Business

The Kingdom of Saudi Arabia's pivot towards renewable energy is anticipated to yield a substantial reduction in annual electricity expenditures, potentially saving $30 billion by the year 2030, as per a high-ranking S&P Global official. During a panel at the 2024 Saudi Arabia Capital Markets Conference in Riyadh, Sofia Bensaid, who oversees Infrastructure and Project Finance Ratings, emphasized Saudi Arabia's...

Saudi Arabia’s Vision 2030 initiative is transforming Ras al-Khair into a leading shipyard destination within the region.The Saudi government aims to magnetize top-tier shipbuilders and bulk carriers to the newly established Special Economic Zone (SEZ) situated along the Persian Gulf. This SEZ, located near Jubail, will include the sprawling King Salman International Complex for Maritime Industries and Services, anticipated to...

The business landscape between Saudi Arabia and Malaysia is set to strengthen following a series of high-profile meetings in Kuala Lumpur. Dr. Majid bin Abdullah Al-Qasabi, the Saudi Minister of Commerce, convened with his Malaysian counterparts, including the Minister of Entrepreneurship Development, Minister of Entrepreneur Development and Cooperatives Ion Benedick, the Minister of Agriculture and Food Security Mohamad Sabu, and...

The Saudi capital is gearing up to welcome the Fifth Internal Auditing Forum on May 12, an essential gathering in the context of International Internal Audit Awareness Month. Hosted by the Saudi Center for Financial and Performance Auditing (SCFPA) at the General Court of Audit's headquarters in Riyadh, this forum promises to unite a host of national and international experts...

The national oil behemoth of Saudi Arabia, Aramco, is gearing up to distribute nearly £100bn to its shareholders, which includes the government and various sovereign wealth funds. This move comes despite a noticeable dip in profits for the company.Expected shareholder payouts for this year are projected at $124bn (£99bn), marking an increase from last year's $98bn. This decision aligns with...

Luxury hospitality leader Four Seasons, in collaboration with Dar Al Omran Company, has revealed plans to enhance its Middle East portfolio with the inauguration of the Four Seasons Hotel Madinah, slated to open towards the end of 2024.Positioned in the center of Madinah and in close proximity to the Prophet's Mosque, one of the region's most revered and historic sites,...

DXwand, a company at the forefront of AI-driven conversational technology, has forged a significant partnership with AstroLabs, a platform dedicated to facilitating business growth in Saudi Arabia, to initiate the provision of their services in the region.The announcement comes on the heels of DXwand securing a substantial $4 million in a Series A funding round, signaling a pivot towards enhancing...

In the face of declining profits, Aramco has chosen to preserve its substantial $31 billion dividend distribution to the Saudi government and other shareholders, providing critical financial support to the kingdom's economy amidst a challenging budget deficit scenario.As the globe's preeminent oil exporter, Aramco's robust dividend payments are becoming increasingly vital for the state, especially as the price of crude...

Ant International, a leading digital payment and FinTech company based in Singapore, has recently signed a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to extend its operations into the country.The joint announcement made on Monday indicates that MISA endorses Ant International’s initiative to create a local presence in Saudi Arabia. This support includes assistance...

The inauguration of a new business council marks a significant step forward in strengthening economic bonds between Saudi Arabia and Malaysia, with both nations aiming to boost growth and cooperation in various sectors.During a recent visit by Saudi Minister of Commerce Majed bin Abdullah Al-Qasabi to Malaysia, the council was established. Accompanied by a delegation of 44 representatives spanning 20...

Cognizant and Google Cloud are taking their global collaboration to new heights with an announcement of a strategic partnership in Saudi Arabia. Their goal is to spur the adoption of groundbreaking technologies, particularly focusing on generative AI, data modernization, and application migration initiatives. Key Partnership Highlights At the core of this partnership is Google Cloud’s Gemini, a robust generative AI...

Lucid Motors remains unprofitable in the initial quarter, forecasting a substantial rise in investment expenses to reach $1.5 billion for the current fiscal year. The Saudi sovereign wealth fund PIF, already a backer of Lucid, has infused an added billion dollars into the company.Lucid Motors reported a revenue of $172.7 million from January to March, with 1,967 electric vehicles delivered....

Business entities from Hong Kong and mainland China are mobilizing for significant investments in Saudi Arabia, signifying a major move towards deepening economic relationships, as conveyed by a high-ranking official.An entourage comprising 30 influential business figures from Hong Kong and China is preparing to delve into various sectors within the Kingdom, motivated by the ambitious Vision 2030 initiative set forth...

During a pivotal trip to Malaysia, Saudi Arabia's Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi convened with the Malaysian Prime Minister Anwar Ibrahim in Kuala Lumpur. The high-level discussions centered on fortifying cooperation, initiating joint governmental initiatives, and identifying collaborative opportunities in sectors deemed vital for both countries. The strategic visit was primarily aimed at enhancing the bilateral exchange...

DXwand, recognized for its advancements in AI-driven conversational technologies, has declared its foray into the Saudi Arabian market through a collaboration with AstroLabs, a distinguished business growth facilitator in the Gulf region.This pivotal expansion follows DXwand's successful closure of a $4 million Series A investment intended to enhance product features and intensify research and development in the realms of generative...

