Business

In a move to bolster female entrepreneurship within the Middle East, the UN Tourism body has beckoned Saudi women entrepreneurs to participate in the latest iteration of the Women in Tech Startup competition. This platform is designed to escalate their ventures to new heights.The preceding event garnered positive reactions, and according to UN Tourism's Executive Director, Natalia Bayona, the current...

Currently, there's a heightened interest in Europe to accelerate discussions with the Gulf Cooperation Council (GCC) concerning a free trade agreement. This surge in eagerness comes at a time when the world is witnessing escalating trade conflicts, even among Western economies that have traditionally championed free markets.Amidst a backdrop where economic globalization and free-market ideologies are experiencing significant hindrances, the...

ROSHN Group, a prominent real estate developer, has established collaborative agreements with four leading financial institutions in Saudi Arabia—Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank. These partnerships are geared toward providing a comprehensive suite of financial services to the group's associated sub-developers and contractors. The agreements are designed to supply specialized banking services, which underscore ROSHN Group's...

Saudi Arabian markets ended on a lower note on Monday, with downturns in key sectors contributing to a slight decline in stock values. The downturn encompassed industries such as , , and , which ushered in a collective dip in share prices. The benchmark index in Saudi Arabia wrapped up the day with a modest retreat of 0.01%. Leading the...

A landmark agreement has been forged between MSA Novo, a venture capital firm with a focus on emerging markets, and the King Abdullah University of Science and Technology (KAUST) to support and strengthen the innovation and entrepreneurship landscape in Saudi Arabia. The initiative is intended to enhance the country's startup ecosystem.The collaboration will utilize MSA Novo's extensive global network alongside...

Hoffmann Green Cement Technologies, a pioneering French company, announced the commencement of construction for its very first Hoffmann cement facility in Rabigh, Saudi Arabia, known as H-KSA 1.The initiation of the Rabigh plant construction comes on the heels of a binding 22-year exclusive licensing agreement with the Shurfah Group, a prominent Saudi conglomerate with extensive real estate interests, including a...

Business leaders have been cautioned by a seasoned AI consultant from Saudi Arabia that any delays in embracing artificial intelligence technology may render them obsolete. Companies that fail to integrate AI into their strategies risk falling behind their more agile counterparts.Mohammed Alqarni, a prominent academic and CEO of the Saudi AI consultancy Foresighted, stresses the critical necessity for businesses to...

The Saudi Ports Authority, known as Mawani, experienced a notable 8.09% increase in the tonnage handled during May 2024, with figures reaching 27,630,736 tons. This represents a significant rise from the 25,563,861 tons managed in the same period the previous year. The boosted numbers not only underscore Saudi Arabia's growing dominance in the maritime industry but also align with the...

MSA Nova has forged a strategic memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) aimed at empowering the startup landscape in Saudi Arabia. This alliance is poised to introduce joint investment ventures and create robust startup accelerator programs.The ambition of MSA Nova is to catalyze the expansion of nascent enterprises and advance technological innovation, aligning...

The oil behemoth Saudi Aramco has made an announcement that its recent share sale was primarily purchased by international investors, generating a substantial $11.2 billion in the process. This secondary share offering is expected to significantly reinforce the financial standing of Saudi Arabia in the short term, as the kingdom embarks on the construction of ambitious developments, including lavish resorts...

Saudi Arabia Takes the Helm in Worldwide Construction Endeavors - With a staggering $1.5 trillion worth of projects yet to be awarded, Saudi Arabia has surged ahead as the foremost initiator of construction ventures as of the first quarter, a study by a prominent real estate services firm indicates.The Kingdom has clinched a 39 percent slice of the Middle East...

The PGA Tour has conveyed positive strides in negotiations, although specific details remain under wraps, following a direct engagement with the Saudi Arabian Public Investment Fund (PIF), which funds the competing LIV Golf entity. Discussions are underway to carve out a pathway that is beneficial for stakeholders in the realm of professional golf.We want to get this right, and we...

Leading the Gulf Cooperation Council in automobile sales and securing a position amongst the world's top 20 automotive markets, Saudi Arabia's car industry is on a significant upward trajectory.With 93,300 cars imported in 2023, the Kingdom has seen a substantial climb from the 66,900 vehicles brought in the previous year. This information was shared by Hamoud Al-Harbi, representative for the...

The financial technology landscape in Saudi Arabia is experiencing a significant boost, with the country attracting a surge of activity from fintech firms. Fortis, originating from the UAE, is introducing a comprehensive suite of services including point of sale, customer relationship management, order management, and payment solutions aimed at bolstering small and medium-sized enterprises within the Kingdom.In a recent dialogue,...

Experts in the field predict that investment funds from the Middle East could soon become influential figures on the global stage within the thriving artificial intelligence (AI) domain, spurred by an aggressive advancement in the high-tech sector.Notice is being taken internationally as the region sets its sights on untapped markets, refining governmental policies to nurture advanced tech ecosystems and integrating...

