Business

The Qiddiya Investment Company (QIC) has made headlines with its announcement of a groundbreaking new attraction for anime aficionados and visitors seeking top-notch entertainment. The Dragon Ball theme park, an unprecedented anime-inspired amusement park, is poised to open its doors within the vibrant Qiddiya City, a mere 40-minute drive from the heart of Riyadh.Encompassing an area exceeding half a million...

Several multinational corporations are poised to open their regional headquarters in Saudi Arabia, following the signing of memorandums of understanding with the Ministry of Investment. These agreements took place on the fringes of MIPIM 2024, a global property market event, held from March 11 to 14 in Cannes, France.The Kingdom's Minister of Investment, Khaled Al-Falih, disclosed that 450 international investors...

ROSHN Group, a leading real estate developer in Saudi Arabia and a subsidiary of the Public Investment Fund (PIF), has announced an impressive expansion of its multi-functional application through a recent partnership with Boxo, a tech innovator hailing from Singapore. In a formal ceremony at the ROSHN corporate office, the two entities outlined a cooperation agreement to bolster three key...

The Minister of Transport and Logistics, Eng. Saleh bin Nasser Al-Jasser, conducted an on-site evaluation of King Abdulaziz International Airport's facilities in Jeddah. This evaluation included a comprehensive tour of the establishment's triad of terminals: Terminal 1, the North Terminal, and the recently inaugurated Hajj and Umrah Terminal Complex. Al-Jasser was joined by high-ranking representatives from the General Authority of...

On the 19th and 20th of March, the illustrious city of Riyadh hosted a pivotal assembly of the INTOSAI Development Initiative Board of Directors. The convocation saw the participation of Dr. Hossam bin Abdul Mohsen Al-Anqari, the esteemed President of the General Auditing Bureau, who joined as a representative of the Kingdom on the Board. In attendance were also prominent...

The Kafalah program, aimed at facilitating loans for small and medium-sized enterprises (SMEs), has teamed up with Sirar by stc to unveil the Sayen service, a cutting-edge digital signature solution. This innovative service is designed to attach digital signatures to e-documents and transactions, significantly streamlining processes and boosting operational efficiency. Utilizing state-of-the-art systems and technology, the Sayen service integrates electronic...

The collaborative efforts of Huawei Cloud, the Ministry of Investment of Saudi Arabia (MISA), and the Communications, Space and Technology Commission of Saudi Arabia (CST) culminated in the successful Huawei Cloud Automotive Forum held at LEAP 2024. This summit drew representatives from Saudi government agencies, investment bodies, industry partners, and over 10 Chinese automotive companies, focusing on the integration of...

In an ambitious move to harness an estimated $2.5 trillion in mineral wealth, Saudi Arabia is rolling out incentives and issuing additional licenses to mining companies eager to tap into the country's vast resources.The Kingdom's Ministry of Industry and Mineral Resources has reported a significant uptick in the number of applications for mining licenses. This surge follows the enactment of...

The Ministry of Industry and Mineral Resources in Riyadh has observed a significant uptick in applications for mining licenses, a development linked to the enactment of the Mining Investment Law in January 2021. This legislation was introduced with the objective of encouraging investments, fostering sector growth, and elevating the nation's mineral production capacities. Post-implementation of the new law, the count...

The Saudi Ports Authority, known as Mawani, has instituted a mandate for all shipping intermediaries and storage facility lessees within the logistics and support zones to operate on a continuous basis. This directive requires the processing of container transactions throughout the day and night, encompassing weekends and public holidays.Observations indicate that some shipping agents and storage yard operators at King...

In a significant gathering at the Huawei Cloud Automotive Forum, part of LEAP 2024, Huawei Cloud partnered with Saudi Arabia's Ministry of Investment (MISA) and the Communications, Space & Technology Commission (CST) to explore the prospects of smart vehicle technologies and the expansion of Chinese automotive businesses into the Saudi market. The event was attended by Saudi government officials, investment...

Saudi Arabia's Almarai, recognized as the largest dairy firm in the Middle East, has unveiled a plan to allocate more than 18 billion Saudi riyals (approximately $4.8 billion) through 2028. This substantial investment aims to fortify its existing operations and broaden its reach into novel market segments.The investment blueprint earmarks 7 billion riyals for the expansion of its poultry division...

Jordan's export figures to Saudi Arabia have seen a notable rise in the year 2023, ascending to a value of JD984 million, which marks a 7.1 percent increase from the JD840 million recorded in 2022. This boost has placed the nation at the forefront of Jordanian exports within the Greater Arab Free Trade Area.Conversely, the kingdom's imports from Saudi Arabia...

The commercial landscape in Saudi Arabia is witnessing a notable transformation as women entrepreneurs begin to play a pivotal role. Their emergence is not only addressing unemployment challenges but also enhancing the country's brand on a global stage.In this progressive shift, Saudi women are increasingly making autonomous decisions about their careers and becoming key economic contributors. The government's Saudi Vision...

The corporate terrain of Saudi Arabia is undergoing significant transformation with the advent of the Regional Headquarters (RHQ) program, slated to take effect from the onset of 2024. This groundbreaking initiative requires that multinational companies set up RHQs within the Kingdom to be eligible for government contracts, thereby enhancing operational efficiencies and expanding market presence. This move introduces a host...

