Latest news with #Riyadh
Khaleej Times
2 hours ago
- Business
- Khaleej Times
Saudi Arabia's annual inflation accelerates to 2.3% in June
Inflation in Saudi Arabia accelerated to 2.3% in June compared to the same month last year and was also up slightly from 2.2% in May, government data showed on Tuesday. Inflation has hovered between 2% and 2.3% since the beginning of this year, mainly driven by rises in housing rents. It stood at 1.5% in June last year. Rents for housing increased by 7.6% due to villa prices rising by 7.1%, the General Authority for Statistics said. Housing was the primary reason for prices in the combined housing, water, electricity, gas and other fuels category climbing to 6.5%. The Saudi government last month announced steps to balance Riyadh's real estate market, including setting aside some price-capped plots for Saudi citizens. Saudi Arabia also recently approved a new Real Estate Ownership and Investment Law, which will ease property purchases by foreigners when it takes effect next year. Saudi Arabia is in the process of building several massive new developments around Riyadh as part of its Vision 2030 program of diversifying the economy away from oil and boosting both tourism and the private sector. The new law is expected to balance out supply and demand in the long term, but is dependent on the success of the city's real estate projects getting completed on schedule. The International Monetary Fund expects Saudi inflation to remain steady at around 2%, supported by the riyal's peg to the U.S. dollar, domestic subsidies and "an elastic supply of expatriate labor".
New York Times
4 hours ago
- Sport
- New York Times
Jorge Jesus on Al Nassr appointment: ‘Without Cristano Ronaldo's invitation, I wouldn't be there'
Jorge Jesus has said he would not have been appointed as new Al Nassr head coach without Cristiano Ronaldo's invitation. Portuguese coach Jesus, 70, has replaced Stefano Pioli as Al Nassr coach following last season's third-place Saudi Pro League (SPL) finish. Ronaldo joined Al Nassr in January 2023 and has scored 99 goals in 111 first-team appearances, but has not yet won the SPL title nor tasted success in the Asian Champions League. Advertisement Jesus, who departed the club's Riyadh rivals Al Hilal in May, has now said that Ronaldo was influential in his arrival at the club. 'Without his invitation, I wouldn't be there,' Jesus said, in quotes carried by A Bola. 'Ronaldo is a player who has always won everything wherever he's played, but not yet in Saudi Arabia. I'll see if I can help him this year. 'We speak the same language, everything will be easy. I couldn't refuse the challenge Cristiano gave me.' It's official: ✍️Mr. Jorge Jesus is the new Head Coach of @AlNassrFC 💛 Welcome, Mister! 🧠 — AlNassr FC (@AlNassrFC_EN) July 14, 2025 Jesus, who dramatically left Benfica in 2015 to join their Lisbon rivals Sporting CP, has had two stints at Al Hilal but is now joining their city rivals. 'I love being in Saudi Arabia; it's the country of the future, in football and beyond,' he added. 'I am delighted to be returning. I've always been very happy. I've always won, and now I'm going to try to do it again.' The Athletic reported in March that Jesus was a leading contender to become Brazil head coach alongside Carlo Ancelotti, who assumed the role after leaving Real Madrid in May. ()
Zawya
4 hours ago
- Business
- Zawya
Saudi: Inflation remains stable at 2.3% in June
RIYADH — The annual inflation rate in Saudi Arabia remained relatively stable at 2.3 percent in June 2025 compared to the same month last year. The Consumer Price Index (CPI) or inflation recorded an increase of 0.1 percent in June compared to the previous month of May when it stood at 2.2 percent, according to the monthly statistics bulletin published on Tuesday by the General Authority for Statistics (GASTAT). Saudi Arabia continues to record one of the lowest inflation rates among G20 countries. According to the report, this slight rise was mainly driven by an increase in the prices of the housing, water, electricity, gas and fuel section by 0.2 percent. The CPI witnessed slight increases in prices for several other categories on a monthly basis, including food and beverages by 0.1 percent, miscellaneous personal goods and services by 0.5 percent and recreation and culture by 0.3 percent. On an annual basis, the slight increase is attributed to a 6.5 percent increase in the prices of housing, water, electricity, gas, and fuel. This category has the greatest impact on inflation during this month, given its weighting of 25.5 