Business

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...

Saudi Arabia's flag carrier has announced a monumental purchase, indicating its commitment to expand tourism within the realm. The Saudia Group, representing both Saudia Airlines and budget airline Flyadeal, has revealed the acquisition of 105 new aircraft from the European manufacturer Airbus, a fleet comprising the A320neo family of jets, including a mix of 12 A320neos and 93 A321neos. This...

In a decisive move to expand its aviation capacity, Saudi Arabia's flagship carrier has placed a substantial order for new aircraft with Airbus. The kingdom's strategy aims to significantly enhance its tourist influx in alignment with its Vision 2030 objectives.The Saudia Group, encompassing the main Saudia airline and its low-cost affiliate Flyadeal, has confirmed the procurement of 105 jets from...

Wizz Air is setting its sights on advancing its presence in Saudi Arabia with a substantial investment exceeding half a billion dollars in its flight operations. The goal is to strengthen connections and draw a larger number of tourists to the region, as stated by a high-ranking official within the company.In a discussion with a prominent business news outlet, Wizz...

Saudi Arabia's flagship carrier has inked a monumental agreement for the acquisition of 105 Airbus aircraft, marking the largest transaction in the nation's aeronautical history and a significant coup for Airbus over its American competitor, Boeing.The chief of Saudia Group, the government-affiliated entity that manages Saudia airline and the budget operator Flyadeal, Ibrahim Al-Omar, unveiled the news on Monday, stating...

The National Housing Company's (NHC) Real Estate Supply Chain Forum 2024 was ceremoniously opened by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail. This significant gathering drew a host of dignitaries and representatives from both the governmental and private sectors, including global industry leaders.The two-day event aligns with the Housing Program's ambitions under the Saudi...

As Saudi Arabia's aviation sector takes center stage, the nation has proudly disclosed its inaugural

Mohammed Al-Jadaan, the Finance Minister of Saudi Arabia, spearheaded a delegation's visit to Beijing, partaking in strategic Saudi-Chinese discussions over the course of May 20-21. This important dialogue highlights the sustained and intense economic conversations shared by the two powerhouses.During his trip, Minister Al-Jadaan conferred with Lan Fuan, his Chinese counterpart. The financial leaders engaged in talks aimed at bolstering...

In an effort to expand its domestic manufacturing capabilities, Saudi Arabia is in active discussions with major aerospace companies Boeing and Airbus. The goal is to get local aluminum and titanium certified for use in aircraft production, a move that would bolster the kingdom's manufacturing industry.Attaining such certification could be instrumental in addressing supply chain challenges faced by the airplane...

The Kingdom of Saudi Arabia is on the brink of initiating a space tourism venture, as stated by a high-ranking official. Distinguished figures in the business of air travel and space ventures convened in Riyadh for the 2024 Future Aviation Forum's inaugural day, where Mohammed Al-Tamimi, head of the Saudi Space Agency, spoke about the burgeoning role of spaceports and...

Recent in-depth market analysis sheds light on the burgeoning field of nuclear medicine in Saudi Arabia and the broader Middle East, highlighting the current status and future prospects of the radioisotope market. The report encompasses a wealth of historical data, present market trends, and forecasts the trajectory of technological innovations and opportunities.Market Synopsis:Radioisotopes, which are radioactive isotopes, have found extensive...

Saudi Arabia is actively engaging with leading aircraft manufacturers Boeing and Airbus to secure the approval of their locally produced aluminum and titanium for use in airplane construction. This initiative is part of the kingdom's broader strategy to expand its manufacturing capabilities domestically.In pursuit of certifications, which could alleviate the aircraft makers' supply chain challenges, the kingdom is also exploring...

With the inauguration of its regional headquarters, global consulting giant Alvarez & Marsal (A&M) is bringing its trademark unbiased, action-focused approach to the Saudi Arabian market. The company's managing director in the Middle East, James Dervin, conveyed A&M's commitment to fostering growth and transformation within this dynamic marketplace. Dervin shed light on the company's straightforward strategy in Saudi Arabia, which...

