Business

AlJammaz Pioneers Distribution of Wildix’s UC&C Solutions in Saudi Arabia Dubai, UAE – In a move that signifies a major leap in its growth strategy, Wildix—a leader in UC&C (Unified Communications and Collaboration)—has unveiled a strategic partnership with AlJammaz Technologies. This alliance marks AlJammaz as the inaugural distributor of Wildix's cutting-edge UC&C solutions within the Saudi Arabian marketplace, initiating a...

The Saudi Ports Authority, known as Mawani, has recently unveiled the RGI service, a significant initiative by Unifeeder, designed to enhance the maritime trade network at Jeddah Islamic Port. This service establishes a direct maritime link between Saudi Arabia and key Indian ports, thereby facilitating trade and offering swift and reliable options for both exporters and importers.Reflecting the confidence of...

The International Islamic Trade Finance Corporation (ITFC) based in Saudi Arabia, part of the Islamic Development Bank group, has recently concluded a significant financing deal with the Government of Bangladesh. The $1.4 billion agreement, signed on March 25, 2024, is set to bolster Bangladesh Petroleum Corporation's (BPC) oil product imports for the fiscal year spanning July 2023 to June 2024,...

Saudi Arabia's Mobily Tops Telecom Sector Growth in 2024Mobily, the renowned telecommunication enterprise in Saudi Arabia, has been recognized by Brand Finance, a leading marketing consultancy, as the most rapidly expanding entity in the Middle East telecom sector for the year 2024. The assessment highlighted a significant growth in the company's value, with a reported increase of approximately 18 percent...

Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has recently disclosed an investment of approximately SAR375 million, equating to $100 million, for the advancement of skill sets within the nation's tourism industry. This initiative underscores the country's commitment to augmenting the proficiency of its citizens. During his address at the Manafea Forum in Madinah, Al-Khateeb set forth visionary goals to boost...

Egypt's premier investment banking institution is set to bolster its presence in Saudi Arabia, planning a 33% increase in its workforce within the year. The move is part of a wider trend with financial entities enhancing their operations in the kingdom due to a spike in deals.According to the firm's CEO, Karim Awad, the bank has already relocated top-tier executives...

The Ministry of Investment of Saudi Arabia (MISA) has forged a strategic alliance with Endava, a leading global provider of technology services. This partnership is marked by the signing of a Memorandum of Understanding (MoU) and is a significant step towards the Kingdom's digital transformation, which is a cornerstone of Saudi Vision 2030.Endava, with a strong market presence and a...

The London Metal Exchange (LME) is set to augment its global network by adding the coastal city of Jeddah, Saudi Arabia, as a significant delivery point for copper and zinc. Traditionally, the exchange's primary locations are in areas of high consumption or key trading centers such as Rotterdam.Matthew Chamberlain, the exchange's chief executive, has identified Saudi Arabia as "an increasingly...

Metakosmos, an innovative leader in the Australian space industry, has forged a new alliance with Al-Sanai, a prominent Saudi Arabian enterprise, to bolster its international presence. This union is a strategic move for Metakosmos as it seeks to penetrate emerging space markets and leverage the complementary strengths of Al-Sanai to spur growth and broaden its market influence in the Middle...

The Saudi Arabian Minister of Human Resources and Social Development, Ahmad Al-Rajhi, recently engaged in deliberations with private sector leaders in Makkah. Held at the Makkah Chamber of Commerce, the meeting served as a platform to discuss the labor market's progression and strategic direction between the years 2019 and 2023, as well as to identify the primary challenges and prospects...

The BinSulaiman Group, headquartered in the UAE, has unveiled a collaboration with Italy's esteemed coffee brand illycaffe, aiming to bring the premium coffee experience to Saudi Arabia.As part of a master franchise deal, the BinSulaiman Group is set to introduce illycaffe's renowned offerings to the Saudi market, building on the success of their existing partnership in the UAE.Dr. Omar BinSulaiman,...

Industrial firms in the MENA region, particularly in Saudi Arabia and the UAE, are emphasizing the importance of quality and efficiency, in contrast to their Western counterparts who are focused on cost-cutting measures. This was highlighted by Ediz Eren, Regional VP for META at Rockwell Automation, while discussing insights from the company's 9th State of Smart Manufacturing Report.The report indicates...

With sights set on becoming a global tourism leader, Saudi Arabia is targeting a place among the top 10 nations in the tourism sector this year, as announced by the minister responsible for tourism.At the Manafea Forum held in Madinah, Ahmed Al-Khateeb disclosed that the Kingdom possesses all the necessary elements to reach this ambitious goal. This was confirmed in...

The Kingdom of Saudi Arabia is poised to elevate its digital infrastructure and expertise, aligning with international standards, following a partnership with a prominent London-headquartered technology company.An alliance has been formed as the Kingdom's Ministry of Investment and the tech firm have entered into a memorandum of understanding. The collaboration aims to bolster the country's economic strategy by providing a...

In a recent development, Saudi Arabia has unveiled the latest stage in its strategic plan to bolster employment for its citizens within the consulting domain.The Kingdom's Ministry of Human Resources and Social Development has announced an increase in the Saudization quota for consulting roles to 40%, a 5% rise from the earlier threshold. This new directive is set to be...

