Business

At the Arabian Travel Market, a premier B2B travel event in Dubai, Sabre Corporation, a prominent travel software provider, has announced a technological partnership with Taiba Investments, a leading hospitality firm based in Saudi Arabia. The exhibition, which plays a pivotal role in the travel sector, took place from May 6 to May 9, 2024.The collaboration signifies the adoption of...

Sabre Corporation, a leader in the provision of travel industry software and technology, has solidified a strategic association with Taiba Investments, a foremost hospitality entity in Saudi Arabia. This collaboration, made public at the Arabian Travel Market event in Dubai, will see the deployment of Sabre Hospitality's SynXis platform across Taiba's hotel brands, which includes the likes of Makarem and...

The Deputy Minister of Industry and Mineral Resources of Saudi Arabia, Khalil bin Salamah, recently shone a light on the country's substantial global industrial influence. The Riyadh International Industry Week 2024, which began on Monday, has attracted over 10,000 industrial leaders from across the globe. With an intent to enhance the manufacturing sector, bin Salamah pointed out the Kingdom's focus...

New Collaboration to Propel Saudi Arabia's Travel AmbitionsA groundbreaking collaboration has been established between HotelRunner and Alesayi Hospitality Company (AHC), with the support of the Saudi Tourism Authority (STA), aimed at revolutionizing the Saudi Arabian travel ecosystem through advanced technology, artificial intelligence, and automation.The alliance between the provider of hospitality and travel technologies and the hotel management and hospitality consulting...

The Canadian envoy has highlighted ongoing collaborative efforts with Saudi Arabia aimed at reinforcing educational partnerships. Such initiatives are poised to fortify the bilateral relations between the two nations in the academic sphere. In a separate development, the capital of Saudi Arabia has inaugurated one of its most significant entertainment events to date. The ceremonious opening was held at the...

The Kingdom of Saudi Arabia has taken a significant step in reinforcing its water security by transforming the Saline Water Conversion Corporation (SWCC) into the newly formed Saudi Water Authority (SWA).With newly established organizational frameworks, the SWA is poised to improve regulatory oversight, elevate service management, and drive methodological advancements in the water sector.The Saudi Cabinet's approval of this move...

Millennium Hotels and Resorts MEA is on the brink of inaugurating its first establishment in Jeddah within the current month, marking a strategic enhancement of the group’s presence in Saudi Arabia. The Millennium Jeddah boasts 252 rooms and underscores the company’s dedication to the region, coinciding with the scheduled opening of three more properties in the year 2024.Fahad Abdulrahim Kazim,...

HotelRunner, a trailblazer in hospitality and travel technologies, has joined forces with Alesayi Hospitality Company (AHC) under the auspices of the Saudi Tourism Authority (STA), signing a Memorandum of Understanding to stimulate the Kingdom of Saudi Arabia's travel ecosystem with a focus on data, AI, and automation.Under the spotlight of STA's exhibit at the Arabian Travel Market in Dubai on...

The city of Riyadh in Saudi Arabia recently became the hub for the largest entertainment industry convergence with the launch of two eagerly awaited events - the Saudi Entertainment and Amusement Expo, alongside the Saudi Light and Sound Expo.Spanning over three thrilling days, the events will immerse attendees in a world of interactive exhibits, state-of-the-art technologies, and forward-thinking insights into...

NEOM has revealed its latest development, Jaumur, poised to become the preeminent cosmopolitan marina community situated on the Gulf of Aqaba's picturesque coastline. This luxurious enclave is meticulously crafted to meet unparalleled standards of future living and an exuberant active lifestyle.The announcement of Jaumur comes as a significant milestone, reflecting the ambitious vision of NEOM to set new paradigms for...

Saudia, Saudi Arabia's premier airline, has forged a strategic alliance with Red Sea Global (RSG), aiming to revamp travel experiences for RSG and its associated entities. The collaboration was formalized with signatures from Saudia's Chief Commercial Officer Arved Von Zur Muehlen and RSG Group's Chief Administrative Officer Ahmad Darwish at the Arabian Travel Market, hosted in Dubai World Trade Center.Through...

The Kingdom of Saudi Arabia's pivot towards renewable energy is anticipated to yield a substantial reduction in annual electricity expenditures, potentially saving $30 billion by the year 2030, as per a high-ranking S&P Global official. During a panel at the 2024 Saudi Arabia Capital Markets Conference in Riyadh, Sofia Bensaid, who oversees Infrastructure and Project Finance Ratings, emphasized Saudi Arabia's...

Saudi Arabia’s Vision 2030 initiative is transforming Ras al-Khair into a leading shipyard destination within the region.The Saudi government aims to magnetize top-tier shipbuilders and bulk carriers to the newly established Special Economic Zone (SEZ) situated along the Persian Gulf. This SEZ, located near Jubail, will include the sprawling King Salman International Complex for Maritime Industries and Services, anticipated to...

