Business

The Kingdom of Saudi Arabia has been recognized as a knowledge hub, a testament to its significant advancements in recent years. This designation underscores the nation's role as a leader in information and expertise.In a notable development, the United Arab Emirates and Oman have solidified their economic relationship by establishing investment partnerships worth $35 billion. This alliance is expected to...

In a groundbreaking initiative geared towards revolutionizing the construction and real estate domains, Startup Wise Guys (SWG), in collaboration with SEEDRA Ventures and under the sponsorship of the National Technology Development Program (NTDP), is elated to unveil the inaugural Construction Tech Specialized Fund and Accelerator Program in Saudi Arabia.The fund, helmed by SWG, is led by two experienced General Partners,...

In observance of International Mother Earth Day on April 22, Saudi Arabia is making significant strides in combating climate change, enhancing its green energy portfolio, and advocating for environmental sustainability through its ambitious Saudi Green Initiative (SGI).Initiated in 2021, a prominent goal of the SGI is to decrease carbon emissions by 278 million tonnes annually by 2030 and to reach...

The 'Discover NEOM' global journey reached its final chapter in Hong Kong, marking the end of a series of international engagements. Hosted at the M+ venue within the bustling West Kowloon Cultural District, this concluding event was a collaborative effort with Hong Kong's Belt and Road Office, operating under the Commerce and Economic Development Bureau of the Government of the...

At a recent international assembly in Beijing, the General Authority for Survey and Geospatial Information (GEOSA) took an active role in proceedings. Present at the convening of the International Advisory Committee of the United Nations Global Geospatial Knowledge and Innovation Centre, GEOSA's participation was marked by the presence of its President, Dr. Eng. Mohammed Yahya Al-Sayel, who also serves as...

The General Organization for Social Insurance in Saudi Arabia has forged a new alliance with the Social Security Corporation of Jordan, aiming to fortify their cooperative efforts in the realm of social insurance. An official memorandum of understanding (MoU) was inked, setting the stage for a robust exchange of knowledge and expertise between the two institutions.This pivotal agreement was formalized...

The Development Authority of the Al-Madinah Region has recently upgraded the transportation network by enhancing the bus services that link passengers from the Madinah station of the Haramain High Speed Railway to the Prophet's Mosque. This improved service is accessible for users on a daily basis, from early morning at 7:00 AM till late evening at 11:00 PM, aligning with...

The Kingdom of Saudi Arabia is making swift advances in the localization of its automotive sector, a key component of the government's Vision 2030 blueprint. A leading official has highlighted the significant strides being made towards nurturing domestic manufacturing of vehicles and components.During a seminar organized by the Saudi-American Business Council, Aftab Ahmed, a top adviser at the National Center...

The inaugural consignment of Jazan mangoes, totaling 24 tons, embarked on its journey to the Hashemite Kingdom of Jordan. This significant step emerges from a previously established agreement with Jordanian counterparts, aiming to introduce the region’s bountiful produce, including not just mangoes, but also papayas and watermelons, into new markets.In a synergistic collaboration, the Cooperative Society for Agricultural Marketing (Alrowia)...

The capital of Saudi Arabia is set to launch a dynamic event titled Innovation Week, which will commence on April 21 and continue until April 27, 2024. This initiative is a result of a strategic partnership between the Research, Development and Innovation Authority, the General Authority for Small and Medium Enterprises (Monshaat), and the Saudi Authority for Intellectual Property. The...

The Kingdom of Saudi Arabia is on track to fulfill its ambitious objective of reaching 130 gigawatts in renewable energy capacity by the year 2030, provided that it continues to fortify its green initiatives and secure their rigorous execution, as indicated by a recent analysis. A study by analytics firm GlobalData reveals that Saudi Arabia's renewable energy sector is picking...

During a key visit to Pakistan this week, Saudi Foreign Minister Faisal bin Farhan Al Saud's agenda is centered on finalizing investment agreements that have been in the pipeline between the two nations, as well as exploring new collaborative opportunities, as highlighted by Islamabad's representative in Riyadh, Ahmed Farooq. Prince Faisal's arrival in Pakistan for a two-day engagement is designed...

Consumer spending on Fast-Moving Consumer Goods (FMCG) in Saudi Arabia and the UAE exhibited marginal growth in the final quarter of 2023, registering an uptick of less than 0.5 percent. A market analysis by NielsenIQ points to increased price sensitivity and a reorientation of consumer preferences as key factors behind this moderate recovery.Despite the sluggish recovery in traditional retail sectors,...

SHREE, a prominent Indian fashion label, has recently announced its entry into the Saudi Arabian market, inaugurating its inaugural store in the kingdom. The brand also disclosed plans to significantly widen its presence across the Gulf Cooperation Council (GCC) region, with an additional 10 stores slated for launch, alongside five new locations for its Abaya line, AFIFA, in the United...

Announcement of a pivotal Memorandum of Understanding (MOU) has been made by AfriLabs, an African innovation hub network, and the Ministry of Investment of Saudi Arabia (MISA), targeting the enhancement of the tech and innovation landscapes in both Africa and Saudi Arabia.AfriLabs, which boasts a network exceeding 430 members, is a pivotal force in nurturing innovation and entrepreneurship across the...

