Business

Acwa Power, a leading utility developer based in Riyadh, has successfully met the initial requirements for drawing down senior loans for three significant solar photovoltaic (PV) projects in Saudi Arabia, boasting a total capacity of 4,550MW.Together with its partner, Water & Electricity Holding Company (Badeel), the company had previously secured power-purchase agreements with the Saudi Power Procurement Company to foster...

Forecasts indicate that the open banking sector is poised for substantial growth, with projections suggesting a market value of $43 billion by 2026, a significant leap from $7 billion in 2018. The chairman of Saudi Arabia’s Capital Market Authority made this prediction at the Open Banking Hackathon 2024's closing event in Riyadh.The chairman highlighted the widespread acceptance and integration of...

A recent analytical study on the Saudi Arabia Hospital Market has been conducted, offering a holistic view of the market, including size, share, trends, and industry analysis. This report provides a comprehensive overview of the market's growth patterns, demand dynamics, and future projections for Saudi Arabia. It also presents an in-depth assessment of the competitive arena, profiling major industry stakeholders....

A recent analysis into the Saudi Arabia IT Market offers a comprehensive exploration of the sector, detailing market size, share, trends, and thorough industry insights. The study encapsulates an overarching view of the industry, growth patterns, consumer demand dynamics, and the market’s future outlook. It also provides an in-depth assessment of the competitive environment, profiling prominent market players and examining...

A recent analytical study on the

In a significant move towards bolstering bilateral relations, Saudi Arabia and Georgia have formalized four agreements aimed at fostering collaboration in the realms of industry, energy, and culture. These agreements were sealed at the Georgian-Saudi Investment Forum held in Tbilisi.The pacts inked at the forum are set to propel the development and investment in water and solar energy projects. Additionally,...

The partnership between Saudi Arabia and Georgia has been notably enhanced following the signing of four pivotal agreements. These accords, inked at a business forum in Tbilisi, are set to propel advancements in industry, energy, and cultural sectors.Convened during the Georgian-Saudi Investment Forum on a recent Thursday, the agreements are tailored to foster the development and investment in water and...

In a significant development for bilateral trade, Saudi Arabia and Georgia have fortified their economic relationship with the signing of four key agreements. These accords, inked at a business gathering in Tbilisi, are set to enhance collaboration in sectors such as industry, energy, and culture.The commitments, forged during the Georgian-Saudi Investment Forum, are designed to foster the development and investment...

The landscape of international trade saw a significant enhancement as Saudi Arabia and Georgia solidified their economic partnership through the inkling of four pivotal agreements. These agreements, which span across industry, energy, and cultural domains, were a highlight of the Georgian-Saudi Investment Forum that recently concluded in Tbilisi.Integral to these agreements is the advancement and investment in water and solar...

The Chairman of the Islamic Development Bank Group, Dr. Muhammad Al Jasser, held a strategic meeting with Ahmed Shide, the Ethiopian Minister of Finance, at the ministry's headquarters. This significant dialogue took place on the margins of the 37th African Union Summit hosted in Addis Ababa.During the discussions, both parties explored avenues to amplify developmental collaboration, delved into the realm...

The foundation for Bahri Logistics Center, a project of the National Shipping Company of Saudi Arabia (Bahri), was officially set at the Jeddah Islamic Port. A press statement by the Saudi Ports Authority (Mawani) disclosed that the facility will span an impressive 95,436 square meters and be operated by Bahri, featuring a range of storage solutions, including temperature-controlled zones, handling...

A specialized team from Saudi Arabia's civil aviation authority is set to embark on a series of diplomatic missions spanning three influential nations – Singapore, China, and the United States. From February 19 to 29, 2024, the group, led by Abdulaziz Al-Duailej, the head of the General Authority of Civil Aviation, will be engaging in high-level discussions focused on enhancing...

The FII Institute has announced an upcoming virtual press briefing, helmed by CEO Richard Attias, scheduled for February 19, 2024. The briefing will center on the highly-anticipated return of the FII PRIORITY Miami summit, themed 'On the Edge of a New Frontier'.Slated to occur from February 22-23, 2024, at the Faena Hotel & Forum in Miami Beach, the summit is...

The KAUST Future Forum 2024 recently wrapped up, marking the end of a series of sessions focused on fostering partnerships in research, technology, and entrepreneurship. The forum featured prominent figures from various sectors who engaged in dynamic discussions about the future of science and technology.One of the pivotal discussions was steered by Abdulraheem Al-Gahmdi, Director of KAUST Academy, and included...

The Saudi Export Development Authority, known as Saudi Exports, is set to make its mark at the 9th Iraq International Energy Exhibition and Conference taking place in Baghdad from February 12-14. With the backing of the Prime Minister of the Republic of Iraq, Mohammed Shia' Al-Sudani, and the Iraqi Ministry of Electricity, the event is poised to be a significant...

The prestigious FRUIT LOGISTICA exhibition in Berlin, Germany, became a stage for Almadinah Heritage, a subsidiary of the Public Investment Fund, to highlight the richness of Saudi date products. Among the offerings, the Madinah Ajwa Dates stood out, drawing significant interest from the attendees. Eng. Bandar Al-Qahtani, the Chief Executive Officer of Almadinah Heritage, detailed the company's showcase strategy. Their...

