Business

The entrepreneurial sector in Saudi Arabia has emerged as a dominant force in the Middle East and North Africa (MENA), securing almost half of the venture funding in the region for the first quarter of the year. The Kingdom's startups amassed a remarkable $224 million out of a total $429 million raised, as per a recent report from Wamda.March witnessed...

The prominent online trading company CFI has announced its role as the Official Partner for the upcoming Saudi Super Cup, marking the event's debut in Abu Dhabi this year. The high-profile football tournament, scheduled for April 8-11, is set to attract widespread attention with the participation of famous footballers including Cristiano Ronaldo and Karim Benzema, as well as celebrated regional...

Recent strategic maneuvers by the Public Investment Fund of Saudi Arabia, via its gaming arms Savvy Games Group and ESL FaceIt Group (EFG), have sparked a global dialogue about the kingdom's intentions and its potential sway over the esports landscape. Current trends in sports and leagues indicate a shift beyond geopolitical considerations. A prime example is the relocation of the...

The security landscape in Saudi Arabia is experiencing a significant period of growth, with the market value of security services expected to soar from US$ 7.54 billion in 2023 to an estimated US$ 14.59 billion by 2032. This substantial increase, at a Compound Annual Growth Rate (CAGR) of 8.1%, reflects the country's dedication to bolstering security in response to evolving...

In a significant development within the Saudi Arabian financial sector, stc pay has been officially sanctioned by the Saudi Central Bank (SAMA) to progress into its next evolutionary stage as STC Bank. An announcement from the company indicated that this move is currently in a beta phase, with access provided exclusively to a select group of customers, paving the way...

Thai small and medium-sized enterprises (SMEs) are identifying Cambodia and Saudi Arabia as promising territories for expanding their trade partnerships. These countries have demonstrated vigorous economic advancement and a proliferation of investment initiatives, as reported by state agencies. In a collaborative effort, the Board of Trade of Thailand and the Office of Small and Medium Enterprises Promotion (OSMEP), in conjunction...

In the Kingdom of Saudi Arabia, a new chapter in urban development is unfolding, marked by substantial growth and unparalleled creativity. This surge is most apparent in the realm of urban planning, where the Kingdom has become a magnet for global talent and groundbreaking projects. Landmark proposals such as The Line in NEOM, The Mukaab, and the towering 2km high...

King Abdullah University of Science and Technology (KAUST) recently marked a significant stride in research and development (R&D) within Saudi Arabia by hosting the inaugural SABIC Day. The event stands as a testament to the fortified partnership between educational and industrial sectors, particularly targeting initiatives such as the circular economy, achieving carbon neutrality, and creating distinct solutions. Dr. Bob Maughon,...

In a recent surge of economic confidence, equity markets across Asia experienced a noticeable increase. The uptick in shares suggests a growing optimism among investors and traders in this region's financial stability and future growth prospects.Leading the charge was Japan's premier index, the Nikkei 225, which climbed by 0.8% to reach 39,773.14. This rise was mirrored by Sydney's benchmark S&P/ASX...

The 'Saudi Vision 2030' has set an audacious goal of attracting 150 million visitors per year, and the burgeoning air transport sector in Saudi Arabia is currently one of the most talked-about developments in the industry. With innovative airlines and airports emerging, they are poised to redefine what excellence means in this space. One such example is flyadeal, a digital-first,...

The Saudi Ports Authority, known as Mawani, has recently expanded its maritime connections by incorporating a novel shipping route, the JDX service, in collaboration with the German shipping giant Hapag-Lloyd. This service enhances the connectivity between the Kingdom and various African seaports, signaling a significant boost in intercontinental trade. Mawani's strategic initiative underscores its commitment to bolstering the trade flow...

In a significant development for the startup ecosystem within the region, Saudi Arabia has taken the spotlight as the epicenter of fundraising endeavors, with investments reaching a staggering $198 million over 25 deals. This remarkable boost, a record high for the region, is a testament to the burgeoning dynamism and the trust that investors place in the kingdom's burgeoning startup...

In the Kingdom of Saudi Arabia, the business landscape has experienced a dramatic increase in commercial registrations, with figures reaching 104,000 in the first quarter of 2024. This represents a 59 percent surge compared to the prior year, as per the latest governmental figures.Previously, the first quarter of 2023 saw the Ministry of Commerce issue 65,363 permits. The significant growth...

The dominant force in the global oil market, Saudi Arabia, is poised to raise the official selling price (OSP) for its premier Arab Light crude in May, a move that is expected to influence pricing throughout Iran, Kuwait, and Iraq.Industry insiders suggest that the May OSP for Arab Light could see an increment of $0.20 to $0.30 per barrel from...

Entering the Competition To participate in the contest, technology entrepreneurs operating for under five years in Saudi Arabia should submit an application via the official online form by the 30th of June, 2024. Eligibility extends to those with innovative technologies, a solid business foundation, demonstrable progress, and scalability. Participants must be Saudi residents, 18 or older, and cannot be affiliated...

