Business

Pakistan's State Minister for Information Technology, Shaza Fatima Khawaja, has recently highlighted the potential benefits arising from the collaboration between Pakistan's technical prowess and Saudi Arabia's market demand. This partnership is poised to foster significant investment opportunities within the IT and telecommunications industries. Khawaja's remarks were delivered during a dialogue with Saudi technology companies, which are part of a substantial...

A delegation from Saudi Arabia's Manara Minerals has arrived in Pakistan to discuss the potential acquisition of a share in the Reko Diq mine, one of the world's most promising undeveloped gold and copper deposits.Located in the volatile Balochistan province of Pakistan, this mine is a joint venture between the Pakistani government and global mining giant Barrick Gold Corp. It...

The Capital Market Authority (CMA) has unveiled a comprehensive narrative titled

On the upcoming Wednesday in Houston, Texas, the Saudi-U.S. Business Council is set to commemorate its 13th year since inception with a festive event. This gathering will see the participation of esteemed individuals from the investment and business sectors of both nations.The council's acting President and CEO, Susan Lindemann, conveyed to the press that this anniversary aligns with a notable...

The Malaysian capital of Kuala Lumpur was the venue for a high-profile meeting between Prime Minister Anwar Ibrahim and Dr. Majid bin Abdullah Al-Qasabi, the Saudi Minister of Commerce. The discussions, which took place on Monday, were aimed at strengthening collaborative efforts and identifying new partnership opportunities within key sectors. Joining the reception were prominent figures such as Dr. Eman...

At the forefront of sustainable manufacturing, Alat, backed by the Public Investment Fund, has recently announced the launch of two innovative business units focused on electrification and artificial intelligence (AI) infrastructure. This strategic move aims to position Saudi Arabia as a leading global production center.The announcement was made during the prominent Milken Institute Conference in Los Angeles, marking a significant...

According to Marco Osnato, Chairman of the Saudi-Italian Parliamentary Friendship Committee, Italian commerce chambers and corporate entities are gearing up to set up their main operational bases in the Kingdom of Saudi Arabia. The goal of this move is to bring their varied services and expertise to the numerous sectors within the Saudi market.Osnato revealed this plan while participating in...

Saudi Arabia is making significant strides in becoming a destination of choice for professionals worldwide, as it ascends to the 26th position among preferred countries for workforce mobility. This development marks a notable climb up the global ranks, reflecting the Kingdom's targeted initiatives to become a magnet for skilled workers. The latest 'Decoding Global Talent 2024' report, produced by Boston...

Responding to heightened demand, Saudi Arabia's non-oil private sector saw significant purchasing acceleration in April, indicating robust economic activity.In the second quarter of 2024, the non-oil private sector of Saudi Arabia continued its upward trajectory, powered by vigorous domestic demand which prompted a marked escalation in business activities. Despite marginal reductions in the workforce due to financial prudence, the softened...

The Beach Walk in King Abdullah Economic City stands out as a prime destination, enticing visitors with its captivating charm. Skirting the edge of the Red Sea, this bustling walkway is peppered with a diverse mix of eateries, ranging from local delights to international fare, along with a host of recreational offerings. The Beach Walk is not just a place...

In the 2024 travel forecast for the Middle East and North Africa (MENA) region, Egypt and Saudi Arabia continue to stand out as favored destinations, maintaining their prominence in the international travel arena, as revealed by a recent study. The Singapore-headquartered travel service Wego identified Egypt as the most popular destination for regional travelers in the first quarter of the...

The National Housing Company (NHC) of Saudi Arabia has recently inked a pact with CITIC Construction, a Chinese firm, to create an industrial city and establish logistics zones dedicated to building materials within the kingdom.This monumental agreement was solidified during the visit of Saudi Arabia's Municipal, Rural Affairs and Housing Minister Majed bin Abdullah Al-Hogail to China. NHC's chief, Mohammed...

Michael Mainelli, the Lord Mayor of London, has disclosed that there is a concerted push to enhance collaborations with Saudi Arabia in sectors like fintech, green finance, artificial intelligence, and space and cyber technologies.The United Kingdom and Saudi Arabia maintain a robust trade relationship. Mainelli pointed out during an interview at the World Economic Forum's special meeting in Riyadh that...

The directors of Qiddiya Investment Company (QIC) have revealed plans to open Aquarabia, the first water theme park of its kind in Saudi Arabia and the largest in the region. Situated in Qiddiya City, Aquarabia aims to be a major draw with its array of twenty-two rides and attractions, including four world record-holders: the highest water coaster, the tallest drop...

The supply of building materials in Saudi Arabia is poised to surge following a strategic agreement inked between the National Housing Co. (NHC) and a distinguished Chinese construction enterprise. The pact with China’s CITIC Construction Group is intended to launch an industrial city along with logistic zones for building materials. This development will encompass 12 specialized factories, aiming to fortify...

Red Sea Global (RSG) has announced its plans to unveil a new golfing jewel, Shura Links, situated on the scenic Shura Island in the Red Sea by 2025. This prestigious addition to the region's attractions will feature Saudi Arabia's inaugural 18-hole golf course, complete with a panoramic view of the marina and the Red Sea's azure waters.In a recent statement,...

