Business

The Minister of Industry and Mineral Resources of Saudi Arabia, Bandar bin Ibrahim Alkhorayef, conducted an informative visit to the Tanger Med Port Center located in Morocco. This step underlines the commitment to strengthening relations between the two kingdoms.Throughout his visit, Alkhorayef was introduced to the intricate processes involved in container handling. Tanger Med Port stands as a critical hub...

Strengthening international ties, the Jeddah Chamber's chairman, Mohammed Yousef Naghi, recently engaged in a strategic dialogue with the chairman of the Turkish Industry and Business Association (TUSIAD), Orhan Turan, along with his delegation. This high-level encounter was aimed at unveiling potential collaborations within the business sector. The assembly with TUSIAD's representatives was more than a mere formality; it was a...

The Saudi Ports Authority, known as Mawani, has revealed the formation of a new partnership with France's Port of Marseille Fos. A memorandum of understanding (MoU) has been signed to foster advancements in various areas including the progression towards intelligent port networks. This measure is poised to elevate global commerce, bolster maritime ecology, and advance initiatives for environmentally-friendly ports. This...

The Saudi Standards, Metrology and Quality Organization (SASO) has recently entered into a strategic collaboration with the Project Management Institute's Saudi Arabia Chapter (PMI). This alliance, encapsulated in a memorandum of understanding, is set to bolster the synergies between the two entities and lay the groundwork for a mutually beneficial partnership.The ceremonial signing took place amidst the influential Global Project...

Saudi Arabia has inked an agreement to create a logistics zone in Djibouti's port, aiming to use the strategic location as a springboard for distributing its products and services across the African continent, thereby enhancing economic connections. The pact was formalized during a visit by Saudi investors to Djibouti, with Hassan Al-Huwaizi of the Federation of Saudi Chambers and Djibouti...

HSBC Holdings Plc has strategically reinforced its investment banking division within Saudi Arabia by appointing new leaders for its mergers and acquisitions (M&A) and equity capital markets (ECM) segments, positioning itself in a region experiencing a surge in financial transactions.Mehdi Benabdallah has taken the helm as head of M&A within the kingdom, with Ramez Halazun stepping up as the head...

The Saudi Public Investment Fund (PIF) has recently unveiled the formation of the Neo Space Group (NSG), a company that will operate under its full ownership and serve as a powerhouse in the satellite and space industry. NSG is poised to bolster the space and satellite arena by fostering local talent and reinforcing its strategic positioning in the burgeoning space...

The notable Saudi businessman Prince Alwaleed Bin Talal, alongside the Kingdom Holding Company (KHC), has heightened their support for Elon Musk by investing in the entrepreneur's latest venture, xAI. Recent disclosures on the xAI's official site have revealed that the investment portfolio includes significant contributions from KHC's chairman, as well as the company itself, which trades on the Saudi Tadawul...

Recent analysis of the Saudi Arabian construction chemicals market forecasts a significant growth, projecting its value to reach approximately $1.09 billion by the year 2027, which equates to a compound annual growth rate (CAGR) of 6.9% from 2020 to 2027. The valuation stood at $741.1 million in the year 2019.Factors propelling the market include heightened demands from the infrastructure and...

The burgeoning energy efficiency landscape in Saudi Arabia has experienced significant expansion, as evidenced by the increase in the number of certified service providers to 55 by the close of 2023, according to a high-ranking official.With the intention to diminish its ecological footprint and fortified aspirations to realize a net-zero status by 2060, the nation is turning to the Saudi...

A strategic partnership has been formed between Tokyo's Uhuru Corporation and Web Arabia, an IT enterprise based in Riyadh, as they aim to advance smart city initiatives within Saudi Arabia. The collaboration was cemented through a Memorandum of Understanding, signifying a shared commitment to transforming urban environments in the Kingdom.Web Arabia, recognized for its smart city solutions, operates under the...

Holo, a pioneering mortgage platform in the United Arab Emirates, has announced the successful completion of an oversubscribed pre-Series A financing round. The investment endeavor was spearheaded by the Dubai Future District Fund (DFDF), UK-based Oryx fund, and Aditum Investment Management. This financial boost is set to propel Holo's expansion within the UAE and throughout the Gulf Cooperation Council (GCC),...

The Saudi Arabia Railways (SAR) has recently entered into a partnership with Procter & Gamble (P&G), a leading consumer goods producer, to facilitate the shipment of goods from the P&G factory in Dammam to clientele in Riyadh. The agreement was formalized by Eng. Badr Al-Atni, SAR's Senior Vice President of Freight, and Eng. Ahmed Banan, Chief Operating Officer of Supply...

The Digital Cooperation Organization (DCO) has announced the launch of a new resource, EconomiX magazine, dedicated to accelerating the growth of the digital economy. This global multilateral organization is championing the cause of digital prosperity and aims to drive the digital transformation on a global scale.The inaugural issue of EconomiX magazine explores a spectrum of subjects, including a global overview...

In a strategic move to enhance bilateral collaboration, the Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, has initiated an official sojourn to the Kingdom of the Netherlands. The primary objectives of this visit are to augment cooperation within the realms of industry and mining, as well as to identify and develop mutual investment ventures. During his stay,...

