednesday that the Kingdom is committeed to the agreement it reached with Iran to restore diplomatic relations. “There are a lot of opportunities for Saudi investments in Iran and they could happen very quickly following the agreement,” he told the second edition…

Asharq Al-Awsat

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Saudi PIF to Inject $266 Bn into New Projects

The Saudi Public Investment Fund invested nearly $1.3 billion in four national companies in the contracting sector during the last period, announced Governor Yasser al-Rumayyan. Rumayyan announced the establishment of a general department for national development to determine the strategic directions in economic development and measuring impact. The group launched…

Asharq Al-Awsat

Saudi Arabia Says Will Not Sell Oil to Any Country That Imposes Price Cap on Its Supply

Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday that the Kingdom will not sell oil to any country that attempts to impose a price cap on its supplies, stressing that the Kingdom has embarked on expanding its capacity to 13.3 million b/d by 2027.

Asharq Al-Awsat

Saudi Arabia Advances 15 Ranks on Global Innovation Index

Saudi Arabia has risen 15 places in the World Intellectual Property Organization (WIPO) Global Innovation Index 2022, reflecting the extent of development in research, development, and innovation in the Kingdom.

Asharq Al-Awsat

Saudi Culture Minister Meets French Counterpart

Saudi Minister of Culture and Governor of the Royal Commission for AlUla Prince Badr bin Abdullah bin Farhan held an official meeting with the French Minister of Culture, Rima Abdul Malak, who is on an official visit to the Kingdom of Saudi Arabia. Prince Badr emphasized the strong bilateral relations…

Asharq Al-Awsat

Saudi Energy Minister, Tuvalu Prime Minister Discuss Energy Cooperation

Saudi Energy Minister Prince Abdulaziz bin Salman met with Prime Minister of Tuvalu Kausea Natano in Riyadh. During the meeting, the two officials discussed bilateral relations between the two countries, prospects for joint cooperation in energy fields, and ways to develop ties. They also reviewed the Kingdom's initiatives to preserve…

Asharq Al-Awsat

Saudi FM to Asharq Al-Awsat: Agreement with Iran Sign of Joint Will to Resolve Disputes through Dialogue

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah said the Saudi-Iranian agreement to restore diplomatic relations underscores the joint desire by both sides to “resolve disputes through communication and dialogue.” He added, however: “This does not mean that an agreement has been reached to resolve all pending disputes between…

Asharq Al-Awsat

Saudi Arabia's golf case threatens to spill kingdom secrets

Saudi officials who oversee the kingdom’s U.S. investments haven’t been shy about flaunting their ties with top American business and political figures

The Independent UK

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Asharq Al-Awsat

SME Bank Allocates 10.5 Billion Riyals to SME Funding Solutions

The Small and Medium Enterprises Bank (SME Bank), a development bank under the National Development Fund, announced allocating an amount of 10.5 billion riyals to support the small and medium enterprises sector, through existing and new financing programs offered by the Bank, including direct and indirect lending programs, financing guarantee,…

Asharq Al-Awsat

Iraq Welcomes Saudi-Iran Agreement, Pro-Tehran Factions Silent

The Iraqi government expressed its satisfaction with the signing of the Chinese-sponsored agreement to restore relations between Saudi Arabia and Iran. Iraqi Prime Minister Mohammed Shia al-Sudani received a telephone call from Ali Shamkhani, the secretary of Iran’s Supreme National Security Council, to voice Tehran’s gratitude to Baghdad that had…

Asharq Al-Awsat

Intensive Meetings to Assess Riyadh’s Readiness to Host Expo 2030

The mission of the International Bureau of Exhibitions (BIE), the authority concerned with evaluating the ability of the candidate cities to host Expo 2030, has intensified its ministerial-level meetings, to assess the infrastructure of the Saudi capital, which is seeking to host the major global event. Crown Prince Mohammed bin…

Asharq Al-Awsat

Saudi Arabia: Deep Discussions Were Crowned by Agreement with Iran

Saudi Minister of State, Member of the Council of Ministers, and National Security Advisor, Musaad bin Mohammed Al-Aiban stressed on Friday that the agreement reached between Saudi Arabia and Iran on restoring diplomatic ties capped deep discussions that tackled the reasons of the differences and ways to address them. He…

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Asharq Al-Awsat

UAE’s DAMAC Boosts Investment in Saudi Data Centers

Hussain Sajwani, Chairman of the Board of Directors of DAMAC, said that the group’s investment in data centers in Saudi Arabia came after an extensive study of the Saudi market, which offered many promising investment opportunities within the framework of Vision 2030. In an interview with Asharq Al-Awsat, Sajwani pointed…

Asharq Al-Awsat

Saudi Arabia Allocates $2.9 Billion for SMEs

Saudi financing agencies announced the allocation of 11 billion riyals ($2.9 billion) for entrepreneurship projects and SMEs in the Kingdom. This came during the launching of Biban 2023 - Saudi Arabia’s largest start-up, SME, and entrepreneurship conference – which kicked off on Thursday at the Riyadh Front Exhibition and Conference…

Asharq Al-Awsat

Saudi Arabia Evaluates 300 Projects for Potential Privatization

As South Korea recently announced its intention to encourage its companies to enter the Saudi market and seize the available opportunities, Saudi Minister of Finance Mohammed Al-Jadaan met on Wednesday in Seoul, with a consortium of South Korean companies, in the presence of Wong Hee-ryong, Korean Minister of Lands, Infrastructure…

Asharq Al-Awsat

SDRPY Shares Sustainable Development Experience in Yemen at UN Conference in Qatar

Officials from the Saudi Development and Reconstruction Program for Yemen (SDRPY) are taking part in the 5th UN Conference on the Least Developed Countries being held in the Qatari capital, Doha. Besides sharing the organization’s development experience in Yemen, SDRPY officials affirmed that the program would continue supporting initiatives and…

Asharq Al-Awsat

Saudi Arabia to Allocate $800 Million of Loans for Least Developed Countries

Saudi Arabia will allocate $800 million through the Saudi Fund for Development (SFD) to finance development projects for Least Developed Countries (LDCs) in regions including Africa and Asia, Minister of Economy and Planning Faisal bin Fadhil Al Ibrahim announced during the Fifth United Nations Conference on the Least Developed Countries…

Asharq Al-Awsat

Saudi Arabia Condemns Israeli Forces’ Raid of Jenin Palestinian Refugee Camp

Saudi Arabia condemned on Wednesday an Israeli raid on the Palestinian refugee camp in Jenin. The Foreign Ministry underscored the Kingdom’s complete rejection of the dangerous violations committed by Israeli forces. It offered its condolences to the relatives of the victims and Palestinian government and people. The Israeli army raided…

Asharq Al-Awsat

Seoul Seeks Aramco’s Help to Win Contracts of Saudi Giga Projects

South Korea's government intends to make its firms enter the Saudi market and win contracts to construct $500 billion worth of projects to develop smart and eco-friendly cities in NEOM, in the northwest of the Kingdom. The Export-Import Bank of Korea has announced the signing of a $6 billion framework…

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