Business

Saudi Arabia is reportedly in the process of considering a significant change in the structure of its national airline. The kingdom is exploring the idea of transferring the ownership of Saudia, also known as Saudi Arabian Airlines, to its sovereign wealth fund, the Public Investment Fund (PIF). This information comes from two individuals who are privy to the discussions.The potential...

Saudi Arabia is poised to significantly enhance its higher education landscape by welcoming international academic institutions to establish branches within the nation. This move will provide Saudi students with access to world-class education programs locally.Recent agreements have been struck with the University of Wollongong from Australia, and American entities Arizona State University and Cintana Education, which are set to initiate...

The Tadawul All Share Index in Saudi Arabia witnessed an increase on a recent Sunday, climbing by 39.90 points, or 0.27 percent, to conclude the day at 12,762.43. The trading volume for the day on the benchmark index reached SR9.02 billion ($2.4 billion), with 136 stocks experiencing gains and 79 facing declines.A similar upward trend was observed in the parallel...

The sovereign wealth fund of Saudi Arabia is reportedly in preliminary discussions to acquire the nation's leading airline, as part of a broader initiative to transform the country into a global touristic hub.The Public Investment Fund (PIF) has set its sights on incorporating Saudia into its aviation holdings as early as the coming year, with plans to inject several billion...

Selfridges, the esteemed department store, is becoming a focal point for acquisition interest from both Saudi Arabia and Kering, the conglomerate behind the luxury brand Gucci. The financial distress of Selfridges’ part-owner has triggered a race for its ownership stakes. The Saudi Arabian Public Investment Fund (PIF) and Kering are among the entities rumored to be eyeing a portion of...

The Public Investment Fund (PIF) of Saudi Arabia is reportedly engaged in preliminary discussions to acquire the nation's premier airline, Saudia. This move is part of a broader initiative to invest heavily in the country's emerging tourism sector.Insiders with knowledge of the situation, who preferred to remain anonymous, have indicated that the PIF may integrate Saudia, an airline with an...

In the ever-evolving world of commerce, significant developments have emerged, capturing the attention of investors and corporations alike. Notably, the Public Investment Fund (PIF) of Saudi Arabia alongside luxury brand conglomerate Kering, known for owning Gucci, are reportedly eyeing a stake in the renowned department store Selfridges. This comes as Selfridges' co-owner faces insolvency, spurring a competitive tug-of-war for control...

Saudi Arabia is poised to potentially double its hotel room inventory over the coming decade to cater to the increasing number of pilgrims and tourists, a leading industry executive suggests.Elie Maalouf, the Chief Executive Officer of IHG Hotels and Resorts, highlighted in a discussion that the current lodging capacity in Saudi Arabia is not adequate to accommodate the burgeoning demand...

In the wake of Vision 2030, Saudi Arabia's higher education system is experiencing a significant transformation to better meet the demands of the job market, according to a recent analysis by Colliers. The report from the global professional services firm indicates that the Kingdom's ambitious economic diversification and Saudization initiatives are reshaping employment opportunities, particularly in sectors like artificial intelligence,...

During the illustrious MIPIM 2024 gathering in Cannes, France, a prominent event for global property development leaders, the New Murabba Development Company made a significant impact with its forward-thinking plan for urban transformation. They announced their preparedness to forge partnerships with international investors.At the helm, New Murabba CEO Michael Dyke emphasized the wealth of investment possibilities for those looking to...

The iconic Selfridges department store has found itself at the center of a high-stakes corporate drama following the financial troubles of one of its principal shareholders, sparking interest from major international investors. The insolvency of Signa, an Austrian firm led by Rene Benko that owns half of Selfridges' property company, has put its stake in the renowned retailer up for...

The Kingdom of Saudi Arabia is on the brink of becoming a key player in the carbon capture, utilization, and storage (CCUS) arena, as indicated by recent research findings. The International Energy Forum (IEF) has spotlighted the potential for the Middle East and North Africa (MENA) region to collaboratively harness CCUS technologies to facilitate an efficient energy transition.According to the...

The Chief Executive Officer of the Saudi Food and Drug Authority (SFDA), Dr. Hisham bin Saad Aljadhey, has recently engaged in strategic discussions with top officials from various U.S. firms specializing in food, drugs, and medical equipment. These conversations were centered on the pivotal role SFDA plays in bolstering the private sector, in alignment with the significant developmental prospects present...

In an impressive display of efficiency and growth, the King Abdul Aziz Port in Dammam has set a new benchmark in its operational history. This February, the port has seen a remarkable 25.41% increase in cargo handling, totaling 235,820 Twenty-Foot Equivalent Units (TEUs), soaring high above the previous February's count of 166,956 TEUs.This landmark figure not only represents the highest...

The Saudi Ports Authority, known as Mawani, has reported a remarkable uptick in its port activities for the month of February. The ports witnessed a 16.88% increase in imported containers, amounting to 266,672 twenty-foot equivalent units (TEUs), a significant rise from the previous year's 193,937 TEUs. Furthermore, the ports experienced a 1.44% augmentation in cargo throughput, managing to handle 23,381,835...