March witnessed a robust expansion in Saudi Arabia's non-oil business activities, with the sector's output hitting a six-month peak. This surge is an indicator of the kingdom's progressive strides towards the ambitious targets of its Vision 2030 blueprint.The non-oil domain has notably contributed to the nation's GDP, accounting for half of it for the first time ever - a historic...

Two leading South Korean construction companies have landed a pivotal $7.2 billion contract to build a significant gas facility in Saudi Arabia. This project marks a major milestone as the largest construction contract Korean firms have obtained in the kingdom.Samsung E&A along with GS Engineering & Construction have inked a deal for engineering, procurement, and construction with Aramco, the national...

Saudi Arabia has unveiled a high-tech enhancement to passport control at one of its principal airports by rolling out biometric e-gate scanners.The initial phase of the deployment of e-Passport gates was launched at King Khalid International Airport in Riyadh, specifically at Terminals 3 and 4, aiming to expedite the travel process for passengers.The launch event was graced by significant figures,...

Two prominent South Korean construction companies have successfully obtained contracts worth a total of $7.22 billion from Saudi Aramco, the national petroleum and natural gas company of the Kingdom of Saudi Arabia. This deal was proudly announced by the South Korean presidential office.These contracts are seen as the fruits of stronger diplomatic relations between South Korea and Saudi Arabia, which...

The Saudi-based airline, flynas, has marked a significant milestone in its expansion strategy by taking possession of its 50th Airbus A320neo jetliner. This event was commemorated with a ceremony at King Khalid International Airport in Riyadh. Continuously advancing, flynas is executing an ambitious growth blueprint aimed at bolstering its fleet. Acquiring the 50th jet is part of a larger agreement...

In a significant move towards reducing its reliance on oil, Saudi Arabia has reached a pivotal point as its non-oil sector now comprises half of the country's GDP for the first time. This achievement was reported in government statistics unveiled last month, highlighting a real GDP growth in non-oil industries of approximately 4.4%, which translates to a valuation of around...

In an insightful exchange, Mohammed Al Naimi, CEO of ACT Group, delves into how Saudi Arabia's Vision 2030 is reshaping the industrial sector. Al Naimi underscores the initiative's significant role in driving the sector forward and aiding the nation's shift towards economic diversification, moving away from a reliance on hydrocarbons. He also touches upon the transforming labor market, with national...

Shares of Canoo (NASDAQ: GOEV) are experiencing a downturn even as the electric vehicle (EV) manufacturer broadcasts its recent growth into the Saudi Arabian market with new commercial vehicle sales.The leap into the Saudi market follows an agreement with Jazeera Paints, a prominent paint producer, which involves an initial purchase of 20 EVs to bolster its fleet, with an option...

Saudia, Saudi Arabia's flagship airline, has introduced an enticing offer for international passengers transiting through the country. In a limited-time promotion, travelers can secure a stopover visa while arranging their flight bookings, granting them permission to discover the nation for leisure, business, or spiritual endeavors. This visa, valid for a 96-hour period, is a collaborative effort with the Saudi Ministry...

Riyadh's Business Boom: March witnessed a continuation of Saudi Arabia's strong business performance, with the nation's regulatory body greenlighting 18 requests related to economic concentration.The General Authority for Competition reviewed a total of 17 applications, facilitating a significant number of international transactions. This included 10 acquisitions, five partnerships, two agency agreements, and one merger, showcasing a dynamic market open to...

Canoo Inc., an innovator in the high-tech advanced mobility sector, has announced a substantial vehicle sales agreement with Jazeera Paints, a leading paint manufacturer in the Gulf Cooperation Council and MENA regions. The deal, which will see Jazeera Paints integrate 20 of Canoo's electric vehicles into their fleet in 2024, with an option for up to 180 more, marks Canoo's...

In a move that underscores the importance of cultural preservation, the Al-Ghamdi brothers have embarked on a significant project to rehabilitate a historic structure within Al-Dhafir village, located in the city of Al-Baha. Their mission is to breathe new life into the building, in an effort to safeguard the area's rich heritage and present the life stories and challenges of...

Tonomus, a subsidiary of NEOM focused on cognitive technology and digital infrastructure, has entered into a collaborative dialogue with Monstarlab, a worldwide digital consulting firm. The goal is to enhance the caliber of professional services in NEOM and throughout Saudi Arabia. This partnership is built on a shared dedication to excellence and innovation, especially at a time when technological advancements...

The Saudi Human Resources Development Fund has made a substantial investment of approximately SAR 8.7 billion ($2.3 billion) in the previous year into various initiatives that include training, advising, and empowering. The objective behind this investment is to enhance the prowess of private sector entities, augment the employment rate of Saudi nationals, and promote job longevity.As part of the Kingdom's...

Tata Daewoo, the South Korean commercial vehicle giant, has unveiled plans to establish a truck manufacturing facility in Saudi Arabia. This strategic expansion is set to bolster their presence in the Middle Eastern market.An agreement through a Memorandum of Understanding (MoU) was inked between Tata Daewoo, Saudi Diesel Equipment Company (SDEC)—their local distributor, and Perfect Arabia Factory (PAF), a local...