Business

The financial technology landscape in Saudi Arabia is experiencing a significant boost, with the country attracting a surge of activity from fintech firms. Fortis, originating from the UAE, is introducing a comprehensive suite of services including point of sale, customer relationship management, order management, and payment solutions aimed at bolstering small and medium-sized enterprises within the Kingdom.In a recent dialogue,...

Experts in the field predict that investment funds from the Middle East could soon become influential figures on the global stage within the thriving artificial intelligence (AI) domain, spurred by an aggressive advancement in the high-tech sector.Notice is being taken internationally as the region sets its sights on untapped markets, refining governmental policies to nurture advanced tech ecosystems and integrating...

Goldman Sachs has distinguished itself as the pioneering Wall Street financial institution to align with Saudi Arabia's Regional Headquarters (RHQ) policy, acquiring a permit to establish its central Middle Eastern hub in Riyadh. With the kingdom's recent policy, enacted from January 1, 2024, firms are mandated to set up a regional office in Saudi Arabia, staffing a minimum of 15...

In the Ethiopian capital of Addis Ababa, a pivotal event marked the commencement of the Saudi-Ethiopian Business Council. The inauguration, symbolized by a signing ceremony, was conducted by delegates from the Federation of Saudi Chambers and the Ethiopian Chamber of Commerce and Industry.The council's primary objective is to fortify the economic partnership between the two nations. The event was graced...

LinkedIn, the preeminent professional networking platform with an extensive global presence, has reported new insights on the evolving Saudi workforce, which showcases over 9 million members from the kingdom. The comprehensive data illustrates the country's accelerated growth and adaption to the rising artificial intelligence (AI) sector, aligning with the ambitious goals of Saudi Vision 2030. Saudi Arabia's Position as a...

The colossal equity sale by Saudi Aramco is poised to generate a minimum of $11.2 billion, marking the largest fundraising of its kind globally in the past three years. This influx of capital is intended to support the kingdom's ambitious economic diversification initiatives that require substantial investment.Despite reaching out, Aramco representatives offered no immediate commentary on the pricing, which was...

The business media sector brings attention to the recent collaborative efforts among Arab countries aimed at bolstering their industrial sectors. Key figures from these nations convened to discuss strategies for industrial unification and to capitalize on the mining industry's potential, particularly within the Kingdom of Saudi Arabia. Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, seized the opportunity...

The 28th session of the general assembly of the Arab Industrial Development, Standardization and Mining Organization (AIDSMO) convened in Rabat, Morocco, with Saudi Arabia's delegation at the forefront, led by Minister of Industry and Mineral Resources Bandar Al-khorayef. Attended by a host of Arab industry ministers and envoys from regional and global institutions, the opening session garnered attention with AIDSMO...

In a significant move to deepen economic ties, Saudi Arabia and Ethiopia have established a bilateral business council designed to foster collaboration between companies in both countries. This development was announced in a recent press release following the signing of an agreement. The newly established council will serve as a robust cornerstone for the two nations to enhance their economic...

In an effort to harness Morocco's mining acumen, Saudi Arabia is eyeing a collaborative approach, with the two nations jointly accounting for over 40% of the globe's phosphate fertilizer production. Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, conveyed the prospect of forming major mining partnerships during a dialogue with investors and business figures in Morocco, as reported...

According to Patrick Chalhoub, the president of the leading Middle Eastern luxury retailer Chalhoub Group, Saudi Arabia presents an unparalleled opportunity in the realm of upscale commerce. With a burgeoning population predominantly under the age of 30, and effective government strategies, the kingdom offers promising conditions for sustained growth in the sector.Chalhoub cautions against the temptation to expand too rapidly,...

In a significant move to strengthen bilateral economic relations, Saudi Arabia and Ethiopia have inaugurated a joint business council aimed at enhancing collaboration in key sectors. The announcement was made during the Ethio-Saudi Investment and Trade Forum, held in Addis Ababa, which brought together a substantial assembly of over 250 investors, ministers, and officials from both nations.At the forefront of...

The fashion world is abuzz as Norma Kamali, a designer renowned for her pioneering spirit and innovative designs, is set to receive a significant accolade. With a career spanning over five decades, Kamali has been a trailblazer in the industry, introducing groundbreaking concepts like the sleeping bag coat, ready-to-wear sweats, and high-fashion swimwear.She has also been a forerunner in embracing...

The Federation of Saudi Chambers and the Ethiopian Chamber of Commerce have taken a significant step forward in strengthening economic ties by forming a joint Saudi-Ethiopian Business Council. This initiative marks a pivotal move to boost the economic collaboration between the Kingdom of Saudi Arabia and Ethiopia.The formalization of this partnership occurred during the Ethio-Saudi Investment and Trade Forum in...

The Saudi Arabian Minister in charge of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, made a strategic visit to Tangier, Morocco, with the intention of scouting out collaborative ventures and discussing the prospects of commencing joint automotive projects with the North African nation. While in Tangier, the Minister's agenda included a thorough walkthrough of the Renault car manufacturing plant,...

