Business

The Kingdom of Saudi Arabia has observed a significant 20 percent year-on-year upsurge in point-of-sale (POS) transactions this February, amounting to SR53.72 billion ($14.33 billion). The swell in activity underscores the country's broader push towards a digital-first economy.In a breakdown of consumer spending, the food and beverage sector commanded the lion's share of POS expenditures, representing 15.7 percent with an...

The Kingdom of Saudi Arabia is taking bold strides towards sustainable solutions within the transport sector, with electric vehicles (EVs) taking center stage. This shift is a signal of impending transformation within the Middle East's approach to mobility. The crucial question is: are EVs on the brink of becoming an everyday reality?Last year, the unveiling of Saudi Arabia's inaugural automotive...

The landscape of transportation in the Middle East is on the brink of a revolution, with electric vehicles (EVs) at the forefront, particularly in Saudi Arabia. The Kingdom is actively engaging in the transition to more sustainable solutions, leading to speculation about when EVs will become commonplace in our everyday lives.With the introduction of Ceer, Saudi Arabia's first automotive brand...

Funding Souq, a dynamic platform dedicated to financing small and medium-sized enterprises (SMEs), celebrates securing a coveted license from the Saudi Central Bank (SAMA) to introduce its debt crowdfunding services in Saudi Arabia. Saudi Arabia, as a prominent G20 nation and the most substantial economy in the region, offers vast prospects for corporate growth and development. Acknowledging the Kingdom's progressive...

In the heart of the Middle East, Saudi Arabia's economy is thriving, bolstered by its strategic position, robust economy, and governmental incentives. These advantages are attracting a plethora of investors eager to support the Kingdom's startups and entrepreneurs.Management consulting expert Houssem Jemili noted that Saudi Arabia leads the MENA region in technology investment, with expenditures roughly 2.5 times higher than...

Mounting ecological consciousness and the urgency to address climate change are shaping the market dynamics in Saudi Arabia, as sustainability takes center stage.An exhaustive report by the IMARC Group provides a thorough examination of the Saudi Arabian Green Tech and Sustainability sector. It covers the market's scope, detailing its size, growth trajectory, technological breakthroughs, and future forecasts. The sector is...

Saudi Arabia has become a magnet for investors and partners looking to support startups and entrepreneurs, thanks to its robust economy, strategic location, and robust governmental encouragement.The nation boasts one of the most significant expenditures on technology in the Middle East and North Africa, amounting to roughly 2.5 times that of its closest regional competitor, with continued growth each year.Management...

The landscape of the space industry is undergoing a transformative change as emerging markets around the globe are making substantial investments to enhance their space capabilities. This dynamic shift is not only altering the traditional geopolitical realm of space exploration but also fostering new economic and technological advancements within these regions.Spotlight on New Space NationsNations like India, Saudi Arabia, and...

Saudi Arabia continues to forge ahead with the development of its groundbreaking Neom megacity, a project that embodies the nation's grand aspirations for a futuristic urban life. The construction in Tabuk, at the northern edge of the Red Sea, is moving forward with a significant amount of resources, reportedly moving 'millions of cubic meters of earth and water' weekly.The promotional...

Keep abreast of the latest updates in engineering, science, and technology with our comprehensive daily briefing, provided from Monday to Saturday.By opting in, you consent to adhere to our usage and policy terms, with the option to withdraw your subscription at any given moment.An update from sources close to the situation, as reported by Bloomberg, indicates a significant shift in...

Recent reports highlight that Saudi Arabia has tempered its high-reaching objectives for a state-of-the-art megacity dubbed 'The Line,' grappling with postponements and financial uncertainties that cloud the project's future.Saudi Arabia's Blueprint for the Future'The Line' constitutes a pivotal segment of the expansive 'Neom' initiative. This undertaking aligns with Saudi Arabia's Vision 2030, a strategic framework that aims to wean the...

The Kingdom of Saudi Arabia is witnessing a substantial rise in demand for online delivery services, as confirmed by recent statistics from the nation's commerce ministry.These new insights reveal an impressive 61 percent surge in registered e-delivery enterprises within the Kingdom, with figures climbing from 2,903 in the last quarter of 2023 to 4,699 in the first quarter of 2024.The...

As Saudi Arabia witnesses a significant boom in tourism, spa and wellness facility owners are presented with an unprecedented opportunity to scale their businesses to meet international benchmarks. The Kadoon Academy in Riyadh invites industry professionals to participate in a specialized Spa Management Certification course on April 29-30, with the intention of enhancing their operational expertise in light of the...

The Saudi Arabian oil behemoth Aramco has entered into a partnership with American tech firm GCT Semiconductor Holding, which is renowned for its cutting-edge 4G and 5G semiconductor solutions. This union is anticipated to enhance the development of the 4G/5G network infrastructure within Saudi Arabia, encompassing both essential services and public safety communications. This initiative by Aramco is designed to...

Saudi Arabia's once grandiose plans for the Neom megacity have been significantly curtailed, with the projected population by 2030 now set at 300,000, a sharp decrease from the previously anticipated 1.5 million. The extensive urban development, touted as The Line, is now expected to see only a 2.4km stretch completed by the target year, calling into question the feasibility of...

