Business

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...

The Digital Cooperation Organization (DCO) has announced the launch of a new resource, EconomiX magazine, dedicated to accelerating the growth of the digital economy. This global multilateral organization is championing the cause of digital prosperity and aims to drive the digital transformation on a global scale.The inaugural issue of EconomiX magazine explores a spectrum of subjects, including a global overview...

In a strategic move to enhance bilateral collaboration, the Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, has initiated an official sojourn to the Kingdom of the Netherlands. The primary objectives of this visit are to augment cooperation within the realms of industry and mining, as well as to identify and develop mutual investment ventures. During his stay,...

In a groundbreaking year for Saudi Arabia's travel industry, the nation has surpassed its own predictions, leading to an ambitious upgrade in its future plans. With an eye towards 2030, Saudi Arabia has boosted its visitor target from the initial 100 million to an optimistic 150 million, as revealed by Tourism Minister Ahmed Al-Khateeb last October.Last year's figures were remarkable,...

Saudi Arabia is reportedly positioning itself for a significant share sale in its oil behemoth, Aramco, potentially launching as soon as June, with the sale poised to be one of the largest in the region's history. According to two individuals privy to the matter, the transaction could generate nearly $10 billion, although they caution that the process is still being...

The Saleh Kamel Lecture Series, a notable event recently inaugurated in London, serves as a beacon of knowledge on 'The Future of the Kingdom of Saudi Arabia: Economic Insights from the Middle East.' The Islamic Chamber of Commerce and Development's president, Abdullah Saleh Kamel, took this opportunity to announce their collaboration with the esteemed Adam Smith Institute, a think tank...

The fashion sector in Saudi Arabia is projected to experience a remarkable growth spurt, with an anticipated 48 percent cumulative annual growth from 2021 to 2025, a reflection of the Kingdom's efforts to diversify its economy. The pivotal role of the Fashion Commission in fostering a stronger ecosystem to support this growth was highlighted in the latest report from the...

The New Murabba Development Company, backed by the Public Investment Fund, today announced a call to the world's top construction firms to participate in the creation of the innovative Mukaab. This structure is poised to be a defining feature of Riyadh's New Murabba mixed-use project, incorporating cutting-edge immersive technologies and set to become one of the planet's most substantial constructions.The...

The General Authority of Civil Aviation in Saudi Arabia recently released its April assessment showcasing the operational efficiency and service quality of the nation's airports. This report evaluates the airports on a scale comprising 11 distinct operational benchmarks that resonate with the strategic goals of elevating service standards and ensuring a smooth experience for travelers traversing the Kingdom's air gates.Several...

The Small and Medium Enterprises General Authority (Monsha'at) has shed light on the burgeoning fashion industry within the Kingdom of Saudi Arabia through its latest quarterly report. The fashion sector boasts an impressive valuation of SAR92.3 billion, with local brands contributing SAR46.9 billion to this figure. Meanwhile, consumers have spent SAR27.4 billion on international labels, indicating a substantial opportunity for...

RIYADH: In a significant expansion of its business, ADES Holding Co., a Saudi-based exploration service provider, has obtained a series of onshore drilling contracts with Kuwait Oil Co. valued at SR2.42 billion ($645.3 million).The agreement encompasses renewals for four active rigs in Kuwait and the addition of two newly constructed rigs, as stated in an announcement to Tadawul.These contracts are...

In the heart of AlUla, a new beacon of sustainability and luxury hospitality has emerged in the form of Dar Tantora, an eco-friendly hotel that pays homage to the cultural legacy of its location. Known as The House Hotel, the establishment offers 30 guest accommodations, each constructed with the meticulous care reflective of traditional AlUla building practices. The hotel employs...

The Saudi Electricity Company (SEC) has achieved a credit rating upgrade to "A+" from "A", aligning with the sovereign rating of the nation, according to a recent press announcement.SEC's Chief Executive Officer, Eng. Khaled Al-Gnoon, expressed satisfaction with the upgrade, stating, We are pleased with this positive upgrade of SEC’s credit ratings, which stands as a testament to the efforts...

