Business

The Kingdom of Saudi Arabia is on the brink of becoming a key player in the carbon capture, utilization, and storage (CCUS) arena, as indicated by recent research findings. The International Energy Forum (IEF) has spotlighted the potential for the Middle East and North Africa (MENA) region to collaboratively harness CCUS technologies to facilitate an efficient energy transition.According to the...

The Chief Executive Officer of the Saudi Food and Drug Authority (SFDA), Dr. Hisham bin Saad Aljadhey, has recently engaged in strategic discussions with top officials from various U.S. firms specializing in food, drugs, and medical equipment. These conversations were centered on the pivotal role SFDA plays in bolstering the private sector, in alignment with the significant developmental prospects present...

In an impressive display of efficiency and growth, the King Abdul Aziz Port in Dammam has set a new benchmark in its operational history. This February, the port has seen a remarkable 25.41% increase in cargo handling, totaling 235,820 Twenty-Foot Equivalent Units (TEUs), soaring high above the previous February's count of 166,956 TEUs.This landmark figure not only represents the highest...

The Saudi Ports Authority, known as Mawani, has reported a remarkable uptick in its port activities for the month of February. The ports witnessed a 16.88% increase in imported containers, amounting to 266,672 twenty-foot equivalent units (TEUs), a significant rise from the previous year's 193,937 TEUs. Furthermore, the ports experienced a 1.44% augmentation in cargo throughput, managing to handle 23,381,835...

The Saudi Arabian business sphere is currently witnessing a robust expansion, with several industries emerging as key drivers of this growth. According to the latest quarterly bulletin from the Ministry of Commerce for the final quarter of 2023, there has been a noticeable uptick in commercial registrations across diverse sectors. Leading the pack is the land transport of goods sector,...

The tech industry in Riyadh is on the cusp of a transformative injection of funds with the announcement of a $100 million investment initiative. This substantial financial commitment stems from a pact between the esteemed private equity entity Gulf Capital and the Research Development and Innovation Authority (RDIA) of Saudi Arabia.Allocated over a forthcoming five-year period, this investment is slated...

Anticipation has been high among the stakeholders of tennis for a comprehensive strategy to revitalize the sport, potentially unlocking billions in revenue. Yet, with the Grand Slams' leaders delayed in presenting a cohesive plan, other key figures in tennis are stepping up to drive change.Current discussions reveal that the men's and women's professional tennis tours are in talks to secure...

Saudi Arabia's Public Investment Fund (PIF) has extended a substantial proposal of US$2 billion to amalgamate the men's and women's professional tennis tours, as per reports from The Telegraph. The ambitious plan involves merging the Association of Tennis Professionals (ATP) and Women's Tennis Association (WTA) Tours into a single entity.Andrea Gaudenzi, the chairman of ATP, reportedly relayed this offer to...

The General Real Estate Authority (REGA) is marking its presence at the prestigious MIPIM real estate exhibition currently underway in Cannes, which commenced on March 12 and will conclude on March 15.During this four-day event, REGA's display booth is dedicated to presenting the real estate regulations and key organizational measures of the sector. The authority's spokesperson, Tayseer Al Mufarrej, expressed...

The Saudi urban sector is poised to capture the spotlight as New Murabba Development Co. gears up to participate in a premier international real estate gathering in France. This occasion offers international investors a unique window into the burgeoning urban opportunities within the Kingdom.At MIPIM 2024, hosted at Cannes' Palais des Festivals from March 12-15, the company plans to unveil...

The Jordanian fintech company Numa has embarked on an expansion journey into Saudi Arabia, with Visa providing both investment and strategic support. This move underscores the Kingdom's financial sector's openness to global expertise and innovation.With the infusion of Visa's investment, Numa is set to not only enter the Saudi and UAE markets but also to expand its range of services....

Jordan-based fintech startup Numa is set to join forces with global payments giant Visa, aiming to scale their operations into the burgeoning Saudi Arabian market, a move signaling the Kingdom's financial sector's readiness to integrate global expertise.With a strategic investment from Visa, Numa is gearing up to enter the Saudi and UAE markets, marking a significant step in its growth...

Pearl Group, a prominent player in the field of polyurethane (PU) insulation and other PU-related applications, has recently achieved a significant milestone in Saudi Arabia by doubling its production capacity, signaling a robust enhancement of its operational reach and capabilities within the kingdom. This strategic move by the company substantially increases its capacity to fulfill the growing local and regional...

Amid discussions on the fringes of the Bahrain Smart Cities Summit 2024 in Manama, Saudi Arabia and Bahrain are delving into potential collaborations in the realms of social housing and urban planning. The summit saw the presence of key figures such as the Saudi Deputy Minister for Urban Planning and Lands, Engineer Fahad Al-Mutlaq, and Bahrain’s Minister of Housing and...

Brands For Less reaches a new landmark in their growth trajectory with the inauguration of their 30th outlet in Saudi Arabia, positioned within The View Mall of Riyadh. This event underlines the brand's swift regional expansion, achieved in under two years.Toufic Kreidieh, the Executive Chairman of the Board and Group CEO, expressed great enthusiasm about their latest venture. We are...

