Business

Saudi Arabia's webook.com is charting an aggressive path to become a billion-dollar enterprise and pursue a future public listing. Originally focused on event ticketing, the platform now aims to be a comprehensive "super app for fun," expanding into flights, hotels, dining, sports facilities, and live streaming. CEO Nadeem Bakhsh outlined a four-pronged strategy: diversification, innovation, globalization, and automation. The company...

India and Saudi Arabia have agreed to collaborate on building two oil refineries in India, a move aimed at strengthening their energy partnership amid global economic pressures. This initiative is part of a larger effort to boost cooperation in sectors such as tourism and technology. The agreement was announced after discussions between Saudi Crown Prince Mohammed bin Salman and Indian...

Saudi Arabia and Ethiopia are working to expand economic collaboration, especially in agriculture, manufacturing, and tourism. This development follows a recent forum in Riyadh that brought together over 150 representatives from both countries’ public and private sectors. The gathering, organized by the Federation of Saudi Chambers, was the first major event since the creation of the Saudi-Ethiopian Business Council. The...

Tesla is expanding Cybertruck sales to Saudi Arabia, the UAE, and Qatar in an effort to boost demand for its underperforming electric pickup outside North America. Since its launch in 2023, Cybertruck sales have lagged far behind initial expectations, with fewer than 50,000 delivered and only 6,406 sold in the first quarter of 2025. These numbers fall short of Elon...

Mace has named Brian Conlon as its new Country Director for Saudi Arabia, signaling a strong commitment to expanding its operations and service excellence in the region. With over 35 years in the industry, Conlon brings extensive leadership experience from roles at AtkinsRéalis, Arcadis, and EC Harris, where he managed large teams and major projects across multiple regions, including the...

Riyadh Air has introduced the interiors of its upcoming fleet, spotlighting a premium "Business Elite" suite as part of its launch plans. The Saudi Arabian airline aims to connect the country with 100 destinations within five years, supporting the nation’s economic diversification goals. Backed by the Public Investment Fund, Riyadh Air has placed significant orders for both Airbus and Boeing...

London Business School is preparing to launch a new office in Riyadh, aiming to meet the rising demand for executive education in Saudi Arabia. This initiative aligns with the nation's Vision 2030 and highlights the school's commitment to supporting the Kingdom's evolving business landscape. The Riyadh office will offer executive education programs tailored to both public and private sector needs,...

Discussions between US and Saudi officials are moving forward on a potential partnership to establish a Saudi civilian nuclear program. During a recent visit to Saudi Arabia, Wright indicated that both countries are working toward a formal agreement, with more information expected later this year. Any collaboration will require a so-called 123 agreement, which ensures compliance with US regulations for...

Apple is ramping up its retail presence in the UAE and Saudi Arabia, introducing new job positions to support its expansion. The company is hiring across various roles to enhance its business operations in these regions, including tech support and specialist positions. Expanding in the Middle East Apple plans to launch an online store in Saudi Arabia this summer, followed...

Tesla has officially entered the Saudi Arabian market, signaling a new phase in its international growth. This comes after a complicated past between Elon Musk and the kingdom, primarily due to an unfulfilled 2018 deal where Musk claimed Saudi Arabia's sovereign wealth fund would help take Tesla private. Despite this expansion, Tesla faces challenges in Saudi Arabia, particularly the region's...

Nissan, a cornerstone of Japan’s car industry, is grappling with escalating financial challenges and is now seeking support from Saudi Arabia’s Public Investment Fund (PIF). Reports indicate that Nissan is in advanced talks with PIF, moving away from previously rumored partners like Honda and Foxconn. Although both companies had discussions with Nissan, no agreements have materialized. PIF has established a...

SRMG, a leading media group based in Riyadh, has been recognized as one of the top workplaces for career growth in Saudi Arabia, according to LinkedIn's latest rankings. Notably, SRMG is the only media company to appear on this prestigious list. This achievement highlights SRMG’s strong focus on empowering talent and driving digital transformation in the media industry. The company’s...

As trade tensions between the US and China intensify, manufacturers are searching for alternative bases to avoid tariff risks. Gulf countries, especially Saudi Arabia, are emerging as attractive options thanks to their energy resources and strategic positioning. Experts note that rising tariffs are prompting businesses to consider relocating operations to the Gulf Cooperation Council. With lower tariffs and strong trade...

Saudi Arabia has launched a 5 percent Real Estate Transaction Tax (RETT) starting April 10, aimed at supporting economic diversification. This new tax is applicable to all property transactions, including residential, commercial, and industrial, regardless of their development status or ownership type. It also covers undocumented transactions. Property transfers must be registered via the RETT platform on the Zakat, Tax...

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Business registrations in Saudi Arabia experienced a significant 48% increase in the first quarter of 2025, with 154,638 new commercial records issued. This data, provided by the Ministry of Commerce, highlights the importance of commercial registration certificates for legal business operations in the Kingdom. These certificates are essential for opening bank accounts, hiring employees, and signing contracts. Most of these...

