Business

Saudi Arabia's Public Investment Fund (PIF) has reached an agreement to purchase a 51 percent share in the kingdom's largest telecommunications infrastructure provider, Telecommunication Towers Company Limited (Tawal), from the Saudi Telecommunications Company (STC Group).The deal assigns Tawal an enterprise value of $5.85 billion and is a strategic move in the consolidation of telecom infrastructure assets within the country.In an...

In a strategic move to bolster worldwide economic reforms and to strengthen competitiveness on a regional and global scale, Saudi Arabia has teamed up with the World Bank to create a knowledge center within the country. This endeavor is designed to disseminate the successes of Saudi Arabia's economic reform strategies and foster active engagement with global entities.The announcement of this...

At the renowned 49th International Exhibition of Inventions in Geneva, which took place from April 17 to 21, Jouf University emerged as a beacon of innovation, securing four prestigious medals in a fierce competition that saw participation from 26 Saudi universities and over 1,000 inventions from more than 40 countries.The university's College of Science students demonstrated exceptional ingenuity, garnering three...

The stc Group has made a significant leap in the telecommunications arena by securing a majority stake in the region's largest towers company, Tawal, through a definitive agreement orchestrated by the Public Investment Fund (PIF). The stc Group's Chief Executive Officer, Olayan Mohammed Alwetaid, conveyed to the Saudi Press Agency that this deal is a pivotal advancement in stc Group's...

In a recent development within the energy and chemicals industry, Aramco, a giant in integrated energy solutions, has publicly announced its ongoing negotiations with Hengli Group Co., Ltd. The talks revolve around Aramco's intention to acquire a minority interest, specifically a 10% share, in Hengli Petrochemical Co., Ltd. The completion of this deal is contingent on thorough due diligence and...

Saudi Arabia's state-owned Public Investment Fund (PIF) has made a significant move in the telecommunications sector by acquiring a principal shareholding in Saudi Telecom Co.'s tower unit, amounting to $2.3 billion. This strategic purchase is intended to spearhead the formation of the largest telecom tower company within the region.The PIF now controls a commanding 51 percent stake in Telecommunication Towers...

Saudi Arabia's ambitious Neom megacity initiative recently extended its promotional efforts to China. The Neom delegation embarked on visits to Beijing, Shanghai, and Hong Kong with the aim of attracting Chinese investment into the project.Despite the absence of immediate deal announcements, participants at the events reported that the presentations offered a clearer understanding of the enigmatic development. According to one...

A collaboration between Saudi Arabia's Alistithmar Capital and Ezdihar Real Estate Development Co. has been announced, heralding the establishment of a property fund valued at SR1.1 billion (approximately $293 million). The initiative is poised to enhance the commercial and office real estate sector in Riyadh.Alistithmar Capital, which operates under the umbrella of Saudi Investment Bank, disclosed that the fund's objective...

The commercial aviation sector in Jeddah has recently seen remarkable activity as King Abdulaziz International Airport (KAIA), managed by the Jeddah Airports Company (JEDCO), reported exceptional operational performance during the dense Umrah season which aligns with Ramadan and continues until the 9th of Shawwal.During this bustling period, JEDCO introduced several improvements aimed at streamlining the flow of pilgrims through the...

In a significant move within the business media landscape, the Saudi Public Investment Fund (PIF) has secured a controlling interest in Telecommunication Towers Company Ltd (TAWAL), procuring a 51% stake from the STC Group. This strategic acquisition is set to establish the preeminent telecom tower company across the region, as announced by both PIF and STC.The terms of the deal...

The Public Investment Fund (PIF) alongside the Saudi Telecommunications Company (stc Group) has disclosed the completion of a definitive agreement that will see PIF take control of a 51% share in Telecommunication Towers Company Limited (TAWAL), previously held by stc Group. TAWAL, a leader in the telecommunications infrastructure market in Saudi Arabia and the region, is valued at an impressive...

The Kingdom of Saudi Arabia has been recognized as a knowledge hub, a testament to its significant advancements in recent years. This designation underscores the nation's role as a leader in information and expertise.In a notable development, the United Arab Emirates and Oman have solidified their economic relationship by establishing investment partnerships worth $35 billion. This alliance is expected to...

In a groundbreaking initiative geared towards revolutionizing the construction and real estate domains, Startup Wise Guys (SWG), in collaboration with SEEDRA Ventures and under the sponsorship of the National Technology Development Program (NTDP), is elated to unveil the inaugural Construction Tech Specialized Fund and Accelerator Program in Saudi Arabia.The fund, helmed by SWG, is led by two experienced General Partners,...

In observance of International Mother Earth Day on April 22, Saudi Arabia is making significant strides in combating climate change, enhancing its green energy portfolio, and advocating for environmental sustainability through its ambitious Saudi Green Initiative (SGI).Initiated in 2021, a prominent goal of the SGI is to decrease carbon emissions by 278 million tonnes annually by 2030 and to reach...

The 'Discover NEOM' global journey reached its final chapter in Hong Kong, marking the end of a series of international engagements. Hosted at the M+ venue within the bustling West Kowloon Cultural District, this concluding event was a collaborative effort with Hong Kong's Belt and Road Office, operating under the Commerce and Economic Development Bureau of the Government of the...

