Business

Saudi Arabia has introduced a customs exemption for industrial businesses to help diversify and strengthen its economy. The Ministry of Industry and Mineral Resources has launched this service through the Senaei platform to aid industrial facilities with licenses during their construction phase. This initiative removes customs duties on raw materials used in experimental production within set quantities, enhancing the industrial...

Saudi Arabian Mining Company (Ma'aden), the region's largest metals and mining firm, has announced the acquisition of SABIC's 20.62% stake in Aluminium Bahrain (ALBA). This acquisition aligns with Ma'aden's strategy to enhance regional growth opportunities. It is a significant part of their expansion plans aimed at increasing their aluminium business tenfold by 2040, underscoring aluminium's importance in their future growth....

Saudi Arabia and the UK have achieved record trade levels surpassing $21.7 billion and aim to boost bilateral trade to $37.5 billion by 2030. In Riyadh, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met with British Minister of State for Business and Trade Jonathan Reynolds to discuss cooperation in critical minerals, essential for energy transition and advanced industries...

The Saudi Council of Ministers has approved the Law of Commercial Registration and the Law of Trade Names, aiming to streamline business operations in the Kingdom. According to Minister of Commerce Dr. Majed Al-Qasabi, these laws will simplify business practices and reduce the burdens on commercial establishments. They align with the Saudi Vision 2030, reflecting the Kingdom's economic and technological...

Swvl Holdings Corp, a leading provider of enterprise and government mobility solutions, has secured new contracts in Saudi Arabia worth $2.6 million annually. This represents a significant 10% increase in the company's 2023 revenue. Swvl's gross profit in the region has grown sixfold since the first quarter, aligning with its strategic focus on expanding in Saudi Arabia, its fastest-growing market....

A Saudi Arabian cat food company, inspired by Islamic teachings on kindness to animals, is helping care for stray and abandoned cats across the Kingdom. Named after Abu Huraira, a companion of Prophet Muhammad known for his love of cats, the Horayra firm embodies compassion towards animals. Abu Huraira, meaning "Father of the kitten," often carried a kitten with him,...

Saudi Arabia's industrial sector is set for substantial growth through the Rafid program, which partners with academic institutions to drive innovation and research in manufacturing. Led by the Ministry of Industry and Mineral Resources, this initiative aims to boost the Kingdom's advanced national industry by collaborating with local universities and technical colleges, aligning with the National Industrial Strategy. Focusing on...

Analytix has become a top business solution provider in Saudi Arabia, aiding international organizations and foreign investors in setting up their businesses. With 15 years of experience, they have assisted over 1800 companies from 14 countries across 20 industries. Analytix offers diverse services for business establishment and operations in Saudi Arabia. Starting and growing a business in Saudi Arabia involves...

Saudi Arabia is localizing rose cultivation to meet local demand, create jobs, and cut down on costly imports of lesser quality. This move supports Vision 2030 by boosting exports to Gulf and Middle Eastern markets and encouraging agricultural growth. The Ministry of Environment, Water and Agriculture has introduced incentives to strengthen the rose production sector. These include financial returns to...

UK companies are planning to expand operations in Saudi Arabia following high-level discussions aimed at strengthening trade partnerships between the two nations. Saudi Arabia's Minister of Commerce, Majid Al-Qasabi, met with the UK’s Secretary of State for Business and Trade, Jonathan Reynolds, in Riyadh to discuss enhancing economic collaboration in key sectors. The discussions focused on boosting and financing emerging...

Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, met with the UK's Secretary of State for Business and Trade, Jonathan Reynolds. They explored ways to enhance industrial and mining cooperation and discussed investment opportunities for British firms. The meeting focused on strengthening the economic relationship between Saudi Arabia and the UK, particularly in the industrial and mining sectors....

RIYADH, Saudi Arabia: Saudi Commerce Minister Dr. Majed Al-Qasabi announced an imminent agreement to encourage and protect Saudi investments in Egypt, marking a step toward stronger economic ties. The announcement was made during a meeting of Saudi and Egyptian officials and investors, organized by the Federation of Saudi Chambers of Commerce, coinciding with Egyptian Prime Minister Dr. Mostafa Madbouly’s visit...

NTT Data has appointed Rami Beidas as the new leader of its Saudi Arabia office. Based in Riyadh, Beidas will guide NTT Data's strategic direction in Saudi Arabia. His duties encompass boosting sales, enhancing product and service offerings, and improving customer experiences. He will also foster relationships with regional ecosystem partners. “I am excited to bring my experience and leadership...

Saudi Arabian Mining Company (Ma’aden) plans to merge its aluminium units with Aluminium Bahrain (Alba) through a non-binding agreement. In exchange for Ma’aden Aluminium Company and Ma’aden Bauxite and Alumina Company, Alba will issue new shares to Ma’aden. The agreement includes a proposal to list Alba shares on the Saudi Exchange, pending regulatory approvals. This merger aims to position the...

Analytix has emerged as a top business solutions provider in Saudi Arabia, assisting over 1800 companies from 14 countries across 20 industries in establishing and growing their businesses. With 15 years of experience, Analytix offers comprehensive services in business and management consulting, making it a trusted partner for foreign companies and investors. Foreign companies looking to set up in Saudi...

The Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, has unveiled the Rafed Program. This initiative focuses on creating innovative factories within universities and technical colleges across the Kingdom. The program seeks to build strong partnerships with academic institutions to leverage innovation and research in advanced manufacturing. It particularly targets promising sectors identified by the National Industrial Strategy. The...

Saudi Arabia’s General Entertainment Authority (GEA) has boosted financial backing for small and medium enterprises (SMEs) in the entertainment sector to SR100 million ($26.6 million). This initiative, in collaboration with the Kafalah financing guarantee program, aims to strengthen the Kingdom's entertainment industry. The program provides coverage of up to 90%, depending on the enterprise size. Initially launched in 2022, the...

Aluminium Bahrain B.S.C. (Alba) has entered a non-binding agreement with Saudi Arabian Mining Company (Maaden) to explore a potential business combination. This merger aims to reshape the global aluminium industry by creating one of the largest aluminium producers in the world. The combined entity would enjoy enhanced production capacity, a stronger global presence, improved ESG performance, better energy security, and...

Lhamim, a Saudi-based marketing and media agency, has added four new clients to its portfolio: Alramz Real Estate, Petromin Corporation, the Public Investment Fund’s Halal Products Development Company (HPDC), and the Ministry of Culture’s Saudi National Commission for Education, Culture and Science. Each client engagement involves tailored services. For Alramz Real Estate, Lhamim aims to blend its creativity and strategic...

Asharq Business with Bloomberg has launched a new programming schedule to provide extensive coverage of regional markets, particularly focusing on Saudi Arabia. This expanded lineup aims to deliver comprehensive insights from 6:00 AM to 8:00 PM Saudi time on weekdays. In response to increased viewership during market updates, the channel will now offer continuous coverage of key areas, including Saudi...

Pharmaceutical companies in Saudi Arabia must soon comply with new regulations requiring pharmacoeconomic assessments. These assessments will help demonstrate the value of new drugs compared to existing treatments. This change is part of an effort to ensure that new pharmaceutical products provide significant benefits over current options, potentially impacting market strategies and approval processes.

Saudi Arabia’s Ma’aden has signed an agreement with Alcoa to acquire a 25.1% stake in their joint venture for $1.1 billion. The deal includes approximately 86 million Ma’aden shares valued at $950 million and $150 million in cash. Bob Wilt, CEO of Ma’aden, emphasized the strategic benefits of their partnership with Alcoa since 2009 and expressed optimism about future collaborations...

Kiverco, a recycling business from County Tyrone, is securing significant contracts in Saudi Arabia thanks to support from a UK government export scheme. This family-owned company designs, manufactures, and installs recycling plants, with over 400 sites globally. Recently, Kiverco received a £350k export insurance package from UK Export Finance (UKEF). This funding enables the company to deliver new plants in...

Azfar Shakeel, CEO of Lumi Car Rental, emphasized the company's commitment to transforming mobility for individuals and businesses in Saudi Arabia through digital innovation. Lumi aims to foster sustainable growth in the Kingdom's evolving transportation sector. In an interview, Shakeel outlined Lumi's key objectives: digitizing rental processes, enhancing efficiency, streamlining used car sales via digital platforms, utilizing data for informed...

The Saudi Arabian Mining Company, Ma’aden, has announced a significant acquisition deal involving Alcoa’s stakes in a bauxite facility and an aluminium smelter. The transaction, valued at $150 million in cash and SAR 3.6 billion in stock, will see Alcoa transfer its ownership in Ma’aden Aluminium Company and Ma’aden Bauxite and Alumina Company to Ma’aden. Upon completion of this deal,...

Saudi Arabia is strategically expanding its pool of skilled professionals to fuel growth in its private markets sector, a key aspect of its economic diversification efforts. Over the past few years, Saudi Arabia's private markets have seen substantial growth, particularly in private equity (PE) and venture capital (VC). These sectors have directed significant investments into technology, healthcare, and infrastructure, aligning...

Saudi Arabia is set to dominate the Middle East ECM market through the end of the year, significantly contributing to the region's best first-half performance since 2008. The country's pipeline is increasingly diversifying into growth sectors. At EFG Hermes' annual investor conference in London, Saudi Exchange CEO Mohammed Al Rumaih projected 50 new listings by year-end, surpassing the 35 achieved...

Siemens Mobility has appointed Frank Hagemeier as the new CEO for Saudi Arabia. Hagemeier, who previously led Siemens Mobility in the Netherlands and China, brings extensive experience to his new role. As CEO, Hagemeier will oversee strategic planning and business development for Siemens Mobility in Saudi Arabia. His leadership aims to drive growth and solidify the company's market position. Léon...

Saudi Arabia is inviting Hong Kong businesses to invest in Aseer, a province poised to become a top tourist destination. An official highlighted that Hong Kong's expertise could greatly benefit the region. During a visit to Hong Kong, Sultan Alshehri, head of investment for the Aseer Region Development Authority, mentioned that several businesses showed interest in Saudi Arabia's tourism and...

Swiss food and beverage giant Nestle plans to open its first food factory in Saudi Arabia, as reported recently. Scheduled for a 2025 launch, the 117,000-square-meter facility will be located in Jeddah’s Third Industrial City. Nestle is investing 270 million riyals ($72 million) in this project, according to the Saudi Press Agency (SPA). The announcement was made during a signing...