Sary, a Saudi-based B2B marketplace, has merged with Bangladesh’s ShopUp to form SILQ Group, supported by a $110 million funding round. This investment includes both equity and financing for SILQ Financial, the group’s financial services unit. Sary, launched in 2018, connects small businesses with manufacturers and lenders, while ShopUp, founded in 2016, links local shops with mills, brands, and manufacturers....

Saudi Arabia is advocating for enhanced global collaboration on technical standards and radio spectrum management to boost satellite investments, as discussed at the 40th Space Symposium in Colorado. The event, which included major industry figures from companies like SpaceX and Amazon’s Project Kuiper, highlighted Saudi Arabia's strategic position as a connectivity hub linking Europe, Asia, and Africa. CST Governor Mohammed...

Saudi Aramco has agreed with China's Sinopec to expand their Yasref petrochemicals facility on Saudi Arabia's west coast. This move is part of Aramco's strategy to strengthen its refining and chemicals operations, helping to balance fluctuations in global oil prices. The expansion includes plans for a mixed feed steam cracker with a capacity of 1.8 million metric tons per year,...

Accesso Technology Group PLC has been selected as the guest experience technology provider for the Qiddiya entertainment project in Saudi Arabia. Located southwest of Riyadh, Qiddiya covers over 300 square kilometers and is a key part of Saudi Vision 2030. It will feature attractions such as the Six Flags Qiddiya theme park and the Aquarabia water park. Accesso will implement...

Business registrations in Saudi Arabia experienced strong growth in the first quarter of 2025, rising 48 percent year-on-year with over 154,000 new commercial records issued. Official data highlights that most registrations were concentrated in Riyadh, Makkah, and the Eastern Province. Recent government reforms, including new laws simplifying the registration process and eliminating the need for subsidiary registers, have made it...

Saudi Aramco has identified 14 new oil and gas sites in the Eastern Region and the Empty Quarter, according to a recent announcement. These new discoveries include six oil fields, two oil reservoirs, two gas fields, and four gas reservoirs. The combined output from the oil finds is estimated at 8,126 barrels per day, featuring various grades of Arabian oil....

Saudi Arabia is considering the launch of special purpose acquisition companies (SPACs) on its parallel market, Nomu, aiming to encourage more private sector listings and expand investment opportunities. The Capital Markets Authority (CMA) is seeking public input on a proposed regulatory framework for SPACs, part of a broader effort to deepen the capital market and diversify available investment products. The...

Saudi Arabia’s industrial sector marked a notable advance with the launch of 103 new factories in January, drawing investments of SR900 million and creating over 1,500 jobs. This progress reflects the nation’s broader push to expand its industrial base as part of ongoing economic diversification efforts. The Ministry of Industry and Mineral Resources also granted 63 new industrial licenses that...

Egyptian quick commerce company Rabbit is entering the Saudi Arabian market, aiming for 20 million deliveries by 2026 using a network of strategically located dark stores in major cities. Following approval from Saudi authorities, Rabbit established its regional base in Riyadh as part of a wider Gulf expansion plan. The company relies on an AI-driven recommendation system and promises 20-minute...

SS&C Technologies has expanded its international reach by opening a new office in Riyadh, Saudi Arabia. This move is aimed at strengthening relationships with key financial regulators in the region and enhancing support for local clients. Currently, SS&C serves 850 financial and corporate clients across the Middle East, including 150 in Saudi Arabia. The company provides advanced software and services...

SS&C Technologies Holdings has expanded its presence in the Middle East with a new office in Riyadh, Saudi Arabia. This move aims to strengthen the company's relationships in the region, particularly with the Capital Markets Authority and the Saudi Arabian Monetary Agency. The new location is expected to support SS&C's growth and deepen its engagement within the Saudi financial sector.

Artificial intelligence is playing a bigger role in the beauty industry, with companies in Saudi Arabia and worldwide adopting new technologies to improve customer experiences. Glamera, a company that started in Egypt and now operates in several Saudi cities, uses AI to tailor service recommendations by analyzing users’ preferences and behaviors. Augmented reality is also gaining ground, letting consumers virtually...

Saudi Arabia is experiencing a surge in mergers and acquisitions, significantly reshaping its business environment. The General Authority for Competition's approval of economic concentration requests is playing a crucial role in this transformation, promoting market consolidation and growth. This increase in approvals, up 17.4% in 2024, reflects the Kingdom's commitment to enhancing market competition, preventing monopolies, and fostering a robust...

Saudi Arabia has introduced new Commercial Pledge and Trade Names Systems to modernize its business environment, part of the Vision 2030 initiative. These systems, effective April 3, 2025, aim to simplify commercial operations and boost economic growth. The Ministry of Commerce highlights that the new systems streamline procedures by introducing a unified commercial register, eliminating branch registers. This change reduces...