Business

Canoo Inc., a trailblazer in the advanced mobility sector, has recently unveiled that its lineup of electric vehicles (EVs) will be trialed by Red Sea Global (RSG), the mastermind behind the eco-conscious tourism hubs, The Red Sea and AMAALA.The pilot program will incorporate Canoo's Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck. These vehicles will...

In a significant move to expand its mineral sector, Saudi Arabia has launched the Mining Exploration Enablement Program, targeting international companies and explorers to join the initiative. The undertaking is set to enhance exploration, maximize the mining sector's value, and amplify surveying of untapped areas.The Kingdom's Ministry of Industry and Mineral Resources, alongside the Ministry of Investment, has opened registration...

The economic relationship between Saudi Arabia and Iraq is on the brink of a significant leap forward following the announcement of the signing of 12 memorandums of understanding (MoUs) that aim to facilitate quality investment ventures.The Saudi Ministry of Investment disclosed that these agreements, made in collaboration with the Iraq Development Fund and various Saudi enterprises, are intended to bolster...

The recent comparative research has highlighted that Saudi Arabia boasts a more efficient method of producing green hydrogen than Germany. Favorable natural conditions in the Kingdom mean it requires significantly less capital to reach the same hydrogen production targets as its European counterpart, as per the latest findings from the King Abdullah Petroleum Studies and Research Center.Particularly, the Kingdom benefits...

The Saudi Arabian government's recent expansion of premium residency visa offerings is set to capture the interest of wealthy expatriates and investors, according to a new survey. The enhancements to the visa program are expected to significantly influence the residential real estate market within the Kingdom.A report from Knight Frank, a global real estate consultancy, indicates that these changes signal...

Saudi Arabia has revised its population forecasts for the ambitious Neom megacity project, aiming for a smaller number of residents by the year 2030.Originally, the plan was to have 1.5 million people take up residence in the project's advanced urban center known as 'The Line.' However, a report has indicated that this figure has been adjusted to less than 300,000...

The Sustainable Agricultural Rural Development Program, commonly known as Reef Saudi, has reiterated its dedication to fostering the coffee industry within Saudi Arabia. With an investment surpassing SAR61 million since its establishment in 2020, the program has benefited 3,718 recipients involved in the coffee sector. There has been a noticeable surge in the nation's coffee production, with a 37% increase...

As the festive period of Eid al-Fitr nears, Riyadh's markets are teeming with shoppers looking to purchase oud (agarwood) and incense, essential elements of the holiday's cultural practices. These aromatic products are not just a staple in the welcoming of guests who visit to exchange greetings but are ingrained in the very fabric of the Kingdom's Eid customs. According to...

The General Authority for Transport in Riyadh has shared remarkable statistics regarding the postal sector's performance in the sacred month of Ramadan. By the 25th day of this holy month, the sector saw over 18 million parcels successfully delivered by upwards of 70 authorized enterprises. This represents a substantial 54% uptick in deliveries when juxtaposed with the figures from the...

Jeddah Islamic Port has proudly announced the arrival of the maiden vessel from Saudi container line, Folk Maritime, marking a significant milestone for the Kingdom's maritime sector. The port celebrated this key event with the crew of the ship, dubbed Sunset X, to honor the collaborative efforts of the Saudi Ports Authority (MAWANI) and Folk Maritime in escalating the Kingdom's...

Saudi Arabia's vision for economic diversification is set to be bolstered by the mining sector, as the Kingdom aims to establish it as a central component of its industrial economy by 2030. The Ministry of Industry and Mineral Resources together with the Ministry of Investment are reaching out to global mining explorers to engage in the Exploration Enablement Program (EEP),...

The entrepreneurial sector in Saudi Arabia has emerged as a dominant force in the Middle East and North Africa (MENA), securing almost half of the venture funding in the region for the first quarter of the year. The Kingdom's startups amassed a remarkable $224 million out of a total $429 million raised, as per a recent report from Wamda.March witnessed...

The prominent online trading company CFI has announced its role as the Official Partner for the upcoming Saudi Super Cup, marking the event's debut in Abu Dhabi this year. The high-profile football tournament, scheduled for April 8-11, is set to attract widespread attention with the participation of famous footballers including Cristiano Ronaldo and Karim Benzema, as well as celebrated regional...

Recent strategic maneuvers by the Public Investment Fund of Saudi Arabia, via its gaming arms Savvy Games Group and ESL FaceIt Group (EFG), have sparked a global dialogue about the kingdom's intentions and its potential sway over the esports landscape. Current trends in sports and leagues indicate a shift beyond geopolitical considerations. A prime example is the relocation of the...

The security landscape in Saudi Arabia is experiencing a significant period of growth, with the market value of security services expected to soar from US$ 7.54 billion in 2023 to an estimated US$ 14.59 billion by 2032. This substantial increase, at a Compound Annual Growth Rate (CAGR) of 8.1%, reflects the country's dedication to bolstering security in response to evolving...