Atsushi Suzuki, the lead executive of Marubeni Middle-East & Africa Power Limited, has expressed support for Saudi Arabia's decarbonization agenda, highlighting it as a pivotal element for the nation's future. This is one of the most important steps for Saudi Arabia because, as you know, Saudi Arabia has a Vision 2030 to decarbonize and for the use of sustainable energy...

The President of the UN International Civil Aviation Organization Council, Salvatore Sciacchitano, recently lauded Saudi Arabia for its influential role in the global aviation landscape.In his remarks at the third annual Future Aviation Forum (FAF 2024) held in Riyadh, he commended the unwavering support provided by the Saudi leadership to the aviation sector. The forum, which ran from May 20...

The third session of the Financial Sub-Committee within the High-Level Chinese-Saudi Joint Committee convened on May 20, 2024, co-chaired by Saudi Minister of Finance Mohammed Aljadaan and his Chinese counterpart, Lan Fo'an. The meeting, which included a delegation of high-ranking officials from both nations, focused on evaluating the macroeconomic landscape and exploring avenues for enhanced bilateral and multilateral cooperation between...

The head of the General Authority of Civil Aviation (GACA) in Saudi Arabia, Abdulaziz Al-Duailej, recently revealed a significant uptick in the country's air travel sector. A 20% boost in passenger numbers this year continues the momentum from last year's 26% leap, positioning the total at an impressive 111 million travelers. The Kingdom's ambitious program to enhance aviation connectivity is...

In a recent discourse, Eng. Saleh Al-Jasser, Saudi Arabia's Minister of Transport and Logistics Services, highlighted the ambitious goals of the National Transport and Logistics Strategy to transform the Kingdom into an influential global logistics nexus. This strategic pivot aims to capitalize on the Kingdom's prime geographical positioning, bridging three continents. The insights were shared during a panel titled "Connectivity...

Saudi Arabia's flag carrier has announced a monumental purchase, indicating its commitment to expand tourism within the realm. The Saudia Group, representing both Saudia Airlines and budget airline Flyadeal, has revealed the acquisition of 105 new aircraft from the European manufacturer Airbus, a fleet comprising the A320neo family of jets, including a mix of 12 A320neos and 93 A321neos. This...

In a decisive move to expand its aviation capacity, Saudi Arabia's flagship carrier has placed a substantial order for new aircraft with Airbus. The kingdom's strategy aims to significantly enhance its tourist influx in alignment with its Vision 2030 objectives.The Saudia Group, encompassing the main Saudia airline and its low-cost affiliate Flyadeal, has confirmed the procurement of 105 jets from...

Wizz Air is setting its sights on advancing its presence in Saudi Arabia with a substantial investment exceeding half a billion dollars in its flight operations. The goal is to strengthen connections and draw a larger number of tourists to the region, as stated by a high-ranking official within the company.In a discussion with a prominent business news outlet, Wizz...

Saudi Arabia's flagship carrier has inked a monumental agreement for the acquisition of 105 Airbus aircraft, marking the largest transaction in the nation's aeronautical history and a significant coup for Airbus over its American competitor, Boeing.The chief of Saudia Group, the government-affiliated entity that manages Saudia airline and the budget operator Flyadeal, Ibrahim Al-Omar, unveiled the news on Monday, stating...

The National Housing Company's (NHC) Real Estate Supply Chain Forum 2024 was ceremoniously opened by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail. This significant gathering drew a host of dignitaries and representatives from both the governmental and private sectors, including global industry leaders.The two-day event aligns with the Housing Program's ambitions under the Saudi...

As Saudi Arabia's aviation sector takes center stage, the nation has proudly disclosed its inaugural

Mohammed Al-Jadaan, the Finance Minister of Saudi Arabia, spearheaded a delegation's visit to Beijing, partaking in strategic Saudi-Chinese discussions over the course of May 20-21. This important dialogue highlights the sustained and intense economic conversations shared by the two powerhouses.During his trip, Minister Al-Jadaan conferred with Lan Fuan, his Chinese counterpart. The financial leaders engaged in talks aimed at bolstering...

In an effort to expand its domestic manufacturing capabilities, Saudi Arabia is in active discussions with major aerospace companies Boeing and Airbus. The goal is to get local aluminum and titanium certified for use in aircraft production, a move that would bolster the kingdom's manufacturing industry.Attaining such certification could be instrumental in addressing supply chain challenges faced by the airplane...