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The announcement comes after Aramco posted consecutive falls in profits since it began disclosing earnings in 2019.

After a change in the law that says foreign firms must open headquarters in the Saudi capital, the Gulf nation is preparing to take on Dubai.

Saudi plans $3.2 trillion investments to boost private sector

The New Arab Staff & Agencies

Saudi plans $3.2 trillion investments to boost private sector

Saudi Arabia announced plans for $3.2 trillion in investments by 2030 to boost the private sector and diversify its oil-reliant economy.

Saudi Arabia unveils campaign to tackle climate change

The New Arab Staff & Agencies

Saudi Arabia unveils campaign to tackle climate change

Saudi Arabia has revealed plans to plant billions of trees as part of a campaign to tackle climate change.

Saudi Aramco 2020 profits slump on lower crude prices

The New Arab Staff & Agencies

Saudi Aramco 2020 profits slump on lower crude prices

Saudi oil company Aramco lost 44.4% of net profit in 2020 because of lower prices due to the coronavirus pandemic.

The New Arab Staff

Harper's Bazaar and Esquire launch in Saudi Arabia

Luxury fashion magazine Harper's Bazaar and Esquire will launch print editions in Saudi Arabia this month.

Sabena Siddiqui

What lies in store for US-Saudi ties?

Analysis: Biden has softened his tough campaign rhetoric since entering office as the US negotiates its future relationship with Saudi Arabia.

Shaikha Al-Hashem

Do we really need 'women's empowerment'?

Comment: All too often, 'women's empowerment' in the MENA and Gulf represents the neoliberal interests of western institutions and their elite ...

The New Arab Staff

MbS launches company to develop Saudi mountain resort

Souda Development Company will invest $3 billion into a tourism project which includes 2,700 hotel rooms, 1,300 residential units, 30 ...

Saudi Arabia opens military recruitment to women

The New Arab Staff

Saudi Arabia opens military recruitment to women

The move comes as rights groups continue to urge Riyadh to release all imprisoned women's rights activists.

The New Arab Staff & Agencies

Saudi Arabia pushes companies to move headquarters to kingdom

Saudi Arabia will stop doing business with foreign companies with regional headquarters outside the kingdom starting in 2024, state media said.

Saudi Arabia unveils plans for Red Sea 'giga-resort'

The New Arab Staff

Saudi Arabia unveils plans for Red Sea 'giga-resort'

The British architecture company behind the designs has already been criticised for planning an airport in the kingdom.

Sports in Middle East 'fastest growing in the world'

The New Arab Staff

Sports in Middle East 'fastest growing in the world'

New survey by consulting company listed the trends and possibilities for the sports market in the Middle East.

Saudi will sell more shares of energy giant Aramco

The New Arab Staff & Agencies

Saudi will sell more shares of energy giant Aramco

The Saudi Crown Prince has revealed that more Aramco shares are up for grabs after the company went public in 2019.

Biden puts climate crisis at the forefront of policy

The New Arab Staff & Agencies

Biden puts climate crisis at the forefront of policy

US President Joe Biden has put the climate crisis at the forefront of his global policies.

The New Arab Staff & Agencies

Saudi Arabia hosts 'Davos in Desert' amid pandemic

Saudi Arabia will host a two-day Davos-style investment forum with dozens of global policy makers and business tycoons lined up to speak at the partly virtual event

The New Arab Staff

Saudi Arabia’s economy shrinks for fifth consecutive quarter

Saudi Arabia's economy has contracted again, as the country grapples with falling oil production and emerges from lockdown.

The New Arab Staff & Agencies

Saudi Arabia plans spending cuts to trim deficit

Saudi Arabia has been grappling with a budget deficit since oil prices first plunged in 2014.

The New Arab Staff

Riyadh introduces $8 million fine, jail for environmental damage

Saudi Arabia's Public Prosecution announced the tough new measures amid the kingdom's 'Let's Make it Green' environmental drive.

Saudi Arabia to remove key restrictions on migrant laborers

The New Arab Staff & Agencies

Saudi Arabia to remove key restrictions on migrant laborers

Human rights groups have cautioned the move does not appear to be a full abolition of the 'kafala' system.

The New Arab Staff

Release female activists languishing in Saudi jails: Amnesty International

Amnesty International is calling on Saudi Arabia to release female activists from jail ahead of a summit critics are calling hypocritical.

Saudi Arabia's NCB buys Samba in $15bn bank merger

The New Arab Staff & Agencies

Saudi Arabia's NCB buys Samba in $15bn bank merger

If approved, the Vision 2030-aligned merger would create Saudi Arabia's largest bank and the Arab world's third largest lender.

Saudi Arabia could buy stake in UAE supermarket chain

The New Arab Staff

Saudi Arabia could buy stake in UAE supermarket chain

Lulu is one of the biggest supermarket chains in the Gulf region.

HRW launches campaign to counter Saudi 'image laundering'

The New Arab Staff & Agencies

HRW launches campaign to counter Saudi 'image laundering'

On the second anniversary of Jamal Khashoggi's murder, Human Rights Watch launches a campaign to counter Saudi 'image laundering'.

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