In a significant development within the Saudi Arabian financial sector, stc pay has been officially sanctioned by the Saudi Central Bank (SAMA) to progress into its next evolutionary stage as STC Bank. An announcement from the company indicated that this move is currently in a beta phase, with access provided exclusively to a select group of customers, paving the way...

Thai small and medium-sized enterprises (SMEs) are identifying Cambodia and Saudi Arabia as promising territories for expanding their trade partnerships. These countries have demonstrated vigorous economic advancement and a proliferation of investment initiatives, as reported by state agencies. In a collaborative effort, the Board of Trade of Thailand and the Office of Small and Medium Enterprises Promotion (OSMEP), in conjunction...

In the Kingdom of Saudi Arabia, a new chapter in urban development is unfolding, marked by substantial growth and unparalleled creativity. This surge is most apparent in the realm of urban planning, where the Kingdom has become a magnet for global talent and groundbreaking projects. Landmark proposals such as The Line in NEOM, The Mukaab, and the towering 2km high...

King Abdullah University of Science and Technology (KAUST) recently marked a significant stride in research and development (R&D) within Saudi Arabia by hosting the inaugural SABIC Day. The event stands as a testament to the fortified partnership between educational and industrial sectors, particularly targeting initiatives such as the circular economy, achieving carbon neutrality, and creating distinct solutions. Dr. Bob Maughon,...

In a recent surge of economic confidence, equity markets across Asia experienced a noticeable increase. The uptick in shares suggests a growing optimism among investors and traders in this region's financial stability and future growth prospects.Leading the charge was Japan's premier index, the Nikkei 225, which climbed by 0.8% to reach 39,773.14. This rise was mirrored by Sydney's benchmark S&P/ASX...

The 'Saudi Vision 2030' has set an audacious goal of attracting 150 million visitors per year, and the burgeoning air transport sector in Saudi Arabia is currently one of the most talked-about developments in the industry. With innovative airlines and airports emerging, they are poised to redefine what excellence means in this space. One such example is flyadeal, a digital-first,...

The Saudi Ports Authority, known as Mawani, has recently expanded its maritime connections by incorporating a novel shipping route, the JDX service, in collaboration with the German shipping giant Hapag-Lloyd. This service enhances the connectivity between the Kingdom and various African seaports, signaling a significant boost in intercontinental trade. Mawani's strategic initiative underscores its commitment to bolstering the trade flow...

In a significant development for the startup ecosystem within the region, Saudi Arabia has taken the spotlight as the epicenter of fundraising endeavors, with investments reaching a staggering $198 million over 25 deals. This remarkable boost, a record high for the region, is a testament to the burgeoning dynamism and the trust that investors place in the kingdom's burgeoning startup...

In the Kingdom of Saudi Arabia, the business landscape has experienced a dramatic increase in commercial registrations, with figures reaching 104,000 in the first quarter of 2024. This represents a 59 percent surge compared to the prior year, as per the latest governmental figures.Previously, the first quarter of 2023 saw the Ministry of Commerce issue 65,363 permits. The significant growth...

The dominant force in the global oil market, Saudi Arabia, is poised to raise the official selling price (OSP) for its premier Arab Light crude in May, a move that is expected to influence pricing throughout Iran, Kuwait, and Iraq.Industry insiders suggest that the May OSP for Arab Light could see an increment of $0.20 to $0.30 per barrel from...

Entering the Competition To participate in the contest, technology entrepreneurs operating for under five years in Saudi Arabia should submit an application via the official online form by the 30th of June, 2024. Eligibility extends to those with innovative technologies, a solid business foundation, demonstrable progress, and scalability. Participants must be Saudi residents, 18 or older, and cannot be affiliated...

March witnessed a robust expansion in Saudi Arabia's non-oil business activities, with the sector's output hitting a six-month peak. This surge is an indicator of the kingdom's progressive strides towards the ambitious targets of its Vision 2030 blueprint.The non-oil domain has notably contributed to the nation's GDP, accounting for half of it for the first time ever - a historic...

Two leading South Korean construction companies have landed a pivotal $7.2 billion contract to build a significant gas facility in Saudi Arabia. This project marks a major milestone as the largest construction contract Korean firms have obtained in the kingdom.Samsung E&A along with GS Engineering & Construction have inked a deal for engineering, procurement, and construction with Aramco, the national...

Saudi Arabia has unveiled a high-tech enhancement to passport control at one of its principal airports by rolling out biometric e-gate scanners.The initial phase of the deployment of e-Passport gates was launched at King Khalid International Airport in Riyadh, specifically at Terminals 3 and 4, aiming to expedite the travel process for passengers.The launch event was graced by significant figures,...

Two prominent South Korean construction companies have successfully obtained contracts worth a total of $7.22 billion from Saudi Aramco, the national petroleum and natural gas company of the Kingdom of Saudi Arabia. This deal was proudly announced by the South Korean presidential office.These contracts are seen as the fruits of stronger diplomatic relations between South Korea and Saudi Arabia, which...