Business

As the hospitality industry prepares for the upcoming Future Hospitality Summit (FHS) in Saudi Arabia, we had the opportunity to converse with Shahbaz Tufail, the Executive Vice President of DAR Engineering. The summit, which will unfold from April 29 to May 1, 2024, at the Mandarin Oriental Al Faisaliah in Riyadh, is set to feature a range of industry leaders,...

Luxury electric vehicle manufacturer Lucid Motors announced a substantial capital infusion of $1 billion from a Saudi Arabian Public Investment Fund (PIF) affiliate, leading to an approximately 8% surge in the company's stock value.This significant backing from the sovereign wealth fund marks a pivotal edge for Lucid in the competitive landscape of electric vehicle (EV) startups seeking financial stability.With a...

Red Sea Global (RSG), the entity behind the development of The Red Sea and AMAALA luxury tourism projects, has recently entered into a strategic agreement with Hyundai Motor Group. The partnership aims to introduce environmentally conscious transportation options at RSG’s opulent Saudi Arabian resorts, while also considering cutting-edge mobility technologies for future applications.The understanding was formalized during a ceremony at...

At the recent China Development Forum in Beijing, Aramco's President and CEO Amin Nasser delivered a compelling speech regarding the expansion of partnerships with Chinese enterprises. Nasser's vision, articulated in a press release, includes leveraging economic globalization and deepening Sino-Saudi ties through various sectors, particularly in emissions reduction, material sciences, and the burgeoning chemicals market.Nasser praised China's robust economic progression...

The Kingdom of Saudi Arabia has observed a significant uptick in business registrations, marking a 12 percent increase from 2019 to 2023. The total number of commercial records has now exceeded 1.12 million, according to a high-ranking official.During a collaborative session held in Jeddah, which was aimed at addressing challenges and improving the business ecosystem within the Kingdom, Minister of...

Franklin Resources, Inc., also known as BEN, has commenced its business activities within Saudi Arabia, following the acquisition of two pivotal licenses from the nation’s financial authority, marking a significant step in its global reach.The company has been granted a 'Managing Investments and Operating Funds' license along with an 'Advising' license by the Saudi Arabian Capital Market Authority.This strategic expansion...

In a significant move to enhance regional connectivity, Saudi Arabia and Bahrain have entered into two memoranda of understanding. These agreements are set to chart a path for the future of transportation, with a keen focus on road maintenance and safety measures.The primary intent of these MoUs is to foster a stronger collaborative relationship in the transportation and logistics sector...

The World Trade Organization's General Council has unanimously selected Saqer bin Abdullah Al-Moqbel, Saudi Arabia's Permanent Representative to the WTO, to chair its Dispute Settlement Body for the 2024-2025 term. This decision was reached during the council meeting on March 22, 2024.Al-Moqbel's appointment is a historic first, as he becomes the inaugural Arab permanent representative to the WTO to assume...

The Kingdom of Saudi Arabia has disclosed the forthcoming holiday schedule for Eid Al Fitr, specifically for those employed within its private sector.A recent announcement made via social media by the Ministry of Human Resources and Social Development indicates that the holiday break will commence on Tuesday, the 9th of April.A four-day holiday period is slated for private sector employees,...

Saudi Arabia has proudly announced the creation of Ceer, its pioneering electric vehicle (EV) brand, marking a significant milestone in the nation's journey towards sustainable innovation and economic diversification. This initiative is a testament to the Kingdom's dedication towards leading the EV sector in the Middle East.In alignment with Saudi Vision 2030, a comprehensive plan to diminish the nation's reliance...

Animoca Brands, a leading name in blockchain gaming, is taking significant strides in the burgeoning Web3 sphere in Saudi Arabia, following a recent memorandum of understanding with the nation's premier scientific institution, as disclosed by Yat Siu, the company's co-founder and chairman. The Hong Kong-based unicorn's expansion into the Saudi market includes a collaboration with King Abdulaziz City for Science...

The Qiddiya Investment Company (QIC) has made headlines with its announcement of a groundbreaking new attraction for anime aficionados and visitors seeking top-notch entertainment. The Dragon Ball theme park, an unprecedented anime-inspired amusement park, is poised to open its doors within the vibrant Qiddiya City, a mere 40-minute drive from the heart of Riyadh.Encompassing an area exceeding half a million...

Several multinational corporations are poised to open their regional headquarters in Saudi Arabia, following the signing of memorandums of understanding with the Ministry of Investment. These agreements took place on the fringes of MIPIM 2024, a global property market event, held from March 11 to 14 in Cannes, France.The Kingdom's Minister of Investment, Khaled Al-Falih, disclosed that 450 international investors...

ROSHN Group, a leading real estate developer in Saudi Arabia and a subsidiary of the Public Investment Fund (PIF), has announced an impressive expansion of its multi-functional application through a recent partnership with Boxo, a tech innovator hailing from Singapore. In a formal ceremony at the ROSHN corporate office, the two entities outlined a cooperation agreement to bolster three key...

The Minister of Transport and Logistics, Eng. Saleh bin Nasser Al-Jasser, conducted an on-site evaluation of King Abdulaziz International Airport's facilities in Jeddah. This evaluation included a comprehensive tour of the establishment's triad of terminals: Terminal 1, the North Terminal, and the recently inaugurated Hajj and Umrah Terminal Complex. Al-Jasser was joined by high-ranking representatives from the General Authority of...