At a recent international assembly in Beijing, the General Authority for Survey and Geospatial Information (GEOSA) took an active role in proceedings. Present at the convening of the International Advisory Committee of the United Nations Global Geospatial Knowledge and Innovation Centre, GEOSA's participation was marked by the presence of its President, Dr. Eng. Mohammed Yahya Al-Sayel, who also serves as...

The General Organization for Social Insurance in Saudi Arabia has forged a new alliance with the Social Security Corporation of Jordan, aiming to fortify their cooperative efforts in the realm of social insurance. An official memorandum of understanding (MoU) was inked, setting the stage for a robust exchange of knowledge and expertise between the two institutions.This pivotal agreement was formalized...

The Development Authority of the Al-Madinah Region has recently upgraded the transportation network by enhancing the bus services that link passengers from the Madinah station of the Haramain High Speed Railway to the Prophet's Mosque. This improved service is accessible for users on a daily basis, from early morning at 7:00 AM till late evening at 11:00 PM, aligning with...

The Kingdom of Saudi Arabia is making swift advances in the localization of its automotive sector, a key component of the government's Vision 2030 blueprint. A leading official has highlighted the significant strides being made towards nurturing domestic manufacturing of vehicles and components.During a seminar organized by the Saudi-American Business Council, Aftab Ahmed, a top adviser at the National Center...

The inaugural consignment of Jazan mangoes, totaling 24 tons, embarked on its journey to the Hashemite Kingdom of Jordan. This significant step emerges from a previously established agreement with Jordanian counterparts, aiming to introduce the region’s bountiful produce, including not just mangoes, but also papayas and watermelons, into new markets.In a synergistic collaboration, the Cooperative Society for Agricultural Marketing (Alrowia)...

The capital of Saudi Arabia is set to launch a dynamic event titled Innovation Week, which will commence on April 21 and continue until April 27, 2024. This initiative is a result of a strategic partnership between the Research, Development and Innovation Authority, the General Authority for Small and Medium Enterprises (Monshaat), and the Saudi Authority for Intellectual Property. The...

The Kingdom of Saudi Arabia is on track to fulfill its ambitious objective of reaching 130 gigawatts in renewable energy capacity by the year 2030, provided that it continues to fortify its green initiatives and secure their rigorous execution, as indicated by a recent analysis. A study by analytics firm GlobalData reveals that Saudi Arabia's renewable energy sector is picking...

During a key visit to Pakistan this week, Saudi Foreign Minister Faisal bin Farhan Al Saud's agenda is centered on finalizing investment agreements that have been in the pipeline between the two nations, as well as exploring new collaborative opportunities, as highlighted by Islamabad's representative in Riyadh, Ahmed Farooq. Prince Faisal's arrival in Pakistan for a two-day engagement is designed...

Consumer spending on Fast-Moving Consumer Goods (FMCG) in Saudi Arabia and the UAE exhibited marginal growth in the final quarter of 2023, registering an uptick of less than 0.5 percent. A market analysis by NielsenIQ points to increased price sensitivity and a reorientation of consumer preferences as key factors behind this moderate recovery.Despite the sluggish recovery in traditional retail sectors,...

SHREE, a prominent Indian fashion label, has recently announced its entry into the Saudi Arabian market, inaugurating its inaugural store in the kingdom. The brand also disclosed plans to significantly widen its presence across the Gulf Cooperation Council (GCC) region, with an additional 10 stores slated for launch, alongside five new locations for its Abaya line, AFIFA, in the United...

Announcement of a pivotal Memorandum of Understanding (MOU) has been made by AfriLabs, an African innovation hub network, and the Ministry of Investment of Saudi Arabia (MISA), targeting the enhancement of the tech and innovation landscapes in both Africa and Saudi Arabia.AfriLabs, which boasts a network exceeding 430 members, is a pivotal force in nurturing innovation and entrepreneurship across the...

The Business Continuity Institute (BCI) has recently announced the establishment of a new chapter in Saudi Arabia, aimed at strengthening the business continuity and resilience sector in the region.Comprising a dedicated committee, the BCI Saudi Arabia Chapter includes the following individuals:Atiq Bajwa - LeaderMohamed Abuelqroush - Vice-LeaderDavid Bollaert - Committee MemberDarrshan Manukulasooriya - Committee MemberAsma Alsobhi - Committee MemberIbrahim Alhamdan...

The headquarters of the Islamic Development Bank (IsDB) in Jeddah was the scene of a celebratory event as the institution marked the successful completion of the Mohmand Dam Hydropower Project (MDHP) in Pakistan. This initiative stands as a testament to the bank's dedication to its member nations and aligns with their collective vision for an eco-friendly future.According to the IsDB,...

The Saudi Minister of Tourism emphasized the nation's dedication to fostering sustainable practices within the travel industry at a recent gathering held at the United Nations headquarters in New York. During the UN Sustainability Week, the minister outlined Saudi Arabia's strategic approach to transforming it into one of the world's most sought-after tourist destinations, an ambition backed by the leadership...

The hospitality sector in Saudi Arabia is poised for substantial expansion, with predictions indicating a doubling of available accommodations and a surge in visitors — 30 million pilgrims and 150 million tourists by the year 2030.Despite this growth, many economy and mid-tier hotels, which form the bulk of the sector, are encountering difficulties within their food and beverage (F&B) operations....