Stories from Riyadh · Saudi Arabia

Gulf countries are requesting serious initiatives from Iran to restore trust.

Saudi scientists have excavated the first national archaeological laboratory. The site is being developed to shape a modern archaeological identity within the Kingdom.

Saudi Arabia may follow its neighbors in exiting the OPEC Plus agreement. The United Arab Emirates has closed the decision-making window for its exit from OPEC Plus as of April 1, 2021, and stated the decision will be discussed in line with national interest following a review of production policy. The decision for the UAE to exit OPEC Plus may involve factors beyond economic interests, according to a report from NTV Radyo. Analysts suggest the move could lead to different types of divisions within Saudi Arabia and the Gulf region. The situation is being viewed through the lens of interests involving the US, Israel, and other Gulf nations. The move could involve the UAE creating space for itself by following American political trajectories. The decision is reportedly driven by long-term strategic and economic visions.

Saudi Telecom Company (STC) announced a dividend distribution totaling 2.33 billion 320 million riyals. Profit growth between the first quarters of this year and the previous year reached 14 percent. Revenues remained stable, which increased profit margins from 16 percent to approximately 18 percent. The company demonstrated an ability to achieve higher quarterly growth rates. Revenues for the same period reached 19.37 trillion riyals. The company stated that customer unit revenues increased by 25 percent. STC reported first quarter revenues of approximately 3.7 billion riyals. The company attributed profit growth to revenue increases and an 11 percent rise in operating profit. Total revenues for the first quarter reached 19.93 billion riyals, representing 4 percent growth. Total expenses in other areas decreased by 166 million riyals.

Asr Industrial Group reported profits of 173,138,000 Saudi Riyals for the first quarter of this year. The reported figure is equivalent to 40 billion riyals. The group maintains cash reserves of 2.332 billion riyals as of the end of the first quarter. The company also announced a cash dividend distribution. Saudi Basic Industries Corporation (SABIC) transitioned from losses to a net income exceeding 13 billion riyals in the first quarter of 2026. The company attributed the profitability to restructuring measures and improved operational efficiency following a period of pressure and declines. The company noted that revenues decreased by 11% due to lower sales volumes compared to the previous quarter. This followed a prior quarter where the company incurred non-cash losses exceeding 17 billion riyals related to asset revaluations and international divestments.

The Saudi Electricity Regulatory Authority is incorporating artificial intelligence into its strategy to enhance environmental sustainability.

Market analysts suggest OPEC+ is fracturing due to a political decision by the United States to break from Saudi Arabia. The move is expected to increase market competition. Analysts note that price pressures are mounting as a result of these geopolitical shifts.

The Esports World Cup Foundation has revealed expansion plans for its Club Partner Program to connect clubs, publishers, and fans. Faisal bin Hamran, the foundation's CEO, stated the program has attracted approximately 40 clubs from around the world in recent years. The initiative aims to drive broader commercial and regulatory horizons for the sector.

The Saudi Chinese Women's Forum is scheduled to launch tomorrow at Princess Nourah University in Riyadh. The event follows a previous meeting held in Jeddah. A statement from the Secretary-General of the Gulf Cooperation Council noted the meeting was held in response to an invitation from King Salman bin Abdulaziz. The forum serves as an international platform for female leaders from Saudi Arabia and China to promote dialogue and knowledge exchange. The event aims to expand scientific cooperation and highlight the role of Saudi women in international cooperation. The Invest Saudi 2026 forum has launched in Riyadh to connect promising startups with investors and supporting entities. The event is organized in strategic partnership with the King Abdulaziz City for Science and Technology. Government activities reportedly grew by 1.5 percent year-on-year.

The market power of OPEC+ and its member nations has been reduced to zero regarding global oil market influence. The current state of the global oil market no longer depends on OPEC+ statements.