A strategic partnership has formed between Aramco Digital, the tech-forward arm of Aramco, and LTIMindtree, setting the stage for a new IT services enterprise in the Kingdom of Saudi Arabia.Under the umbrella of the Aramco Namaat Industrial Investments Program, this joint initiative is poised to drive forward the digital transformation agenda and supply IT services across the Kingdom of Saudi...

During the sacred month of Ramadan, retail establishments are known to present a plethora of promotional deals. This long-standing tradition has evolved into an anticipated aspect of the seasonal shopping experience, attracting consumers who are eager to take advantage of discounts and special offers.Furthermore, in the midst of ongoing geopolitical tensions, the price of oil has experienced an upward trend,...

The longstanding economic partnership between South Korea and Saudi Arabia, which spans six decades, is now branching out from its core focus on construction and petrochemicals to embrace innovative ventures like smart cities, renewable energy, and advanced transportation solutions.In the wake of President Yoon Suk Yeol's trip to the Saudi capital last fall, the two nations have seen a surge...

The ambassador of Saudi Arabia to Korea recently addressed a prominent business forum to shed light on NEOM, a transformative city project, and the myriad investment opportunities awaiting in the kingdom, particularly for Korean investors. The event, held in Seoul, aimed to foster connections between Korean enterprises and influential figures from the international business landscape.In an event organized by a...

The Saudi Arabian oil colossus, Aramco, has disclosed its financial outcomes for the past year, with profits amounting to US$121 billion. This figure, although impressive, shows a decline from the company's 2022 record earnings due to a dip in energy prices.According to Aramco, the earnings represent the second highest in the firm's history. This comes at a time when OPEC+...

The Kingdom of Saudi Arabia is set to enhance its energy collaboration with the People's Republic of China. Aramco, the national oil corporation of Saudi Arabia, is assessing prospects for fresh investments in China's refining and petrochemical domains.Aramco's Chief Executive Amin Nasser shared on a recent Sunday that the oil behemoth is keen on exploring additional investment avenues in China,...

Saudi Arabia has set an ambitious goal of welcoming 150 million visitors by the year 2030, aiming to harness its cultural heritage and diverse natural landscapes, from UNESCO-listed sites to the vast Red Sea coast, to attract a worldwide audience.Going beyond merely exhibiting its historical and scenic attractions, the Kingdom is at the forefront of sustainable tourism. Projects like the...

In a strategic move to boost air travel between Saudi Arabia and China, the Saudi Air Connectivity Program (ACP) has teamed up with China Eastern Airlines to introduce a fresh air route bridging the two countries. This initiative is set to take off on April 8th, 2024, with China Eastern Airlines scheduling three weekly direct flights from Shanghai Pudong Airport...

Profits at Saudi Aramco Fall Short of Previous Year's PeakAmid changing conditions in the global energy markets, Saudi Arabia's Aramco reported earning a substantial $121 billion in profit for the last year. This figure, while impressive, represents a decline from the record-breaking $161 billion in profits enjoyed in 2022, attributed to soaring energy prices at the time.The earnings still stand...

Mazadak, a pioneering technology platform, has recently achieved a significant financial boost by securing an investment of SAR 37.5 million (approximately $10 million). This funding round was helmed by Revival Lab alongside a group of family offices, signaling a notable advancement in the modernization of auction experiences within Saudi Arabia. The capital injection is a testament to Mazadak's commitment to...

The Saudi Arabia Railways (SAR) has officially penned a three-year agreement with global sea shipping leader Maersk. This strategic alliance aims to amplify the volume of containers conveyed by SAR trains from King Abdulaziz Port in Dammam to the Riyadh Dry Port, marking a significant leap in transportation and logistics within the kingdom. Bashar Khalid Al-Malik, the CEO of SAR,...

DHARAN — Saudi Aramco has disclosed its annual financial outcomes for the year 2023, registering a commanding net income of $121.3 billion, which comes in as the company's second most profitable year on record.The President and CEO of Aramco, Amin Nasser, pointed out that the company's robust performance, characterized by significant cash flows and profitability, was a result of its...

With an eye towards enhancing the logistics landscape and supporting both existing and emerging businesses, Aramex, a leading player in the global logistics and transportation sector, has established its new regional office in Riyadh, the capital of Saudi Arabia. This move is strategically aligned with the Kingdom's Vision 2030 roadmap, which aims to revolutionize various economic sectors.Othman Aljeda, the Chief...

The Saudi Arabian Oil Company, better known as Aramco, has disclosed its annual financial outcomes for the year 2023, with a declared net income of $121.3 billion, marking it as the company's second-most profitable year to date.These results, as outlined in a company press release, are a testament to Aramco's relentless pursuit of shareholder value creation, bolstered by its operational...

The Saudi Zakat, Tax and Customs Authority (ZATCA) has issued a reminder to entities involved with merchandise subject to the nation's Excise Tax Law. The notice stipulates that tax returns for the months of January and February should be filed by the 15th of March. Failure to comply with this directive could result in a financial penalty, accruing at a...