The Saudi Ports Authority, known as Mawani, has reported a significant 12.48% surge in imported container numbers for March 2024, reaching a total of 265,148 twenty-foot equivalent units (TEUs). This figure marks a considerable increase from the 235,738 TEUs recorded in the same period of the previous year. This expansion reflects the effective strategies implemented by Mawani to enhance the...

The Saudi Authority for Industrial Cities and Technology Zones, commonly known as MODON, recently published its annual review for the year 2023, shining a light on the remarkable strides made in the realm of industrial development. The report aligns with the strategic objectives set forth in Saudi Vision 2030, demonstrating considerable achievements in investment attraction, infrastructure enhancement, and the promotion...

Positioned on the shores of the Arabian Gulf, the King Abdul Aziz Port in Dammam stands as the largest port in the Kingdom of Saudi Arabia, serving as a beacon of progress and economic development. This port is a central contributor to the country's industrial and economic boom, enhancing Saudi Arabia's prominence in the maritime domain, expanding its transport and...

The non-oil sector in Saudi Arabia is showing signs of robust growth, marking a significant milestone in the Kingdom's strategic push towards economic diversification. Recent data reveals a positive trajectory, indicating a shift away from the traditional dependency on oil revenue.Strong demand has been a driving force behind the surge in Saudi Arabia's non-oil business activity for March, reaching a...

Canoo Inc., a trailblazer in the advanced mobility sector, has recently unveiled that its lineup of electric vehicles (EVs) will be trialed by Red Sea Global (RSG), the mastermind behind the eco-conscious tourism hubs, The Red Sea and AMAALA.The pilot program will incorporate Canoo's Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck. These vehicles will...

In a significant move to expand its mineral sector, Saudi Arabia has launched the Mining Exploration Enablement Program, targeting international companies and explorers to join the initiative. The undertaking is set to enhance exploration, maximize the mining sector's value, and amplify surveying of untapped areas.The Kingdom's Ministry of Industry and Mineral Resources, alongside the Ministry of Investment, has opened registration...

The economic relationship between Saudi Arabia and Iraq is on the brink of a significant leap forward following the announcement of the signing of 12 memorandums of understanding (MoUs) that aim to facilitate quality investment ventures.The Saudi Ministry of Investment disclosed that these agreements, made in collaboration with the Iraq Development Fund and various Saudi enterprises, are intended to bolster...

The recent comparative research has highlighted that Saudi Arabia boasts a more efficient method of producing green hydrogen than Germany. Favorable natural conditions in the Kingdom mean it requires significantly less capital to reach the same hydrogen production targets as its European counterpart, as per the latest findings from the King Abdullah Petroleum Studies and Research Center.Particularly, the Kingdom benefits...

The Saudi Arabian government's recent expansion of premium residency visa offerings is set to capture the interest of wealthy expatriates and investors, according to a new survey. The enhancements to the visa program are expected to significantly influence the residential real estate market within the Kingdom.A report from Knight Frank, a global real estate consultancy, indicates that these changes signal...

Saudi Arabia has revised its population forecasts for the ambitious Neom megacity project, aiming for a smaller number of residents by the year 2030.Originally, the plan was to have 1.5 million people take up residence in the project's advanced urban center known as 'The Line.' However, a report has indicated that this figure has been adjusted to less than 300,000...

The Sustainable Agricultural Rural Development Program, commonly known as Reef Saudi, has reiterated its dedication to fostering the coffee industry within Saudi Arabia. With an investment surpassing SAR61 million since its establishment in 2020, the program has benefited 3,718 recipients involved in the coffee sector. There has been a noticeable surge in the nation's coffee production, with a 37% increase...

As the festive period of Eid al-Fitr nears, Riyadh's markets are teeming with shoppers looking to purchase oud (agarwood) and incense, essential elements of the holiday's cultural practices. These aromatic products are not just a staple in the welcoming of guests who visit to exchange greetings but are ingrained in the very fabric of the Kingdom's Eid customs. According to...

The General Authority for Transport in Riyadh has shared remarkable statistics regarding the postal sector's performance in the sacred month of Ramadan. By the 25th day of this holy month, the sector saw over 18 million parcels successfully delivered by upwards of 70 authorized enterprises. This represents a substantial 54% uptick in deliveries when juxtaposed with the figures from the...

Jeddah Islamic Port has proudly announced the arrival of the maiden vessel from Saudi container line, Folk Maritime, marking a significant milestone for the Kingdom's maritime sector. The port celebrated this key event with the crew of the ship, dubbed Sunset X, to honor the collaborative efforts of the Saudi Ports Authority (MAWANI) and Folk Maritime in escalating the Kingdom's...

Saudi Arabia's vision for economic diversification is set to be bolstered by the mining sector, as the Kingdom aims to establish it as a central component of its industrial economy by 2030. The Ministry of Industry and Mineral Resources together with the Ministry of Investment are reaching out to global mining explorers to engage in the Exploration Enablement Program (EEP),...