The Business Continuity Institute (BCI) has recently announced the establishment of a new chapter in Saudi Arabia, aimed at strengthening the business continuity and resilience sector in the region.Comprising a dedicated committee, the BCI Saudi Arabia Chapter includes the following individuals:Atiq Bajwa - LeaderMohamed Abuelqroush - Vice-LeaderDavid Bollaert - Committee MemberDarrshan Manukulasooriya - Committee MemberAsma Alsobhi - Committee MemberIbrahim Alhamdan...

The headquarters of the Islamic Development Bank (IsDB) in Jeddah was the scene of a celebratory event as the institution marked the successful completion of the Mohmand Dam Hydropower Project (MDHP) in Pakistan. This initiative stands as a testament to the bank's dedication to its member nations and aligns with their collective vision for an eco-friendly future.According to the IsDB,...

The Saudi Minister of Tourism emphasized the nation's dedication to fostering sustainable practices within the travel industry at a recent gathering held at the United Nations headquarters in New York. During the UN Sustainability Week, the minister outlined Saudi Arabia's strategic approach to transforming it into one of the world's most sought-after tourist destinations, an ambition backed by the leadership...

The hospitality sector in Saudi Arabia is poised for substantial expansion, with predictions indicating a doubling of available accommodations and a surge in visitors — 30 million pilgrims and 150 million tourists by the year 2030.Despite this growth, many economy and mid-tier hotels, which form the bulk of the sector, are encountering difficulties within their food and beverage (F&B) operations....

Riyadh: In a recent strategic move, the Second Milling Company, also known as MC2, has undergone a significant rebranding initiative, emerging as Arabian Mills. This leading Saudi Arabian flour and feed milling enterprise boasts the nation's most extensive milling capabilities and has unveiled plans to diversify its product range and enhance its operational efficiency to cater to the escalating demand...

On Tuesday, Saudi Arabia's principal stock market indicator, the Tadawul All Share Index, experienced a substantial decline, dropping by 207.91 points, which translates to a 1.64 percent decrease, settling at 12,500.43 by the day's end.The benchmark index saw a trading volume that amounted to SR10.22 billion, approximately $2.72 billion, with a market pattern where 42 companies' stocks saw gains while...

stc Group has secured the title of the supreme workplace in the Kingdom of Saudi Arabia, as declared by the esteemed professional networking service, LinkedIn. As per a recent announcement, stc Group was succeeded by Red Sea Global, a prominent hospitality venture, and Saudi Arabian Oil Co., commonly known as Aramco, which claimed the second and third spots respectively. Taking...

ACWA Power, a prominent Saudi energy company, has recently announced the acquisition of a significant $80 million equity bridge loan from the Bank of China, earmarked for its energy projects in Uzbekistan.The financing is notably comprised of an even split between the Chinese yuan and US dollars. This agreement is distinguished as the inaugural financial collaboration using the Chinese currency...

LinkedIn, the renowned professional networking giant, has recently disclosed its annual roster of leading companies in the UAE and Saudi Arabia that offer exceptional career advancement opportunities.Compiled on an annual basis, LinkedIn's 'Top Companies' list is curated from platform data, ranking firms across seven pivotal factors that affect career growth. These factors include advancement potential, skill development, organizational steadiness, external...

Re-engaging in the professional realm post-career hiatus is a significant hurdle for women in Saudi Arabia, with a mere 40 percent resuming their employment. The distinct societal and career-related challenges they encounter are integral in shaping their workforce participation. A recent study, titled ‘Navigating the path back: Women returners in KSA’ by PwC Middle East, illuminates these barriers and proposes...

Saudi Arabia's Ras Al-Khair Special Economic Zone (SEZ) Emerges as a Marine Industry Powerhouse Strategically positioned adjacent to the Kingdom's most modern industrial port, the Ras Al-Khair SEZ, overseen by the Royal Commission for Jubail and Yanbu, is becoming a magnet for both domestic and global firms eager to leverage the Kingdom's advanced marine infrastructure. The SEZ is empowering growth...

Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan, is anticipated to engage with Pakistani leadership including the prime minister and key figures spearheading investments today, following his arrival on Monday for a visit focusing on strengthening economic relations and advancing prior investment agreements. The minister's trip to Islamabad takes place shortly after a reaffirmation of Saudi's $5 billion investment intent...

Bringing together the crème de la crème of the construction world, NEOM, the avant-garde sustainable development in Saudi Arabia's northwest, recently held a pivotal industry forum. This two-day event was a melting pot for over 100 preeminent construction entities, providing a platform to exhibit the construction strides on the ground and to shed light on forthcoming ventures as NEOM escalates...

RIYADH: The Saudi-based drilling corporation ADES is gearing up to manage a colossal SR350 million ($93.3 million) jack-up rig in Qatar, following a freshly minted agreement with energy titan TotalEnergies. According to a disclosure to the Saudi stock exchange Tadawul, ADES has received a letter of award that not only secures the deal but also contains an extendable contract duration...

In Saudi Arabia, a remarkable 20 percent year-over-year growth was recorded in February for payments made via point-of-sale (POS) terminals, amounting to SR53.72 billion ($14.33 billion). This uptick is a testament to the country's ongoing commitment to digitalization within the retail sector.Breakdown of these expenditures places food and beverages at the forefront, absorbing 15.7 percent of the POS spending, totaling...