Business

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...

The Saudi-based airline, flynas, has marked a significant milestone in its expansion strategy by taking possession of its 50th Airbus A320neo jetliner. This event was commemorated with a ceremony at King Khalid International Airport in Riyadh. Continuously advancing, flynas is executing an ambitious growth blueprint aimed at bolstering its fleet. Acquiring the 50th jet is part of a larger agreement...

In a significant move towards reducing its reliance on oil, Saudi Arabia has reached a pivotal point as its non-oil sector now comprises half of the country's GDP for the first time. This achievement was reported in government statistics unveiled last month, highlighting a real GDP growth in non-oil industries of approximately 4.4%, which translates to a valuation of around...

In an insightful exchange, Mohammed Al Naimi, CEO of ACT Group, delves into how Saudi Arabia's Vision 2030 is reshaping the industrial sector. Al Naimi underscores the initiative's significant role in driving the sector forward and aiding the nation's shift towards economic diversification, moving away from a reliance on hydrocarbons. He also touches upon the transforming labor market, with national...

Shares of Canoo (NASDAQ: GOEV) are experiencing a downturn even as the electric vehicle (EV) manufacturer broadcasts its recent growth into the Saudi Arabian market with new commercial vehicle sales.The leap into the Saudi market follows an agreement with Jazeera Paints, a prominent paint producer, which involves an initial purchase of 20 EVs to bolster its fleet, with an option...

Saudia, Saudi Arabia's flagship airline, has introduced an enticing offer for international passengers transiting through the country. In a limited-time promotion, travelers can secure a stopover visa while arranging their flight bookings, granting them permission to discover the nation for leisure, business, or spiritual endeavors. This visa, valid for a 96-hour period, is a collaborative effort with the Saudi Ministry...

Riyadh's Business Boom: March witnessed a continuation of Saudi Arabia's strong business performance, with the nation's regulatory body greenlighting 18 requests related to economic concentration.The General Authority for Competition reviewed a total of 17 applications, facilitating a significant number of international transactions. This included 10 acquisitions, five partnerships, two agency agreements, and one merger, showcasing a dynamic market open to...

Canoo Inc., an innovator in the high-tech advanced mobility sector, has announced a substantial vehicle sales agreement with Jazeera Paints, a leading paint manufacturer in the Gulf Cooperation Council and MENA regions. The deal, which will see Jazeera Paints integrate 20 of Canoo's electric vehicles into their fleet in 2024, with an option for up to 180 more, marks Canoo's...

In a move that underscores the importance of cultural preservation, the Al-Ghamdi brothers have embarked on a significant project to rehabilitate a historic structure within Al-Dhafir village, located in the city of Al-Baha. Their mission is to breathe new life into the building, in an effort to safeguard the area's rich heritage and present the life stories and challenges of...

Tonomus, a subsidiary of NEOM focused on cognitive technology and digital infrastructure, has entered into a collaborative dialogue with Monstarlab, a worldwide digital consulting firm. The goal is to enhance the caliber of professional services in NEOM and throughout Saudi Arabia. This partnership is built on a shared dedication to excellence and innovation, especially at a time when technological advancements...

The Saudi Human Resources Development Fund has made a substantial investment of approximately SAR 8.7 billion ($2.3 billion) in the previous year into various initiatives that include training, advising, and empowering. The objective behind this investment is to enhance the prowess of private sector entities, augment the employment rate of Saudi nationals, and promote job longevity.As part of the Kingdom's...

Tata Daewoo, the South Korean commercial vehicle giant, has unveiled plans to establish a truck manufacturing facility in Saudi Arabia. This strategic expansion is set to bolster their presence in the Middle Eastern market.An agreement through a Memorandum of Understanding (MoU) was inked between Tata Daewoo, Saudi Diesel Equipment Company (SDEC)—their local distributor, and Perfect Arabia Factory (PAF), a local...

While startups in many regions grapple with a scarcity of funding, Saudi Arabia's burgeoning pipeline of initial public offerings (IPOs) is poised to kindle investor enthusiasm for ventures often deemed too perilous. This comes during a period marked by global reticence in the IPO arena.In contrast to the global pullback, Gulf nations have been briskly producing IPOs, defying the broader...