The oil behemoth Saudi Aramco recently disclosed its financial achievements for the initial quarter of the year, revealing a net profit of $27.27 billion. This marks a slight uptick of 2.04 percent from the preceding quarter, showcasing the company's ongoing profitability.With total revenues reaching an impressive $107.21 billion and operating income at $58.88 billion for the quarter, Aramco has demonstrated...

NEOM has recently introduced Jaumur, which stands as the most extensive cosmopolitan marina community along the Gulf of Aqaba. It is conceived to epitomize the zenith of futuristic habitation and an energetic way of life.The revelation of Jaumur is a testament to NEOM's commitment to fostering a community that reflects high standards of living and wellness. The project aims to...

Pakistan's State Minister for Information Technology, Shaza Fatima Khawaja, has recently highlighted the potential benefits arising from the collaboration between Pakistan's technical prowess and Saudi Arabia's market demand. This partnership is poised to foster significant investment opportunities within the IT and telecommunications industries. Khawaja's remarks were delivered during a dialogue with Saudi technology companies, which are part of a substantial...

A delegation from Saudi Arabia's Manara Minerals has arrived in Pakistan to discuss the potential acquisition of a share in the Reko Diq mine, one of the world's most promising undeveloped gold and copper deposits.Located in the volatile Balochistan province of Pakistan, this mine is a joint venture between the Pakistani government and global mining giant Barrick Gold Corp. It...

The Capital Market Authority (CMA) has unveiled a comprehensive narrative titled

On the upcoming Wednesday in Houston, Texas, the Saudi-U.S. Business Council is set to commemorate its 13th year since inception with a festive event. This gathering will see the participation of esteemed individuals from the investment and business sectors of both nations.The council's acting President and CEO, Susan Lindemann, conveyed to the press that this anniversary aligns with a notable...

The Malaysian capital of Kuala Lumpur was the venue for a high-profile meeting between Prime Minister Anwar Ibrahim and Dr. Majid bin Abdullah Al-Qasabi, the Saudi Minister of Commerce. The discussions, which took place on Monday, were aimed at strengthening collaborative efforts and identifying new partnership opportunities within key sectors. Joining the reception were prominent figures such as Dr. Eman...

At the forefront of sustainable manufacturing, Alat, backed by the Public Investment Fund, has recently announced the launch of two innovative business units focused on electrification and artificial intelligence (AI) infrastructure. This strategic move aims to position Saudi Arabia as a leading global production center.The announcement was made during the prominent Milken Institute Conference in Los Angeles, marking a significant...

According to Marco Osnato, Chairman of the Saudi-Italian Parliamentary Friendship Committee, Italian commerce chambers and corporate entities are gearing up to set up their main operational bases in the Kingdom of Saudi Arabia. The goal of this move is to bring their varied services and expertise to the numerous sectors within the Saudi market.Osnato revealed this plan while participating in...

Saudi Arabia is making significant strides in becoming a destination of choice for professionals worldwide, as it ascends to the 26th position among preferred countries for workforce mobility. This development marks a notable climb up the global ranks, reflecting the Kingdom's targeted initiatives to become a magnet for skilled workers. The latest 'Decoding Global Talent 2024' report, produced by Boston...

Responding to heightened demand, Saudi Arabia's non-oil private sector saw significant purchasing acceleration in April, indicating robust economic activity.In the second quarter of 2024, the non-oil private sector of Saudi Arabia continued its upward trajectory, powered by vigorous domestic demand which prompted a marked escalation in business activities. Despite marginal reductions in the workforce due to financial prudence, the softened...

The Beach Walk in King Abdullah Economic City stands out as a prime destination, enticing visitors with its captivating charm. Skirting the edge of the Red Sea, this bustling walkway is peppered with a diverse mix of eateries, ranging from local delights to international fare, along with a host of recreational offerings. The Beach Walk is not just a place...

In the 2024 travel forecast for the Middle East and North Africa (MENA) region, Egypt and Saudi Arabia continue to stand out as favored destinations, maintaining their prominence in the international travel arena, as revealed by a recent study. The Singapore-headquartered travel service Wego identified Egypt as the most popular destination for regional travelers in the first quarter of the...

The National Housing Company (NHC) of Saudi Arabia has recently inked a pact with CITIC Construction, a Chinese firm, to create an industrial city and establish logistics zones dedicated to building materials within the kingdom.This monumental agreement was solidified during the visit of Saudi Arabia's Municipal, Rural Affairs and Housing Minister Majed bin Abdullah Al-Hogail to China. NHC's chief, Mohammed...

Michael Mainelli, the Lord Mayor of London, has disclosed that there is a concerted push to enhance collaborations with Saudi Arabia in sectors like fintech, green finance, artificial intelligence, and space and cyber technologies.The United Kingdom and Saudi Arabia maintain a robust trade relationship. Mainelli pointed out during an interview at the World Economic Forum's special meeting in Riyadh that...