Yousif Elaidi, a bioengineering student from Northeastern University, is diversifying his experience beyond the confines of the laboratory. He has ventured into the dynamic world of management consulting, embracing the extensive travel, social engagement, and collaborative ideation that the field offers.Embarking on a co-op with Wisdom Management Consultancy in Riyadh, Saudi Arabia, Elaidi finds himself in a familiar yet transformed...

Pakistan, grappling with a mass departure of its workforce abroad and a struggling economy that leans heavily on remittances, has devised an innovative solution: it has proposed that Saudi Arabia establish a specialized institution to educate potential expatriates within its borders.The suggested arrangement, which is being discussed amidst ongoing talks regarding employment in the Gulf nation, entails the creation of...

In a noteworthy collaboration, Alghanim Industries has joined forces with the Saudi Coffee Company, under the auspices of the Public Investment Fund of Saudi Arabia. This alliance aims to promote the Saudi specialty coffee brand, Jazean, and to broadcast the unique coffee culture of Saudi Arabia to an international audience. A landmark achievement in this partnership is the inauguration of...

The wealth of Saudi Arabia has been profoundly shaped by its oil reserves, yet as the global community grapples with climate change, the nation's oil giants are pivoting towards the burgeoning electric vehicle (EV) sector.Lucid Motors, a Newark, California-based company, announced plans to secure a $1 billion investment from Ayar Third Investment, an affiliate of the Saudi Public Investment Fund...

As the hospitality industry prepares for the upcoming Future Hospitality Summit (FHS) in Saudi Arabia, we had the opportunity to converse with Shahbaz Tufail, the Executive Vice President of DAR Engineering. The summit, which will unfold from April 29 to May 1, 2024, at the Mandarin Oriental Al Faisaliah in Riyadh, is set to feature a range of industry leaders,...

Luxury electric vehicle manufacturer Lucid Motors announced a substantial capital infusion of $1 billion from a Saudi Arabian Public Investment Fund (PIF) affiliate, leading to an approximately 8% surge in the company's stock value.This significant backing from the sovereign wealth fund marks a pivotal edge for Lucid in the competitive landscape of electric vehicle (EV) startups seeking financial stability.With a...

Red Sea Global (RSG), the entity behind the development of The Red Sea and AMAALA luxury tourism projects, has recently entered into a strategic agreement with Hyundai Motor Group. The partnership aims to introduce environmentally conscious transportation options at RSG’s opulent Saudi Arabian resorts, while also considering cutting-edge mobility technologies for future applications.The understanding was formalized during a ceremony at...

At the recent China Development Forum in Beijing, Aramco's President and CEO Amin Nasser delivered a compelling speech regarding the expansion of partnerships with Chinese enterprises. Nasser's vision, articulated in a press release, includes leveraging economic globalization and deepening Sino-Saudi ties through various sectors, particularly in emissions reduction, material sciences, and the burgeoning chemicals market.Nasser praised China's robust economic progression...

The Kingdom of Saudi Arabia has observed a significant uptick in business registrations, marking a 12 percent increase from 2019 to 2023. The total number of commercial records has now exceeded 1.12 million, according to a high-ranking official.During a collaborative session held in Jeddah, which was aimed at addressing challenges and improving the business ecosystem within the Kingdom, Minister of...

Franklin Resources, Inc., also known as BEN, has commenced its business activities within Saudi Arabia, following the acquisition of two pivotal licenses from the nation’s financial authority, marking a significant step in its global reach.The company has been granted a 'Managing Investments and Operating Funds' license along with an 'Advising' license by the Saudi Arabian Capital Market Authority.This strategic expansion...

In a significant move to enhance regional connectivity, Saudi Arabia and Bahrain have entered into two memoranda of understanding. These agreements are set to chart a path for the future of transportation, with a keen focus on road maintenance and safety measures.The primary intent of these MoUs is to foster a stronger collaborative relationship in the transportation and logistics sector...

The World Trade Organization's General Council has unanimously selected Saqer bin Abdullah Al-Moqbel, Saudi Arabia's Permanent Representative to the WTO, to chair its Dispute Settlement Body for the 2024-2025 term. This decision was reached during the council meeting on March 22, 2024.Al-Moqbel's appointment is a historic first, as he becomes the inaugural Arab permanent representative to the WTO to assume...

The Kingdom of Saudi Arabia has disclosed the forthcoming holiday schedule for Eid Al Fitr, specifically for those employed within its private sector.A recent announcement made via social media by the Ministry of Human Resources and Social Development indicates that the holiday break will commence on Tuesday, the 9th of April.A four-day holiday period is slated for private sector employees,...

Saudi Arabia has proudly announced the creation of Ceer, its pioneering electric vehicle (EV) brand, marking a significant milestone in the nation's journey towards sustainable innovation and economic diversification. This initiative is a testament to the Kingdom's dedication towards leading the EV sector in the Middle East.In alignment with Saudi Vision 2030, a comprehensive plan to diminish the nation's reliance...

Animoca Brands, a leading name in blockchain gaming, is taking significant strides in the burgeoning Web3 sphere in Saudi Arabia, following a recent memorandum of understanding with the nation's premier scientific institution, as disclosed by Yat Siu, the company's co-founder and chairman. The Hong Kong-based unicorn's expansion into the Saudi market includes a collaboration with King Abdulaziz City for Science...