Goldman Sachs has distinguished itself as the pioneering Wall Street financial institution to align with Saudi Arabia's Regional Headquarters (RHQ) policy, acquiring a permit to establish its central Middle Eastern hub in Riyadh. With the kingdom's recent policy, enacted from January 1, 2024, firms are mandated to set up a regional office in Saudi Arabia, staffing a minimum of 15...

In the Ethiopian capital of Addis Ababa, a pivotal event marked the commencement of the Saudi-Ethiopian Business Council. The inauguration, symbolized by a signing ceremony, was conducted by delegates from the Federation of Saudi Chambers and the Ethiopian Chamber of Commerce and Industry.The council's primary objective is to fortify the economic partnership between the two nations. The event was graced...

LinkedIn, the preeminent professional networking platform with an extensive global presence, has reported new insights on the evolving Saudi workforce, which showcases over 9 million members from the kingdom. The comprehensive data illustrates the country's accelerated growth and adaption to the rising artificial intelligence (AI) sector, aligning with the ambitious goals of Saudi Vision 2030. Saudi Arabia's Position as a...

The colossal equity sale by Saudi Aramco is poised to generate a minimum of $11.2 billion, marking the largest fundraising of its kind globally in the past three years. This influx of capital is intended to support the kingdom's ambitious economic diversification initiatives that require substantial investment.Despite reaching out, Aramco representatives offered no immediate commentary on the pricing, which was...

The business media sector brings attention to the recent collaborative efforts among Arab countries aimed at bolstering their industrial sectors. Key figures from these nations convened to discuss strategies for industrial unification and to capitalize on the mining industry's potential, particularly within the Kingdom of Saudi Arabia. Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, seized the opportunity...

The 28th session of the general assembly of the Arab Industrial Development, Standardization and Mining Organization (AIDSMO) convened in Rabat, Morocco, with Saudi Arabia's delegation at the forefront, led by Minister of Industry and Mineral Resources Bandar Al-khorayef. Attended by a host of Arab industry ministers and envoys from regional and global institutions, the opening session garnered attention with AIDSMO...

In a significant move to deepen economic ties, Saudi Arabia and Ethiopia have established a bilateral business council designed to foster collaboration between companies in both countries. This development was announced in a recent press release following the signing of an agreement. The newly established council will serve as a robust cornerstone for the two nations to enhance their economic...

In an effort to harness Morocco's mining acumen, Saudi Arabia is eyeing a collaborative approach, with the two nations jointly accounting for over 40% of the globe's phosphate fertilizer production. Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, conveyed the prospect of forming major mining partnerships during a dialogue with investors and business figures in Morocco, as reported...

According to Patrick Chalhoub, the president of the leading Middle Eastern luxury retailer Chalhoub Group, Saudi Arabia presents an unparalleled opportunity in the realm of upscale commerce. With a burgeoning population predominantly under the age of 30, and effective government strategies, the kingdom offers promising conditions for sustained growth in the sector.Chalhoub cautions against the temptation to expand too rapidly,...

In a significant move to strengthen bilateral economic relations, Saudi Arabia and Ethiopia have inaugurated a joint business council aimed at enhancing collaboration in key sectors. The announcement was made during the Ethio-Saudi Investment and Trade Forum, held in Addis Ababa, which brought together a substantial assembly of over 250 investors, ministers, and officials from both nations.At the forefront of...

The fashion world is abuzz as Norma Kamali, a designer renowned for her pioneering spirit and innovative designs, is set to receive a significant accolade. With a career spanning over five decades, Kamali has been a trailblazer in the industry, introducing groundbreaking concepts like the sleeping bag coat, ready-to-wear sweats, and high-fashion swimwear.She has also been a forerunner in embracing...

The Federation of Saudi Chambers and the Ethiopian Chamber of Commerce have taken a significant step forward in strengthening economic ties by forming a joint Saudi-Ethiopian Business Council. This initiative marks a pivotal move to boost the economic collaboration between the Kingdom of Saudi Arabia and Ethiopia.The formalization of this partnership occurred during the Ethio-Saudi Investment and Trade Forum in...

The Saudi Arabian Minister in charge of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, made a strategic visit to Tangier, Morocco, with the intention of scouting out collaborative ventures and discussing the prospects of commencing joint automotive projects with the North African nation. While in Tangier, the Minister's agenda included a thorough walkthrough of the Renault car manufacturing plant,...

Baheej Tourism Development Company, a collaborative venture comprising ASFAR, a Saudi tourism investment firm held by the Public Investment Fund (PIF), and the Tamimi-AWN Alliance, has recently disclosed its plans for revitalizing the waterfront district of the Royal Commission at Yanbu. The initiative's preliminary foray into the Yanbu region will encompass an expansive 85,000 square meters and is poised to...

With the allure of substantial housing benefits, complimentary workspaces, and the prospect of forming partnerships with the government, startup founders are increasingly eyeing Saudi Arabia as the ideal locale for their budding artificial intelligence enterprises.DXwand, an AI startup from Cairo that specializes in automated customer service solutions, is now operating from Riyadh, capitalizing on the Saudi government's generosity. SambaNova, a...