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SNB invested SAR5.5bn for a 9.88 per cent stake in Credit Suisse

SNB to hold 0.5% stake in UBS Group after merger with Credit Suisse

The bank’s investment in Credit Suisse plunged by approximately 20 per cent by the end of 2022 and a further 70 per cent in Q1 2023

Aramco, PIF and China’s Baosteel steel JV

Aramco and PIF set up JV to build steel plant with China’s Baosteel

The steel manufacturing base has a designed annual capacity of 2.5 million tonnes of direct reduced iron and 1.5 million tonnes of steel plate

Rotana at ATM

ATM 2023: Rotana to have 120 operational hotels by 2030

Saudi Arabia and Egypt will be the key markets for the group’s expansion in the region

Four Seasons NEOM resort

Four Seasons to develop new island resort in NEOM’s Sindalah

The resort will feature 225 guest rooms and suites with terraces overlooking the beaches of the Red Sea

economy

Insights: The journey of building global businesses from a thriving economy

Jessica Wong, managing partner at eWTP Arabia Capital looks at how Saudi Arabia is uniquely placed to leapfrog innovation hurdles and build businesses with global impact

Aman Wadi Safar Diriyah

Aman Group to open two properties in Saudi Arabia’s Diriyah

Aman Wadi Safar will include 78 keys, while Janu Diriyah will feature 120 guest rooms

Knight Dragon’s Sammy Lee

How Knight Dragon plans to revolutionise Saudi Arabia’s real estate landscape

The developer shares the same vision as the authorities in Saudi Arabia and the company plans to open an office in Riyadh in Q4 2023

ACWA Power’s Egypt solar project secures $123m financing

The project already has equity bridge loans of $14m from the EBRD and $45m from the APICORP

The Chedi Hegra

The Chedi Hegra to open in Saudi Arabia’s AlUla

The boutique hotel will feature 35 guest rooms and is expected to open to by Q4 2023

Saudi Arabia, UAE confirm the first day of Eid Al Fitr

The crescent Moon that signals the end of the holy month of Ramadan was spotted in the kingdom and the UAE on Thursday

IHG Hotels and Resorts announces the launch of Holiday Inn Express brand in Saudi Arabia

Holiday Inn Express to open first Saudi property in Riyadh

The 200-key new-build property will open in the capital’s Olaya district in 2026

Signing of the DoubleTree by Hilton Jeddah Al Andalus Mall

DoubleTree by Hilton announced for Jeddah

Hilton currently operates 16 hotels in Saudi Arabia and has another 51 under development

Commission for AlUla

Saudi’s Royal Commission for AlUla to restore old mud-brick buildings into high-end hotel

Dar Tantora by The House Hotel, a Kerten Hospitality brand, will open with 30 guest rooms

Saudi Arabia tranfer Aramco stake

Saudi Arabia transfers 4% Aramco stake to PIF

The state remains the largest shareholder in Aramco after the transfer, as it retains more than 90 per cent of the company’s shares

Saudi Arabia Crown Prince Mohammad bin Salman

Saudi Arabia opens four new economic zones to boost investment

The economic zones are expected to accelerate growth, increase export competitiveness, attract talent and improve the country’s global links

Saudia

Saudia ramps up flights to Europe and Asia

It has confirmed 56 additional weekly services to 14 destinations

Saudi Eid Break announced for private sector GettyImages-1464744716

Eid Al Fitr 2023: Saudi Arabia announces 4-day holiday for private sector, non-profits

The Eid holiday will start on Thursday, April 20, at the end of the workday

Savvy-backed Scopely LA Office. Image by Scopely

Saudi Arabia’s Savvy Games acquires Scopely for $4.9bn

The company will benefit from Savvy’s long-term financial backing to deliver on its strategy to grow and deepen existing franchises

Fitch upgrades Saudi Arabia.

Fitch Ratings raises Saudi Arabia’s outlook on strong fiscal buffers

The kingdom has one of the highest reserve coverage ratios among Fitch-rated sovereigns at 18 months of current external payments

SABB rebrands as SAB – الأول

SABB rebrands as Saudi Awwal Bank after merger with Alawwal

The bank will operate as ‘Saudi Awwal Bank’ after obtaining the necessary regulatory and shareholders’ approvals

Saudi jobs growth highest in half a decade

IHG to open another voco property in Riyadh

The 246-key voco Hotel and Suites Riyadh North is scheduled to host its first guests in 2026

Oil prices surges after OPEC+ cuts

Oil surges after OPEC+ makes unexpected crude production cut

Oil prices surged after OPEC+ pledged to make production cuts starting next month that will exceed one million barrels a day

IsDB - bank signs off on $403m

Islamic Development Bank approves three projects valued at $403m

The bank signed off on EUR318m ($344.5m) towards the financing of Phase I of the Electric Express Train Project in Egypt

Aramco Rongsheng deal

Saudi Aramco bolsters China investments with $3.6bn refinery deal

The state-owned oil major said the deal includes the supply of 480,000 bpd of crude oil to Rongsheng refinery for 20 years

Aramco, HAPCO JV

Aramco, China JV to start work on petrochem complex

The state-owned oil giant will supply up to 210,000 bpd of crude oil feedstock to the complex, which is being built in China’s Liaoning province

NEOM Airlines launched

New Saudi carrier: NEOM Airlines to launch in 2024

The airline will be focused on enabling travel for tourists, residents and commercial partners to and from NEOM

Aramco

Aramco, Samsung sign MoU, will leverage 5G tech

The non-binding MoU aims to contribute to the digital transformation of various industrial sectors in Saudi Arabia

NEOM Bay Airport contract

Saudi Arabia’s NEOM awards contract for international airport

The contract’s scope includes project management for master planning, design and construction services, through to testing, commissioning, operational readiness, activation and transition

Olayan Saudi Holding Company hospital with Vamed Hospital render

Olayan Saudi Holding Company, Vamed to open hospital in Riyadh

It’s the first of many hospitals planned in Saudi Arabia and regionally, as part of OSHCO’s aim to grow its healthcare investment portfolio

Dubai Police Ramadan Cannon

Ramadan 2023: UAE moon-sighting committee to meet Tuesday

The sighting of the moon signifies the start and the end of Ramadan, the ninth month of the Islamic calendar