RIYADH: The Kingdom’s capital has experienced a significant surge in apartment rental prices in recent years, making it increasingly difficult for many residents to afford suitable accommodation. This sharp rise in rental costs has led to a growing trend among Riyadh’s population to prioritize home ownership over renting, as they seek to gain more stability…
Emirates’ boss expects the first of its 205 Boeing 777X aircraft to enter into service by 2026, extending delays on the long-anticipated programme, after the wide-body aircraft attains full certification at the end of 2025. Boeing will face heightened regulatory scrutiny of its new wide-body jet and must ensure it gets it right, Tim Clark,…
RIYADH: The International Monetary Fund has welcomed recent recalibrations and adjustments by Saudi Arabia on some of its megaprojects under Vision 2030. “We are almost at a midpoint in the Vision 2030,” said Jihad Azour, the IMF director of the Middle East and Central Asia department, and “those recalibrations are part of the classical revision…
United Insurance Company, the provider responsible for mandatory insurance for vehicles crossing the King Fahd Causeway to Bahrain, has announced that, effective July 1, short-term insurance policies (three, five, and 10 days) will be available exclusively through electronic channels. The company said in a statement that the minimum insurance period available at physical insurance booths…
Saudi Arabia’s capital will host the 16th session of the Conference of the Parties of the UN Convention to Combat Desertification, or COP16, in December. The event will be held between Dec. 2-13 in Riyadh, coinciding with the 30th anniversary of the convention. “COP16 will be a landmark event for accelerating action on land and…
Saudi Arabia has raised a total of $12.35 billion from a secondary share sale in Aramco, after the Saudi oil giant exercised an over-allotment option, a document seen by Reuters showed. The deal is the culmination of a years-long effort to sell another chunk in one of the world’s most valuable companies after its record-setting IPO in 2019. It comes…
Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan received a phone call from his new British counterpart David Lammy on Tuesday. During the phone call, Prince Faisal congratulated Lammy on his new role after the Labour Party’s landslide election win last week. The two ministers discussed strengthening Saudi-British relations and joint cooperation between the two…
Saudi Foreign Minister Prince Faisal bin Farhan called on Tuesday for an immediate ceasefire in Gaza and “a renewed commitment to dialogue and negotiation guided by the principles of justice, equality, and mutual respect.” Addressing the Gulf Research Meeting 2024 virtually, Prince Faisal said: “The ongoing violence and bloodshed in Gaza serves as a stark…
Hasan Al-Jawad is the head of partnership at MIS Pay in Riyadh, a position he has held since March. MIS Pay is the first licensed ‘buy now, pay later’ system in Saudi Arabia. It is owned by Al-Moammer Information Systems, a publicly listed company. Al-Jawad manages its partnership and business development team. His responsibilities include…
Saudi Arabia’s sovereign wealth fund has reported strong financial results for 2023, achieving revenues of SR331 billion ($88.3 billion) from its diverse investment portfolio, marking over 100% percent growth from 2022. Demonstrating robust returns and significant progress toward its long-term objectives, the Public Investment Fund has released its consolidated financial statements for the year ending…