Located in Riyadh, Chalhoub Group, a renowned retail conglomerate, has recently been acknowledged as the only retailer to secure a spot in the top 10 of LinkedIn’s fourth annual list of premier companies to work in Saudi Arabia. This accolade is a testament to the Group's efforts in fostering career advancement and maintaining a diverse and accommodating work culture.The LinkedIn...

The Kingdom of Saudi Arabia is actively enhancing its e-commerce landscape to become more alluring for both local and international enterprises, with projections estimating the market's value could hit $44 billion by the end of the decade.As a pivotal component of the National Transformation Program, bolstering e-commerce aligns with the broader objectives of the country's ambitious 'Vision 2030'.The strategic initiative...

Saudi Arabia, recognized as the globe's second-largest oil producer, trailing only the United States, boasts a substantial GDP, reflecting its economic prowess. The affluence rooted in this nation is intricately tied to its business magnates, who have amassed considerable wealth through various enterprises.'Who are the wealthiest individuals in Saudi Arabia as of May 2024?' This question is answered by exploring...

Riyadh-based payment service provider Geidea has recently welcomed Abdulrahman Almutairi to its executive team as the new group Chief Technology Officer (CTO).Almutairi's primary mission will be to spearhead the advancement of the company's technological infrastructure as part of an ongoing digital transformation.Bringing over two decades of expertise in both the tech and financial service industries, Almutairi is well-equipped to guide...

In an effort to enhance job prospects for its citizens, Saudi Arabia has initiated a significant localization plan for the consultancy sector. The Ministry of Human Resources and Social Development has declared that by March 2024, consultancy firms must ensure that 40 percent of their workforce are Saudi nationals. All roles within the sector, including financial advisors, business consultants, cybersecurity...

Saudi Arabia's aviation industry is witnessing a robust ascent, injecting $21 billion into the nation's economic framework in 2023, thereby enhancing its stature as an international center for tourism. The General Authority for Civil Aviation (GACA) has indicated that the aviation sector is not only soaring on its own but also propelling growth in other pivotal economic segments, with tourism...

The Saudi Ports Authority, Mawani, has proudly announced that the King Abdul Aziz Port in Dammam has been honored with the 'Port of the Year' title at the prestigious 19th ShipTek Awards ceremony. This recognition is a testament to Mawani's dedicated efforts to revamp the port's infrastructure, with a particular emphasis on enhancing and operating its container terminals. An investment...

The Kingdom of Saudi Arabia's General Authority of Civil Aviation (GACA) is poised to present its first-ever 2024 State of Aviation Report at the upcoming Future Aviation Forum (FAF 2024) in Riyadh. The report is expected to shed light on the pivotal role the aviation industry plays in propelling the nation's economic progress and in fulfilling the aims of Vision...

The Saudi Civil Aviation Authority is poised to present a strategic blueprint for General Aviation during the Future Aviation Forum (FAF 2024) in May, aiming to augment the general aviation sector's contribution to the GDP by ten times, reaching a milestone of US$2 billion by the year 2030.This comprehensive strategy will encompass the business jet industry, including the charter, private,...

Riyadh's General Authority of Civil Aviation (GACA) is preparing to unveil an ambitious strategy for the General Aviation sector during the Future Aviation Forum (FAF 2024) scheduled for May 2024. This strategy aims to propel the sector's contribution to the national GDP to $2 billion by the year 2030.The comprehensive plan will encompass the business jet market, including charter, private,...

Ban Ki-moon, the previous head of the United Nations, has signaled a dire need for a substantial increase in climate financing. Speaking at the Boao Forum for Asia Riyadh Conference, he conveyed that to meet the global climate objectives, funding needs to grow threefold to sixfold by 2030, as per the findings of the Intergovernmental Panel on Climate Change.The discussions...

The impending journey of Saudi Arabia's Crown Prince Mohammed bin Salman to Japan is poised to deepen the already robust economic ties between the two nations. This visit is anticipated to occur from May 20 to May 23, during which the Crown Prince will engage in discussions with Japan's Prime Minister, Fumio Kishida.Last year, the trade volume between Saudi Arabia...