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Saudi banking sector assets hit $1.2 trillion in 2024
Saudi Gazette reportRIYADH — Saudi Arabia’s financial sector exceeded key Vision 2030 benchmarks in 2024, with total banking sector assets reaching SR4.49 trillion, or 131% of the program’s target of SR3.43 trillion, according to the annual report released Sunday by the Financial Sector Development Program (FSDP).The report highlights the sector’s achievements in supporting economic growth and outlines strategic goals for the coming years.Among the key indicators, the Tadawul All Share Index (TASI), excluding Aramco, reached a market capitalization of 86.7% of GDP, while private credit accounted for 69% of GDP.Insurance premiums reached 2.59% of non-oil GDP, surpassing the 2024 target by 9%. Small and medium enterprise (SME) loans made up 9.4% of total lending, hitting 94% of the...
July 13, 2025

Saudi banking sector assets hit $1.2 trillion in 2024

Saudi minister meets innovators, researchers in London to advance tech-driven economy
Saudi Gazette reportLONDON — Saudi Minister of Communications and Information Technology Eng. Abdullah Al-Swaha met with a group of Saudi innovators and postgraduate researchers in the British capital as part of his visit to the United Kingdom.The meeting, attended by Vice Minister Eng. Haitham Al-Ohali and Dr. Sultan bin Saeed, Acting Supervisor General of the Research, Development and Innovation Authority, brought together key figures from Saudi Arabia’s innovation ecosystem.Discussions centered around supporting national talent and aligning their research efforts with the Kingdom’s strategic R&D and innovation priorities.The officials also emphasized the importance of leveraging Saudi research capabilities to develop impactful solutions.The session underscored the crucial role of...
July 13, 2025

Saudi minister meets innovators, researchers in London to advance tech-driven economy

MWL launches updated strategic plan and governance framework in Makkah
Saudi Gazette reportMAKKAH — The Secretary-General of the Muslim World League and Chairman of the Organization of Muslim Scholars, Sheikh Dr. Mohammed Al-Issa, launched the League’s updated strategic plan and revised governance framework in a formal ceremony at its headquarters in Makkah.The enhanced strategy and governance system reflect the League’s evolving role and expanding international programs, particularly those focused on activating the Makkah Document and the Document on Building Bridges Between Islamic Schools of Thought.Dr. Al-Issa emphasized that the updates aim to reinforce the League’s vision, mission, values, and objectives.He noted that the League’s founding principles remain central, and all resources and plans will continue to serve and evolve in line with...
July 13, 2025

MWL launches updated strategic plan and governance framework in Makkah

Ministry of Commerce recalls over 2,000 Baseus power banks over fire risk
RIYADH — The Ministry of Commerce has announced on Sunday the recall of 2,124 Baseus portable chargers, model BS-30kp365, due to a potential risk of battery overheating, which could lead to fire hazards.Consumers are advised to immediately stop using the product and contact the company at 920014154 to arrange a return and receive a refund.To verify if a product is included in the recall and initiate the return process, customers can visit the official Arabic-language recall page: https://www.baseusksa.com/pages/recall_BS-30KP365.The ministry also urged users to check the model number through the Saudi Product Recalls Center at http://Recalls.sa. — SG
July 13, 2025

Ministry of Commerce recalls over 2,000 Baseus power banks over fire risk

Saudi Arabia delivers aid to wildfire-hit families in Syria’s Latakia countryside
RIYADH — The King Salman Humanitarian Aid and Relief Center (KSrelief) has continued distributing emergency food and shelter assistance to families affected by recent wildfires in the Latakia countryside of Syria.On Saturday, the center distributed 500 food baskets and 500 shelter kits to 500 families in the town of Qastal Maaf, aiming to meet urgent needs and alleviate suffering caused by the fires.The initiative is part of Saudi Arabia’s broader humanitarian response through KSrelief to support the Syrian people during times of crisis and hardship. — SG
July 13, 2025

Saudi Arabia delivers aid to wildfire-hit families in Syria’s Latakia countryside

