Business

The Kingdom of Saudi Arabia is actively enhancing its e-commerce landscape to become more alluring for both local and international enterprises, with projections estimating the market's value could hit $44 billion by the end of the decade.As a pivotal component of the National Transformation Program, bolstering e-commerce aligns with the broader objectives of the country's ambitious 'Vision 2030'.The strategic initiative...

Saudi Arabia, recognized as the globe's second-largest oil producer, trailing only the United States, boasts a substantial GDP, reflecting its economic prowess. The affluence rooted in this nation is intricately tied to its business magnates, who have amassed considerable wealth through various enterprises.'Who are the wealthiest individuals in Saudi Arabia as of May 2024?' This question is answered by exploring...

Riyadh-based payment service provider Geidea has recently welcomed Abdulrahman Almutairi to its executive team as the new group Chief Technology Officer (CTO).Almutairi's primary mission will be to spearhead the advancement of the company's technological infrastructure as part of an ongoing digital transformation.Bringing over two decades of expertise in both the tech and financial service industries, Almutairi is well-equipped to guide...

In an effort to enhance job prospects for its citizens, Saudi Arabia has initiated a significant localization plan for the consultancy sector. The Ministry of Human Resources and Social Development has declared that by March 2024, consultancy firms must ensure that 40 percent of their workforce are Saudi nationals. All roles within the sector, including financial advisors, business consultants, cybersecurity...

Saudi Arabia's aviation industry is witnessing a robust ascent, injecting $21 billion into the nation's economic framework in 2023, thereby enhancing its stature as an international center for tourism. The General Authority for Civil Aviation (GACA) has indicated that the aviation sector is not only soaring on its own but also propelling growth in other pivotal economic segments, with tourism...

The Saudi Ports Authority, Mawani, has proudly announced that the King Abdul Aziz Port in Dammam has been honored with the 'Port of the Year' title at the prestigious 19th ShipTek Awards ceremony. This recognition is a testament to Mawani's dedicated efforts to revamp the port's infrastructure, with a particular emphasis on enhancing and operating its container terminals. An investment...

The Kingdom of Saudi Arabia's General Authority of Civil Aviation (GACA) is poised to present its first-ever 2024 State of Aviation Report at the upcoming Future Aviation Forum (FAF 2024) in Riyadh. The report is expected to shed light on the pivotal role the aviation industry plays in propelling the nation's economic progress and in fulfilling the aims of Vision...

The Saudi Civil Aviation Authority is poised to present a strategic blueprint for General Aviation during the Future Aviation Forum (FAF 2024) in May, aiming to augment the general aviation sector's contribution to the GDP by ten times, reaching a milestone of US$2 billion by the year 2030.This comprehensive strategy will encompass the business jet industry, including the charter, private,...

Riyadh's General Authority of Civil Aviation (GACA) is preparing to unveil an ambitious strategy for the General Aviation sector during the Future Aviation Forum (FAF 2024) scheduled for May 2024. This strategy aims to propel the sector's contribution to the national GDP to $2 billion by the year 2030.The comprehensive plan will encompass the business jet market, including charter, private,...

Ban Ki-moon, the previous head of the United Nations, has signaled a dire need for a substantial increase in climate financing. Speaking at the Boao Forum for Asia Riyadh Conference, he conveyed that to meet the global climate objectives, funding needs to grow threefold to sixfold by 2030, as per the findings of the Intergovernmental Panel on Climate Change.The discussions...

The impending journey of Saudi Arabia's Crown Prince Mohammed bin Salman to Japan is poised to deepen the already robust economic ties between the two nations. This visit is anticipated to occur from May 20 to May 23, during which the Crown Prince will engage in discussions with Japan's Prime Minister, Fumio Kishida.Last year, the trade volume between Saudi Arabia...

Saudi Arabia has emerged as the frontrunner in Initial Public Offering (IPO) activities within the Middle East and North Africa (MENA) region for the first quarter of 2024, with a total of nine new market entrants, as detailed in a recent analysis.The region saw a collective 10 IPOs, accumulating capital of $1.2 billion. The lion's share of these listings originated...

Recent analysis from Coherent Market Insights provides an in-depth look into the Saudi Arabia and Middle East Radioisotope Market, projecting growth and trends up to 2031. The study delivers key insights into economic, national, and global scales, emphasizing competitive landscapes and resource evaluations to aid companies in understanding industry shifts. It meticulously reviews market dynamics, delivering insights based on a...

Alraedah Digital Solutions, a subsidiary of the tech-focused Alraedah Digital Group, has entered into a pivotal alliance with ABHI, a fintech entity with a focus on earned wage access and invoice factoring within the MENAP region. This union signifies Alraedah's dedication to promoting financial innovation and inclusive growth within the region.Through this partnership, ABHI will benefit from Alraedah's extensive expertise...

The ambitions of the Saudi stock exchange to become an eminent global capital marketplace have led it to take cues from industry leaders like the Hong Kong stock exchange. A high-ranking official from the Saudi Tadawul Group has indicated that the Hong Kong Exchanges and Clearing (HKEX) is a key benchmark for their reformative measures.Nayef Al-Athel, the chief sales and...

