Business

The Saudi Air Connectivity Program (ACP) has joined forces with China Southern Airlines to introduce a new air route that will link Beijing directly to Riyadh, set to commence operations in April 2024. This service will include two flights every week between Beijing Daxing International Airport (PKX) and King Khalid International Airport (RUH). Furthermore, starting from June 2024, passengers will...

On March 8, 2024, at the prestigious World Water-Tech Innovation Summit in London, Dr. Abdulaziz Al-Malik, Saudi Deputy Minister of Environment, Water, and Agriculture for Research and Innovation, engaged with top-tier companies in the water industry. Accompanied by delegates from the Saline Water Conversion Corporation and the National Centre for Water Efficiency and Rationalization, they examined future collaborative prospects, pioneering...

In a significant advancement for energy collaboration, Kazakhstan played host to a key signing event in the presence of its President, Kassym-Jomart Kemeluly. The dignitaries, Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, and Kazakh Minister of Energy Almasadam Satkaliyev, ratified an executive program that will serve as a framework for cooperation under an earlier memorandum of understanding...

The National Development Fund (NDF) has officially partnered with the World Economic Forum (WEF), aiming to join the ranks of the forum's influential members. This collaboration was formalized with a contract signed at the NDF's main office by Khalid bin Ibrahim Shareef, the NDF's Chief of Staff, and Alexandre Raffoul, the WEF's Head of Global Partner Development and member of...

The business landscape in the United Arab Emirates is witnessing a significant development as Saudi Arabia's Crown Prince has authorized the transfer of an additional 8% stake in the national oil behemoth, Saudi Aramco, to the nation's principal sovereign wealth fund. Valued at approximately $160 billion, this move is part of a broader strategy to diversify the kingdom's economy beyond...

Saudi Arabia has made a significant move by allocating a stake worth $163 billion from its national oil company, Aramco, to the country's sovereign wealth fund, known as the Public Investment Fund (PIF). This action is part of a strategic effort to amplify the fund's capacity to support initiatives aimed at rejuvenating the nation's economy.This latest allocation represents an 8...

In a significant move by Saudi Arabia, an 8% stake in the state oil company, Aramco, was transferred to the nation's Public Investment Fund (PIF), marking a strategic repositioning of assets designed to strengthen the sovereign wealth fund. This transfer comes in anticipation of a potential public offering in Aramco and is valued at approximately $163.6 billion, based on Aramco's...

Red Sea Global (RSG), the developer renowned for its regenerative tourism projects, has joined forces with the esteemed Four Seasons brand to announce the unveiling of a sumptuous wellness resort and an exclusive collection of Private Residences at Triple Bay AMAALA. This venture is set to enhance the allure of Saudi Arabia’s northwestern coastal region as a burgeoning hub for...

The Saudi capital, Riyadh, has recently hosted the 3rd iteration of the International Conference spearheaded by the Saudi Center for Commercial Arbitration (SCCA24). This significant gathering saw the presence of Eng. Waleed bin AbdulKarim El-Khereiji, the Vice Minister of Foreign Affairs, among other notable participants.The primary objective of this conference was to delve into the burgeoning realm of alternative dispute...

The Saudi Ports Authority, Mawani, has introduced a groundbreaking initiative, the Port Community System (PCS), under the integrated logistics program 'Logisti'. This ambitious project is set to offer over 250 electronic services at Mawani's Saudi ports, positioning the Kingdom squarely on the international logistics service map.Omar Hariri, the President of Mawani, announced that the PCS demonstrates the authority's commitment to...

In a strategic move that aligns with Saudi Arabia's Vision 2030, Zain Group has expanded its digital footprint by officially inaugurating ZainTECH's operations in Riyadh. ZainTECH, the integrated digital solutions arm of Zain Group, is now poised to offer a comprehensive suite of ICT transformational solutions to both the enterprise and government sectors in the region.The unveiling of ZainTECH's Riyadh...

Saudi Arabia is on a mission to transform its tourism industry into a major economic pillar. With the aim of securing up to $80 billion in private sector investments by 2030, the kingdom is working to diversify its economy.As part of its strategic plan, known as Vision 2030, the nation aspires to draw in 150 million travelers within the next...

South Korea's Naver Corp has reached a strategic partnership with Aramco Digital, the tech arm of the oil behemoth Saudi Aramco, with the aim of driving digital innovation across the Middle East and North Africa (MENA) region. This collaboration will focus on the development of Sovereign Cloud solutions and super apps tailored for the regional market, and will also involve...

The Gulf Cooperation Council (GCC) is poised to accelerate economic expansion by improving its regional dispute resolution mechanisms this year.Recognized for its benefits to the business sector, the GCC is increasingly adopting alternative dispute resolution (ADR) practices, such as arbitration and mediation. A robust ADR framework instills confidence in commercial agreements and can mitigate confrontational legal battles, promoting a more...

Business leaders in Saudi Arabia and Egypt are advocating for enhanced economic collaboration with the aim of elevating their already significant $20 billion trade partnership. The Saudi-Egyptian Business Council has proposed the formation of an economic alliance to facilitate joint expansion into new markets, with a particular focus on the African continent.This initiative is designed to create synergies between the...