percent of the index. The increase in the housing category was driven by a 7.6 percent increase in rents paid for housing, specifically a 7.1 percent increase in villa rental prices in June 2025. A number of other categories also saw price increases on an annual basis. Prices in the food and beverages section rose by 1.5 percent, driven by a 2.4 percent increase in meat and poultry prices. Prices in the miscellaneous personal goods and services section rose by 4.1 percent, impacted by a 26.5 percent increase in the prices of jewelry, watches, and antiques. Prices in the restaurants and hotels section rose by 1.6 percent, driven by a 1.9 percent increase in the prices of restaurants, cafes, and similar establishments. The education section saw a 1.4 percent increase, impacted by a 5 percent increase in higher education fees. On the other hand, some sections recorded year-on-year price declines. Prices in the home furnishings and equipment section fell by 1.7 percent, impacted by a 3.6 percent decrease in the prices of furniture, carpets, and floor coverings. Prices in the clothing and footwear section also fell by 0.6 percent, due to a 1.4 percent decrease in the prices of ready-made garments. Transportation prices fell by 0.7 percent, driven by a 1.7 percent decline in vehicle purchase prices. While some categories rose on a monthly basis, the CPI witnessed declines in both the health and communications categories, which fell by 0.3 percent and 0.1 percent respectively. Transportation and tobacco products prices remained relatively unchanged in June 2025. The CPI reflects changes in the prices paid by consumers for a fixed basket of 490 items. Saudi Arabia's wholesale price index recorded an annual increase of 2.1 percent during June 2025, compared to the same month in 2024. This increase was primarily due to a 4.5percent increase in the prices of other transportable goods, in addition to a 4.4 percent increase in the prices of agricultural and fishing products. The prices of other transportable goods, excluding metal products, machinery, and equipment, increased by 4.5 percent in June 2025 compared to June 2024. This increase was driven by an 8.2 percent increase in the prices of refined petroleum products and a 9.3 percent increase in the prices of furniture and other transportable goods not elsewhere classified. The prices of agricultural and fishing products also increased by 4.4 percent, driven by a 7 percent increase in the prices of fish and other fishery products, as well as a 6.7 percent increase in the prices of agricultural products. In a related context, the prices of food products, beverages, tobacco, and textiles increased by 0.2 percent. This was due to a 1.4 percent increase in the prices of grain mill products, starch, and other food products, in addition to a 1.1percent increase in the prices of leather, leather products, and footwear. On the other hand, the prices of raw materials and metals decreased by 1.1 percent, due to a 1.1 percent decrease in the prices of stones and sand. The prices of metal products, machinery, and equipment also decreased by 0.3 percent, due to a 4.7 percent decrease in the prices of radio, television, and communications equipment and equipment, as well as a 3.5 percent decrease in the prices of used general-purpose machinery. On a monthly basis, the wholesale price index decreased by 0.1 percent in June 2025 compared to the previous month of May. This decrease was due to a 0.2 percent decrease in the prices of metal products and machinery and equipment, driven by a 0.5 percent decrease in the prices of radio, television, and communications equipment and equipment, and a 0.5 percent decrease in the prices of used general-purpose machinery. The index of other transportable goods, excluding metal products, machinery, and equipment, also decreased by 0.1 percent due to a 0.4 percent decline in the prices of basic chemicals and a 0.2 percent decline in the prices of glass and non-metallic products. In the same context, the prices of food, beverages, tobacco, and textiles decreased by 0.2 percent, due to a 0.5 percent decline in the prices of finished textile goods excluding clothing and a 0.4 percent decline in the prices of leather, leather products, and footwear. On the other hand, the prices of agricultural and fishery products increased by 0.4 percent due to a 0.6 percent rise in the prices of live animals and animal products, and a 0.4 percent rise in the prices of agricultural products. Meanwhile, the prices of raw materials and metals remained stable, recording no significant changes in June 2025. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
