Business

The economic landscape has been continually evolving through the centuries, and today we stand on the brink of another significant transformation. The business media sector is closely observing as international trade takes strides towards digitization.An in-depth discussion with experts Sean Bowey, Head of Product at SAB, and Neil Shonhard, CEO of MonetaGo, sheds light on the digital advancements within Saudi...

The Saudi Electricity Company (SEC) has exhibited a substantial financial growth in both the first half and the second quarter of 2024. The company's revenues have witnessed a significant uplift of 15.5% year-over-year, reaching SAR38.2 billion in the first half of the year, while the net profit has experienced a 16.6% ascent to SAR5.2 billion. The second quarter continued this...

Saudi Arabian software-as-a-service provider Blend has successfully secured $1.3 million in pre-seed funding, supported by a collective of undisclosed angel investors. Established in 2023 by entrepreneur Omar bin Sultan Al-Lihyan, Blend's innovative system centralizes various food delivery platforms onto a single interface, streamlining order and item management as well as report tracking for restaurateurs. The injection of capital is earmarked...

Convergint has recently unveiled its strategic growth into the Saudi Arabian market, broadening its Middle East & Africa (MEA) presence. The organization is set to deliver a diverse array of sophisticated offerings, including security, IT infrastructure, and audio-visual systems. With a vast technical team that spans over 10,000 individuals across 220 worldwide locations, Convergint crafts cutting-edge technology systems tailored for...

Saudi Arabia is on a mission to strengthen its technology talent pool, driven by the grand aspirations of its Vision 2030 initiative. At the forefront of this transformation are the highly skilled engineers responsible for bringing the nation's ambitious infrastructural and mega-projects to life. Historically, these engineering roles have been predominantly filled by expatriates, attracted by lucrative salaries and the...

The partnership between China and Saudi Arabia in the energy sector is poised to yield significant benefits, especially with the advancements in solar power. A recent report by Reuters highlighted that China Energy Engineering has secured a contract worth 6.98 billion yuan (approximately $972 million) to construct a solar power facility in the Kingdom of Saudi Arabia.This 2-gigawatt photovoltaic power...

In a move set to revolutionize the Kingdom's industrial and mining landscape, the Ministry of Industry and Mineral Resources has unveiled innovative initiatives aimed at strengthening the non-profit sector's role in these fields. This strategic plan is in sync with both the National Industrial Strategy and the transformative Saudi Vision 2030, and it intends to significantly bolster the sector's impact....

Operating from its strategic hub in Riyadh, FTI Consulting provides indispensable support to Saudi Arabian enterprises grappling with their most daunting and intricate challenges, including transformations, risks, and legal disputes. Employing a blend of deep sector knowledge, technical proficiency, and an expansive international presence cultivated over four decades, the firm delivers an all-encompassing suite of services. These services span several...

Tuwaiq Academy has announced the commencement of registration for its forthcoming Governance, Risk, and Compliance (GRC) boot camp, which is poised to begin on September 22, 2024, at the institution's premises in Riyadh. This rigorous training program, spanning three months, is specifically tailored for Saudi professionals to fortify their skills in managing cybersecurity threats with proficiency.Participants who successfully complete the...

Global systems integration authority Convergint has officially declared its operational launch in Saudi Arabia, marking a significant extension of its Middle East and Africa (MEA) presence. This strategic move is a continuation of its years-long presence in the UAE, with existing offices in Dubai and Abu Dhabi, as well as Iraq and South Africa.Convergint's entry into the Saudi market positions...

Real Madrid's prominent Brazilian footballer Vinicius Jr is reportedly deliberating a groundbreaking transfer to the Saudi Pro League, with discussions hinting at a deal valued at €1bn ($1.1bn).An undisclosed source mentioned that the Public Investment Fund (PIF) has reached out to the 24-year-old forward to gauge his interest in joining the Saudi football scene.Should he accept, Vinicius Jr could be...

The Saudi Investment Recycling Company (SIRC) has recently celebrated a significant achievement by exporting its first batch of recycled and heat-washed PET flakes to a leading UK manufacturer of recycled PET bottles. This milestone follows the company's successful foray into the European market, which began with shipments to Spain and has now reached a total of over 1,650 tons of...

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Japan Bank for International Cooperation (JBIC) have recently inked a pact aimed at amplifying trade and investment activities between Japan and nations that are members of the ICIEC. This collaboration is expected to harness ICIEC's prowess in insurance and JBIC's financial expertise to propel transactions with...

The Kingdom of Saudi Arabia is witnessing a remarkable increase in the number of women joining the labor market, a change spurred by better access to education, lower birth rates, and a shift towards a more inclusive society.This upward trend has allowed the nation to surpass the gender participation objectives set in its ambitious Vision 2030 reform plan, as per...

The financial implications of engaging top-tier software development firms in Saudi Arabia hinge on several determinants. These include the anticipated functionality of the software, the intricacy of its design, the chosen technological tools and frameworks, and the scale of the team deployed for the project.Providing an approximate pricing range, bespoke software initiatives might see budgets starting from the vicinity of...

