Business

Saudi Arabia is on a mission to transform its tourism industry into a major economic pillar. With the aim of securing up to $80 billion in private sector investments by 2030, the kingdom is working to diversify its economy.As part of its strategic plan, known as Vision 2030, the nation aspires to draw in 150 million travelers within the next...

South Korea's Naver Corp has reached a strategic partnership with Aramco Digital, the tech arm of the oil behemoth Saudi Aramco, with the aim of driving digital innovation across the Middle East and North Africa (MENA) region. This collaboration will focus on the development of Sovereign Cloud solutions and super apps tailored for the regional market, and will also involve...

The Gulf Cooperation Council (GCC) is poised to accelerate economic expansion by improving its regional dispute resolution mechanisms this year.Recognized for its benefits to the business sector, the GCC is increasingly adopting alternative dispute resolution (ADR) practices, such as arbitration and mediation. A robust ADR framework instills confidence in commercial agreements and can mitigate confrontational legal battles, promoting a more...

Business leaders in Saudi Arabia and Egypt are advocating for enhanced economic collaboration with the aim of elevating their already significant $20 billion trade partnership. The Saudi-Egyptian Business Council has proposed the formation of an economic alliance to facilitate joint expansion into new markets, with a particular focus on the African continent.This initiative is designed to create synergies between the...

The Saudi Cable Company has recently declared its intention to divest its investment interests in Turkey. This strategic pivot follows a comprehensive evaluation of the company's financial results in the region, which indicated that the anticipated financial yields were not realized over the past several years. This decision was made as part of the company's ongoing scrutiny and refinement of...

Businesses worldwide are keenly observing the latest tax regulations implemented for regional headquarters based in Saudi Arabia.These regulations establish a 30-year tax exemption specifically for earnings derived from 'eligible activities.' Eligible activities are defined as those that contribute to enhancing the company's regional presence and offering strategic oversight, along with administrative support to the company itself, its subsidiaries, and affiliated...

In an ambitious move, Saudi Arabia is joining forces with a globally distinguished architecture firm to create a towering skyscraper that could reach 2 kilometers into the sky, as reported by Architects’ Journal.This initiative, which is backed by the Public Investment Fund (PIF), is in collaboration with Foster + Partners. The proposed skyscraper in Riyadh is poised to be a...

Salah Almnsoori has been at the helm of a construction enterprise in Saudi Arabia for over a decade and a half, supplying materials to the sector's professionals. The challenge of connecting efficiently with a broad customer base in a sector boasting over 150,000 entities was a persistent obstacle, until BRKZ emerged on the scene. The 2022 inception of this start-up...

LTIMindtree, an established IT services firm from Mumbai, has acquired a 51% majority share in a joint venture (JV) with Global Digital Integrated Solutions Company, an entity under the umbrella of the leading oil corporation Saudi Aramco. This strategic move targets the expansion of IT services across the Middle East and North Africa (MENA) region.The Indian IT giant, ranking sixth...

LTIMindtree has inked a deal with the digital and technology arm of Aramco, known as Aramco Digital, to set up a novel IT services entity within Saudi Arabia. This venture is poised to be a beacon of innovation, showcasing groundbreaking digital services and advanced industry 4.0 integration. The initiative is in line with the Kingdom's Vision 2030, aiming to generate...

IBM is gearing up to enhance its presence in the Middle East with a substantial investment aimed at fostering innovation in line with Saudi Arabia's long-term goals. Riyadh, Saudi Arabia: A global powerhouse in hybrid cloud, AI, and consulting services, IBM has unveiled plans to pour more than $200 million into a new state-of-the-art IBM Software Lab in Riyadh, the...

Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has announced the launch of an innovative initiative designed to accelerate the nation's rapidly expanding tourism industry. The Tourism Investment Enabler Program (TIEP) is set to create a hospitable and financially attractive climate for both local and global investors, establishing Saudi Arabia as a prominent player on the world tourism stage with a...

In a significant development for the financial sector of the Gulf Cooperation Council (GCC), Secretary-General Jassem Mohammed Al-Budaiwi has announced that Doha is set to be the venue for the inaugural international conference on banking and finance. This event is scheduled for next September and marks a concerted effort by the GCC to showcase its strides in financial and banking...

In response to the decision by OPEC+ to maintain production restrictions through mid-year, Saudi Arabia has escalated the pricing for its primary oil grade sold to Asian buyers for the upcoming month.The state-owned entity, Saudi Aramco, has upped the rate for Arab Light crude to Asia, setting it at a $1.70 per barrel premium over the regional benchmark. This uptick...

Saudi Arabia Intensifies Trade Relations by Establishing Investment Presence in Sao PauloIn a strategic move to fortify its economic relationships, the Saudi government has disclosed plans to establish a presence for its Investment Ministry in Sao Paulo. This initiative is designed to enhance trade and business activities between Saudi Arabia and Brazil.The revelation occurred at the Brazil Saudi Arabia Conference,...

