Business

The Qiddiya Investment Company has revealed plans for a new, avant-garde racetrack situated within the environs of Qiddiya City. This circuit is set to redefine the realm of motorsport within Saudi Arabia by positioning itself as a premier global destination for racing aficionados.The circuit, named the Speed Park Track, melds practical design with cutting-edge technology, promising an unparalleled customer journey....

A strategic alliance has been forged between Aramco Digital, the tech-driven arm of Aramco, and LTIMindtree, a leader in digital solutions and technology consulting, to establish a new IT services firm within Saudi Arabia. The upcoming enterprise is set to embody innovation through cutting-edge digital services and advanced systems integration for industry 4.0. This initiative aligns with the nation's ambitious...

Kumho Tire has successfully forged a groundbreaking technology export deal with Saudi Arabia's Black Arrow Tire Company (Blatco), reinforcing its influence in the Middle East's tire production technology sector. Concluded on the last day of February, this partnership has set the stage for a long-term technological collaboration spanning two decades, underscoring a solid commitment to stimulate technological advancements and joint...

In a significant push to nurture its emerging start-up ecosystem, Saudi Arabia has unveiled a series of seven funds totaling a substantial $838 million. These funds are designed to provide critical support to burgeoning companies at various stages of their growth, particularly in dynamic sectors such as gaming and e-sports.Last year, start-ups backed by the National Technology Development Programme (NTDP)...

In a significant event held in Riyadh from March 4 to 7, the Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, spearheaded the inauguration of the Industry and Mineral Resources System's pavilion at the LEAP 24 exhibition.Encompassed within this pavilion are key entities which include the Ministry of Industry and Mineral Resources, the Royal Commission for Jubail and...

The Kingdom of Saudi Arabia has set a new precedent in the global travel sector by successfully attracting a record number of 100 million tourists, earning praise from the Arab Tourism Organization (ATO). This accomplishment positions Saudi Arabia as an exemplar in the international tourism landscape.The ATO acknowledged the strategic efforts of the Saudi Ministry of Tourism in leveraging the...

The 18th gathering of the Saudi-Egyptian Joint Committee wrapped up in Riyadh with a focus on enriching bilateral commerce. The session, led by Saudi Arabia's Minister of Commerce and Egypt's Minister of Industry and Trade, centered around the expansion of trade relations between the two nations.During the discussions, the Saudi Minister emphasized the importance of nurturing ties with Egypt, highlighting...

The Communications, Space, and Technology Commission (CST) has taken a giant leap in bringing together minds interested in the final frontier by inaugurating the Space Track Stage at LEAP24. This feature of the event is dedicated to unveiling the latest trends in the cosmos, delving into investment prospects, and fostering both international and domestic partnerships to cultivate the space ecosystem....

The Saudi-Brazilian Business Forum, a pivotal event that brought together 150 investors from varied economic sectors of Saudi Arabia and Brazil, was conducted recently. The forum served as a platform to bolster the robust economic ties between the two nations, which have been nurtured over 55 years, and currently boast a trade volume of approximately $8 billion. In his address,...

At the anticipated LEAP 2024 event, UiPath, a global leader in enterprise automation and artificial intelligence software, has declared its dedication to fostering digital transformation and enhancing workforce skills in Saudi Arabia through state-of-the-art AI and automation tools. The company's Business Automation Platform is designed to synergize human efforts with technology and processes, pushing the boundaries of innovation and creating...

The Ministry of Industry and Mineral Resources is set to make a significant appearance at the third edition of LEAP 2024. This pivotal event, scheduled from March 4 to 7 in Riyadh, is a platform for the ministry to emphasize the Kingdom's industrial and mining sector advancements and to attract potential investors to these burgeoning areas.A collection of other governmental...

The Saudi capital recently welcomed key figures in civil aviation for a significant conference aimed at reinforcing regional aviation safety. The General Authority of Civil Aviation (GACA) played host to the 10th session of the Executive Steering Committee for the Cooperative Aviation Security Programme Middle East (CASP-MID). The gathering was presided over by CASP-MID Chairman and GACA's Executive Vice-President for...

Saudi Arabia is steering its industrial sector's attention towards smaller investors, according to the nation's Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef.In an interview with Al-Ekhbariya TV, the minister highlighted that the ministry is offering a financing program designed with lenient criteria to assist small-scale investors and budding entrepreneurs.AlKhorayef pointed out that the industrial cities' business model,...

The Saudi Arabian government is channeling a significant segment of its $3.3 trillion investment, earmarked for the economic overhaul envisaged in Vision 2030, into developing the nation's human capabilities. The Minister of Investment underscored the critical nature of this endeavor, highlighting education as a fundamental investment sector.During a prominent event in Riyadh dedicated to the Human Capability Initiative, he emphasized...

The Jeddah Historic District Program, backed by the Ministry of Culture and facilitated by Al Balad Development Company—a subsidiary of the Public Investment Fund (PIF)—has proudly inaugurated the first set of three heritage hotels in the Jeddah Historic District.These hotels have undergone meticulous restoration and rehabilitation to maintain their distinctive architectural characteristics. This process was carried out in accordance with...

