logo
Crown Prince, Kuwaiti prime minister discuss strengthening bilateral ties in NEOM

Crown Prince, Kuwaiti prime minister discuss strengthening bilateral ties in NEOM

Saudi Gazettea day ago
Saudi Gazette report
NEOM — Saudi Crown Prince and Prime Minister Mohammed bin Salman met Monday with Kuwaiti Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah to review the historic relations between the two Gulf neighbors and explore ways to enhance and expand cooperation across various sectors.
During their meeting at NEOM Palace, the leaders exchanged views on a range of issues of mutual interest and reaffirmed the depth of Saudi-Kuwaiti ties.
The Saudi side included Prince Sultan bin Saad bin Khalid, the Kingdom's ambassador to Kuwait; Prince Turki bin Mohammed bin Fahd bin Abdulaziz, minister of state and Cabinet member; Hendi Al-Suhaimi, assistant minister of finance; and Yazid Al-Humaid, deputy governor and head of Middle East and North Africa investments at the Public Investment Fund.
The Kuwaiti delegation comprised Sheikh Meshaal Jaber Al-Ahmad Al-Sabah, director-general of the Kuwait Direct Investment Promotion Authority, and Sheikh Saud bin Salem Abdulaziz Al-Sabah, managing director of the Kuwait Investment Authority.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

CMA nods to Burgerizzr's capital hike to SAR 56M via bonus issue
CMA nods to Burgerizzr's capital hike to SAR 56M via bonus issue

Argaam

timean hour ago

  • Argaam

CMA nods to Burgerizzr's capital hike to SAR 56M via bonus issue

The Capital Market Authority (CMA) approved Shatirah House Restaurant Co.'s (Burgerizzr) request to raise capital from SAR 35 million to SAR 56 million via a 3:5 bonus issue. In a statement today, Aug. 5, the market regulator said bonus shares will be eligible to shareholders registered with the Securities Depository Center Co. (Edaa) by the end of the second trading day following the record date, which will be determined later by the company's board of directors. The planned capital hike will be funded by capitalizing SAR 21 million from the company's retained earnings account. Consequently, the number of the company's outstanding shares will rise from 35 million to 56 million. The deciding extraordinary general meeting (EGM) shall be held within six months from this approval date and the company shall satisfy all regulatory requirements and applicable laws. According to Argaam 's data, Burgerizzr's board recommended, on Feb. 16, a 60% capital increase from SAR 35 million to SAR 56 million via a 3:5 bonus issue, to be funded by capitalizing SAR 21 million from retained earnings.

Three convicted in Riyadh for commercial concealment in mobile accessories trade
Three convicted in Riyadh for commercial concealment in mobile accessories trade

Saudi Gazette

time5 hours ago

  • Saudi Gazette

Three convicted in Riyadh for commercial concealment in mobile accessories trade

Saudi Gazette report RIYADH — The Ministry of Commerce has publicly named two Saudi citizens and a Yemeni resident after they were convicted of engaging in a commercial concealment scheme involving the sale of mobile phone accessories in Riyadh. According to a ruling by the Criminal Court in Riyadh, the Saudi business owner and his agent were found guilty of allowing the Yemeni resident to operate the business independently, without a foreign investment license. The resident was granted full control over the establishment's operations and was found to have financial dealings far exceeding his declared income as a sales representative, transferring illicit profits abroad. The court imposed a SR15,000 fine to be shared among the convicted individuals, revoked the business license, cancelled the commercial registration, and ordered the business to be liquidated. It also mandated the collection of all due taxes, zakat, and government fees. The convicted Saudis were banned from engaging in commercial activity, while the Yemeni national will be deported and barred from re-entering the Kingdom for work. The Ministry of Commerce reaffirmed that under the Anti-Concealment Law, penalties can reach up to five years in prison and SR5 million in fines, along with the seizure of illicit funds once a final verdict is issued.

Saudi Arabia's non-oil growth stays strong despite softer July PMI
Saudi Arabia's non-oil growth stays strong despite softer July PMI

Arab News

time7 hours ago

  • Arab News

Saudi Arabia's non-oil growth stays strong despite softer July PMI

RIYADH: Saudi Arabia's non-oil business activity continued to expand in July, even as growth momentum softened, with the Purchasing Managers' Index easing to 56.3, down from 57.2 in June, a market tracker showed. Compiled by S&P Global for Riyad Bank, the PMI remained well above the neutral 50-point threshold, signaling ongoing improvement in private sector operating conditions. The robust growth in Saudi Arabia's non-oil business activity aligns with the broader goals of Vision 2030, which aims to diversify the Kingdom's economy and reduce its reliance on oil revenues. This comes as Saudi Arabia's economy grew by 3.9 percent year on year in the second quarter of 2025, driven by strong non-oil sector performance, according to flash estimates released last month by the General Authority for Statistics. Naif Al-Ghaith, chief economist at Riyad Bank, said: 'Saudi Arabia's non-oil economy remained on a solid growth track in July, supported by higher output, new business, and continued job creation. Although the headline PMI edged down to 56.3 from 57.2 in June, the reading still pointed to a healthy level of activity across the private sector.' He added: 'Firms continued to benefit from ongoing project work, resilient domestic demand, and focused marketing efforts, even as some indicators showed signs of cooling compared to earlier in the year.' Al-Ghaith noted that the slight dip in the headline index was primarily due to a moderation in new order growth. He said businesses were still experiencing improved demand, though 'competitive pressures and more cautious client spending weighed on the pace of expansion.' He also pointed out that external demand was softer and that purchasing activity had increased at a slower pace. On the employment front, Al-Ghaith said firms continued to expand their workforce to support rising activity, with 'July marking another solid month of hiring as companies worked to keep operations running smoothly.' He further noted that firms expect growth to continue over the coming year, underpinned by steady demand, strong pipelines, and Vision 2030-linked investments. Employment is expected to remain supportive, although rising input costs and wages led to price hikes — especially in services, construction, and manufacturing. The PMI report also showed that non-oil private sector output grew strongly in July, driven by ongoing projects and new orders. However, the pace of expansion was the slowest in three and a half years. Order books continued to develop, buoyed by solid domestic demand and active sales efforts. However, growth was partially offset by intensifying competition, lower footfall, and the first drop in export orders in nine months, as firms faced challenges in attracting new foreign clients. In response to rising activity and backlogs, firms recorded another sharp increase in hiring, following June's 14-year employment peak. The uptick was attributed to capacity constraints and growing workloads. Inventory levels rose significantly in July, particularly among manufacturers and wholesale and retail firms, even as new input purchases slowed. Delivery times improved but at a slower rate, in part due to customs delays. Input prices in the Kingdom's non-oil sector increased strongly during the month — albeit at a slightly slower pace than in the second quarter — driven by steep salary hikes to retain staff. This contributed to a rise in selling prices for the second straight month.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store