Stories from Riyadh · Saudi Arabia

Saudi Aramco remains the largest shareholder in SABIC with a 70 percent ownership stake. The company's market value currently reaches 130 billion riyals. Asset sales occurred during the recent period despite reported losses.

SABIC recorded a net profit of 13.2 million riyals during the first quarter of 2026. The company's performance reflects a shift toward internal restructuring.

The Saudi Fisheries Company received approval from the Tadawul stock market to increase its capital through a rights issue worth 344,900,000 riyals. This increase will bring the total capital to 400,920,000 riyals.

Experts from Gulf countries are advocating for increased autonomy regarding oil production levels. Commentators suggest the decision aims to provide greater flexibility in managing production during crises.

Al-Mawasalat Services recorded a 200 percent increase in net profit during the first quarter of 2026. The company reported net profits of 200 million riyals. This growth occurred despite a decline in operating profits.

Saudi Arabia's sovereign wealth fund will stop financing the LibGolf breakaway tour at the end of the 2026 season. The funding was originally expected to continue through 2027. This decision ends a stream of over $5 billion in investments that had been flowing since 2022. The source noted that it may be difficult for other entities to match the previous investment levels. The decision follows obligations related to the upcoming World Expo and the World Cup. The broadcaster noted that the country cannot print money to fund all projects simultaneously and is prioritizing these specific obligations. This move follows a trend of the fund limiting spending across various sports sectors. The decision comes as the fund manages capital previously generated from oil revenues.

An appeals court overturned a preliminary ruling in a lawsuit against Al-Tathmeer Investment Company. The dispute involved the invalidation of an assignment agreement with Al Rajhi Bank.

The victory ensures they remain within the top four this season. Meanwhile, Al-Riyadh remains at 23 points in 16th place and faces the threat of relegation.

World chess player Magnus Carlsen will not participate in the World Chess Tour event scheduled for August. Instead, Carlsen will compete in the Esports World Cup held in Riyadh. The two tournaments are set to take place during the same month.

The Saudi Ministry of Human Resources and Social Development reported that the Qiwa platform has surpassed 2 million registered entities. More than 13 million workers are currently registered on the platform. The ministry also noted that over 2 million employment contracts have been documented. These figures are cited as evidence of digital transformation within the Saudi labor market. The Qiwa platform recorded over 12 million employment contracts during the first quarter of 2026. These efforts aim to enhance professional peace culture and training in line with global best practices.