Saudi Arabia News — AKHBAR.COM

RIYADH — Saudi Arabia's Bankruptcy Commission said the opening of bankruptcy proceedings and their publication in the Bankruptcy Register do not necessarily mean a business will exit the market, cease operations or be liquidated.The commission said bankruptcy procedures provide a legal framework offering multiple options to address a company's financial position, allowing viable businesses to…

ALBAWABA - Four states in the U.S. are suing Meta for $1.4 trillion - 93 percent of the company’s value - for allegedly purposefully designing its Facebook and Instagram platforms to addict young users...

Libya's National Oil Corporation signed an exploration and production sharing agreement for zone 47 in the Ghadames Basin with ⁠the Libyan Investment ⁠Authority and Qatari-based UCC Holding, Chairman Massoud Suleman ⁠said on Wednesday. The partnership…

Chevron and Exxon are expected to report their best quarter since 2022 this month, as the war that the United States and Israel started against Iran on February 28 drove much tighter oil and gas supply. This could be a problem for President Trump who has already slammed Big Oil for keeping prices at the…

RIYADH — The Capital Market Authority (CMA) announced on Monday that compensation has been deposited for more than 20,000 investors affected by violations committed in the shares of Al Kathiri Holding Co. and Anaam International Holding Group.The violations were committed by several individuals against whom a final decision was issued by the Appeal Committee for…

RIYADH — The Zakat, Tax and Customs Authority (ZATCA) has urged establishments subject to withholding tax in Saudi Arabia to submit their withholding tax returns for June 2026 by July 10, 2026. ZATCA called on businesses to submit their returns promptly through its website to avoid late payment penalties, which are charged at 1% of…

ALBAWABA - The René Lalique Museum was subjected to a shocking robbery as about 4 million euros worth of jewelry was looted from the French museum on Sunday, according to a source familiar with the investigation...

Minister of Communications and Information Technology Abdullah Alswaha affirmed that under the Saudi leadership, the Kingdom is advancing toward building one of the world’s most accessible and AI-ready digital infrastructures, reinforcing its position as a…

Despite a lull in peace talks progress between Iran and the United States, analysts have once again started to talk about oversupply as tankers leave the Persian Gulf in greater numbers than the past three months. Importing nations are even being warned of a “wave” of crude coming their way. Meanwhile, some are preparing for…

iCAUR recently officially opened its first showroom in the Kingdom, located at Al Khobar Front Yard in Khobar. The facility's launch marks a new chapter in iCAUR's localization journey, providing a direct hub for local customers to explore the brand, experience its products firsthand, and access dedicated service support. As a new energy vehicle brand…

RIYADH — Construction of the Riyadh Metro Red Line Extension Project has completed the manufacturing and factory acceptance testing of its dedicated tunnel boring machine (TBM), ahead of the start of tunneling works connecting King Saud University (KSU) with the Diriyah Gate Development Project.The Royal Commission for Riyadh City (RCRC) said the machine will arrive…

ALBAWABA - School, where students go to learn and become part of society, is no longer limited to just humans, as school for robots opens in eastern China - classes, tests, graduation; the whole thing...

The economies of Gulf Cooperation Council (GCC) are based on strong foundations that enhance their ability to overcome the fallout of the Middle East war, supported by robust net asset positions and liquidity buffers despite…

Saudi Arabia is looking beyond the Strait of Hormuz. The kingdom is considering expanding the capacity of its East-West crude pipeline by as much as 2 million barrels per day, according to Reuters. It’s a move that would allow more Saudi—and potentially neighboring Gulf—oil to reach global markets without passing through the world's most strategically…

HungerStation, the Kingdom’s first and leading tech-powered delivery platform, marked the third anniversary of its HRewards program. This major milestone showcases its effort in empowering local SMEs and advancing Saudi Arabia's Vision 2030 digital commerce objectives. Over the past 3 years, HungerStation has invested heavily in its loyalty program to drive commercial growth for over…

RIYADH — The General Real Estate Authority (REGA) has clarified that the statutory 5% real estate transaction tax applies to all property transfers by both Saudi and non-Saudi buyers across the Kingdom.REGA spokesperson Taisir Al-Mufarrij said property transactions involving non-Saudis within designated geographic zones in Riyadh, Jeddah, Makkah and Madinah are also subject to an…

ALBAWABA – A viral video claiming that the long-running animated series The Simpsons anticipated the outcome of Egypt’s World Cup encounter versus Australia has been refuted by fact-checkers, who confirmed the footage was made using artificial intelligence...

