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Saudi Arabia and UK Collaborate at London Forum to Celebrate Achievements and Discuss Future Vision

LONDON: Economic and trade relations between the UK and Saudi Arabia were further cemented in London this week as delegations from the two countries convened to mark the progress of the Kingdom’s Vision 2030 initiative and explore fresh avenues for collaboration. The UK Saudi Business, Trade and Partnership Forum, hosted at Mansion House in the heart of the City of London by the Saudi British Joint Business Council and the Saudi National Competitiveness Center, drew government officials, business leaders, and experts from both nations.
sport

“Saudi company sponsors Newcastle United in £25m annual deal”

NEWCASTLE: Saudi company Sela has been announced as Newcastle United’s new front of shirt sponsor in a multi-year deal worth around £25 million ($31.4 million) a year to the club. The Magpies announced the record-breaking deal on Friday as they launched their new kit for the 2023/24 Premier League and Champions League campaigns. 
Business

Thai Companies Eye $36 Million Investment in Saudi Arabia to Strengthen Business Ties

RIYADH: Thai companies are ready to invest a combined $36 million in Saudi Arabia, a senior figure from the Asian country’s business community has revealed as relations between the two nations continue to develop. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, revealed the figure during a meeting of the Saudi-Thai Business Forum in Riyadh, according to the Saudi Press Agency.
Business

Saudi Banks Remain Profitable in Q1 Despite Global Challenges: Alvarez & Marsal

RIYADH: Saudi Arabia’s top banks have continued to register steady earnings growth while maintaining profitability despite global headwinds amid rising interest rates, according to global professional services firm Alvarez & Marsal. The analysis by the New York-headquartered company revealed the Kingdom’s leading 10 banks collectively recorded 2.7 percent quarter-on-quarter growth in net profits during the first three months of the year to hit SR17.3 billion ($4.61 billion).
Business

Petrochemical JVs for Energy Security: Saudi Arabia and China

RIYADH: Saudi Arabia and China are collaborating to ensure safe energy supplies in their markets by planning to establish petrochemical joint ventures. Saudi Minister of Energy Abdulaziz Al-Saud held a meeting with the chairman of the National Energy Authority of the Republic of China, Zhang Jianhua, in Riyadh to discuss JVs that will transform crude oil into petrochemicals and develop innovative uses of hydrocarbons, nuclear energy and fuel.  Both nations are working to increase collaboration in the energy sector’s supply chains. 
Business

Saudi Arabia to Extend OPEC+ Voluntary Cut and Reduce Oil Output in July

RIYADH: Saudi Arabia will extend its voluntary cut of 500,000 bpd until the end of December 2024, in coordination with some countries participating in the OPEC+ agreement, the Kingdom’s energy ministry said on Sunday. This voluntary reduction from the required production level was agreed upon at the OPEC+ meeting held on Sunday, the ministry added. The ministry also announced an additional voluntary oil output cut of 1 million bpd for July, which could be extended further.
Business

“Saudi Arabia’s SMEs Increase by 4.8% in Q1, Surpassing 1.2 Million”

RIYADH: Saudi Arabia is witnessing increased entrepreneurial activity as the total number of small and medium enterprises exceeded 1.2 million in the first quarter of 2023. According to a report released by the Small and Medium Enterprises General Authority, also known as Monsha’at, this figure reflects a 4.8 percent surge compared to the final quarter of 2022. The report further revealed that 88,858 new businesses were launched across the Kingdom in the first quarter of 2023.
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