Business

Employees at Saudi state-supported firms have experienced unexpected budget reductions in recent times, with the onset of these austerity measures traceable to the first quarter of 2024. The impact has been widespread, touching various industries including the media and the nation's ambitious giga projects. This led to a significant slash in departmental budgets, job layoffs, and a concerted effort to...

The Chilean administration has announced that a key Saudi Arabian official specializing in mining affairs is scheduled to visit Chile in July for a bilateral meeting in the capital city of Santiago.The dignitary, Saudi Arabia's Minister of Industry and Mineral Resources, has previously expressed to the media in March an interest in international lithium acquisitions, aligning with the country's ambitions...

Dana White expressed satisfaction with the UFC's ability to arrange substitute bouts for two significant events this month, attributing Conor McGregor's absence due to injury as part of the combat sport's unpredictable nature. He also hinted at the potential involvement with an emerging Saudi boxing league.The UFC, a subsidiary of the TKO Group Holdings, saw a 2.1% decline in its...

The commencement of Hajj marks an influx of over 1.5 million Muslims to Saudi Arabia, embarking on a significant spiritual journey. As one of the largest human assemblies globally, Hajj draws believers to the holiest city of Mecca, where they partake in various spiritual practices, such as circumambulating the Kaaba and converging near Mount Arafat, the location of Prophet Muhammad's...

The beginning of 2024 has seen a notable surge in the tourism sector of Madinah, with early indicators pointing to a substantial leap forward when compared to the previous year's figures. A recent economic analysis released by the Madinah Chamber for the initial quarter of 2024 showcases this upward trajectory. According to the report, there has been a 15.3% rise...

The National Competitiveness Center's Chairman and Saudi Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, was present at the 60th-anniversary festivities of the UN Trade and Development Organization (UNCTAD) held in Geneva. This landmark event, under the theme 'Charting a New Development Course in a Changing World', saw the attendance of UN Secretary-General António Guterres along with distinguished government officials...

The Arab League, in partnership with Japan, is set to convene the fifth session of the Japan-Arab Economic Forum in Tokyo, scheduled to run from July 9 to 11. This forum aims to delve into the prospects of fortifying economic ties between Japan and Arab nations, encompassing a broad array of sectors. According to an official communique, the agenda for...

The Saudi Export-Import Bank (Saudi EXIM) made a significant appearance at the recently held TXF Global 2024 in Athens, a conference dedicated to exploring new prospects and confronting challenges in export credit and international trade finance. Eng. Saad bin Abdulaziz Al-Khalab, CEO of Saudi EXIM, delivered insights into the institution's pivotal role in propelling the Kingdom's non-oil exports into the...

In a recent strategic move, subsidiaries of Aramco and NextDecade Corporation have inked a preliminary agreement that could lead to a significant 20-year purchase of liquefied natural gas (LNG). This development is centered around the planned Train 4 at the Rio Grande LNG project in Brownsville, Texas. The provisional Heads of Agreement (HoA) outlines that Aramco would acquire 1.2 million...

A planned project, pending financial backing, is set to unite numerous top-tier boxers under a Saudi-led professional league. This initiative aims to consolidate the fragmented and often disorganized landscape of boxing promotions into a single entity that could dramatically alter the future of the sport.Saudi Arabia, having made significant forays into professional golf and soccer, is now poised to make...

In a significant move to bolster non-oil exports, the Saudi EXIM Bank has partnered with the Swedish Export Credit Agency through a memorandum of understanding. This collaboration intends to fortify trade relations, magnify Saudi Arabia's presence in Swedish markets, and explore fresh investment avenues.The agreement was formalized in Athens, where Saad Al-Khalb, the CEO of Saudi EXIM, and Anna-Karin Jatko,...

The 'Made in Saudi' program, spearheaded by the Saudi Export Development Authority, has been honored with a bronze award in the 'Marketing via Digital Media' category at the prestigious MMA SMARTIES International Awards. This accolade is a testament to the program's success in leveraging digital platforms to craft a cohesive and impactful brand narrative. An esteemed panel of marketing specialists...

MDLBEAST, a music entertainment powerhouse based in Saudi Arabia, has recently established a music publishing branch named MDLBEAST Publishing. This new arm of the business is set to foster collaborations with songwriters, producers, and artists not just in Saudi Arabia but throughout the Middle East and North Africa (MENA).The freshly minted division is entering into a strategic association with Sentric...

Anticipated to advance at a compound annual growth rate (CAGR) of 7.5 percent from 2023 to 2028, Saudi Arabia's hospitality sector is gearing up for significant growth. This trajectory aligns with the average for the Gulf Cooperation Council (GCC) and is largely attributed to government initiatives as part of the Vision 2030 strategy, as indicated in recent analysis. An investment...

The Diriyah Company has established an agreement with the Royal Institution of Chartered Surveyors (RICS) to advance the training and nurturing of Saudi professionals. The memorandum, which outlines a mutual understanding, is set to facilitate the sharing of knowledge and create a robust framework for learning, emphasizing RICS's esteemed standards in the realm of the built environment.Jerry Inzerillo, the Chief...

