Business

Riyadh: In a recent strategic move, the Second Milling Company, also known as MC2, has undergone a significant rebranding initiative, emerging as Arabian Mills. This leading Saudi Arabian flour and feed milling enterprise boasts the nation's most extensive milling capabilities and has unveiled plans to diversify its product range and enhance its operational efficiency to cater to the escalating demand...

On Tuesday, Saudi Arabia's principal stock market indicator, the Tadawul All Share Index, experienced a substantial decline, dropping by 207.91 points, which translates to a 1.64 percent decrease, settling at 12,500.43 by the day's end.The benchmark index saw a trading volume that amounted to SR10.22 billion, approximately $2.72 billion, with a market pattern where 42 companies' stocks saw gains while...

stc Group has secured the title of the supreme workplace in the Kingdom of Saudi Arabia, as declared by the esteemed professional networking service, LinkedIn. As per a recent announcement, stc Group was succeeded by Red Sea Global, a prominent hospitality venture, and Saudi Arabian Oil Co., commonly known as Aramco, which claimed the second and third spots respectively. Taking...

ACWA Power, a prominent Saudi energy company, has recently announced the acquisition of a significant $80 million equity bridge loan from the Bank of China, earmarked for its energy projects in Uzbekistan.The financing is notably comprised of an even split between the Chinese yuan and US dollars. This agreement is distinguished as the inaugural financial collaboration using the Chinese currency...

LinkedIn, the renowned professional networking giant, has recently disclosed its annual roster of leading companies in the UAE and Saudi Arabia that offer exceptional career advancement opportunities.Compiled on an annual basis, LinkedIn's 'Top Companies' list is curated from platform data, ranking firms across seven pivotal factors that affect career growth. These factors include advancement potential, skill development, organizational steadiness, external...

Re-engaging in the professional realm post-career hiatus is a significant hurdle for women in Saudi Arabia, with a mere 40 percent resuming their employment. The distinct societal and career-related challenges they encounter are integral in shaping their workforce participation. A recent study, titled ‘Navigating the path back: Women returners in KSA’ by PwC Middle East, illuminates these barriers and proposes...

Saudi Arabia's Ras Al-Khair Special Economic Zone (SEZ) Emerges as a Marine Industry Powerhouse Strategically positioned adjacent to the Kingdom's most modern industrial port, the Ras Al-Khair SEZ, overseen by the Royal Commission for Jubail and Yanbu, is becoming a magnet for both domestic and global firms eager to leverage the Kingdom's advanced marine infrastructure. The SEZ is empowering growth...

Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan, is anticipated to engage with Pakistani leadership including the prime minister and key figures spearheading investments today, following his arrival on Monday for a visit focusing on strengthening economic relations and advancing prior investment agreements. The minister's trip to Islamabad takes place shortly after a reaffirmation of Saudi's $5 billion investment intent...

Bringing together the crème de la crème of the construction world, NEOM, the avant-garde sustainable development in Saudi Arabia's northwest, recently held a pivotal industry forum. This two-day event was a melting pot for over 100 preeminent construction entities, providing a platform to exhibit the construction strides on the ground and to shed light on forthcoming ventures as NEOM escalates...

RIYADH: The Saudi-based drilling corporation ADES is gearing up to manage a colossal SR350 million ($93.3 million) jack-up rig in Qatar, following a freshly minted agreement with energy titan TotalEnergies. According to a disclosure to the Saudi stock exchange Tadawul, ADES has received a letter of award that not only secures the deal but also contains an extendable contract duration...

In Saudi Arabia, a remarkable 20 percent year-over-year growth was recorded in February for payments made via point-of-sale (POS) terminals, amounting to SR53.72 billion ($14.33 billion). This uptick is a testament to the country's ongoing commitment to digitalization within the retail sector.Breakdown of these expenditures places food and beverages at the forefront, absorbing 15.7 percent of the POS spending, totaling...

The Kingdom of Saudi Arabia has observed a significant 20 percent year-on-year upsurge in point-of-sale (POS) transactions this February, amounting to SR53.72 billion ($14.33 billion). The swell in activity underscores the country's broader push towards a digital-first economy.In a breakdown of consumer spending, the food and beverage sector commanded the lion's share of POS expenditures, representing 15.7 percent with an...

The Kingdom of Saudi Arabia is taking bold strides towards sustainable solutions within the transport sector, with electric vehicles (EVs) taking center stage. This shift is a signal of impending transformation within the Middle East's approach to mobility. The crucial question is: are EVs on the brink of becoming an everyday reality?Last year, the unveiling of Saudi Arabia's inaugural automotive...

The landscape of transportation in the Middle East is on the brink of a revolution, with electric vehicles (EVs) at the forefront, particularly in Saudi Arabia. The Kingdom is actively engaging in the transition to more sustainable solutions, leading to speculation about when EVs will become commonplace in our everyday lives.With the introduction of Ceer, Saudi Arabia's first automotive brand...

Funding Souq, a dynamic platform dedicated to financing small and medium-sized enterprises (SMEs), celebrates securing a coveted license from the Saudi Central Bank (SAMA) to introduce its debt crowdfunding services in Saudi Arabia. Saudi Arabia, as a prominent G20 nation and the most substantial economy in the region, offers vast prospects for corporate growth and development. Acknowledging the Kingdom's progressive...

