黑料社区

黑料社区, Kuwait sign MoU to boost anti-money laundering efforts

The agreement, inked between 黑料社区鈥檚 General Department of Financial Investigations and Kuwait鈥檚 Financial Intelligence Unit, was finalized on the sidelines of the second meeting of the Gulf Cooperation Council Committee of Financial Intelligence Units, held in Kuwait. Shutterstock
The agreement, inked between 黑料社区鈥檚 General Department of Financial Investigations and Kuwait鈥檚 Financial Intelligence Unit, was finalized on the sidelines of the second meeting of the Gulf Cooperation Council Committee of Financial Intelligence Units, held in Kuwait. Shutterstock
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黑料社区, Kuwait sign MoU to boost anti-money laundering efforts

黑料社区, Kuwait sign MoU to boost anti-money laundering efforts

RIYADH: 黑料社区 and Kuwait have signed a memorandum of understanding to bolster cooperation in the fight against money laundering and the financing of terrorism, reinforcing regional efforts to strengthen financial security.

The agreement, inked between 黑料社区鈥檚 General Department of Financial Investigations and Kuwait鈥檚 Financial Intelligence Unit, was finalized on the sidelines of the second meeting of the Gulf Cooperation Council Committee of Financial Intelligence Units, held in Kuwait, the Kuwait News Agency reported.

The MoU aims to enhance intelligence sharing and operational coordination between the two nations. It is expected to significantly improve the effectiveness of the region鈥檚 financial crime prevention frameworks, aligning with international standards and bolstering joint mechanisms among GCC financial intelligence units.

The signing follows a virtual workshop hosted in March by the National Center for Non-Profit Sector Development, which focused on preventing money laundering and terrorist financing within non-profit organizations, including charitable groups and foundations.

The agreement also reflects broader economic ties between the two Gulf neighbors. In February, Kuwait鈥檚 exports to 黑料社区 reached SR137 million ($36.5 million), up 19.6 percent from the previous year, according to data from the Observatory of Economic Complexity.

Officials from both countries highlighted the MoU鈥檚 role in advancing national capabilities, fostering regional integration, and aligning with best practices in financial intelligence and compliance.

The renewed cooperation comes as 黑料社区 continues to encourage Kuwaiti investment in its mining and industrial sectors.

In April, Minister of Industry and Mineral Resources Bandar Alkhorayef met with a delegation of Kuwaiti businessmen during an official visit to Kuwait, emphasizing untapped opportunities in the Kingdom鈥檚 mining industry.

Alkhorayef underscored the sector鈥檚 importance to Saudi Vision 2030, which aims to position the Kingdom as a global industrial and mining hub. He cited estimates valuing Saudi mineral resources at over SR9.3 trillion.

Combatting money laundering remains a national priority for 黑料社区, which has implemented a comprehensive legal and regulatory framework to protect the integrity of its financial system and prevent illicit funding activities, including terrorism financing.


Closing Bell: Saudi main index edges down 0.34% to close at 10,574

Closing Bell: Saudi main index edges down 0.34% to close at 10,574
Updated 22 June 2025

Closing Bell: Saudi main index edges down 0.34% to close at 10,574

Closing Bell: Saudi main index edges down 0.34% to close at 10,574

RIYADH: 黑料社区鈥檚 Tadawul All Share Index edged lower on Sunday, falling 36.44 points, or 0.34 percent, to close at 10,574.27.

Total trading turnover reached SR3.72 billion ($991 million), with 134 stocks posting gains and 102 declining.

The Kingdom鈥檚 parallel market, Nomu, also recorded a slight dip, losing 27.14 points, or 0.10 percent, to settle at 26,148.69, as 34 stocks advanced and 39 retreated. Meanwhile, the MSCI Tadawul 30 Index dropped 5.34 points, or 0.39 percent, to finish at 1,361.80.