Riyadh is poised to become a hub for financial technology innovation as it prepares to host the inaugural 24 Fintech Conference. This pivotal event will convene experts and stakeholders in the financial technology arena from September 3 to 5 at the Riyadh Front Exhibition & Conference Center. The event is being spearheaded by a coalition of authoritative organizations, including the...

Sawani, an enterprise under the umbrella of the Public Investment Fund (PIF), has recently celebrated a significant triumph for its Noug label, being honored with the Superior Taste Award 2024 by the International Taste Institute situated in Brussels. The brand's innovative offerings, specifically the lavender-infused camel milk and the Shaqra pepper cheese, succeeded in enchanting a jury composed of esteemed...

The Buraidah Dates Carnival, a prime marketing event in the Qassim Region, is facilitated by the Ministry of Environment, Water, and Agriculture and managed by the National Center for Palms and Dates. This event stands as a significant commercial hub, drawing in over a thousand vehicles each day, brimming with tons of dates ready for sale and distribution. These dates,...

Faisal Sultan, Lucid Middle East's Vice President and Managing Director, has expressed confidence in Saudi Arabia's potential to become a top player in the global automotive industry, particularly in the production of electric vehicles (EVs).The nation has set an ambitious target to manufacture 500,000 electric vehicles each year by 2030, which is part of a substantial $50 billion investment in...

In the initial quarter of 2024, Saudi Arabia experienced a surge in the construction industry, with the value of contracts awarded amplifying by 79% to hit SR118.8 billion ($31.65 billion). This leap represents the second highest recorded figure since the peak of SR147.1 billion in Q3 2015, showing a robust 35% increase from the preceding quarter in 2023.The impetus behind...

As the largest oil and gas entity globally, Saudi Aramco is intensifying its collaborations with China in the realms of petrochemicals and sustainable solutions. This initiative is part of the company’s strategy to diversify its business operations while supporting the net-zero ambitions of China, the world's top emitter of greenhouse gases."Our relationship with China has grown far beyond crude oil...

In the ever-evolving quest for operational efficiency, innovation, and profitability, the Gulf's corporate landscape is on the cusp of a transformative leap, thanks to SAP's generative artificial intelligence (AI) initiative, Joule. The German tech giant is embedding advanced AI tools into the fabric of business processes to refine workflows, sharpen decision-making, and ramp up productivity across diverse sectors.Ahmed Al-Faifi, SAP's...

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is intensifying its collaborative efforts with the Saudi EXIM Bank to propel commerce within the member states of the Organization of Islamic Cooperation (OIC). This joint venture has been fruitful, leading to the discovery of new marketplaces, smoothing the way for more seamless interactions between Saudi enterprises and...

In an effort to expand its reach within the Middle Eastern automotive care market, IGL Coatings has named Lamaan (IGL Coatings Saudi Arabia) as its sole distributor in Saudi Arabia. This move is set to bring innovative and high-quality car care solutions to the kingdom.IGL Coatings is renowned for its commitment to research and development, producing industry-leading coatings that offer...

The global consulting firm EY, previously known as Ernst & Young, has selected Saudi Arabia's capital, Riyadh, as the central point for its regional operations.Spanning the Middle East and North Africa, EY will manage an 8,000-strong workforce from 15 nations, stationed at its new premises within the King Abdullah Financial District in Riyadh, as stated in an official announcement.The choice...

In a strategic move within the business media sector, Almar Water Solutions, an entity under the umbrella of Saudi Arabian conglomerate Abdul Latif Jameel Energy, is poised to enter a partnership with Chile's government-supported Codelco for the Maricunga lithium mining initiative.Established in 1976, Codelco is a prominent name in the Chilean mining industry, primarily known for its copper production.Located in...

The legal sector in Saudi Arabia is currently at the heart of widespread anticipation, prompted by reports of a likely overhaul allowing wholly-owned foreign law firm subsidiaries to operate within the country. Such a shift could significantly alter the legal market in the region's most robust economy, potentially inviting a wave of international firms to the Gulf's most populous nation.The...

The business landscape in Saudi Arabia has been invigorated through a series of regulatory adjustments aimed at fostering a more dynamic and competitive market environment. Notably, the recent modifications to merger control filing thresholds reflect a concerted effort by the General Authority for Competition (GAC) to align with global best practices.Half a year following the announcement, the consensus among prominent...

Germany, Berlin: Siemens Energy has announced a significant order from Saudi Arabia, delivering leading-edge power plant technologies with a combined capacity nearing 4 gigawatts (GW). This strategic move includes a comprehensive 25-year maintenance contract for two state-of-the-art combined-cycle power plants, Taiba 2 and Qassim 2, valued at approximately USD 1.5 billion.The use of Siemens Energy's advanced gas turbines, alongside steam...

In commemoration of World Seafarers Day, Saudi Arabia's Transport General Authority (TGA) has lauded the dedication and service of over 2,100 Saudi seafarers who are part of the Kingdom's robust maritime fleet, comprising more than 420 vessels. This annual observance, instituted by the United Nations International Maritime Organization (IMO), underscores the pivotal contributions of maritime professionals to the global economy....