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GACA suggests economic rules to enhance aviation efficiency

  RIYADH: Saudi Arabia’s aviation sector’s efficiency and competitiveness are set to receive a boost thanks to the new economic regulations that are likely to be introduced. The General Authority of Civil Aviation has put forward the draft economic regulations for airports on a survey platform between June 22 and July 20, according to a statement. The regulations aim to support the rapid growth of the sector, enhance passenger experience and ensure transparency and fairness.
Business

New Electrical Transmission Line Connects Afar, Saudi Arabia to Yusufiya, Iraq

DUBAI: Aiming to step up energy security and usher in a new era in regional cooperation, Prince Saud bin Nayef bin Abdulaziz, the governor of the Eastern Province, inaugurated an electrical interconnection project between the Gulf Cooperation Council Interconnection Authority and Iraq. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the connection was a dream turned reality, in an interview with Al-Arabiya. He said this landmark deal could achieve tangible economic benefits and enhance energy security.
Business

Saudi Arabia’s Food Industry Attracts $61.8 Million in Investments

RIYADH: Chocolate, yogurt and fish production in Saudi Arabia will increase after investment deals worth SR232 million ($61.8 million) were signed by the Saudi Authority for Industrial Cities and Technology Zones. The organization, also known as MODON, has awarded seven contracts covering 99,400 sq. meters which will primarily benefit the Kingdom’s food and beverage sector.
Business

Saudi Arabia’s Financial Market Ranks 3rd in G20 Competitiveness Indicators

RIYADH: Saudi Arabia’s financial market has advanced seven places to the third position in the competitiveness indicators among G20 nations this year, revealed Switzerland-based International Institute for Management Development in its latest report. According to the IMD World Competitiveness Yearbook for 2023, the Kingdom’s performance epitomizes the ongoing efforts of the Capital Market Authority to implement global best practices. 
Business

TASI Market Cap Reaches $2.9tn with Strong Fundamentals: S&P

RIYADH: The market capitalization of the Tadawul All Share Index surged to over $2.9 trillion in June, up from $420 million in 2015, according to a report by S&P Global Ratings.   The firm suggested that the increase indicates solid economic fundamentals and positive investor sentiment in Saudi Arabia. Tadawul and the Capital Market Authority have launched several initiatives to expand the capital market in recent years as the Kingdom seeks to diversify its economy in line with the Vision 2030 initiative. 
Business

Real Estate Fund Plans to Construct 100+ Housing Units in Riyadh

RIYADH: In a bid to contribute to the housing supply and boost the real estate development efforts in Saudi Arabia, Arjan Architects and Bloominvest have joined forces to build more than 100 housing units in northern Riyadh.   The two parties established a joint real estate investment fund called Arjan Al-Maghamis which aims to develop a land area exceeding 30,000 sq. meters in the Kingdom’s capital, Al-Ekhbariya reported.  
Business

“April imports to Saudi Arabia decrease by 16.1% to $15.4bn”

RIYADH: Saudi Arabia’s merchandise imports decreased 16.1 percent to SR57.9 billion ($15.4 billion) in April 2023 compared to SR69 billion in March 2023, according to the latest data released by the General Authority for Statistics.  However, the Kingdom’s merchandise imports increased by 1 percent in April 2023 compared to SR57.3 million in April 2022. According to the report, overall merchandise exports decreased 25.2 percent to SR103 billion in April 2023 compared to SR137.7 billion in the same month last year.
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