Business

Saudi Agricultural Fund Enhances Food Sector with $533 Million Support Saudi Arabia’s Agricultural Development Fund has committed SR2 billion ($533.33 million) to bolster food sustainability and security across the nation. This funding will aid various agricultural projects, including red meat and poultry production, greenhouse farming, fish aquaculture, and cold storage. The decision was made during the fund’s third board meeting...

Saudi Arabia's crude oil production rose to 8.94 million barrels per day (bpd) in July, marking a 1.26% increase from June, according to the Joint Organizations Data Initiative. Despite this rise, crude exports fell by 5.06% to 5.74 million bpd. Domestic petroleum demand increased by 79,000 bpd, reaching 2.83 million bpd. During a virtual OPEC+ meeting, member countries reaffirmed their...

Saudi Arabia has introduced new laws for commercial registration and trade names to streamline business operations and improve the business environment. Announced during a Cabinet meeting led by Crown Prince Mohammed Bin Salman, these changes aim to simplify processes and reduce burdens on commercial establishments. In early 2024, the trade sector saw 104,000 new commercial registrations, marking a 59% increase...

Saudi Arabia: Global experience design company Imagination has appointed Abdullah Hamad AIOshaiwan as the new General Manager for Saudi Arabia. Reporting to Elisabeth Anne, Regional Managing Director, Abdullah brings extensive experience from his previous role at the Saudi Esport Federation. At the Saudi Esport Federation, Abdullah excelled as Execution Masterplanner, managing major events and modernizing event management practices. His new...

Saudi Arabia’s Public Investment Fund (PIF) has introduced QSAS, a new company dedicated to creating immersive storytelling experiences rooted in the kingdom’s heritage and Islamic history. QSAS will develop, own, and operate various cultural attractions across Saudi Arabia, including permanent exhibits, touring exhibitions, and multi-sensory experiences. The name QSAS, derived from an Arabic word meaning "stories," will emphasize historical events...

Saudi ports saw a significant increase in container traffic in 2023, with a 14.6% rise compared to the previous year, as per the General Authority for Statistics. Total container traffic surpassed five million TEUs, with inbound containers at 3.4 million TEUs and outbound containers at nearly 2.2 million TEUs. Key ports and their container handling figures for 2023 include: Jeddah...

Saudi Arabia is undergoing a significant transformation with Vision 2030, aiming to diversify its economy and reduce reliance on oil revenues. This initiative promotes growth across various sectors, including increasing private sector GDP contributions and enhancing women's participation in the workforce. The fashion industry is emerging as a key sector for economic growth, driven by shifting consumer preferences, changing retail...

Italian energy engineering firm Saipem announced it has secured a $2 billion offshore contract for the Marjan oil field in Saudi Arabia. This deal is part of an ongoing agreement with Saudi Aramco. Earlier this month, Saipem revealed two additional offshore contracts with Saudi Aramco, totaling $1 billion, and a $4 billion offshore contract with QatarEnergy, a leading LNG supplier....

Riyadh, Saudi Arabia— Jersey Finance, a prominent international financial center, sponsored Informa Connect's inaugural 'Cross-Border Planning: Middle East' conference in Riyadh on 17-18 September 2024, previously held in Dubai. The event at the Hyatt Regency focused on crucial issues for Saudi and global family businesses, including next-generation trends, governance, and succession planning. Notable speakers like Hassan Zawawi, Daniel Pacic, Dan...

Saudi Arabia’s Public Investment Fund (PIF) has launched the National Interactive Entertainment Company, QSAS, to create engaging storytelling experiences that highlight Saudi heritage and Islamic history. QSAS aims to enrich the cultural landscape by developing interactive and creative storytelling experiences. The company will focus on creating, owning, and operating world-class interactive exhibitions across Saudi Arabia, catering to the growing demand...

Asharq Business with Bloomberg, a prominent source of business news in the Arab world, is expanding its programming due to increased daytime viewership. As part of Asharq Network, the channel will now offer extended market coverage from 6:00 AM to 8:00 PM Saudi time on weekdays, with a strong focus on Saudi Arabia. Nabeel Alkhatib, General Manager of Asharq News,...

The Saudi Export Development Authority, through its "Made in Saudi Program," has entered into a strategic Memorandum of Understanding (MoU) with Al Nahdi Medical Company. This collaboration aims to enhance the visibility of national products in Al Nahdi's extensive pharmacy network, a key player in Saudi Arabia's pharmaceutical retail sector. The agreement's signing in Riyadh also introduced the first "Saudi-Made"...

Saudi Arabia is set to create 11,000 cultural jobs through the establishment of the National Interactive Entertainment Company (QSAS) by the Public Investment Fund (PIF). This new entity aims to develop immersive storytelling experiences rooted in Saudi heritage and Islamic history. QSAS will focus on creating and managing world-class interactive exhibitions across the country, catering to the growing demand for...

• The ‘Made in Saudi’ program partners with Nahdi Medical Company to promote Saudi products, enhance their market presence, and support the localization of pharmaceuticals and medical supplies. • Nahdi Medical Company supports national industries by dedicating shelves for Saudi products in its widespread pharmacy network across the Kingdom. Riyadh, Saudi Arabia: The Saudi Exports Development Authority, through the ‘Made...

Saudi Arabia's fashion market is set for significant growth, with the Saudi Fashion Commission's recent report predicting an increase from $30 billion in 2023 to $42 billion by 2028. This sector will contribute 2.5% to the Kingdom's GDP. Burak Cakmak, CEO of the Saudi Fashion Commission, highlighted the alignment of this growth with the country's broader strategy to become a...