In a groundbreaking year for Saudi Arabia's travel industry, the nation has surpassed its own predictions, leading to an ambitious upgrade in its future plans. With an eye towards 2030, Saudi Arabia has boosted its visitor target from the initial 100 million to an optimistic 150 million, as revealed by Tourism Minister Ahmed Al-Khateeb last October.Last year's figures were remarkable,...

Saudi Arabia is reportedly positioning itself for a significant share sale in its oil behemoth, Aramco, potentially launching as soon as June, with the sale poised to be one of the largest in the region's history. According to two individuals privy to the matter, the transaction could generate nearly $10 billion, although they caution that the process is still being...

The Saleh Kamel Lecture Series, a notable event recently inaugurated in London, serves as a beacon of knowledge on 'The Future of the Kingdom of Saudi Arabia: Economic Insights from the Middle East.' The Islamic Chamber of Commerce and Development's president, Abdullah Saleh Kamel, took this opportunity to announce their collaboration with the esteemed Adam Smith Institute, a think tank...

The fashion sector in Saudi Arabia is projected to experience a remarkable growth spurt, with an anticipated 48 percent cumulative annual growth from 2021 to 2025, a reflection of the Kingdom's efforts to diversify its economy. The pivotal role of the Fashion Commission in fostering a stronger ecosystem to support this growth was highlighted in the latest report from the...

The New Murabba Development Company, backed by the Public Investment Fund, today announced a call to the world's top construction firms to participate in the creation of the innovative Mukaab. This structure is poised to be a defining feature of Riyadh's New Murabba mixed-use project, incorporating cutting-edge immersive technologies and set to become one of the planet's most substantial constructions.The...

The General Authority of Civil Aviation in Saudi Arabia recently released its April assessment showcasing the operational efficiency and service quality of the nation's airports. This report evaluates the airports on a scale comprising 11 distinct operational benchmarks that resonate with the strategic goals of elevating service standards and ensuring a smooth experience for travelers traversing the Kingdom's air gates.Several...

The Small and Medium Enterprises General Authority (Monsha'at) has shed light on the burgeoning fashion industry within the Kingdom of Saudi Arabia through its latest quarterly report. The fashion sector boasts an impressive valuation of SAR92.3 billion, with local brands contributing SAR46.9 billion to this figure. Meanwhile, consumers have spent SAR27.4 billion on international labels, indicating a substantial opportunity for...

RIYADH: In a significant expansion of its business, ADES Holding Co., a Saudi-based exploration service provider, has obtained a series of onshore drilling contracts with Kuwait Oil Co. valued at SR2.42 billion ($645.3 million).The agreement encompasses renewals for four active rigs in Kuwait and the addition of two newly constructed rigs, as stated in an announcement to Tadawul.These contracts are...

In the heart of AlUla, a new beacon of sustainability and luxury hospitality has emerged in the form of Dar Tantora, an eco-friendly hotel that pays homage to the cultural legacy of its location. Known as The House Hotel, the establishment offers 30 guest accommodations, each constructed with the meticulous care reflective of traditional AlUla building practices. The hotel employs...

The Saudi Electricity Company (SEC) has achieved a credit rating upgrade to "A+" from "A", aligning with the sovereign rating of the nation, according to a recent press announcement.SEC's Chief Executive Officer, Eng. Khaled Al-Gnoon, expressed satisfaction with the upgrade, stating, We are pleased with this positive upgrade of SEC’s credit ratings, which stands as a testament to the efforts...

Atsushi Suzuki, the lead executive of Marubeni Middle-East & Africa Power Limited, has expressed support for Saudi Arabia's decarbonization agenda, highlighting it as a pivotal element for the nation's future. This is one of the most important steps for Saudi Arabia because, as you know, Saudi Arabia has a Vision 2030 to decarbonize and for the use of sustainable energy...

The President of the UN International Civil Aviation Organization Council, Salvatore Sciacchitano, recently lauded Saudi Arabia for its influential role in the global aviation landscape.In his remarks at the third annual Future Aviation Forum (FAF 2024) held in Riyadh, he commended the unwavering support provided by the Saudi leadership to the aviation sector. The forum, which ran from May 20...

The third session of the Financial Sub-Committee within the High-Level Chinese-Saudi Joint Committee convened on May 20, 2024, co-chaired by Saudi Minister of Finance Mohammed Aljadaan and his Chinese counterpart, Lan Fo'an. The meeting, which included a delegation of high-ranking officials from both nations, focused on evaluating the macroeconomic landscape and exploring avenues for enhanced bilateral and multilateral cooperation between...

The head of the General Authority of Civil Aviation (GACA) in Saudi Arabia, Abdulaziz Al-Duailej, recently revealed a significant uptick in the country's air travel sector. A 20% boost in passenger numbers this year continues the momentum from last year's 26% leap, positioning the total at an impressive 111 million travelers. The Kingdom's ambitious program to enhance aviation connectivity is...

In a recent discourse, Eng. Saleh Al-Jasser, Saudi Arabia's Minister of Transport and Logistics Services, highlighted the ambitious goals of the National Transport and Logistics Strategy to transform the Kingdom into an influential global logistics nexus. This strategic pivot aims to capitalize on the Kingdom's prime geographical positioning, bridging three continents. The insights were shared during a panel titled "Connectivity...