On the 19th and 20th of March, the illustrious city of Riyadh hosted a pivotal assembly of the INTOSAI Development Initiative Board of Directors. The convocation saw the participation of Dr. Hossam bin Abdul Mohsen Al-Anqari, the esteemed President of the General Auditing Bureau, who joined as a representative of the Kingdom on the Board. In attendance were also prominent...

The Kafalah program, aimed at facilitating loans for small and medium-sized enterprises (SMEs), has teamed up with Sirar by stc to unveil the Sayen service, a cutting-edge digital signature solution. This innovative service is designed to attach digital signatures to e-documents and transactions, significantly streamlining processes and boosting operational efficiency. Utilizing state-of-the-art systems and technology, the Sayen service integrates electronic...

The collaborative efforts of Huawei Cloud, the Ministry of Investment of Saudi Arabia (MISA), and the Communications, Space and Technology Commission of Saudi Arabia (CST) culminated in the successful Huawei Cloud Automotive Forum held at LEAP 2024. This summit drew representatives from Saudi government agencies, investment bodies, industry partners, and over 10 Chinese automotive companies, focusing on the integration of...

In an ambitious move to harness an estimated $2.5 trillion in mineral wealth, Saudi Arabia is rolling out incentives and issuing additional licenses to mining companies eager to tap into the country's vast resources.The Kingdom's Ministry of Industry and Mineral Resources has reported a significant uptick in the number of applications for mining licenses. This surge follows the enactment of...

The Ministry of Industry and Mineral Resources in Riyadh has observed a significant uptick in applications for mining licenses, a development linked to the enactment of the Mining Investment Law in January 2021. This legislation was introduced with the objective of encouraging investments, fostering sector growth, and elevating the nation's mineral production capacities. Post-implementation of the new law, the count...

The Saudi Ports Authority, known as Mawani, has instituted a mandate for all shipping intermediaries and storage facility lessees within the logistics and support zones to operate on a continuous basis. This directive requires the processing of container transactions throughout the day and night, encompassing weekends and public holidays.Observations indicate that some shipping agents and storage yard operators at King...

In a significant gathering at the Huawei Cloud Automotive Forum, part of LEAP 2024, Huawei Cloud partnered with Saudi Arabia's Ministry of Investment (MISA) and the Communications, Space & Technology Commission (CST) to explore the prospects of smart vehicle technologies and the expansion of Chinese automotive businesses into the Saudi market. The event was attended by Saudi government officials, investment...

Saudi Arabia's Almarai, recognized as the largest dairy firm in the Middle East, has unveiled a plan to allocate more than 18 billion Saudi riyals (approximately $4.8 billion) through 2028. This substantial investment aims to fortify its existing operations and broaden its reach into novel market segments.The investment blueprint earmarks 7 billion riyals for the expansion of its poultry division...

Jordan's export figures to Saudi Arabia have seen a notable rise in the year 2023, ascending to a value of JD984 million, which marks a 7.1 percent increase from the JD840 million recorded in 2022. This boost has placed the nation at the forefront of Jordanian exports within the Greater Arab Free Trade Area.Conversely, the kingdom's imports from Saudi Arabia...

The commercial landscape in Saudi Arabia is witnessing a notable transformation as women entrepreneurs begin to play a pivotal role. Their emergence is not only addressing unemployment challenges but also enhancing the country's brand on a global stage.In this progressive shift, Saudi women are increasingly making autonomous decisions about their careers and becoming key economic contributors. The government's Saudi Vision...

The corporate terrain of Saudi Arabia is undergoing significant transformation with the advent of the Regional Headquarters (RHQ) program, slated to take effect from the onset of 2024. This groundbreaking initiative requires that multinational companies set up RHQs within the Kingdom to be eligible for government contracts, thereby enhancing operational efficiencies and expanding market presence. This move introduces a host...

Oil prices witnessed a significant uptick, reaching a four-month high, driven by a combination of reduced crude exports from leading producers and positive economic signals from China and the United States. The benchmarks for Brent and West Texas Intermediate (WTI) crude saw increases of 1.8% and 2.1%, respectively, positioning both into an overbought state and marking their highest settlements since...

Recent discussions have surfaced about Saudi Arabia's massive sovereign wealth fund potentially purchasing the country's flagship carrier Saudia, according to information from insiders.The Public Investment Fund (PIF), which is responsible for managing an impressive $925 billion in assets, is considering this acquisition in line with its ambitious plans to inject capital into tourism and transportation sectors. This strategy is part...

In a significant move to expand its maritime connections, the Saudi Ports Authority, known as Mawani, has launched a new shipping line, the IMS, at the King Abdulaziz Port in Dammam. This service is set to enhance the Kingdom's links with critical regions in Southeast Asia and India. The initiative is a concerted effort by Mawani to fortify its international...

Saudi Arabia's state-owned Public Investment Fund (PIF) is reportedly in preliminary discussions to acquire the country's premier airline, Saudia, as part of a multi-billion dollar initiative aimed at transforming the nation into a destination for tourists.The PIF is contemplating an acquisition that would incorporate the 80-year-old Saudia into its expanding aviation holdings as early as the upcoming year. Insiders, choosing...