The AI boom has helped drive investments in intangible assets such as software, data and research to a record high in 2025, the United Nations' patent and innovation agency said Wednesday. These investments, which encompass…

Drone strikes in the Strait of Hormuz lifted oil prices as geopolitical risks resurfaced, even as weak physical crude markets continue to weigh on sentiment. Saudi Arabia Slashes Its Way Back Into Asia - Saudi national oil company Saudi Aramco (TADAWUL:2222) has slashed its official selling prices for Asian-bound cargoes in August by a whopping…

RIYADH — The Saudi government has granted Acwa an exclusive mandate to export green hydrogen and its derivatives produced in the Kingdom to international markets.The company has also been assigned to develop renewable electricity export projects serving Europe and the Arab region.The approval gives Acwa the exclusive right to export Saudi-produced green hydrogen, including green…

ALBAWABA — More than $2 trillion has been stolen from Iraq since 2003, according to Iraqi legal adviser and judge Munir Haddad, who said the scale of corruption uncovered by ongoing investigations exceeds anything previously imagined...

Oil prices gained more than 2% on Wednesday after the US military launched airstrikes against Iran and reimposed crude sales sanctions, raising fears their fragile truce was unravelling and Middle East supplies could be disrupted…

The United Arab Emirates raised ‌its crude output to near record highs above 3.8 million barrels per day in June, after the Gulf nation quit OPEC to escape production caps, Reuters reported citing two sources familiar with production data said on Monday. Bloomberg data showed even higher UAE exports, rising to 3.94mmb/d, just shy of…

RIYADH — Saudi Arabia's Ministry of Municipalities and Housing has approved new regulations governing commercial activities operating around the clock, implementing a Cabinet decision that allows businesses to operate 24 hours a day in exchange for an annual fee of up to SR100,000.Under the regulations, the minister of municipalities and housing is authorized to determine…

ALBAWABA - As the Japanese population plummets with a severely aging society, and as the Japanese government records worker shortages in many sectors - stubbornly, Sanae Takaichi’s government is passing laws making it harder for foreign residents to renew their visas...

The Saudi Ministry of Investment, represented by Invest Saudi, will participate in LEAP East 2026, which will take place in Hong Kong from July 8 to 10, as part of its efforts to strengthen the…

The United Arab Emirates raised ‌its crude output to near record highs above 3.8 million barrels per day in June, after the Gulf nation quit OPEC to escape production caps, Reuters reported citing two sources familiar with production data said on Monday. Bloomberg data showed even higher UAE exports, rising to 3.94mmb/d, just shy of…

RIYADH — The General Authority for Statistics (GASTAT) has launched a digital economy survey to identify establishments that rely on digital inputs. The statistical survey will also identify establishments whose operations are significantly enhanced by digital inputs, including digital technologies, digital infrastructure, digital services, and data. It collects data from a representative sample of these…

ALBAWABA - Ford, trying to cut costs as companies do, has bought into the AI buzz and subsequently decided to fire their top safety and quality engineers after deciding that AI can do their job...

US oil and gas major Exxon Mobil signaled on Tuesday that its second-quarter earnings could see a boost of about $5 billion compared to the previous quarter, as oil prices spiked during the US-Israeli war…

We previously discussed the unprecedented collapse observed in recent months in Chinese oil demand and imports, which led to the bizarre scenario where even Iran can’t find buyers (read China) for its temporarily unsanctioned oil armada (see “Iran Runs Into Big Problem: No Buyers For Its Oil, As Full Tankers Pile Up Off China“) and…

RIYADH — Foreign direct investment (FDI) inflows into Saudi Arabia rose 2.4% year-on-year to SR26.6 billion ($7 billion) in the first quarter of 2026, according to economic and investment indicators released by the Ministry of Investment on Sunday.The data showed that gross fixed capital formation increased by 5.1% year-on-year in the first quarter, driven by…

ALBAWABA - While some are wary of a possible AI bubble, others investing heavily into it - foreseeing returns on investments in 10-15 years, one such country is South Korea...