Alistithmar AREIC Diversified REIT Fund was the best-performing stock of the session, with its share price rising 10 percent to SR8.25. Al Sagr Cooperative Insurance Co. followed with a 9.96 percent increase to SR12.36, while Knowledge Economic City climbed 5.36 percent to close at SR12.98.

On the losing side, Retal Urban Development Co. saw the steepest decline, falling 5.10 percent to SR13.02. Flynas Co. dropped 4.13 percent to SR74.20, and Saudi Chemical Co. declined 3.85 percent to SR6.24.

Shares of Hawiya Identity Auctions began trading on Nomu at SR13 per share. According to a Tadawul statement, the offering comprised 2.4 million shares, with Derayah Financial Co. acting as lead manager.

Gas Arabian Services Co. announced the signing of a joint venture agreement with Italy鈥檚 BONOMI Co. to establish a valve manufacturing company in the Kingdom.

The new company will have a capital of SR5 million, with BONOMI holding a 60 percent stake and Gas Arabian Services owning 40 percent.

The Saudi firm will fund its SR2 million share from internal resources. The deal is expected to have a long-term positive financial impact, though it remains subject to regulatory approvals and the fulfillment of conditions outlined in the agreement. Gas Arabian Services shares closed at SR15, up 0.40 percent.

Mayar Holding Co. revealed that its subsidiary, NewPlast Co., has signed a two-year memorandum of understanding with Avant Sports to produce plastic chairs for sports stadiums.

The chairs will be manufactured at NewPlast鈥檚 Riyadh facility and will meet international and FIFA standards. The agreement supports Mayar鈥檚 commitment to localizing specialized industries in line with Vision 2030 goals.


Saudi culture sector to triple GDP share to $48bn by 2030, says minister

Saudi culture sector to triple GDP share to $48bn by 2030, says minister
Updated 22 June 2025

Saudi culture sector to triple GDP share to $48bn by 2030, says minister

Saudi culture sector to triple GDP share to $48bn by 2030, says minister

JEDDAH: 黑料社区 plans to raise the cultural sector鈥檚 contribution to gross domestic product to 3 percent 鈥 or SR180 billion ($48 billion) 鈥 by 2030, up from under 1 percent, according to Minister of Culture Prince Badr bin Abdullah bin Farhan.

In an interview with Al-Eqtisadiah, the minister said the sector has already surpassed its previous 0.91 percent GDP share, with Vision 2030 targets being met ahead of schedule.

鈥淰ision 2030 forms the foundation of the Ministry of Culture鈥檚 strategy and direction,鈥 he said. 

鈥淏y 2030, we envision a cultural environment that nurtures talent, encourages innovation both locally and internationally, and supports the flourishing of creative and cultural enterprises.鈥 Prince Badr said in the interview. 

鈥淯ltimately, our goal is to increase the sector鈥檚 contribution to GDP to 3 percent, equivalent to SR180 billion,鈥 he said. 鈥淭his represents the core mission of the Ministry of Culture and its affiliated bodies in driving an ambitious cultural transformation.鈥

Since the ministry鈥檚 founding in 2018, employment in the sector has jumped 318 percent, while the number of cultural graduates reached 28,800 in 2024, up 79 percent from 2018. The ministry has also issued over 9,000 licenses, while cultural associations and amateur clubs surged from 28 to 993.

鈥淥ne notable outcome is the increase in the percentage of citizens who believe culture is important鈥攆rom under 70 percent to 92 percent,鈥 Prince Badr said. The ministry also oversees national celebrations such as Founding Day and Flag Day and has documented 9,317 antiquities sites and 25,000 urban heritage locations.

黑料社区 has now met its Vision 2030 target of having eight UNESCO World Heritage sites, with Al-Faw joining the list in 2024. Cultural event attendance exceeded 23.5 million between 2021 and 2024, and major festivals such as the Red Sea Film Festival and Islamic Arts Biennale have become global draws.