The business landscape between Saudi Arabia and Malaysia is set to strengthen following a series of high-profile meetings in Kuala Lumpur. Dr. Majid bin Abdullah Al-Qasabi, the Saudi Minister of Commerce, convened with his Malaysian counterparts, including the Minister of Entrepreneurship Development, Minister of Entrepreneur Development and Cooperatives Ion Benedick, the Minister of Agriculture and Food Security Mohamad Sabu, and...

The Saudi capital is gearing up to welcome the Fifth Internal Auditing Forum on May 12, an essential gathering in the context of International Internal Audit Awareness Month. Hosted by the Saudi Center for Financial and Performance Auditing (SCFPA) at the General Court of Audit's headquarters in Riyadh, this forum promises to unite a host of national and international experts...

The national oil behemoth of Saudi Arabia, Aramco, is gearing up to distribute nearly £100bn to its shareholders, which includes the government and various sovereign wealth funds. This move comes despite a noticeable dip in profits for the company.Expected shareholder payouts for this year are projected at $124bn (£99bn), marking an increase from last year's $98bn. This decision aligns with...

Luxury hospitality leader Four Seasons, in collaboration with Dar Al Omran Company, has revealed plans to enhance its Middle East portfolio with the inauguration of the Four Seasons Hotel Madinah, slated to open towards the end of 2024.Positioned in the center of Madinah and in close proximity to the Prophet's Mosque, one of the region's most revered and historic sites,...

DXwand, a company at the forefront of AI-driven conversational technology, has forged a significant partnership with AstroLabs, a platform dedicated to facilitating business growth in Saudi Arabia, to initiate the provision of their services in the region.The announcement comes on the heels of DXwand securing a substantial $4 million in a Series A funding round, signaling a pivot towards enhancing...

In the face of declining profits, Aramco has chosen to preserve its substantial $31 billion dividend distribution to the Saudi government and other shareholders, providing critical financial support to the kingdom's economy amidst a challenging budget deficit scenario.As the globe's preeminent oil exporter, Aramco's robust dividend payments are becoming increasingly vital for the state, especially as the price of crude...

Ant International, a leading digital payment and FinTech company based in Singapore, has recently signed a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to extend its operations into the country.The joint announcement made on Monday indicates that MISA endorses Ant International’s initiative to create a local presence in Saudi Arabia. This support includes assistance...

The inauguration of a new business council marks a significant step forward in strengthening economic bonds between Saudi Arabia and Malaysia, with both nations aiming to boost growth and cooperation in various sectors.During a recent visit by Saudi Minister of Commerce Majed bin Abdullah Al-Qasabi to Malaysia, the council was established. Accompanied by a delegation of 44 representatives spanning 20...

Cognizant and Google Cloud are taking their global collaboration to new heights with an announcement of a strategic partnership in Saudi Arabia. Their goal is to spur the adoption of groundbreaking technologies, particularly focusing on generative AI, data modernization, and application migration initiatives. Key Partnership Highlights At the core of this partnership is Google Cloud’s Gemini, a robust generative AI...

Lucid Motors remains unprofitable in the initial quarter, forecasting a substantial rise in investment expenses to reach $1.5 billion for the current fiscal year. The Saudi sovereign wealth fund PIF, already a backer of Lucid, has infused an added billion dollars into the company.Lucid Motors reported a revenue of $172.7 million from January to March, with 1,967 electric vehicles delivered....

Business entities from Hong Kong and mainland China are mobilizing for significant investments in Saudi Arabia, signifying a major move towards deepening economic relationships, as conveyed by a high-ranking official.An entourage comprising 30 influential business figures from Hong Kong and China is preparing to delve into various sectors within the Kingdom, motivated by the ambitious Vision 2030 initiative set forth...

During a pivotal trip to Malaysia, Saudi Arabia's Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi convened with the Malaysian Prime Minister Anwar Ibrahim in Kuala Lumpur. The high-level discussions centered on fortifying cooperation, initiating joint governmental initiatives, and identifying collaborative opportunities in sectors deemed vital for both countries. The strategic visit was primarily aimed at enhancing the bilateral exchange...

DXwand, recognized for its advancements in AI-driven conversational technologies, has declared its foray into the Saudi Arabian market through a collaboration with AstroLabs, a distinguished business growth facilitator in the Gulf region.This pivotal expansion follows DXwand's successful closure of a $4 million Series A investment intended to enhance product features and intensify research and development in the realms of generative...

The oil behemoth Saudi Aramco recently disclosed its financial achievements for the initial quarter of the year, revealing a net profit of $27.27 billion. This marks a slight uptick of 2.04 percent from the preceding quarter, showcasing the company's ongoing profitability.With total revenues reaching an impressive $107.21 billion and operating income at $58.88 billion for the quarter, Aramco has demonstrated...

NEOM has recently introduced Jaumur, which stands as the most extensive cosmopolitan marina community along the Gulf of Aqaba. It is conceived to epitomize the zenith of futuristic habitation and an energetic way of life.The revelation of Jaumur is a testament to NEOM's commitment to fostering a community that reflects high standards of living and wellness. The project aims to...

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...