Business

The International Islamic Trade Finance Corporation (ITFC), which falls under the Islamic Development Bank (IsDB) Group, has formalized the 2024 annual work program with the Arab Republic of Egypt. This agreement aligns with a five-year framework previously established between the two parties. The signing event was graced by ITFC CEO Eng. Hani Sonbol, Egypt's Minister of Planning and Economic Development...

At a recent gathering in Riyadh, Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, and the UK's Energy Security and Net Zero Secretary, Claire Coutinho, engaged in discussions centered on enhancing energy cooperation between their respective nations. The dialogue included an examination of prospects within the energy sector, guided by a shared commitment outlined in a memorandum of cooperation from...

The introduction of a unified tourist visa by the Gulf Cooperation Council (GCC) is poised to significantly influence the travel industry within Saudi Arabia as well as across the neighboring region. This sentiment was expressed by a high-ranking official within the Saudi government.Distinguished figures, including Saudi Arabia's Minister of Tourism, Ahmed Al Khateeb, were present at the eighth assembly of...

The Gulf Cooperation Council (GCC) is making headway in the business media sector with significant developments in regional tourism. At a recent meeting in Doha, tourism ministers from GCC countries convened to explore avenues for deepening cooperation and advancing the tourism industry. One of the crucial topics discussed was the implementation of a unified tourist visa for the GCC states,...

The Saudi Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, engaged in a strategic dialogue with the UK's Secretary of State for Energy Security and Net Zero, Claire Coutinho, in Riyadh. The bilateral meeting highlighted the strong relations between Saudi Arabia and the United Kingdom, focusing on the energy sector's prospects and future opportunities.The discussions were framed within a...

The Saudi Arabian Public Investment Fund (PIF) has successfully finalized an acquisition of a significant ownership stake in Zamil Offshore Services Company, a leading offshore support vessel operator and construction service provider based in Saudi Arabia. The sovereign wealth fund now holds a 40% share of the total issued capital of the enterprise.The strategic move by PIF is intended to...

HSBC Saudi Arabia is placing a strong emphasis on innovation as it seeks to expand its services, according to the CEO of the bank. Faris Al-Ghannam, who helms the financial institution, recently outlined his company's future direction and the economic potential within the Kingdom, highlighting the vast investment opportunities available.Speaking at the third Saudi Capital Market Forum in Riyadh, Al-Ghannam...

HSBC Saudi Arabia Prioritizes Innovation in Business StrategyHSBC Saudi Arabia, under the leadership of CEO Faris Al-Ghannam, is setting its sights on further enhancing its services through innovation. This initiative is in line with the bank's strategic goals and the dynamic market in which it operates.Speaking at the third Saudi Capital Market Forum in Riyadh, Al-Ghannam discussed the bank's future...

The Saudi Arabian General Entertainment Authority (GEA) has recently introduced a new film fund named Big Time Investment. This initiative aims to stimulate the creation of high-quality Arabic films and has unveiled a series of forthcoming Egyptian features. Among these, a standout project is the biographical film about the legendary Egyptian singer Umm Kulthum, revered as the greatest vocalist in...

Riyadh's investment environment is on a trajectory of prosperity, spurred by the equity and debt markets, as observed by a top banking executive from J.P. Morgan.During the Saudi Capital Market Forum held in Riyadh, Omar El-Amine, who leads Investment Banking at J.P. Morgan in Saudi Arabia, shared his perspectives on the Kingdom's burgeoning attractiveness to investment communities.The Kingdom's ambitious socio-economic...

Saudi Arabia's telecommunications giant, Saudi Telecom Company (STC), has disclosed its consolidated financial outcomes for the year 2023, revealing a 7.3% surge in revenues to SAR 72.337 billion ($19.3 billion), up from the previous year.The rise in revenue is primarily due to a 5.1% increase in commercial unit earnings, a 1.4% rise in carriers and wholesale unit profits within the...

Announcing a significant financial performance, stc disclosed its consolidated results for the fiscal year concluding on December 31, 2023. The company witnessed a substantial revenue uptick of 7.3% from the previous year, totaling SAR 72,337 million. This surge in income is largely credited to a 5.1% increase in commercial unit revenues, a 1.4% rise in revenues from carriers and wholesale...

The Saudi Arabian Tadawul stock exchange, the largest in the Arab world by market capitalization, is experiencing a burgeoning pipeline of initial public offerings (IPOs). The chairman of the kingdom's Capital Markets Authority highlighted that there are currently 56 companies of varying sizes poised to go public on Tadawul's Main Market and Nomu-Parallel trading platform, marking a 30% increase from...

Swissport has broadened its operational footprint within Saudi Arabia by commencing services at Prince Abdul Majeed bin Abdulaziz International Airport, located in Al-Ula (ULH). Marking the addition of a new locale to its expanding Saudi network, Swissport's inaugural operation was to service a flight originating from Queen Alia International Airport in Amman, Jordan, flown by Royal Jordanian.The aviation ground services...

Riyadh witnesses a call to action from Saudi Arabia's Finance Minister, Mohammed Al-Jadaan, who emphasizes the need for expedited financial reforms to enhance economic stability. During the third Saudi Capital Market Forum, Al-Jadaan addressed the significance of predictability and consistency in reforms while speaking on a panel.Al-Jadaan pointed out the substantial regulatory and legal transformations that have taken place since...