The Saudi Cable Company has recently declared its intention to divest its investment interests in Turkey. This strategic pivot follows a comprehensive evaluation of the company's financial results in the region, which indicated that the anticipated financial yields were not realized over the past several years. This decision was made as part of the company's ongoing scrutiny and refinement of...

Businesses worldwide are keenly observing the latest tax regulations implemented for regional headquarters based in Saudi Arabia.These regulations establish a 30-year tax exemption specifically for earnings derived from 'eligible activities.' Eligible activities are defined as those that contribute to enhancing the company's regional presence and offering strategic oversight, along with administrative support to the company itself, its subsidiaries, and affiliated...

In an ambitious move, Saudi Arabia is joining forces with a globally distinguished architecture firm to create a towering skyscraper that could reach 2 kilometers into the sky, as reported by Architects’ Journal.This initiative, which is backed by the Public Investment Fund (PIF), is in collaboration with Foster + Partners. The proposed skyscraper in Riyadh is poised to be a...

Salah Almnsoori has been at the helm of a construction enterprise in Saudi Arabia for over a decade and a half, supplying materials to the sector's professionals. The challenge of connecting efficiently with a broad customer base in a sector boasting over 150,000 entities was a persistent obstacle, until BRKZ emerged on the scene. The 2022 inception of this start-up...

LTIMindtree, an established IT services firm from Mumbai, has acquired a 51% majority share in a joint venture (JV) with Global Digital Integrated Solutions Company, an entity under the umbrella of the leading oil corporation Saudi Aramco. This strategic move targets the expansion of IT services across the Middle East and North Africa (MENA) region.The Indian IT giant, ranking sixth...

LTIMindtree has inked a deal with the digital and technology arm of Aramco, known as Aramco Digital, to set up a novel IT services entity within Saudi Arabia. This venture is poised to be a beacon of innovation, showcasing groundbreaking digital services and advanced industry 4.0 integration. The initiative is in line with the Kingdom's Vision 2030, aiming to generate...

IBM is gearing up to enhance its presence in the Middle East with a substantial investment aimed at fostering innovation in line with Saudi Arabia's long-term goals. Riyadh, Saudi Arabia: A global powerhouse in hybrid cloud, AI, and consulting services, IBM has unveiled plans to pour more than $200 million into a new state-of-the-art IBM Software Lab in Riyadh, the...

Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has announced the launch of an innovative initiative designed to accelerate the nation's rapidly expanding tourism industry. The Tourism Investment Enabler Program (TIEP) is set to create a hospitable and financially attractive climate for both local and global investors, establishing Saudi Arabia as a prominent player on the world tourism stage with a...

In a significant development for the financial sector of the Gulf Cooperation Council (GCC), Secretary-General Jassem Mohammed Al-Budaiwi has announced that Doha is set to be the venue for the inaugural international conference on banking and finance. This event is scheduled for next September and marks a concerted effort by the GCC to showcase its strides in financial and banking...

In response to the decision by OPEC+ to maintain production restrictions through mid-year, Saudi Arabia has escalated the pricing for its primary oil grade sold to Asian buyers for the upcoming month.The state-owned entity, Saudi Aramco, has upped the rate for Arab Light crude to Asia, setting it at a $1.70 per barrel premium over the regional benchmark. This uptick...

Saudi Arabia Intensifies Trade Relations by Establishing Investment Presence in Sao PauloIn a strategic move to fortify its economic relationships, the Saudi government has disclosed plans to establish a presence for its Investment Ministry in Sao Paulo. This initiative is designed to enhance trade and business activities between Saudi Arabia and Brazil.The revelation occurred at the Brazil Saudi Arabia Conference,...

Saudi Arabia's Minister of Tourism, His Excellency Ahmed Al-Khateeb, recently announced the launch of a transformative program designed to bolster the nation's burgeoning tourism industry. The Tourism Investment Enabler Program (TIEP) is set to simplify and reduce the costs associated with doing business in the Saudi tourism sector for both international and domestic investors.The flagship Hospitality Investment Enablers, a component...

In a bold move to enhance the gaming and Esports sector in Saudi Arabia, the National Development Fund (NDF), together with the Social Development Bank (SDB), have initiated the signing of two agreements to create a pair of venture funds totaling SAR450 million (approximately $120 million). This development was unveiled at the LEAP 2024 tech event in Riyadh, signaling a...

The Communications, Space & Technology Commission (CST) in Saudi Arabia has recently honored Mobily with the prestigious Customer Experience Award 2023 for its exceptional services in both fixed and mobile communications, encompassing voice and internet offerings for individual consumers. This accolade is a testament to the company's dedication to elevating the customer journey and its commitment to innovation in service...

In a significant move to strengthen economic ties, the Saudi-Egyptian Business Council has proposed the creation of an economic coalition between Saudi Arabia and Egypt. This alliance is strategically aimed at penetrating third-party markets, with a particular focus on the promising African market. The initiative is designed to enhance collaboration in various business ventures and investment prospects, with the dual...