Saudi Arabia's Minister of Tourism, His Excellency Ahmed Al-Khateeb, recently announced the launch of a transformative program designed to bolster the nation's burgeoning tourism industry. The Tourism Investment Enabler Program (TIEP) is set to simplify and reduce the costs associated with doing business in the Saudi tourism sector for both international and domestic investors.The flagship Hospitality Investment Enablers, a component...

In a bold move to enhance the gaming and Esports sector in Saudi Arabia, the National Development Fund (NDF), together with the Social Development Bank (SDB), have initiated the signing of two agreements to create a pair of venture funds totaling SAR450 million (approximately $120 million). This development was unveiled at the LEAP 2024 tech event in Riyadh, signaling a...

The Communications, Space & Technology Commission (CST) in Saudi Arabia has recently honored Mobily with the prestigious Customer Experience Award 2023 for its exceptional services in both fixed and mobile communications, encompassing voice and internet offerings for individual consumers. This accolade is a testament to the company's dedication to elevating the customer journey and its commitment to innovation in service...

In a significant move to strengthen economic ties, the Saudi-Egyptian Business Council has proposed the creation of an economic coalition between Saudi Arabia and Egypt. This alliance is strategically aimed at penetrating third-party markets, with a particular focus on the promising African market. The initiative is designed to enhance collaboration in various business ventures and investment prospects, with the dual...

The Qiddiya Investment Company has revealed plans for a new, avant-garde racetrack situated within the environs of Qiddiya City. This circuit is set to redefine the realm of motorsport within Saudi Arabia by positioning itself as a premier global destination for racing aficionados.The circuit, named the Speed Park Track, melds practical design with cutting-edge technology, promising an unparalleled customer journey....

A strategic alliance has been forged between Aramco Digital, the tech-driven arm of Aramco, and LTIMindtree, a leader in digital solutions and technology consulting, to establish a new IT services firm within Saudi Arabia. The upcoming enterprise is set to embody innovation through cutting-edge digital services and advanced systems integration for industry 4.0. This initiative aligns with the nation's ambitious...

Kumho Tire has successfully forged a groundbreaking technology export deal with Saudi Arabia's Black Arrow Tire Company (Blatco), reinforcing its influence in the Middle East's tire production technology sector. Concluded on the last day of February, this partnership has set the stage for a long-term technological collaboration spanning two decades, underscoring a solid commitment to stimulate technological advancements and joint...

In a significant push to nurture its emerging start-up ecosystem, Saudi Arabia has unveiled a series of seven funds totaling a substantial $838 million. These funds are designed to provide critical support to burgeoning companies at various stages of their growth, particularly in dynamic sectors such as gaming and e-sports.Last year, start-ups backed by the National Technology Development Programme (NTDP)...

In a significant event held in Riyadh from March 4 to 7, the Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, spearheaded the inauguration of the Industry and Mineral Resources System's pavilion at the LEAP 24 exhibition.Encompassed within this pavilion are key entities which include the Ministry of Industry and Mineral Resources, the Royal Commission for Jubail and...

The Kingdom of Saudi Arabia has set a new precedent in the global travel sector by successfully attracting a record number of 100 million tourists, earning praise from the Arab Tourism Organization (ATO). This accomplishment positions Saudi Arabia as an exemplar in the international tourism landscape.The ATO acknowledged the strategic efforts of the Saudi Ministry of Tourism in leveraging the...

The 18th gathering of the Saudi-Egyptian Joint Committee wrapped up in Riyadh with a focus on enriching bilateral commerce. The session, led by Saudi Arabia's Minister of Commerce and Egypt's Minister of Industry and Trade, centered around the expansion of trade relations between the two nations.During the discussions, the Saudi Minister emphasized the importance of nurturing ties with Egypt, highlighting...

The Communications, Space, and Technology Commission (CST) has taken a giant leap in bringing together minds interested in the final frontier by inaugurating the Space Track Stage at LEAP24. This feature of the event is dedicated to unveiling the latest trends in the cosmos, delving into investment prospects, and fostering both international and domestic partnerships to cultivate the space ecosystem....

The Saudi-Brazilian Business Forum, a pivotal event that brought together 150 investors from varied economic sectors of Saudi Arabia and Brazil, was conducted recently. The forum served as a platform to bolster the robust economic ties between the two nations, which have been nurtured over 55 years, and currently boast a trade volume of approximately $8 billion. In his address,...

At the anticipated LEAP 2024 event, UiPath, a global leader in enterprise automation and artificial intelligence software, has declared its dedication to fostering digital transformation and enhancing workforce skills in Saudi Arabia through state-of-the-art AI and automation tools. The company's Business Automation Platform is designed to synergize human efforts with technology and processes, pushing the boundaries of innovation and creating...

The Ministry of Industry and Mineral Resources is set to make a significant appearance at the third edition of LEAP 2024. This pivotal event, scheduled from March 4 to 7 in Riyadh, is a platform for the ministry to emphasize the Kingdom's industrial and mining sector advancements and to attract potential investors to these burgeoning areas.A collection of other governmental...