Business

Over eighty firms from Saudi Arabia, operating in sectors such as industry, food, health, and commerce, are gearing up to display their offerings at the premiere of the Saudi National Products Exhibition. This pivotal event is set to unfold in Qatar from the 13th to the 16th of May.Integral Saudi governmental bodies are preparing to join the fray, with the...

As global temperatures escalate, the Arab region finds itself at the vanguard of climate change mitigation efforts. The battle to achieve net-zero emissions presents distinctive challenges that intensify the need for urgent action to secure the region's future prosperity. With the Gulf region experiencing some of the most severe impacts of climate change, due to its already high temperatures surpassing...

In a significant move towards strengthening bilateral relations, the energy ministers of Saudi Arabia and Azerbaijan convened to issue a Joint Statement, emphasizing their shared history and future collaboration aspirations, especially within the energy sector.Both nations are keen on sustaining the stability of oil markets and are committed to a coherent global energy transition and ambitious climate change initiatives, aiming...

Baker Hughes, a prominent energy technology company, has recently secured a significant contract from Worley, on behalf of Aramco, to provide advanced gas technology systems for the ongoing expansion of Saudi Arabia's Master Gas System. The deal, which was finalized in the first quarter of 2024, signifies a major step forward in the Kingdom's strategy to enhance its gas distribution...

Under the auspices of Riyadh's Ministry of Health, the King Faisal Specialist Hospital & Research Centre (KFSH&RC) is poised to play a pivotal role as a strategic partner in the upcoming Saudi American Healthcare Forum on April 25th. The forum aims to tackle the principal health challenges faced by populations in the Arab world and the United States, fostering an...

With the arrival of Vision 2030, Saudi Arabia has undertaken a transformative journey, impacting its economic and social landscapes. This bold vision has seen the rise of sectors such as technology, tourism, and sports on the international stage. The latest focus is on propelling the nation towards becoming a powerhouse in advanced and eco-friendly manufacturing, with the company Alat at...

Located in Saudi Arabia's Al-Washm region, the city of Marat stands as a testament to the deep historical roots within Najd. The Arabic literature piece 'Glimpses into the History of Marat' offers readers a profound look into the city's past. Authored by Saudi scholar Abdullah Al-Duwaihi, the work was first made available to the public in 2012 and continues to...

In a pivotal move, Pakistan has joined forces with Uzbekistan and Saudi Arabia to sign a groundbreaking partnership agreement, setting the stage for amplified investment and trade within the countries. Anticipated to catalyze economic collaboration, this deal is poised to unlock new avenues for entrepreneurs and financiers across the region. The collaboration entails a strategic alliance between Uzbekistan’s K-Trade Securities...

Saudi Arabia's grandiose Neom megaproject, valued at a staggering $500 billion and featuring the linear urban development known as 'The Line', is reportedly encountering financial headwinds, according to a recent Business Insider article. For the initial time since its inception in 2017, the kingdom has extended an invitation to potential investors to experience the cutting-edge city from within.Neom embodies a...

Recent research conducted within Saudi Arabia projects a surge in precipitation throughout the coming years. Findings from a comprehensive climate study carried out by the National Centre for Meteorology (NCM) suggest a widespread increase in total rainfall across the nation.Particularly, the study forecasts a notable escalation in the frequency of heavy rainfall occurrences in several regions, including Madinah, Al-Qassim, Riyadh,...

Recent developments in Saudi Arabia have signaled a significant push towards the creation of smart cities within the nation. This movement is characterized by a couple of strategic collaborations aimed at fostering advanced urban environments.An alliance has been formed between MVNO Virgin Mobile Saudi, a subsidiary of Beyond One, and Hitek, a regional provider of technological services. Their cooperation is...

The Chief Executive Officer of Jeddah Airports Company, Mazen Johar, has shed light on the recent enhancements made to streamline passenger services during the high-traffic Umrah season, which runs from Ramadan to the 9th of Shawwal. These improvements have been pivotal in speeding up the Umrah travel process and diminishing wait times for the increased number of pilgrims in the...

In an unprecedented achievement for a Saudi educational entity, King Saud bin Abdulaziz University for Health Sciences (KSAU-HS) has garnered esteemed accolades from the World Intellectual Property Organization (WIPO). This honor marks a significant milestone in recognizing the university's innovative prowess on the global stage. At the 49th Geneva International Exhibition of Inventions, a prestigious event that draws a confluence...

Diriyah Company has made an announcement today about the commencement of a major mixed-use development named Zallal, which is expected to open its doors in the first half of 2025 within the Bujairi District. This initiative is anticipated to add considerable value to the area's commercial and retail sectors. The finished development will boast two low-rise structures designed for office...

In a strategic move to secure additional funding, Neom, the ambitious urban development in Saudi Arabia, has opened its doors to hundreds of potential investors, providing them with a firsthand glimpse of the city’s progress. This initiative represents a significant step in the country’s efforts to draw in more capital for the high-profile project.During this unprecedented event, guests, including private...