The Saudi Arabian marine support industry is set to receive a significant push forward with Zamil Offshore Co. announcing a newfound partnership with the Public Investment Fund (PIF). PIF has procured a 40% stake in the prominent offshore support vessel operator based in the Kingdom, signaling a boost for fleet expansion and service diversification. In an official communication, PIF disclosed...

The Saudi Arabian stock market is currently in the spotlight as the Saudi Capital Markets Forum commences in Riyadh. The two-day event, organized by the Saudi Tadawul Group—the parent entity of the nation's primary stock exchange—showcases a robust market with a valuation of $2.9 trillion as of January's end. Efforts to lure international investors to its capital markets include a...

Saudi Arabia is currently highlighting the robustness of its primary stock exchange as Riyadh becomes the stage for the Saudi Capital Markets Forum. This event, organized by the Saudi Tadawul Group—the entity overseeing the nation's key exchange platform with the same moniker—reveals a market capitalization that reached $2.9 trillion as of January's end.Efforts to draw in international financiers have been...

Greetings from the Middle East!Today's digest includes the flourishing of Gulf tourism, the UAE's record-breaking non-oil foreign trade numbers, Redbird IMI’s sizable purchase of All3Media, and the potential public offering for Saudi Global Ports Co. Meanwhile, the Tadawul exchange beckons investors to Riyadh.Saudi Arabia is promoting its stock exchange's robustness as the Saudi Capital Markets Forum commences today in Riyadh....

RIYADH, SAUDI ARABIA – The tech landscape in Saudi Arabia takes a significant leap forward as Marhaba Blockchain Information Systems (MRHB), a leader in web3 Infrastructure, announces a strategic partnership with the nation's revered Digital Economy Centre (DEC). This alliance is poised to enhance Distributed Ledger Technology (DLT) and Artificial Intelligence (AI) initiatives, in line with the objectives of the...

Marhaba Blockchain Information Systems (MRHB), a trailblazer in web3 infrastructure from Saudi Arabia, has announced a strategic partnership with the country's esteemed Digital Economy Centre (DEC). The alliance focuses on the development and implementation of Distributed Ledger Technology (DLT) and Artificial Intelligence (AI), initiatives that align with the technological ambitions of Vision 2030.Innovative Initiatives AheadMRHB's founder, Naquib Mohammed, has expressed...

In a move designed to reshape the financial services landscape in Saudi Arabia, Riyadh-based SNB Capital has joined forces with Malaa Technologies. This strategic alliance aims to facilitate secure and straightforward access to financial services, thereby increasing the flexibility of financial transactions within the region.Thanks to this partnership, Malaa Technologies' clientele will gain entry to an array of funds and...

Riyadh's business environment is on the brink of a significant transformation, led by the financial technology (fintech) sector which is currently dominating venture capital investments. This insight was shared by the chairman of the Saudi Capital Market Authority during the third Saudi Capital Market Forum in the nation's capital. At this gathering, Mohammed El-Kuwaiz articulated a vision that signaled an...

The Kingdom of Saudi Arabia has embarked on an ambitious journey to transform its economy and society through Vision 2030, a strategic plan that underscores the significance of research and development (R&D) spearheaded by the nation's universities. These educational institutions are evolving beyond their traditional roles to become powerhouses of pioneering research that align with the Kingdom's lofty aspirations.A testament...

The Georgia-Saudi Arabia Business Forum in Tbilisi marked a significant event with 300 delegates converging to discuss the expansion of economic relations and collaborative efforts between the two countries. The event was inaugurated by notable speeches from Georgia's First Vice Prime Minister Levan Davitashvili and Saudi Arabia's Minister of Investments Khalid Al-Falih.Davitashvili underscored Georgia's dedication to fortifying its ties with...

A high-ranking team from Saudi Arabia's civil aviation sector, led by Abdulaziz Al-Duailej, the President of the General Authority of Civil Aviation, is set to embark on an important international journey. This tour will span several key global locations, including Singapore, China, and the United States, from February 19 to February 29.The delegation's mission is to engage in dialogues concerning...

Turkiye has set its sights on expanding its trade volume with Saudi Arabia, aiming for a $30 billion benchmark in the coming years. The trade between the two nations reached $6.8 billion in 2023, with Saudi enterprises having injected $2 billion into Turkiye to date, according to reports from the state-run Anadolu Agency, quoting Turkiye's Vice President Cevdet Yilmaz.We believe...

Turkiye has set an ambitious objective to escalate its trade volume with Saudi Arabia to a landmark $30 billion over an upcoming period. The recent figures from 2023 indicate that the bilateral trade has reached a substantial $6.8 billion, with Saudi Arabian entities injecting about $2 billion into the Turkiye economy, as reported by the state-run Anadolu Agency and attributed...

With an ambition to bolster commerce, Turkiye sets its sights on a $30 billion trade goal with Saudi Arabia for the upcoming years. The recent figures showcase a promising $6.8 billion bilateral trade volume in 2023, and Saudi investments in Turkiye have reached the $2 billion mark, according to statements from Turkiye's Vice President Cevdet Yilmaz reported by a state-run...

The Saudi Ports Authority (MAWANI) is embarking on an ambitious journey to position Saudi Arabia as a preeminent global logistics hub, bridging three continents. The strategy is in alignment with the nation's National Transportation and Logistics Strategy (NTLS), aiming to enhance the Kingdom's connectivity and economic diversification.As part of this initiative, MAWANI is actively encouraging private sector engagement, negotiating contracts,...