5 hours ago
- Business
- Arab News
Saudi Arabia tops MENA VC rankings with $860m in H1: MAGNiTT
RIYADH: Saudi Arabia led venture capital activity in the Middle East and North Africa in early 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest. In its latest report, regional venture platform MAGNiTT revealed that the Kingdom witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the same period in 2024. This comes on the back of a strong 2024 performance, when Saudi Arabia retained its position as the most funded MENA country for VC for the second consecutive year. Startups raised $750 million, with a 34 percent increase in deal funding rounds below $100 million – dubbed MEGA deals – reflecting growing early- and mid-stage capital formation, according to a report released earlier this year by MAGNiTT and SVC. In its latest report for the first half, MAGNiTT stated: 'This growth was supported by continued sovereign capital activity, event-driven momentum from LEAP, and early-stage programs backed by new funds and accelerators.' Saudi Arabia ranked second among emerging venture markets in total VC funding, trailing only Singapore, which raised $1.28 billion across 120 deals in the first half. However, Singapore's funding declined 37 percent year on year, while the number of deals dropped 31 percent. 'The drop (in Singapore) signals a continued cooldown in late-stage deployment and foreign investor activity amid macro headwinds,' the report stated. Among emerging markets, Saudi Arabia was followed by the UAE, which raised $447 million in funding in the first six months of the year, a rise of 84 percent year on year. The UAE also matched Saudi Arabia in deal count, recording 114 deals, up 10 percent compared to the same period last year. This was driven by increased international participation, which reached its highest level in the Emirates since the first half of 2020. Elsewhere, Turkiye raised $226 million, followed by Vietnam at $216 million, Egypt at $185 million, and South Africa at $183 million. Nigeria raised $158 million, while Indonesia and Kenya secured $102 million and $71 million, respectively. The report further noted that fintech was the leading sector across all three EVM regions in the first half, accounting for 45 percent of VC funding in Southeast Asia, 38 percent in the Middle East, and 45 percent in Africa. 'The bulk of this activity was concentrated in payment solutions and lending platforms, which emerged as the dominant fintech subsectors,' added the report. Meanwhile, mergers and acquisitions activity across emerging venture markets saw 55 transactions in the first half, marking a 31 percent increase compared to the same period last year.
Arab News
5 hours ago
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 11,095
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Tuesday, as it shed 118.18 points, or 1.05 percent, to close at 11,095.41. The total trading turnover of the benchmark index was SR4.52 billion ($1.21 billion), with 46 of the listed stocks advancing and 204 declining. The Kingdom's parallel market Nomu also shed 55.43 points to 27,301.46. The MSCI Tadawul Index declined by 1.09 percent to close at 1,421.31. The best-performing stock on the main market was SHL Finance Co. The firm's share price increased by 5.21 percent to SR22.62. The share price of SICO Saudi REIT Fund rose by 5.1 percent to SR4.33. Tourism Enterprise Co. also saw its stock price climb by 3.26 percent to SR0.95. Conversely, the share price of Alistithmar AREIC Diversified REIT Fund declined by 4.03 percent to SR9.05. On the announcements front, Saudi Co. for Hardware, also known as SACO, said that it signed an agreement valued at SR140.43 million to sell its warehouse in Al-Mashael district in Riyadh. In a Tadawul statement, SACO said that the proceeds from the sale will be used to repay existing bank loans and help support its future expansion plans. The firm further said that the 42,937-sq.-meter warehouse was sold to 6th Iradat Al Imdad Co., a limited liability company. The firm added that there are no related parties involved in the deal. The share price of SACO dropped by 1.02 percent to SR29.14. The shareholders of Saudi Lime Industries Co. approved a recommendation to increase its capital by 5 percent through a one-for-20 bonus share distribution, by capitalizing SR11 million from the firm's retained earnings account. The stock price of Saudi Lime Industries Co., listed on the parallel market, advanced by 4.77 percent to SR12.97.