Saudi Arabia is taking bold steps to revitalize its cinema sector by slashing licence fees and movie ticket costs. The move, orchestrated by the Film Commission, is part of a broader strategy to spark industry growth, enhance audience participation, and establish the Kingdom as a leading film industry hub in the region.The reduction in fees and ticket prices was greenlit...

A team from the Saudi Export Development Authority, known as Saudi Exports, is currently on an official mission in the Sultanate of Oman from April 22-23, 2024. The primary objective of this visit is to discuss various matters aimed at increasing the penetration of Saudi products into Omani markets, to explore potential collaborative ventures for advancing service exports in the...

In a landmark deal, Saudi Arabia's Public Investment Fund (PIF) is set to acquire a majority stake in the kingdom's leading telecommunications infrastructure provider, Tawal, effectively paving the way for the formation of the largest telecom tower company in the Gulf region. The sovereign wealth fund has struck an agreement to purchase a 51% share of Tawal from its parent...

The Saudi 'Made in Saudi' pavilion, under the auspices of Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources and also the head of the Saudi Export Development Authority board, commenced its showcase at the prestigious Hannover Messe 2024 on April 22 in Hannover, Germany. This pavilion is a focal point for numerous preeminent national industrial corporations and will...

Saudi Arabia's Public Investment Fund (PIF) has reached an agreement to purchase a 51 percent share in the kingdom's largest telecommunications infrastructure provider, Telecommunication Towers Company Limited (Tawal), from the Saudi Telecommunications Company (STC Group).The deal assigns Tawal an enterprise value of $5.85 billion and is a strategic move in the consolidation of telecom infrastructure assets within the country.In an...

In a strategic move to bolster worldwide economic reforms and to strengthen competitiveness on a regional and global scale, Saudi Arabia has teamed up with the World Bank to create a knowledge center within the country. This endeavor is designed to disseminate the successes of Saudi Arabia's economic reform strategies and foster active engagement with global entities.The announcement of this...

At the renowned 49th International Exhibition of Inventions in Geneva, which took place from April 17 to 21, Jouf University emerged as a beacon of innovation, securing four prestigious medals in a fierce competition that saw participation from 26 Saudi universities and over 1,000 inventions from more than 40 countries.The university's College of Science students demonstrated exceptional ingenuity, garnering three...

The stc Group has made a significant leap in the telecommunications arena by securing a majority stake in the region's largest towers company, Tawal, through a definitive agreement orchestrated by the Public Investment Fund (PIF). The stc Group's Chief Executive Officer, Olayan Mohammed Alwetaid, conveyed to the Saudi Press Agency that this deal is a pivotal advancement in stc Group's...

In a recent development within the energy and chemicals industry, Aramco, a giant in integrated energy solutions, has publicly announced its ongoing negotiations with Hengli Group Co., Ltd. The talks revolve around Aramco's intention to acquire a minority interest, specifically a 10% share, in Hengli Petrochemical Co., Ltd. The completion of this deal is contingent on thorough due diligence and...

Saudi Arabia's state-owned Public Investment Fund (PIF) has made a significant move in the telecommunications sector by acquiring a principal shareholding in Saudi Telecom Co.'s tower unit, amounting to $2.3 billion. This strategic purchase is intended to spearhead the formation of the largest telecom tower company within the region.The PIF now controls a commanding 51 percent stake in Telecommunication Towers...

Saudi Arabia's ambitious Neom megacity initiative recently extended its promotional efforts to China. The Neom delegation embarked on visits to Beijing, Shanghai, and Hong Kong with the aim of attracting Chinese investment into the project.Despite the absence of immediate deal announcements, participants at the events reported that the presentations offered a clearer understanding of the enigmatic development. According to one...

A collaboration between Saudi Arabia's Alistithmar Capital and Ezdihar Real Estate Development Co. has been announced, heralding the establishment of a property fund valued at SR1.1 billion (approximately $293 million). The initiative is poised to enhance the commercial and office real estate sector in Riyadh.Alistithmar Capital, which operates under the umbrella of Saudi Investment Bank, disclosed that the fund's objective...

The commercial aviation sector in Jeddah has recently seen remarkable activity as King Abdulaziz International Airport (KAIA), managed by the Jeddah Airports Company (JEDCO), reported exceptional operational performance during the dense Umrah season which aligns with Ramadan and continues until the 9th of Shawwal.During this bustling period, JEDCO introduced several improvements aimed at streamlining the flow of pilgrims through the...

In a significant move within the business media landscape, the Saudi Public Investment Fund (PIF) has secured a controlling interest in Telecommunication Towers Company Ltd (TAWAL), procuring a 51% stake from the STC Group. This strategic acquisition is set to establish the preeminent telecom tower company across the region, as announced by both PIF and STC.The terms of the deal...

The Public Investment Fund (PIF) alongside the Saudi Telecommunications Company (stc Group) has disclosed the completion of a definitive agreement that will see PIF take control of a 51% share in Telecommunication Towers Company Limited (TAWAL), previously held by stc Group. TAWAL, a leader in the telecommunications infrastructure market in Saudi Arabia and the region, is valued at an impressive...