Saudi Arabia has curtailed its crude oil production by an estimated 2 million to 2.5 million barrels per day, while the UAE has reduced output by approximately 500,000 to 800,000 barrels daily, Bloomberg reported.
Iranian missile and drone attacks targeting key Gulf cities overnight caused minor damage to airports, port facilities and residential areas, with authorities across the region reporting swift interceptions and limited casualties.
Saudi Arabia's bank credit growth slowed to 0.7% month-on-month in January, below the 1.2% average expansion typically seen in the month over the past four years, said a report. Retail lending surged by 5.1% year-on-year, outpacing corporate lending, which increased 14.9% from a year earlier.
Maintaining its unrivalled position as the world’s lowest-cost hydrocarbon producer, the Kingdom is simultaneously deploying renewables, green hydrogen and carbon capture to power energy its diversification strategy.
ROSHN Group, Saudi Arabia's leading multi-asset class real estate developer powered by sovereign wealth fund PIF, has signed the Heads of Terms to form a joint venture with Agility Logistics Parks to develop a Grade A facility over a 1 million sq m area in the kingdom.
Saudi Tourism Minister Ahmed Al-Khateeb said the sector aims to double its contribution to the kingdom's GDP from SAR300 billion ($80 billion) to SAR600 billion ($160 billion), while continuing to create jobs as the private sector recruits national talent.
Lockheed Martin and Saudi-based technology leader Pioneers Technical Systems Co (PTS) have announced a strategic partnership to establish the Saudi Arabia’s inaugural PAC-3 ground depot. The facility will provide testing, repair and certification of PAC-3 launcher components for the Royal Saudi Air Defense Forces’ PATRIOT missile defence system.
Saudi Arabian Military Industries (SAMI) Group launched several new key units at the World Defense Show, which opened in Riyadh on Monday.
Saudi Arabia's National Water Company (NWC) has announced that it has completed work on two water and wastewater projects in the Qassim Region. Additionally, NWC has also installed sewage networks and lines in Al Rass Governorate, totaling more than 40km area.
Indian infrastructure group Ashoka Buildcon said its joint venture with Saudi-based BEC Arabia Contracting has secured the main construction works contract for a hotel project within Saudi Arabia's giga development - Diriyah, The City of Earth, coming up near Riyadh.