The Cultural Scholarship Program has awarded scholarships to 1,222 students studying at over 120 institutions across countries, including the US, the UK, and France. The program鈥檚 flexible design 鈥 no age limit or required academic background 鈥 has broadened participation. 鈥淭oday, scholarship recipients are pursuing degrees in fields such as music, theater, and visual arts,鈥 the minister said.

Through the Cultural Development Fund, the ministry has disbursed SR377 million to more than 120 projects. 鈥淜ey areas of growth include heritage, music, and fashion. More than 1,200 creatives and entrepreneurs have benefited from its development services,鈥 he added.

鈥淕lobally, there is increasing recognition of culture鈥檚 role in sustainable economic value creation,鈥 the minister said. 鈥淥ur role is to preserve and promote cultural identity while making it accessible and economically valuable.鈥


黑料社区 surpasses 116m tourists in 2024, exceeds goal for 2nd year聽

 黑料社区 surpasses 116m tourists in 2024, exceeds goal for 2nd year聽
Updated 22 June 2025

黑料社区 surpasses 116m tourists in 2024, exceeds goal for 2nd year聽

 黑料社区 surpasses 116m tourists in 2024, exceeds goal for 2nd year聽

RIYADH: 黑料社区 welcomed 116 million tourists in 2024, exceeding its annual visitor target for the second year in a row, the official data showed. 

According to the Ministry of Tourism鈥檚 latest annual statistical report, the figure includes 29.7 million inbound tourists, an 8 percent increase year on year, and 86.2 million domestic trips, up 5 percent from 2023. 

The milestone reflects the continued acceleration of the Kingdom鈥檚 Vision 2030 strategy, which positions tourism as a central driver of economic diversification.  

After surpassing its original 100 million visitor goal six years ahead of schedule in 2023, 黑料社区 has revised its ambitions upward, now aiming to attract 150 million tourists annually by 2030. This figure is split between 70 million international and 80 million domestic visitors. 

In a post on X, Minister of Tourism Ahmed Al-Khateeb said: 鈥淭he 2024 Annual Statistical Report showcases the sector鈥檚 remarkable growth and its role in enabling Saudi Vision2030, a record performance achieved with the support and guidance of the Kingdom鈥檚 visionary leadership.鈥

Total tourism spending in 2024 hit SR283.8 billion ($75.6 billion), with inbound tourists contributing SR168.5 billion, up 19 percent from 2023, while domestic tourist expenditure reached SR115.3 billion, a 1 percent rise.  

鈥淭he tourism sector continued to achieve record growth, reaffirming its transformation into a key driver of economic development and a fundamental pillar in advancing and diversifying the national economy,鈥 the minister said.   

Inbound tourism also reached a record monthly peak in March with 3.2 million visitors. The average international tourist stayed 19 nights and spent SR5,669 per trip.  

A standout development in 2024 was the continued rise in non-religious tourism, now representing 59 percent of inbound visits compared to 44 percent in 2019.  

Leisure and holiday travel topped this category, with related spending reaching SR36.4 billion.   

Makkah remained the top destination, drawing 17.4 million overnight visitors, and Egypt was the leading source market with 3.2 million arrivals.   

Regional analysis revealed that Asia and the Pacific accounted for the largest share of inbound tourists, at 33 percent, followed by the Middle East and North Africa at 28 percent, and the Gulf Cooperation Council at 27 percent.  

Europe contributed 8 percent, while both the Americas and Africa each made up 2 percent of total visitors.  

The sustained growth reflects the Kingdom鈥檚 continued focus on developing its tourism infrastructure and global outreach.   

The ministry noted that this report highlights the exceptional and accelerated growth achieved by the sector through targeted marketing campaigns and support programs, contributing to the sector鈥檚 record-breaking performance.  
 