Saudi Arabia is emerging as a top destination for luxury. British auction house Christie’s has secured a commercial license in the country, enhancing its footprint in the Middle East.

RIYADH: Saudi Arabia's Minister of Commerce, Dr. Majed Al-Qasabi, announced that businesses need only one commercial registration to operate across the kingdom. The newly approved Law of Commercial Registration and the Law of Trade Names aim to simplify business operations and reduce commercial burdens, according to Al-Qasabi. These laws reflect the latest economic and technological advancements, aligning with Saudi Vision...

An Italian business federation, representing 7,000 companies, has announced plans to boost Italian investments in Saudi Arabia, aligning with Vision 2030. During the Saudi-Italian Business Forum at the Saudi Chambers Federation, key figures including the new Italian Ambassador to Saudi Arabia, Carlo Baldocchi, and representatives from over 140 companies discussed these plans. The federation includes prominent Italian firms across various...

Saudi Arabia is set to make significant strides in its electric vehicle (EV) industry, according to experts at the EV Auto Show in Riyadh. During the panel "The Landscape of Electric Charging in Saudi Arabia," Gasable CEO Ali Ghnaim revealed that around 60% of the local population is open to owning an EV, indicating strong community support for the Kingdom's...

Saudi Banking Sector Growth Driven by Diversification Efforts: Moody’s Saudi Arabia's push for economic diversification is accelerating the growth of its banking sector, with sectors like construction and tourism presenting lucrative lending opportunities, according to Moody’s. Moody’s recent report highlights that the Kingdom's banking loan portfolio has improved, spurred by the national agenda to reduce reliance on hydrocarbon revenues. The...

UK firms are set to expand in Saudi Arabia following a key ministerial meeting aimed at strengthening trade relations. The goal is to boost bilateral trade to $39.6 billion by 2030. In the year leading up to Q1 2024, UK-Saudi trade in goods and services reached $23.2 billion, as reported by the UK's department for business and trade. Saudi Arabia's...

Saudi Arabia’s Public Investment Fund has introduced the National Interactive Entertainment Co., also known as QSAS, to develop immersive storytelling experiences based on the Kingdom’s heritage and Islamic history. QSAS will focus on creating, owning, and operating top-tier interactive exhibitions across Saudi Arabia. This move supports the Kingdom's aim to preserve cultural heritage while fostering business opportunities, aligning with PIF’s...

Saudi Arabia’s Public Investment Fund (PIF) has unveiled the National Interactive Entertainment Co., known as QSAS, to create immersive storytelling experiences that highlight the Kingdom’s heritage and Islamic history. QSAS aims to develop, own, and operate top-tier interactive exhibitions across Saudi Arabia. This initiative aligns with the Kingdom’s objective of preserving cultural heritage while fostering business opportunities, supporting PIF’s strategy...

Saudi Arabia Introduces Customs Exemption for Experimental Production Saudi Arabia has unveiled a new customs exemption aimed at boosting the industrial sector by eliminating duties on raw materials used in experimental production. Experimental production refers to creating goods or services on a trial basis to test new ideas and technologies before full-scale implementation. This helps in assessing feasibility, identifying challenges,...

Saudi Arabia is poised for a robust year in initial public offerings (IPOs), with over 50 expected and 35 already completed. Mohammed Al-Rumaih, CEO of Saudi Exchange, disclosed this at the EFG Hermes annual investor conference. Saudi IPO Market Overview Saudi Arabia leads the MENA region in IPO activity, raising $724 million from nine listings in Q1 2024. Notable IPOs...

Saudi Arabia has introduced new laws for commercial registration and trade names to streamline business operations and enhance the working environment. These changes were approved during the weekly Cabinet session chaired by Crown Prince Mohammed bin Salman in Riyadh. In the first quarter of 2024, the Kingdom's trade industry saw 104,000 commercial registrations, a 59% increase from the same period...

KIVERCO Secures Major Contracts in Saudi Arabia with UK Government Support KIVERCO, known for their waste-recycling equipment, has landed multi-million-pound contracts in Saudi Arabia, thanks to backing from UK Export Finance (UKEF). A £350,000 export insurance from UKEF enables KIVERCO to fulfill these significant contracts, increasing revenue and supporting 100 local jobs. With over 300 recycling plants in the UK...

Pluto, a leading UAE-based expense and account payables management platform, has announced a strategic partnership with Saudi fintech company neoleap. This collaboration, revealed at the 24 Fintech conference in Riyadh, signifies Pluto's entry into the Saudi market, facilitating seamless operations for its global clientele within the Kingdom. Through this partnership, Pluto will integrate its corporate card and AI-powered expense management...

Saudi Arabia: Imagination, a globally recognized experience design firm, has appointed Abdullah Hamad AIOshaiwan as the new General Manager for Saudi Arabia. He will report to Elisabeth Anne, the recently named Regional Managing Director. Abdullah transitions from the Saudi Esport Federation, where he was pivotal in executing large-scale events and modernizing event management. At Imagination, he will lead the Saudi...

Yango Tech, a key player in e-commerce technology, has partnered with Al Sadhan and SPAR at the GAIN Summit in Saudi Arabia. This alliance aims to enhance retail technology and digital capabilities in the MENA region, making shopping more efficient and accessible for consumers. The agreement was signed at the King Abdulaziz International Convention Centre in Riyadh. Key figures such...