In a recent strategic move, the Agricultural Development Fund (ADF) has inked a memorandum of understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). This collaboration is rooted in Islamic financial principles and is an initiative of the Islamic Development Bank (IsDB) Group. The agreement was formalized amidst the annual congregation of the IsDB Group...

Riyadh Enhances Electrical Infrastructure with Significant Investment in Energy ProjectsWith a combined capacity of 3.6 gigawatts, Saudi Arabia's electricity production is set for a significant expansion, thanks to the completion of financing for two critical energy projects. These projects, Taiba 1 and Qassim 1, have secured a joint financial investment of SR11.4 billion ($3.04 billion), marking a transformative moment for...

RIYADH, Saudi Arabia—Saudi Arabia's premier logistics and supply chain solutions provider, SAL, is excited to unveil its Fulfillment Business Unit. This new division promises to reshape the logistics and supply chain landscape within the Kingdom through its comprehensive, integrated services."Our robust network, innovative technology, and committed workforce place us at the forefront of addressing our clientele's dynamic requirements and spearheading...

Saudi Arabia's Robust Asset Position Upheld by Prudent Fiscal Measures The steadfast commitment of the Saudi government to diversify its economy and reduce reliance on oil is expected to maintain the nation's robust asset base. Credit agency S&P Global anticipates that while funding for Vision 2030 initiatives may impact Saudi Arabia's net asset position, the Kingdom's judicious fiscal policies will...

The municipal authorities of Madinah have recently completed negotiations to initiate the 'Heart of Uhud' project, an ambitious endeavor aimed at creating a premier medical and rehabilitation resort in the vicinity north of the Prophet's Mosque. This resort, sprawling over an impressive 240,000 square meters, is envisioned to transform Madinah into a leading destination for medical tourism. It is set...

The Kingdom of Saudi Arabia, recognizing Pakistan as a prime economic and investment destination, has expressed its commitment to strengthening business opportunities with the South Asian nation. This sentiment was echoed by Saudi Arabia's Deputy Investment Minister, Ibrahim Almubarak, during the Pakistan Saudi Arabia Investment Conference, a two-day forum that commenced in Islamabad. Almubarak, who led a significant Saudi delegation...

Saudi Arabia has escalated the cost of its primary crude oil directed at Asian markets for the third successive month, signaling an endeavor to constrict the global oil market and stave off any potential surplus.The state-run behemoth Saudi Aramco lifted the June official selling price (OSP) of Arab Light crude for its Asian clientele by 90 cents, setting it at...

A cohort of Saudi Arabian entrepreneurs arrived in Pakistan this past Sunday, eager to identify potential investment avenues within a multitude of sectors, signaling the prospect of multi-billion-dollar inflows to the financially constrained nation.The group, consisting of around 50 individuals from nearly 30 firms, was welcomed by Pakistan's Petroleum Minister Musadik Malik and Commerce Minister Jam Kamal Khan. The delegation's...

In a strategic move to manage the oil market's balance, Saudi Arabia has increased the cost of its premier crude oil to its Asian clientele for the third month in a row. This decision aims to constrain the market and stave off a potential worldwide surplus.State-operated Saudi Aramco adjusted the June official selling price for Arab Light crude to Asia,...

The National Housing Company (NHC) of Saudi Arabia has inked a pivotal agreement with China's CITIC Construction. This collaboration is aimed at the creation of an industrial city alongside logistics areas dedicated to construction materials. The initiative will see the establishment of 12 factories within the Kingdom, a move designed to fortify the supply chains for residential development projects. During...

Saudi Aramco has announced an increase in the official selling price (OSP) for its premier Arab Light crude to Asian markets, reflecting shifts in the market landscape. The adjustment for June sees the OSP at +$2.90 per barrel over benchmarks Platts Dubai/DME Oman, rising from the previous +$2 per barrel in April.Reaching a five-month peak, this adjustment aligns with market...

In an expression of admiration for Saudi Arabia's ambitious digital transformation and mega-project developments, a senior Japanese official signaled Japan's intent to deepen ties with the Kingdom in the information technology sector.Japanese Minister for Digital Transformation Taro Kono highlighted the profound impression left on him by his visit to NEOM, a cornerstone initiative of Saudi Arabia's Vision 2030. Speaking to...

In a recent announcement, AROYA Cruises, the pioneering cruise brand under Cruise Saudi, confirmed its participation in the prominent Arabian Travel Market (ATM), taking place in Dubai from the 6th to the 9th of May.AROYA Cruises is set to exhibit at the ATM, introducing its newly inaugurated cruise line to an international audience. The cruise line boasts an impressive ship...

Riyadh is poised to inaugurate the premiere Boao Forum for Asia conference, with the Saudi Basic Industries Corporation (SABIC) at the helm, in partnership with the forum itself. Themed around 'Energy Transformation for a Sustainable Future', the conference is slated to propel international collaboration and foster sectoral integration, marking a new chapter in the longstanding alliance between SABIC and the...