Business

The Kingdom of Saudi Arabia has been making notable strides in economic development, which has resulted in a surge of indirect investment opportunities within its stock market, according to insights from a senior official at EFG Hermes, a MENA-centric investment bank.Research head Ahmad Shams El Din, during a televised dialogue, mentioned that these new investment openings are fueled by the...

In the bustling Abi Al-Saud district, the majestic Historical Palace of the Emirate stands as a testament to Najran's storied past and cultural richness. Erected in the year 1944, this structural marvel spans 625 square meters and showcases the exceptional craftsmanship of its creators. The palace, which served as the administrative headquarters for the Emirate of Najran, is a remarkable...

Tim Callen, renowned for his tenure at the International Monetary Fund (IMF), is recognized as an authority on the economies of oil-exporting nations, particularly within the Gulf Cooperation Council (GCC). With a wealth of experience, he has made significant contributions to the discourse on economic diversification, fiscal policies, and exchange rate strategies.During his tenure at the IMF from 2012 to...

The Saudi Arabian startup Rize is poised to revolutionize the 'rent now, pay later' (RNPL) sector and is on track to significantly improve the efficiency of real estate transactions in the region.Recognizing the high upfront costs that renters face in Saudi Arabia, Rize, founded by Ibrahim Balilah and Mohammed Al-Fraihi in 2021, has introduced a service that allows tenants to...

The prestigious King Faisal Specialist Hospital & Research Centre (KFSH&RC) has recently been honored with five research grants as part of an initiative aimed at reactivating and upgrading existing laboratories. This initiative is steered by the Research, Development and Innovation Authority with a goal to energize local research efforts, forge a significant economic impact, and support the Kingdom's Vision 2030...

With the United Kingdom's economy experiencing a period of stagnant growth and a noticeable decrease in metropolitan transactions, numerous top-level executives are setting their sights on Saudi Arabia, seeking out fresh opportunities for business ventures and financial backing.First-time visitors are often taken aback by the country's rapid westernization, while those returning after an absence are equally surprised by the transformation....

In the dynamic realm of science and innovation, Saudi Arabian women are making landmark achievements, supported by robust educational and professional groundwork. Tailored educational opportunities for women and partnerships with renowned global entities have greatly enhanced their capacity to contribute significantly to societal progress and humanity, especially within the fast-paced world of tech and artificial intelligence.The Technical and Vocational Training...

Saudia, Saudi Arabia's esteemed national airline, has once again been honored with the highest accolade in the Kingdom, leading the YouGov Best Brand Rankings for the third year in a row with an impressive score of 59.4. The YouGov evaluation employs a robust index score that gauges a brand's overall health. This is computed by averaging various metrics such as...

Saudi Arabia is in the midst of an ambitious economic transformation, with the burgeoning space industry taking center stage as a key driver for innovation and investment. The global space economy, currently on a trajectory to reach a staggering $1 trillion in value, saw the Saudi space industry contribute a significant $400 million in revenue in 2022. Forecasts suggest this...

The financial involvement of a single investment fund is not a solid foundation for a bullish outlook on Lucid Group's stock. It is crucial for wise investors to consider the comprehensive landscape when evaluating a company's prospects. Despite the monetary backing from a significant investor, Lucid Group's stock is graded poorly.Diminishing enthusiasm for electric vehicles (EVs) places manufacturers like Lucid...

In a notable collaboration between a top-tier hospitality corporation and a Saudi Arabian public investment enterprise, a trio of unique resort experiences are set to be introduced in the culturally rich Al-Ahsa region. A signing event in Saudi Arabia, attended by prominent leaders from Hilton, sealed the deal with Dan Company, a Public Investment Fund company, to operate three distinct...

Apar Industries Ltd recently announced through a stock exchange filing that it is in the process of forming a fully owned subsidiary company, named Apar Industries Middle East Ltd. This new venture will be based in Saudi Arabia and will focus on the production of lubricants that are essential for machinery and automotive engines.Before operations can start, the newly established...

The robust earnings announcement from The National Shipping Company of Saudi Arabia seemed to have little impact on the company's stock market performance. A closer examination reveals that this could be attributed to potential red flags in the underlying figures that shareholders might be apprehensive about.Notably, a significant portion of the company's profit, to the tune of SAR 214 million,...

The United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) have achieved remarkable placements in the Global Entrepreneurship Monitor report for 2023-2024, with the UAE securing the top spot and KSA following closely in third place. The prestigious report evaluates the vibrancy of entrepreneurial ecosystems across the globe and is esteemed by international entities including the World Bank,...

The Manga Arabia enterprise, under the umbrella of the Saudi Research and Media Group, has been commended by the Japanese Patent Office for its active participation in a digital campaign aimed at thwarting electronic piracy while bolstering the enforcement of intellectual property (IP) rights. The initiative, spearheaded by the patent office in collaboration with the International Intellectual Property Protection Forum...

In a significant development, AuKing Mining Ltd has joined forces with Barg Alsaman Mining Company (BSMC) to explore and develop mineral projects in Saudi Arabia. The CEO of AuKing Mining, Paul Williams, discussed the memorandum of understanding (MoU) with the media, highlighting the importance of this alliance for the company's future growth.The collaboration aligns with AuKing Mining's strategy to diversify...