In the heart of the Middle East, Saudi Arabia's economy is thriving, bolstered by its strategic position, robust economy, and governmental incentives. These advantages are attracting a plethora of investors eager to support the Kingdom's startups and entrepreneurs.Management consulting expert Houssem Jemili noted that Saudi Arabia leads the MENA region in technology investment, with expenditures roughly 2.5 times higher than...

Mounting ecological consciousness and the urgency to address climate change are shaping the market dynamics in Saudi Arabia, as sustainability takes center stage.An exhaustive report by the IMARC Group provides a thorough examination of the Saudi Arabian Green Tech and Sustainability sector. It covers the market's scope, detailing its size, growth trajectory, technological breakthroughs, and future forecasts. The sector is...

Saudi Arabia has become a magnet for investors and partners looking to support startups and entrepreneurs, thanks to its robust economy, strategic location, and robust governmental encouragement.The nation boasts one of the most significant expenditures on technology in the Middle East and North Africa, amounting to roughly 2.5 times that of its closest regional competitor, with continued growth each year.Management...

The landscape of the space industry is undergoing a transformative change as emerging markets around the globe are making substantial investments to enhance their space capabilities. This dynamic shift is not only altering the traditional geopolitical realm of space exploration but also fostering new economic and technological advancements within these regions.Spotlight on New Space NationsNations like India, Saudi Arabia, and...

Saudi Arabia continues to forge ahead with the development of its groundbreaking Neom megacity, a project that embodies the nation's grand aspirations for a futuristic urban life. The construction in Tabuk, at the northern edge of the Red Sea, is moving forward with a significant amount of resources, reportedly moving 'millions of cubic meters of earth and water' weekly.The promotional...

Keep abreast of the latest updates in engineering, science, and technology with our comprehensive daily briefing, provided from Monday to Saturday.By opting in, you consent to adhere to our usage and policy terms, with the option to withdraw your subscription at any given moment.An update from sources close to the situation, as reported by Bloomberg, indicates a significant shift in...

Recent reports highlight that Saudi Arabia has tempered its high-reaching objectives for a state-of-the-art megacity dubbed 'The Line,' grappling with postponements and financial uncertainties that cloud the project's future.Saudi Arabia's Blueprint for the Future'The Line' constitutes a pivotal segment of the expansive 'Neom' initiative. This undertaking aligns with Saudi Arabia's Vision 2030, a strategic framework that aims to wean the...

The Kingdom of Saudi Arabia is witnessing a substantial rise in demand for online delivery services, as confirmed by recent statistics from the nation's commerce ministry.These new insights reveal an impressive 61 percent surge in registered e-delivery enterprises within the Kingdom, with figures climbing from 2,903 in the last quarter of 2023 to 4,699 in the first quarter of 2024.The...

As Saudi Arabia witnesses a significant boom in tourism, spa and wellness facility owners are presented with an unprecedented opportunity to scale their businesses to meet international benchmarks. The Kadoon Academy in Riyadh invites industry professionals to participate in a specialized Spa Management Certification course on April 29-30, with the intention of enhancing their operational expertise in light of the...

The Saudi Arabian oil behemoth Aramco has entered into a partnership with American tech firm GCT Semiconductor Holding, which is renowned for its cutting-edge 4G and 5G semiconductor solutions. This union is anticipated to enhance the development of the 4G/5G network infrastructure within Saudi Arabia, encompassing both essential services and public safety communications. This initiative by Aramco is designed to...

Saudi Arabia's once grandiose plans for the Neom megacity have been significantly curtailed, with the projected population by 2030 now set at 300,000, a sharp decrease from the previously anticipated 1.5 million. The extensive urban development, touted as The Line, is now expected to see only a 2.4km stretch completed by the target year, calling into question the feasibility of...

The Saudi Ports Authority, known as Mawani, has reported a significant 12.48% surge in imported container numbers for March 2024, reaching a total of 265,148 twenty-foot equivalent units (TEUs). This figure marks a considerable increase from the 235,738 TEUs recorded in the same period of the previous year. This expansion reflects the effective strategies implemented by Mawani to enhance the...

The Saudi Authority for Industrial Cities and Technology Zones, commonly known as MODON, recently published its annual review for the year 2023, shining a light on the remarkable strides made in the realm of industrial development. The report aligns with the strategic objectives set forth in Saudi Vision 2030, demonstrating considerable achievements in investment attraction, infrastructure enhancement, and the promotion...

Positioned on the shores of the Arabian Gulf, the King Abdul Aziz Port in Dammam stands as the largest port in the Kingdom of Saudi Arabia, serving as a beacon of progress and economic development. This port is a central contributor to the country's industrial and economic boom, enhancing Saudi Arabia's prominence in the maritime domain, expanding its transport and...

The non-oil sector in Saudi Arabia is showing signs of robust growth, marking a significant milestone in the Kingdom's strategic push towards economic diversification. Recent data reveals a positive trajectory, indicating a shift away from the traditional dependency on oil revenue.Strong demand has been a driving force behind the surge in Saudi Arabia's non-oil business activity for March, reaching a...