Air France eyes daily Paris-Riyadh flights amid soaring demand

Air France eyes daily Paris-Riyadh flights amid soaring demand
Updated 22 June 2025

Air France eyes daily Paris-Riyadh flights amid soaring demand

Air France eyes daily Paris-Riyadh flights amid soaring demand
  • New route reflects airline鈥檚 ambition to reestablish presence in Saudi market
  • It comes in response to growing demand to access Kingdom鈥檚 expanding economic opportunities

RIYADH: Air France is planning to operate daily flights between Paris and Riyadh, a senior airline official told Arab News in an exclusive interview.

The announcement follows the launch of the carrier鈥檚 first direct route between Paris-Charles de Gaulle and King Khalid International Airport.

Stefan Gumuseli, the airline鈥檚 general manager for India and the Middle East, outlined the importance of the new route for the Air France-KLM Group and said it reflects the airline鈥檚 ambition to reestablish its presence in the Saudi market.

The decision comes in response to growing demand from travelers and investors eager to access the Kingdom鈥檚 expanding economic opportunities.

The new route marks a strategic step for Air France as it expands operations in the region and aligns with the growing connectivity between Europe and 黑料社区.

As part of its sustainability strategy, Air France is adopting a comprehensive approach across its operations. Supplied

Talking to Arab News, Gumuseli said: 鈥淲e鈥檙e starting with three weekly flights in mid-June, then gradually increasing to five. Our first major goal is to move to a daily service.鈥

He added that the market is not only outward-looking; the airline is also responding to rising inbound demand for 黑料社区, noting that it is experiencing almost exponential year-on-year growth.

Gumuseli also pointed to the Kingdom鈥檚 Vision 2030, which reflects a strong commitment to developing tourism, hospitality, and culture, supported by substantial ongoing investments. He said: 鈥淎ll these megaprojects are a clear sign that tourism is booming. We have a strong relationship with 黑料社区 and are expanding our cooperation.鈥

His comments were echoed by Air France鈥檚 Senior Vice President for Benelux, Asia, India, the Middle East, and East Africa Bas Gerressen, who told Arab News: 鈥淭ourism is a very important factor, but we also need traffic, which has grown significantly over the past two years.

鈥淭he more connectivity there is between the two countries, the more economic exchange will flourish in both directions,鈥 Gerressen added. 

Air France-KLM has entered into codeshare agreements to strengthen its network connectivity.

鈥淲e also place our code on these flights. So, when you consider all that connectivity from both sides, demand can only grow,鈥 Gerressen said.

He added: 鈥淚 believe 黑料社区 has many premium travelers, and we need to reach them in specific markets. We already have strong demand across our business, premium and economy classes.鈥

At the same time, the airline is leveraging its distinctive French identity.

The new route marks a strategic step for Air France as it expands operations in the region. Supplied

鈥榃e position ourselves as a truly French brand 鈥 luxury, elegance, sophistication ... The French Touch. You can feel it the moment you board,鈥 said Gerressen.

High-end products, gourmet in-flight dining, La Premiere lounges, and exclusive cabin experiences all reinforce this premium positioning. 鈥淲e offer one of the best cabins in the region with our new first class, featuring a seat with five windows and just four seats in the entire cabin. It鈥檚 a revolution in the industry,鈥 Gerressen added.

He emphasized the cabin crew鈥檚 vital role in shaping the passenger experience, highlighting their attentiveness and approachable demeanor.

As part of its sustainability strategy, Air France is adopting a comprehensive approach across its operations.

鈥淓ach new generation of aircraft reduces CO鈧 emissions by up to 25 percent. Today, 28 percent of our fleet consists of these new aircraft, and our goal is to increase this figure to 80 percent by 2030,鈥 Gerressen said. 

The airline is also the world鈥檚 leading buyer of sustainable aviation fuel. 

Gumuseli said: 鈥淲e account for nearly 16 percent of global SAF usage, despite representing only 3 percent of total global kerosene consumption.鈥

Air France is investing in technology to enhance the passenger experience.