The recent assembly of Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman with Azerbaijan’s Environment and Natural Resources Minister Mukhtar Babayev marked a significant step towards climate change collaboration. Their meeting on Thursday was not just a routine gathering but also a precursor to Babayev's leadership role in the upcoming UN COP29 climate discussions, set to take place in Baku...

AlJammaz Pioneers Distribution of Wildix’s UC&C Solutions in Saudi Arabia Dubai, UAE – In a move that signifies a major leap in its growth strategy, Wildix—a leader in UC&C (Unified Communications and Collaboration)—has unveiled a strategic partnership with AlJammaz Technologies. This alliance marks AlJammaz as the inaugural distributor of Wildix's cutting-edge UC&C solutions within the Saudi Arabian marketplace, initiating a...

The Saudi Ports Authority, known as Mawani, has recently unveiled the RGI service, a significant initiative by Unifeeder, designed to enhance the maritime trade network at Jeddah Islamic Port. This service establishes a direct maritime link between Saudi Arabia and key Indian ports, thereby facilitating trade and offering swift and reliable options for both exporters and importers.Reflecting the confidence of...

The International Islamic Trade Finance Corporation (ITFC) based in Saudi Arabia, part of the Islamic Development Bank group, has recently concluded a significant financing deal with the Government of Bangladesh. The $1.4 billion agreement, signed on March 25, 2024, is set to bolster Bangladesh Petroleum Corporation's (BPC) oil product imports for the fiscal year spanning July 2023 to June 2024,...

Saudi Arabia's Mobily Tops Telecom Sector Growth in 2024Mobily, the renowned telecommunication enterprise in Saudi Arabia, has been recognized by Brand Finance, a leading marketing consultancy, as the most rapidly expanding entity in the Middle East telecom sector for the year 2024. The assessment highlighted a significant growth in the company's value, with a reported increase of approximately 18 percent...

Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has recently disclosed an investment of approximately SAR375 million, equating to $100 million, for the advancement of skill sets within the nation's tourism industry. This initiative underscores the country's commitment to augmenting the proficiency of its citizens. During his address at the Manafea Forum in Madinah, Al-Khateeb set forth visionary goals to boost...

Egypt's premier investment banking institution is set to bolster its presence in Saudi Arabia, planning a 33% increase in its workforce within the year. The move is part of a wider trend with financial entities enhancing their operations in the kingdom due to a spike in deals.According to the firm's CEO, Karim Awad, the bank has already relocated top-tier executives...

The Ministry of Investment of Saudi Arabia (MISA) has forged a strategic alliance with Endava, a leading global provider of technology services. This partnership is marked by the signing of a Memorandum of Understanding (MoU) and is a significant step towards the Kingdom's digital transformation, which is a cornerstone of Saudi Vision 2030.Endava, with a strong market presence and a...

The London Metal Exchange (LME) is set to augment its global network by adding the coastal city of Jeddah, Saudi Arabia, as a significant delivery point for copper and zinc. Traditionally, the exchange's primary locations are in areas of high consumption or key trading centers such as Rotterdam.Matthew Chamberlain, the exchange's chief executive, has identified Saudi Arabia as "an increasingly...

Metakosmos, an innovative leader in the Australian space industry, has forged a new alliance with Al-Sanai, a prominent Saudi Arabian enterprise, to bolster its international presence. This union is a strategic move for Metakosmos as it seeks to penetrate emerging space markets and leverage the complementary strengths of Al-Sanai to spur growth and broaden its market influence in the Middle...

The Saudi Arabian Minister of Human Resources and Social Development, Ahmad Al-Rajhi, recently engaged in deliberations with private sector leaders in Makkah. Held at the Makkah Chamber of Commerce, the meeting served as a platform to discuss the labor market's progression and strategic direction between the years 2019 and 2023, as well as to identify the primary challenges and prospects...

The BinSulaiman Group, headquartered in the UAE, has unveiled a collaboration with Italy's esteemed coffee brand illycaffe, aiming to bring the premium coffee experience to Saudi Arabia.As part of a master franchise deal, the BinSulaiman Group is set to introduce illycaffe's renowned offerings to the Saudi market, building on the success of their existing partnership in the UAE.Dr. Omar BinSulaiman,...

Industrial firms in the MENA region, particularly in Saudi Arabia and the UAE, are emphasizing the importance of quality and efficiency, in contrast to their Western counterparts who are focused on cost-cutting measures. This was highlighted by Ediz Eren, Regional VP for META at Rockwell Automation, while discussing insights from the company's 9th State of Smart Manufacturing Report.The report indicates...

With sights set on becoming a global tourism leader, Saudi Arabia is targeting a place among the top 10 nations in the tourism sector this year, as announced by the minister responsible for tourism.At the Manafea Forum held in Madinah, Ahmed Al-Khateeb disclosed that the Kingdom possesses all the necessary elements to reach this ambitious goal. This was confirmed in...