The Saudi Ministry of Commerce has taken a significant step in facilitating the establishment of foreign business presences within the kingdom by offering a suite of online services. These services are designed to assist overseas companies in launching their regional headquarters after securing the necessary permits from the Ministry of Investment.The range of online offerings includes the creation of a...

A prominent American investment company, Apollo Global Management Inc., together with the Saudi Arabian sovereign wealth fund, Public Investment Fund (PIF), have shown keen interest in acquiring part of the extensive coffee shop network presently franchised by a leading Kuwaiti firm.Engaged in advanced discussions, the Alshaya Group is contemplating the divestiture of a minority interest in its lucrative Middle Eastern...

Enso Arabia, a distinguished event management agency from Saudi Arabia, has selected the Dubai-based Rebecomms to spearhead public relations and media communications for Invest Saudi at the upcoming MIPIM 2024. The collaboration entrusts Rebecomms with the task of coordinating media relations across the Middle East, UK, and Europe in anticipation of, and during, MIPIM, the premier global real estate event...

United International Transportation Co., popularly known as Budget Saudi Arabia, has received the green light from Saudi Arabia's competition authority for its acquisition of Al-Jazira Equipment Co., also referred to as Auto World. The approval by the General Authority for Competition was disclosed through a communication on the Saudi Stock Exchange, signaling the full purchase of the operational lease and...

The Saudi Arabian vehicle leasing giant, United International Transportation Co., also recognized as Budget Saudi Arabia, has obtained approval from the nation's regulatory body for competition to proceed with its full acquisition of Al-Jazira Equipment Co., popularly referred to as Auto World.Disclosed through a communication on the Saudi Stock Exchange, the General Authority for Competition has granted a 'no objection'...

Saudi-based J-B Leverages OCI for Digital Financial LeadershipOracle recently disclosed that J-B, a digital finance entity in Saudi Arabia, has adopted Oracle Cloud Infrastructure (OCI) to enhance its crucial financial and transactional systems.The move is part of J-B's multi-year plan to expand its digital finance offerings, break into new markets, and expedite its growth within the Kingdom.Since its inception in...

As the business landscape stands on February 12, 2024, the SAUDI ARABIAN OIL COMPANY towers over the rest as the pinnacle of Saudi Arabia's commercial sector, boasting a staggering market valuation of $1.98 trillion. Trailing behind, yet formidable in their own right, are the AL RAJHI BANKING AND INVESTMENT CORPORATION, valued at $95.46 billion, followed by the SAUDI NATIONAL BANK...

The Saudi Ports Authority, known as Mawani, has achieved a significant milestone by being awarded the ISO 37301 certification for its robust adherence to international compliance management system standards. This prestigious recognition marks Mawani as the inaugural entity within Saudi Arabia to be granted this certification by an accredited institution. Such an achievement exemplifies Mawani's unwavering commitment to legal and...

The KAUST Future Forum 2024 has officially begun, hosted by the King Abdulaziz City for Science and Technology (KACST) in Riyadh's dynamic 'the Garage' startup hub. This event, orchestrated by King Abdullah University of Science and Technology (KAUST), brings together a diverse group of officials, research and innovation experts, academics, and research center representatives. Professor Tony Chan, the president of...

Fortem Technologies, an innovator in the field of airspace security and drone threat mitigation, has recently joined forces with INTRA Defense Technology, a Saudi Arabian powerhouse in autonomous system innovation and production. This joint venture is set to design, manufacture, and distribute cutting-edge counter-unmanned aircraft system (C-UAS) solutions within the Kingdom of Saudi Arabia. The advent of unmanned aerial systems...

Noor Alzayer has been at the forefront of developing strategic partnerships as the Experience Partnership Management Director at King Abdullah Financial District since July 2023. Her astute leadership has been instrumental in forming alliances that bolster marketing, corporate communication endeavors, and enhance customer experiences. These collaborations have been key in creating value, driving lead generation, and elevating the brand's profile.Alzayer's...

The Kingdom of Saudi Arabia's energy minister has verified that the nation's strategic move to suspend its oil output capacity expansion was meticulously deliberated upon, stemming from ongoing market condition assessments.At the helm of this shift is Saudi Aramco, the state-backed oil behemoth, which has made a decisive pivot to embrace the burgeoning role of renewable energy within the global...

In a remarkable shift, Saudi Arabia has announced a reversal in its plans to expand oil production capacity, attributing the decision to the ongoing global energy transition. The country has signaled that its current oil output capabilities are sufficient to stabilize the market if needed.On January 30, the Saudi government instructed its state-run oil company, Aramco, to maintain its maximum...

In a significant development for urban mobility, Emaar The Economic City, the principal developer behind King Abdullah Economic City (KAEC), has announced a vital collaboration with HopOn, a leader in the smart cities' transport services sector. The alliance is set to introduce an advanced and eco-friendly transportation system within the city. This initiative aligns with the objectives of the Saudi...