鈥淲e鈥檝e decided to install high-speed Wi-Fi on board. In the event of a delay, passengers will receive updates about their connecting flights directly on their screens. With data and technology, we can truly personalize the service,鈥 Gumuseli said.

鈥淥ur target customers include expatriates living in 黑料社区 and tourists wishing to travel to Europe, North America, South America or Africa. Businesses are also a key audience, given the strong commercial ties between France and 黑料社区. We aim to serve all these segments,鈥 said Gumuseli.

鈥淩eligious tourism should not be overlooked. Pilgrims can now combine Umrah with a more tourist-oriented experience,鈥 he added.

Gerressen stressed the importance of the eVisa: 鈥淚t is crucial. Simplifying the visa process will be essential in convincing more people to visit 黑料社区.鈥


Credit Oman insures $159m in non-oil exports Q1 amid sectoral gains

Credit Oman insures $159m in non-oil exports Q1 amid sectoral gains
Updated 22 June 2025

Credit Oman insures $159m in non-oil exports Q1 amid sectoral gains

Credit Oman insures $159m in non-oil exports Q1 amid sectoral gains
  • Growth in construction materials, petrochemicals, mining, and agriculture cited as key drivers
  • Mining sector experienced largest percentage growth, jumping 150% to 570,000 rials

RIYADH: Oman鈥檚 insured non-oil exports reached 61.2 million Omani rials ($159 million) in the first quarter of 2025, marking a 6 percent increase from the same period last year, according to Credit Oman. 

The sultanate鈥檚 export credit agency, which provides trade insurance and guarantees to support domestic and international exchange, cited growth in construction materials, petrochemicals, mining, and agriculture as key drivers, the Oman News Agency reported.  

This comes as Oman鈥檚 broader non-oil exports grew 8.6 percent year on year to 1.61 billion rials, now making up 28.6 percent of total exports. The growth reflects ongoing efforts to boost non-oil trade, support domestic industries, attract foreign investment, localize development initiatives, and offer incentives to the private sector. 

The ONA report stated: 鈥淜halil bin Ahmed Al Harthy, CEO of Credit Oman, explained that the volume of insured export sales in the building and construction materials sector witnessed a growth of 24 percent, with a total value of 27.16 million rials.鈥 

Exports in the petrochemicals and plastics sector climbed 45 percent to 9.2 million riyals. 

Oman鈥檚 broader non-oil exports grew 8.6 percent year on year to 1.61 billion rials, now making up 28.6 percent of total exports. File/ONA

The mining sector experienced the largest percentage growth, jumping 150 percent to 570,000 rials. Meanwhile, agricultural exports surged 96 percent to nearly 5 million rials, driven by increased demand and favorable market conditions. 

Despite the overall growth, Al-Harthy noted setbacks in some sectors, including packaging, fisheries, and apparel, adding that the results still reflect the broader progress of the national economy and the government鈥檚 continued push for economic development. 

鈥淗e pointed out that Credit Oman is making significant efforts to support Omani manufacturers and exporters, contributing to boosting their sales both locally and internationally by offering a range of insurance services and overcoming the challenges associated with Omani products entering global and new markets,鈥 the OMA report added. 

In its earlier outlook, Credit Oman projected strong growth potential for the country鈥檚 non-oil exports in 2025. The agency cited an estimated untapped export capacity of 5 billion rials, according to the International Trade Centre.  

However, it emphasized that realizing this potential would depend on evolving global trade conditions, particularly the impact of emerging tariff and non-tariff barriers, geopolitical uncertainty, and shifts in global economic trends. 

This growth comes after a challenging 2024, when Oman鈥檚 non-oil exports declined 16 percent due in part to a reclassification of high-value fuel-related goods into the oil and gas category.  

The 2025 rebound suggests improved export diversification, aided by Credit Oman鈥檚 efforts and favorable conditions in sectors like agriculture and plastics.