Baheej Tourism Development Company, a collaborative venture comprising ASFAR, a Saudi tourism investment firm held by the Public Investment Fund (PIF), and the Tamimi-AWN Alliance, has recently disclosed its plans for revitalizing the waterfront district of the Royal Commission at Yanbu. The initiative's preliminary foray into the Yanbu region will encompass an expansive 85,000 square meters and is poised to...

With the allure of substantial housing benefits, complimentary workspaces, and the prospect of forming partnerships with the government, startup founders are increasingly eyeing Saudi Arabia as the ideal locale for their budding artificial intelligence enterprises.DXwand, an AI startup from Cairo that specializes in automated customer service solutions, is now operating from Riyadh, capitalizing on the Saudi government's generosity. SambaNova, a...

The Minister of Industry and Mineral Resources of Saudi Arabia, Bandar bin Ibrahim Alkhorayef, conducted an informative visit to the Tanger Med Port Center located in Morocco. This step underlines the commitment to strengthening relations between the two kingdoms.Throughout his visit, Alkhorayef was introduced to the intricate processes involved in container handling. Tanger Med Port stands as a critical hub...

Strengthening international ties, the Jeddah Chamber's chairman, Mohammed Yousef Naghi, recently engaged in a strategic dialogue with the chairman of the Turkish Industry and Business Association (TUSIAD), Orhan Turan, along with his delegation. This high-level encounter was aimed at unveiling potential collaborations within the business sector. The assembly with TUSIAD's representatives was more than a mere formality; it was a...

The Saudi Ports Authority, known as Mawani, has revealed the formation of a new partnership with France's Port of Marseille Fos. A memorandum of understanding (MoU) has been signed to foster advancements in various areas including the progression towards intelligent port networks. This measure is poised to elevate global commerce, bolster maritime ecology, and advance initiatives for environmentally-friendly ports. This...

The Saudi Standards, Metrology and Quality Organization (SASO) has recently entered into a strategic collaboration with the Project Management Institute's Saudi Arabia Chapter (PMI). This alliance, encapsulated in a memorandum of understanding, is set to bolster the synergies between the two entities and lay the groundwork for a mutually beneficial partnership.The ceremonial signing took place amidst the influential Global Project...

Saudi Arabia has inked an agreement to create a logistics zone in Djibouti's port, aiming to use the strategic location as a springboard for distributing its products and services across the African continent, thereby enhancing economic connections. The pact was formalized during a visit by Saudi investors to Djibouti, with Hassan Al-Huwaizi of the Federation of Saudi Chambers and Djibouti...

HSBC Holdings Plc has strategically reinforced its investment banking division within Saudi Arabia by appointing new leaders for its mergers and acquisitions (M&A) and equity capital markets (ECM) segments, positioning itself in a region experiencing a surge in financial transactions.Mehdi Benabdallah has taken the helm as head of M&A within the kingdom, with Ramez Halazun stepping up as the head...

The Saudi Public Investment Fund (PIF) has recently unveiled the formation of the Neo Space Group (NSG), a company that will operate under its full ownership and serve as a powerhouse in the satellite and space industry. NSG is poised to bolster the space and satellite arena by fostering local talent and reinforcing its strategic positioning in the burgeoning space...

The notable Saudi businessman Prince Alwaleed Bin Talal, alongside the Kingdom Holding Company (KHC), has heightened their support for Elon Musk by investing in the entrepreneur's latest venture, xAI. Recent disclosures on the xAI's official site have revealed that the investment portfolio includes significant contributions from KHC's chairman, as well as the company itself, which trades on the Saudi Tadawul...

Recent analysis of the Saudi Arabian construction chemicals market forecasts a significant growth, projecting its value to reach approximately $1.09 billion by the year 2027, which equates to a compound annual growth rate (CAGR) of 6.9% from 2020 to 2027. The valuation stood at $741.1 million in the year 2019.Factors propelling the market include heightened demands from the infrastructure and...

The burgeoning energy efficiency landscape in Saudi Arabia has experienced significant expansion, as evidenced by the increase in the number of certified service providers to 55 by the close of 2023, according to a high-ranking official.With the intention to diminish its ecological footprint and fortified aspirations to realize a net-zero status by 2060, the nation is turning to the Saudi...

A strategic partnership has been formed between Tokyo's Uhuru Corporation and Web Arabia, an IT enterprise based in Riyadh, as they aim to advance smart city initiatives within Saudi Arabia. The collaboration was cemented through a Memorandum of Understanding, signifying a shared commitment to transforming urban environments in the Kingdom.Web Arabia, recognized for its smart city solutions, operates under the...

Holo, a pioneering mortgage platform in the United Arab Emirates, has announced the successful completion of an oversubscribed pre-Series A financing round. The investment endeavor was spearheaded by the Dubai Future District Fund (DFDF), UK-based Oryx fund, and Aditum Investment Management. This financial boost is set to propel Holo's expansion within the UAE and throughout the Gulf Cooperation Council (GCC),...

The Saudi Arabia Railways (SAR) has recently entered into a partnership with Procter & Gamble (P&G), a leading consumer goods producer, to facilitate the shipment of goods from the P&G factory in Dammam to clientele in Riyadh. The agreement was formalized by Eng. Badr Al-Atni, SAR's Senior Vice President of Freight, and Eng. Ahmed Banan, Chief Operating Officer of Supply...