RIYADH: The aggregate profit of banks operating in Saudi Arabia increased by 3.4 percent year on year in April to reach SR5.78 billion ($1.55 billion), according to the latest figures released by the Saudi Central Bank, also known as SAMA.
The report, however, noted that the aggregate profits of Saudi banks fell by SR1.65 billion month on month in April. In March, banks in Saudi Arabia reported an aggregate profit of SR7.43 billion.
CAIRO: Saudi venture capital firms are bolstering the regional startup funding landscape, with Nama Ventures and RAZ Group leading the investment round to support the expansion of the UAE-based logistics startup Cargoz in the Kingdom.
Cargoz, often called the Airbnb for commercial warehousing, has secured an undisclosed amount in bridge funding from Nama Ventures, RAZ Group and a select few angel investors from the UAE and Saudi Arabia who are key players in the logistics industry.
RIYADH: Qatar recorded a trade surplus of 22 billion Qatari riyals ($6 billion) in April 2023, according to a report released by the country’s Planning and Statistics Authority.
The data reflects a 3.5 percent increase over March while a 35.6 percent decline on an annual basis.
The value of merchandise imports during April 2023 also fell 6.3 percent from the previous year and 9.3 percent from the last month to reach an estimated 8.7 billion riyals.
RIYADH: Saudi Arabia and Russia’s bilateral economic ties are set to get a new boost as the Kingdom is hosting the Made in Russia +Innoprom business mission in Riyadh on May 29 and 30.
In an interview with Arab News, Anton Atrashkin, program director of the Innoprom International Trade Show, said that more than 100 Russian companies would be a part of the event to be held in Riyadh.
The delegation will be led by Russia’s Deputy Minister of Industry and Trade Alexei Gruzdev.
RIYADH: As part of Saudi Arabia’s efforts to protect the environment and promote sustainable living, NEOM has pledged to allocate 95 percent of its total area for preservation.
It will also develop a facility in Al-Asilah to preserve the Arabian oryx, the Arabian sand gazelle, the mountain gazelle, and the ibex.
The reserve will be home to one of the biggest wildlife restoration programs in the world and will allow visitors to learn about NEOM’s programs for the development and rehabilitation of vegetation and wildlife.