Oil prices witnessed a significant uptick, reaching a four-month high, driven by a combination of reduced crude exports from leading producers and positive economic signals from China and the United States. The benchmarks for Brent and West Texas Intermediate (WTI) crude saw increases of 1.8% and 2.1%, respectively, positioning both into an overbought state and marking their highest settlements since...

Recent discussions have surfaced about Saudi Arabia's massive sovereign wealth fund potentially purchasing the country's flagship carrier Saudia, according to information from insiders.The Public Investment Fund (PIF), which is responsible for managing an impressive $925 billion in assets, is considering this acquisition in line with its ambitious plans to inject capital into tourism and transportation sectors. This strategy is part...

In a significant move to expand its maritime connections, the Saudi Ports Authority, known as Mawani, has launched a new shipping line, the IMS, at the King Abdulaziz Port in Dammam. This service is set to enhance the Kingdom's links with critical regions in Southeast Asia and India. The initiative is a concerted effort by Mawani to fortify its international...

Saudi Arabia's state-owned Public Investment Fund (PIF) is reportedly in preliminary discussions to acquire the country's premier airline, Saudia, as part of a multi-billion dollar initiative aimed at transforming the nation into a destination for tourists.The PIF is contemplating an acquisition that would incorporate the 80-year-old Saudia into its expanding aviation holdings as early as the upcoming year. Insiders, choosing...

Saudi Arabia is reportedly in the process of considering a significant change in the structure of its national airline. The kingdom is exploring the idea of transferring the ownership of Saudia, also known as Saudi Arabian Airlines, to its sovereign wealth fund, the Public Investment Fund (PIF). This information comes from two individuals who are privy to the discussions.The potential...

Saudi Arabia is poised to significantly enhance its higher education landscape by welcoming international academic institutions to establish branches within the nation. This move will provide Saudi students with access to world-class education programs locally.Recent agreements have been struck with the University of Wollongong from Australia, and American entities Arizona State University and Cintana Education, which are set to initiate...

The Tadawul All Share Index in Saudi Arabia witnessed an increase on a recent Sunday, climbing by 39.90 points, or 0.27 percent, to conclude the day at 12,762.43. The trading volume for the day on the benchmark index reached SR9.02 billion ($2.4 billion), with 136 stocks experiencing gains and 79 facing declines.A similar upward trend was observed in the parallel...

The sovereign wealth fund of Saudi Arabia is reportedly in preliminary discussions to acquire the nation's leading airline, as part of a broader initiative to transform the country into a global touristic hub.The Public Investment Fund (PIF) has set its sights on incorporating Saudia into its aviation holdings as early as the coming year, with plans to inject several billion...

Selfridges, the esteemed department store, is becoming a focal point for acquisition interest from both Saudi Arabia and Kering, the conglomerate behind the luxury brand Gucci. The financial distress of Selfridges’ part-owner has triggered a race for its ownership stakes. The Saudi Arabian Public Investment Fund (PIF) and Kering are among the entities rumored to be eyeing a portion of...

The Public Investment Fund (PIF) of Saudi Arabia is reportedly engaged in preliminary discussions to acquire the nation's premier airline, Saudia. This move is part of a broader initiative to invest heavily in the country's emerging tourism sector.Insiders with knowledge of the situation, who preferred to remain anonymous, have indicated that the PIF may integrate Saudia, an airline with an...

In the ever-evolving world of commerce, significant developments have emerged, capturing the attention of investors and corporations alike. Notably, the Public Investment Fund (PIF) of Saudi Arabia alongside luxury brand conglomerate Kering, known for owning Gucci, are reportedly eyeing a stake in the renowned department store Selfridges. This comes as Selfridges' co-owner faces insolvency, spurring a competitive tug-of-war for control...

Saudi Arabia is poised to potentially double its hotel room inventory over the coming decade to cater to the increasing number of pilgrims and tourists, a leading industry executive suggests.Elie Maalouf, the Chief Executive Officer of IHG Hotels and Resorts, highlighted in a discussion that the current lodging capacity in Saudi Arabia is not adequate to accommodate the burgeoning demand...

In the wake of Vision 2030, Saudi Arabia's higher education system is experiencing a significant transformation to better meet the demands of the job market, according to a recent analysis by Colliers. The report from the global professional services firm indicates that the Kingdom's ambitious economic diversification and Saudization initiatives are reshaping employment opportunities, particularly in sectors like artificial intelligence,...

During the illustrious MIPIM 2024 gathering in Cannes, France, a prominent event for global property development leaders, the New Murabba Development Company made a significant impact with its forward-thinking plan for urban transformation. They announced their preparedness to forge partnerships with international investors.At the helm, New Murabba CEO Michael Dyke emphasized the wealth of investment possibilities for those looking to...

The iconic Selfridges department store has found itself at the center of a high-stakes corporate drama following the financial troubles of one of its principal shareholders, sparking interest from major international investors. The insolvency of Signa, an Austrian firm led by Rene Benko that owns half of Selfridges' property company, has put its stake in the renowned retailer up for...