As Gulf nations seek to expand their economic horizons beyond the oil sector, they have set their sights on the global mining industry, channeling substantial financial resources into acquiring critical minerals needed for clean energy production. This strategic move is reshaping the landscape of the mining sector and providing an alternative to the traditional dominance of Western and Chinese interests.In...

Lazard Inc. has strategically expanded its workforce by acquiring the expertise of Ali Syed, a former Citigroup Inc. managing director. Syed is renowned for his extensive experience in managing relationships with sovereign-wealth funds and pension funds across varied regions, including the Middle East, Asia, and North America.According to sources acquainted with the situation, Syed will soon become part of Lazard’s...

Riyadh Air, the Saudi Arabian carrier that is fully owned by the Public Investment Fund (PIF), has announced a strategic collaboration with Artefact, a premier global data and AI transformation consultancy. This alliance is set to bring a wave of AI-driven enhancements to the aviation sector. According to a press release from Riyadh Air, the partnership will be instrumental in...

At the helm of the Saudi Stock Exchange, Sarah Al-Suhaimi stands as a pioneering figure, having broken through the financial industry's glass ceiling by becoming its first female chairperson at the age of 44. Her ascent into this role is a testament to the shifting dynamics of women's participation in Saudi Arabia's corporate sector.With a foundation of excellence, Al-Suhaimi graduated...

In a groundbreaking year for its travel sector, Saudi Arabia achieved a significant milestone, with foreign visitors' expenditures soaring to new heights. According to initial figures from the Saudi Central Bank, international guest spending reached an unprecedented SAR135 billion (equivalent to $36 billion) in 2023, a 42.8% rise from the previous year. The substantial increase in visitor spending symbolizes the...

Saudi Arabia has been lauded for its role as the chair of the World Trade Organization's Dispute Settlement Body (DSB), a testament to its global prestige, economic clout, and the trust bestowed upon it by the international community. In a recent interview with Al-Ekhbariya TV, Saqer Abdullah Al-Moqbel, Saudi Arabia's permanent representative to the WTO, highlighted the nation's proactive efforts...

Saudi Arabian Plastic Pipes Market Set for Robust ExpansionThe plastic pipes sector in Saudi Arabia is on the brink of a substantial growth spurt, driven by the government's ambitious infrastructure projects. The upcoming years, specifically from 2024 to 2028, are expected to showcase a remarkable increase in market size, with forecasts predicting a substantial compound annual growth rate (CAGR).Aggressive Infrastructure...

MoneyGram International, Inc., a leading player in the global fintech industry, has unveiled a strategic collaboration with the innovative FinTech application barraq. This alliance is set to revolutionize how consumers in Saudi Arabia manage their international transactions.With the integration of MoneyGram's advanced cross-border technology, users of the barraq mobile app can now effortlessly send money to friends and relatives across...

Dolce & Gabbana has unveiled an ambitious expansion plan in the Middle East, with a sharp focus on taking advantage of the burgeoning market opportunities in Saudi Arabia.At the heart of this expansion is the launch of a new flagship store in Riyadh, Saudi Arabia's capital and commercial nucleus. In a strategic move, the luxury fashion brand is entering into...

The economic landscape of Saudi Arabia is undergoing a significant transformation, presenting a complex mix of opportunities and challenges for India. This shift, characterized by the Kingdom's decreasing reliance on oil, has seen non-oil sources making up almost half of its gross domestic product (GDP). This diversification away from oil heralds a new era of potential collaboration and competition within...

According to a recent study, the allure of smart, interconnected urban environments could significantly enhance the contentment of their residents. A Mastercard assessment brings to light the synergies between human aspirations and the forward march of technology in shaping the metropolises of tomorrow in the Middle East. By the midpoint of the century, urban dwellers are expected to constitute two-thirds...

Saudi Arabia is taking a significant stride towards fulfilling its Vision 2030 with the launch of the Integrated Maritime Service (IMS) at King Abdul Aziz Port. The initiative is a key part of the country's plan to evolve into a diversified, innovative economy, and establish itself as a leading investment hub. A pivotal element of this transformation is the enhancement...