Business

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...

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...