Business leaders in Saudi Arabia are setting the stage for a year of growth with anticipated salary hikes, recruitment drives, and a return to office environments, as per insights from the Hays Middle East Salary Guide for the Kingdom.The comprehensive guide outlines salary details for over 200 positions within 11 professional fields. It draws on the expertise of industry specialists...

During the esteemed Mobile World Congress Barcelona 2024 in Spain, a pivotal Memorandum of Understanding (MoU) was inked between Ericsson and stc Group's iot squared. This agreement signifies the introduction of Ericsson's innovative Connected Recycling (ECR) platform as a cutting-edge Software-as-a-Service within the Kingdom of Saudi Arabia (KSA).The collaboration aims to heighten the consciousness of effective waste management practices and...

BAKU, Azerbaijan – In a recent development, Azerbaijan's Economy Minister has engaged in discussions with Saudi Arabian counterparts to explore avenues for enhancing collaborative investments. The dialogues aim to deepen the economic connections between the two countries, with a particular focus on tourism and investment sectors. The meeting with Saudi Arabia's Minister of Hajj and Umrah led to a mutual...

Riyadh-based global advisory firm FTI Consulting, Inc. has secured a significant authorization, a Regional Headquarters License (RHQ), from the Saudi Ministry of Investment. This accreditation affirms the company's dedication to enlarging its operations and enhancing client relations within Saudi Arabia and the broader Middle East region. A senior executive, Vikas Papriwal, who leads FTI Consulting in the Middle East and...

Anticipation is building in Saudi Arabia as the Tourism Development Fund (TDF) and New Murabba Development Co. join forces, paving the way for increased financing and investment initiatives in the Kingdom's ambitious new downtown project. The collaboration, cemented with a memorandum of understanding (MoU), is set to propel the nation's socio-economic advancement with the development of New Murabba, located to...

Airbus has announced a series of new contracts for their rotorcraft division, with purchases coming from entities in Saudi Arabia, Germany, and West Virginia.In a significant boost for the European aerospace conglomerate, the Helicopter Company, which is wholly owned by the Public Investment Fund of Saudi Arabia, has entered a comprehensive agreement. This pact includes a confirmed order for eight...

Airbus has confirmed a series of new orders for its helicopters from several international entities, including a company under the ownership of Saudi Arabia's sovereign investment authority, a German emergency medical service operator, and a medical aviation service provider in West Virginia.The European aeronautical firm announced that it has entered into a framework agreement with Helicopter Company, wholly owned by...

In the Kingdom of Saudi Arabia, the labor market is experiencing a surge of activity, with a significant majority of employers set to bolster their teams. A recently released report indicates that a substantial 69% of companies in the region are preparing to expand their workforce during the current year.The findings, disclosed by a prominent recruitment agency in its annual...

Riyadh, KSA: A recent study by PwC has unveiled a strong sense of assurance among Saudi Arabian CEOs regarding the economic upswing of the Kingdom, with anticipation surpassing that seen on a global scale, as well as within the Middle East and Gulf Cooperation Council (GCC) regions. The Kingdom's gross domestic product (GDP) soared past the US$1 trillion milestone in...

A recent revelation has confirmed that Saudi Arabia's Jafurah field has experienced a significant increase in its gas reserves. The nation's Energy Minister, Prince Abdulaziz bin Salman, announced that the field's reserves have grown by an additional 15 trillion standard cubic feet of gas. This brings the total reserves at Jafurah to a staggering 229 trillion cubic feet of gas,...

The Saudi Ports Authority, also known as Mawani, recently held a ceremony to acknowledge the accomplishment of critical financial targets set by the Expenditure & Projects Efficiency Authority. The event recognized the outstanding contributions of various individuals who played a pivotal role in achieving these objectives. At the ceremony, which featured Mawani's President, Omar Hariri, and the CEO of the...

Top officials from the Kingdom of Saudi Arabia and the State of Qatar recently convened to discuss the future of their collaboration in the digital sphere. The Minister of Communications and Information Technology from Saudi Arabia, Eng. Abdullah bin Amer Al-Swaha, met with his Qatari counterpart, Mohammed Al-Mannai, in Doha.Key points on their agenda included the expansion of strategic partnerships...

The Ministry of Energy in Saudi Arabia has heralded a significant stride in the nation's energy sector with the successful introduction of Euro 5 standard clean diesel and gasoline across its markets, marking a departure from earlier fuel types. These advanced fuels are designed to be compatible with all modes of transportation, and are part of the Kingdom's ambition to...

Tejoury, a prominent Saudi firm specialized in records management and digitalization, has recently inaugurated a new pivotal hub at Dubai Investments Park (DIP). This strategic expansion is in line with the company's vision to broaden its reach across the entire Middle East, as revealed in a recent announcement. Occupying a substantial area of 5,000 square meters, the Dubai-based facility of...

The fintech sector in Saudi Arabia is undergoing a significant evolution, driven by the country's strategic Vision 2030 objectives and an increasing demand for digital financial services. A detailed analysis by Ken Research predicts a robust growth for this sector, with an expected compound annual growth rate (CAGR) of 12.5% over the next five years. This expansion offers a wealth...