In a landmark move, the Diriyah Gate Development Authority (DGDA) of Saudi Arabia has inked a partnership with the Royal Institution of Chartered Surveyors (RICS) to initiate the training of 15 Saudi professionals, marking a significant step in bolstering local heritage preservation skills and knowledge within the built environment sector.This collaboration is encapsulated in a memorandum of understanding that paves...

In a pivotal move to bolster its payment infrastructure, Saudi Arabia's forthcoming national carrier, Riyadh Air, has forged a partnership with CellPoint Digital, a payment technology enterprise. This collaboration is established in anticipation of the airline's inaugural flight operations planned for the following year.Through this engagement, CellPoint Digital will furnish Riyadh Air with its sophisticated Payment Orchestration platform, designed to...

LTIMindtree, a prominent global player in technology consulting and digital solutions, has proudly announced the launch of its new regional headquarters in Riyadh, the capital city of Saudi Arabia. This key development is part of the company's strategic expansion in the Kingdom of Saudi Arabia (KSA) and the Middle East at large.The establishment of the Riyadh headquarters is in strategic...

LTIMindtree, a renowned entity in the technology consulting and digital solutions realm, has proudly announced the launch of its new regional headquarters in the vibrant capital of Saudi Arabia, Riyadh. This significant move is part of the company's broader expansion efforts within the Kingdom of Saudi Arabia (KSA) and the Middle East.The strategic establishment of the Riyadh headquarters aligns seamlessly...

The UAE-based telecommunications giant e& has revealed its expansion plans within Saudi Arabia, which include the establishment of a new contact centre expected to generate approximately 1,500 job opportunities.In a strategic move that aligns with Saudi Arabia's Vision 2030, e& has announced the inauguration of its new Contact and Customer Experience Centre in Riyadh. This development aims to revolutionize customer...

The PGA Tour has signaled forward movement in its discussions with the Saudi Arabian Public Investment Fund (PIF), although specifics of their latest meeting remain under wraps. The tour is striving to finalize a collaboration that balances the interests of its players, supporters, sponsors, and the long-term prospects of the sport.Statements released following a New York meeting last Friday indicated...

LTIMindtree has recently intensified its operations in the Middle East by inaugurating a new regional headquarters in Riyadh, the capital city of Saudi Arabia. This strategic initiative is part of the firm's broader plan to broaden its footprint across the Kingdom of Saudi Arabia and the wider Middle East, according to an official disclosure to the Bombay Stock Exchange (BSE).The...

The HR tech sector in Saudi Arabia is undergoing rapid expansion, with projections indicating it will grow from a valuation of US$ 1,231.71 million in 2023 to US$ 2,684.21 million by 2032, marking a CAGR of 9.25%. This growth trajectory is largely propelled by the country's ambitious Vision 2030 initiative, which aims to diversify the economy and revolutionize various sectors,...

The HR technology sector in Saudi Arabia is experiencing robust growth, propelled by the push for modernization and the aim to enhance employee involvement. With substantial capital inflow and a firm commitment to technological advancement, the country is poised to redefine its human resources framework, establishing new benchmarks within the region.The value of the HR tech industry in Saudi Arabia...

Under the leadership of Prince Fahd bin Mansour bin Nasser bin Abdulaziz, Saudi Arabia’s representatives are set to make a significant impact at the G20 Young Entrepreneurs' Alliance Summit (G20 YEA Summit) scheduled from June 12 to June 14. The Saudi delegation encompasses figures from governmental sectors, the business community, and a cadre of select Saudi entrepreneurs. Prince Fahd has...

Barcelona is reportedly negotiating with Saudi Arabia regarding a potential football partnership. The Spanish club's financial distress is no secret, having started during the COVID-19 pandemic and exacerbated by the departure of iconic player Lionel Messi, when the team could not afford to register his contract. To fund player acquisitions in the summer of 2022, Barcelona had to liquidate certain...

Welcome to the Business Beat of the Middle East! Today's highlights include Saudi Arabia's latest share offering, AI industry leaders showcasing in Dubai, the revival of Saudi's ancient sites for tourism, and ADQ's PureHealth gearing up for a profitable IPO. First up, the Future Investment Initiative's debut in Latin America. Saudi Arabia's prestigious Future Investment Initiative, renowned for its 'Davos...

A visit by Canadian diplomats to the Jazan region's commerce hub underscored the potential for economic collaboration and investment. The Canadian Embassy's delegation in Saudi Arabia, headed by the First Secretary, engaged with Jazan Chamber officials on a Monday. The meet-and-greet session included Chamber Chairman Advisor Ahmed Abu Hadi and Secretary Dr. Majid Al-Johari. The dialogue centered on sectors such...

CellPoint Digital has been at the forefront of Payment Orchestration and has been instrumental in providing payment solutions for the airline industry. They have recently announced a significant partnership with Riyadh Air, Saudi Arabia's budding national carrier. This collaboration is slated to provide Riyadh Air with state-of-the-art payment technologies, in line with the airline's focus on digital innovation, as they...

In the midst of strategic advancements and upcoming global events such as Expo 2030, Saudi Arabia boasts an impressive $1.5 trillion in construction projects yet to be awarded. These projects are a direct reflection of the ambitious goals set forth in the nation's Vision 2030 initiative.The kingdom's construction initiatives make up a substantial 39 percent of the Middle East and...