The Saudi Arabian business sphere is currently witnessing a robust expansion, with several industries emerging as key drivers of this growth. According to the latest quarterly bulletin from the Ministry of Commerce for the final quarter of 2023, there has been a noticeable uptick in commercial registrations across diverse sectors. Leading the pack is the land transport of goods sector,...

The tech industry in Riyadh is on the cusp of a transformative injection of funds with the announcement of a $100 million investment initiative. This substantial financial commitment stems from a pact between the esteemed private equity entity Gulf Capital and the Research Development and Innovation Authority (RDIA) of Saudi Arabia.Allocated over a forthcoming five-year period, this investment is slated...

Anticipation has been high among the stakeholders of tennis for a comprehensive strategy to revitalize the sport, potentially unlocking billions in revenue. Yet, with the Grand Slams' leaders delayed in presenting a cohesive plan, other key figures in tennis are stepping up to drive change.Current discussions reveal that the men's and women's professional tennis tours are in talks to secure...

Saudi Arabia's Public Investment Fund (PIF) has extended a substantial proposal of US$2 billion to amalgamate the men's and women's professional tennis tours, as per reports from The Telegraph. The ambitious plan involves merging the Association of Tennis Professionals (ATP) and Women's Tennis Association (WTA) Tours into a single entity.Andrea Gaudenzi, the chairman of ATP, reportedly relayed this offer to...

The General Real Estate Authority (REGA) is marking its presence at the prestigious MIPIM real estate exhibition currently underway in Cannes, which commenced on March 12 and will conclude on March 15.During this four-day event, REGA's display booth is dedicated to presenting the real estate regulations and key organizational measures of the sector. The authority's spokesperson, Tayseer Al Mufarrej, expressed...

The Saudi urban sector is poised to capture the spotlight as New Murabba Development Co. gears up to participate in a premier international real estate gathering in France. This occasion offers international investors a unique window into the burgeoning urban opportunities within the Kingdom.At MIPIM 2024, hosted at Cannes' Palais des Festivals from March 12-15, the company plans to unveil...

The Jordanian fintech company Numa has embarked on an expansion journey into Saudi Arabia, with Visa providing both investment and strategic support. This move underscores the Kingdom's financial sector's openness to global expertise and innovation.With the infusion of Visa's investment, Numa is set to not only enter the Saudi and UAE markets but also to expand its range of services....

Jordan-based fintech startup Numa is set to join forces with global payments giant Visa, aiming to scale their operations into the burgeoning Saudi Arabian market, a move signaling the Kingdom's financial sector's readiness to integrate global expertise.With a strategic investment from Visa, Numa is gearing up to enter the Saudi and UAE markets, marking a significant step in its growth...

Pearl Group, a prominent player in the field of polyurethane (PU) insulation and other PU-related applications, has recently achieved a significant milestone in Saudi Arabia by doubling its production capacity, signaling a robust enhancement of its operational reach and capabilities within the kingdom. This strategic move by the company substantially increases its capacity to fulfill the growing local and regional...

Amid discussions on the fringes of the Bahrain Smart Cities Summit 2024 in Manama, Saudi Arabia and Bahrain are delving into potential collaborations in the realms of social housing and urban planning. The summit saw the presence of key figures such as the Saudi Deputy Minister for Urban Planning and Lands, Engineer Fahad Al-Mutlaq, and Bahrain’s Minister of Housing and...

Brands For Less reaches a new landmark in their growth trajectory with the inauguration of their 30th outlet in Saudi Arabia, positioned within The View Mall of Riyadh. This event underlines the brand's swift regional expansion, achieved in under two years.Toufic Kreidieh, the Executive Chairman of the Board and Group CEO, expressed great enthusiasm about their latest venture. We are...

A strategic partnership has formed between Aramco Digital, the tech-forward arm of Aramco, and LTIMindtree, setting the stage for a new IT services enterprise in the Kingdom of Saudi Arabia.Under the umbrella of the Aramco Namaat Industrial Investments Program, this joint initiative is poised to drive forward the digital transformation agenda and supply IT services across the Kingdom of Saudi...

During the sacred month of Ramadan, retail establishments are known to present a plethora of promotional deals. This long-standing tradition has evolved into an anticipated aspect of the seasonal shopping experience, attracting consumers who are eager to take advantage of discounts and special offers.Furthermore, in the midst of ongoing geopolitical tensions, the price of oil has experienced an upward trend,...

The longstanding economic partnership between South Korea and Saudi Arabia, which spans six decades, is now branching out from its core focus on construction and petrochemicals to embrace innovative ventures like smart cities, renewable energy, and advanced transportation solutions.In the wake of President Yoon Suk Yeol's trip to the Saudi capital last fall, the two nations have seen a surge...

The ambassador of Saudi Arabia to Korea recently addressed a prominent business forum to shed light on NEOM, a transformative city project, and the myriad investment opportunities awaiting in the kingdom, particularly for Korean investors. The event, held in Seoul, aimed to foster connections between Korean enterprises and influential figures from the international business landscape.In an event organized by a...