Saudi Arabia's Ministry of Industry and Mineral Resources held a workshop on the Kingdom’s pioneering national helicopter manufacturing project, in collaboration with the National Center for Industrial Development and global aviation company "Airbus". Attended by…

Two very large crude carriers loaded with Saudi crude are heading for the Strait of Hormuz in the latest sign of recovering traffic via the vital oil chokepoint. The tankers are owned by Japanese companies, Reuters said in a report citing data from Kpler and LSEG. According to the Kpler data, the tankers, operated by…

RIYADH — Saudi Arabia's licensed tourism hospitality facilities increased 22.7 percent year-on-year to 6,122 in the first quarter of 2026, according to the General Authority for Statistics (GASTAT). Based on GASTAT's Tourism Establishments Statistics report for the first quarter of 2026, the increase was driven by 3,159 serviced apartments and other hospitality facilities, accounting for…

ALBAWABA - The World Cup, doubtlessly, brings fans from all around the world to come and cheer for their favorite teams and to experience the cultures of the host countries, one culture...

An international survey has found sharp job losses, falling incomes and growing job insecurity in Lebanon, where the crisis and war have badly disrupted the labor market and underscored the need to put employment at…

The agreement covers the acquisition of 100% of the share capital of Shell Downstream South Africa (SDSA) with an implied enterprise value of $1 billion prior to adjustment for net debt and working capital, including its 580 company and dealer-owned fuel stations, as well as its wholesale fuel, aviation and lubricants operations. The Proposed Acquisition…

RIYADH — Seven OPEC+ countries agreed on Sunday to increase oil production by 188,000 barrels per day (bpd) in August 2026. The decision was reached during a virtual meeting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to review global oil market conditions and the outlook. The production adjustment stems from the additional…

Syria is moving to reshape its investment landscape and turn the page on the legacy of war, driven by complex geopolitical shifts that have redrawn trade and energy routes across the Middle East. At the…

For decades, countries have been competing by setting up larger energy sectors, deeper ports, or stronger digital economies. That era is ending. The emerging global economy, even if it being fractured, is no longer defined by excellence in individual sectors but by the ability to integrate them into a single strategic ecosystem. Energy powers artificial…

RIYADH — The Ministry of Municipalities and Housing has exempted several business activities from paying the fee required to obtain a 24-hour operating permit, Okaz newspaper reported.The exemptions include fuel stations — specifically fuel dispensing services — and service centers located outside urban areas, as well as hotels, hotel apartments, resorts and similar accommodation facilities.Pharmacies,…

The Saudi banking sector has once again demonstrated its robust financial fundamentals and high capacity to adapt to geopolitical challenges and global fluctuations, supported by strong momentum in financing and lending, alongside the continuation of…

Saudi Arabia has shipped roughly 34 million barrels of crude through the Strait of Hormuz since the June 17 ceasefire, according to Kpler cargo-tracking data, even though only about 27 commercial vessels per day have been transiting the waterway with active AIS signals, according to IMF PortWatch. Commercial traffic remains at roughly one-third of its…

RIYADH — Forty government, private, and non-profit entities added 160 new services to Tawakkalna in June, expanding the national platform's digital offerings for citizens and residents. The expansion builds on Tawakkalna's efforts to enhance the user experience by providing a broader range of digital services through a unified national platform. It aims to simplify access…

Smartphone sales in China fell 13% year-on-year during the month-long 618 shopping festival, as brands raised prices to offset higher memory costs, according to data from Counterpoint Research. Sales declined from May 26 to June…

Muscat – The seven OPEC+ countries implementing additional voluntary production adjustments, including Oman, have agreed to increase oil production by 188,000 barrels per day (bpd) in August 2026, following a review of global oil market conditions and outlook. The decision was taken during a virtual meeting held on July 5 by Saudi Arabia, Russia, Iraq,…