AlUla has embarked on a dynamic partnership with Riyadh Air, the kingdom's emerging premier airline that aspires to connect over 100 destinations by the year 2030. This strategic alliance was formalized at the Arabian Travel Market event in Dubai, with both parties pledging to work together to amplify AlUla's appeal and the reputation of Riyadh Air to discerning international and...

In a landmark showcase at the Arabian Travel Market (ATM), the Boutique Group made its debut as an independent participant, signaling a bold foray into the world of luxury hospitality. The ATM, recognized globally as a pivotal platform for tourism industry leaders, served as the backdrop for Boutique Group's exposition of its vision to redefine luxury stays by converting some...

AviLease has achieved a significant milestone by providing Air India Express Limited with two state-of-the-art Boeing 737-8 airplanes. These jets are the initial segment of a total of six to be supplied throughout the year 2024. Renowned for its fuel efficiency, sustainability, and cutting-edge technology, the Boeing 737-8 represents the forefront of narrow-body aviation. These initial deliveries are indicative of...

The Kingdom of Saudi Arabia is witnessing a pivotal period in its development as a premier travel destination, with the AlUla region at the forefront of this remarkable evolution. Melanie de Souza, Executive Director of Destination Marketing at The Royal Commission for AlUla, has highlighted the significant impact of the region on the Kingdom's tourism industry and economic growth.De Souza...

Chinese automotive manufacturer Skyworth Auto has entered into a significant collaborative agreement with Saudi Arabia's KAG Group, a move signalling increased investment from the Saudi side into the Chinese vehicle production space.Skyworth Auto announced a strategic partnership spanning ten years with KAG Group, a firm under Saudi royal patronage. The initial five-year phase is backed by a robust business plan...

Saudi Arabia has been commended by a United Nations body for its comprehensive legal infrastructure and robust antitrust legislation. The country was awarded the highest assessment grade in the 2023 Competition Law Systems Report by the UN Economic and Social Commission for Western Asia, elevating its status from the 'developed' category it held in 2020, as reported by the SPA.Notably,...

Saudi Arabia has embarked on a journey to transform its economy beyond the traditional oil dependency, channeling massive investments into tourism and other sectors. This initiative includes several ambitious projects that have captured global attention due to their sheer scale and futuristic visions. At the forefront of these ventures is 'The Line,' a proposed urban development that promises to redefine...

Saudi Arabia has enhanced the scope of its electronic visa program by adding three additional countries to the list of eligible nations. Citizens from Barbados, the Commonwealth of The Bahamas, and Grenada can now effortlessly apply for their visas online or obtain them upon arrival at Saudi entry checkpoints.This initiative has raised the count of countries whose citizens can access...

Saudi Arabia has been lauded internationally by a United Nations commission for its formidable legal structure and the exceptional strength of its competition laws. The Kingdom has proudly achieved the highest evaluation tier in the latest Competition Law Systems Report for 2023, as released by the UN Economic and Social Commission for Western Asia. This prestige surpasses the already impressive...

Sabre Corporation, a prominent software and technology entity that energizes the worldwide travel sphere, along with Taiba Investments, a reputed Saudi hospitality firm known for its prowess in hotel and residential compound management, development, and operations, made public their strategic technology pact at the Arabian Travel Market event in Dubai. This venture will integrate Sabre Hospitality's SynXis platform into the...

Saudi Arabia has sanctioned a series of significant economic and energy agreements with multiple nations including Jordan, Brazil, and Japan, based on the outcomes of a recent Cabinet assembly.In a move to strengthen financial ties, the Kingdom's central bank has also ratified an accord with Qatar to collaborate in financing operations.The assembly gave the nod to a collection of accords...

The maiden venture of Red Sea Fashion Week is poised to make a splash from May 16 to 18, 2024, at the newly minted St. Regis Red Sea Resort in Saudi Arabia. The event will span three days, kicking off with a grand opening show, followed by a series of runway presentations and interactive experiences showcasing high-end fashion, jewelry, Ready-to-Wear,...

Saudi Arabia's transport sector is poised to welcome a significant number of pilgrims with a host of preparedness measures in place for the forthcoming Hajj season. The General Authority of Civil Aviation (GACA) has organized a massive allocation of 3.4 million seats across 7,700 flights to manage the expected influx of faithful travelers.King Abdulaziz International Airport (Jeddah)Prince Mohammad bin Abdulaziz...

Red Sea Global Amplifies Saudi Tourism Offerings with Strategic AlliancesSaudi Arabia's efforts to bolster its tourism sector received a significant uplift through a pact between Red Sea Global, a prominent developer with multiple projects, and travel entity Almosafer. This collaboration is primed to enhance and market the tourism ventures and attractions of the destination.John Pagano, the CEO of Red Sea...

A recent technology partnership between Sabre Corporation, a provider of travel software, and Taiba Investments, a prominent hospitality company in Saudi Arabia, marks a significant development in the hotel management sector.The deal was formalized at the Arabian Travel Market, a notable B2B travel exhibition in Dubai, taking place from May 6 to May 9, 2024.Central to this collaboration is the...