Saudi Arabia imposes SR2.1 million in anti-concealment fines in Q2 2025
Saudi Gazette reportRIYADH — The Ministry of Commerce announced that it issued fines totaling SR2.1 million during the second quarter of 2025 as part of its nationwide crackdown on commercial concealment.The ministry said it conducted more than 8,007 inspection visits targeting 6,573 establishments and 1,434 companies.These efforts led to the detection of 230 suspected concealment cases and 19 market violations. Common infractions included labor and residency violations as well as the absence of electronic payment systems.The ministry received 1,704 reports related to concealment suspicions and referred 147 cases to the Committee for Anti-Concealment Violations. An additional 13 cases were forwarded to the Public Prosecution.Four public defamation rulings were also issued during the...
July 13, 2025

Saudi Arabia imposes SR2.1 million in anti-concealment fines in Q2 2025

Chief of staff inspects THAAD air defense unit in Jeddah
Saudi Gazette reportJEDDAH — Saudi Arabia’s Chief of Staff Gen. Fayyad Al-Ruwaili conducted an inspection visit to the Royal Saudi Air Defense Forces’ second air defense group and the Air Defense Forces Institute in Jeddah. He reviewed the Kingdom’s first operational THAAD (Terminal High Altitude Area Defense) missile unit.The THAAD battery — recently inaugurated after passing comprehensive testing, field integration, and operational training — represents a significant upgrade in Saudi Arabia’s air defense capabilities, enhancing its ability to protect strategic airspace and critical infrastructure.The visit is part of routine oversight to ensure the operational readiness of air defense systems across the Kingdom.During his tour of the THAAD battery at Saher Field, Gen....
July 13, 2025

Chief of staff inspects THAAD air defense unit in Jeddah

Saudi Arabia identifies key dust storm hotspots
Saudi Gazette reportRIYADH — Saudi Arabia’s Regional Center for Sand and Dust Storms has identified six primary zones as the main sources of dust formation in the Kingdom, as part of its broader efforts to mitigate the impact of increasing sandstorms.The identified areas include: the Al-Jafurah region, Nafud Al-Thuwairat, the Hasma Plateau, the western fringes of the Empty Quarter (Rub’ al Khali), the southwestern edge of the Tuwaiq Escarpment, and the southern Red Sea coastline.While satellite data indicates a slight decline in overall atmospheric dust levels, experts warn that sandstorm frequency and intensity could rise due to climate change.In response, Saudi Arabia is advancing environmental policies aligned with the Saudi Green Initiative and the Middle East Green Initiative.As...
July 13, 2025

Saudi Arabia identifies key dust storm hotspots

Naif Arab University secures French accreditation for criminal law and human rights programs
Saudi Gazette reportRIYADH — Naif Arab University for Security Sciences (NAUSS) has secured full five-year accreditation from France’s High Council for Evaluation of Research and Higher Education (HCÉRES) for three of its core academic programs: the Master’s in Criminal Law and Forensic Sciences, the Master’s in Criminology, and the Postgraduate Diploma in Human Rights and Criminal Justice.University President Dr. Abdulmajeed Al-Bunyan said the achievement reflects NAUSS’s ongoing commitment to academic excellence and quality standards.The accreditation, he noted, is the result of rigorous development in academic offerings aligned with regional priorities in security and justice.“This international accreditation enhances the university’s leadership role in preparing Arab...
July 13, 2025

Naif Arab University secures French accreditation for criminal law and human rights programs

Conciliation Center issues 73,000 agreements in H1 2025
RIYADH — The Saudi Ministry of Justice's Conciliation Center issued 73,000 conciliation agreements during the first half of 2025, reinforcing the Kingdom’s efforts to promote amicable dispute resolution and reduce the burden on courts.The Center facilitated more than 544,000 conciliation sessions, benefiting over 733,000 individuals. These milestones underscore the growing reliance on alternative dispute resolution mechanisms within the justice system.Central to the initiative is the Taradhi platform (taradhi.moj.gov.sa), which offers remote conciliation services, enabling parties to settle disputes efficiently without the need for in-person attendance.The platform is supported by qualified conciliators with expertise in various legal and commercial domains, and all operations...
July 13, 2025

Conciliation Center issues 73,000 agreements in H1 2025

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