Business

In a recent development within the business media sector, solutions by stc has publicized the establishment of a strategic understanding with Devoteam Global Group, a prominent player in IT consultancy. This memorandum of understanding is poised to strengthen global investment and nurture collaborative prospects within technology and related fields. Following the acquisition of a 40% interest in Devoteam Middle East...

The Islamic Development Bank (IsDB) has announced a fresh financial collaboration with Azerbaijan, aimed at bolstering the nation's social and economic landscape. An agreement was solidified between IsDB and Azerbaijan's Ministry of Economy, laying the groundwork for a Country Engagement Framework that promises to fortify the bank's influence in the country's developmental journey.A virtual ceremony witnessed the signing of the...

HKA, a global management consultancy with a network spanning over 45 offices, has solidified its commitment to Saudi Arabia by securing an official regional headquarters license in the nation.For over twenty years, HKA has been a fixture in the Saudi market, offering expertise from its Jeddah and Riyadh locations in risk management, conflict resolution, and legal services for capital projects...

Riyadh's Stance on Global Energy Assurance: A Collective EndeavorThe Saudi Energy Minister has underscored the universal obligation to achieve energy security on a global scale. Addressing attendees at the International Petroleum Technology Conference in Dhahran, he emphasized the Kingdom's ongoing commitment to market equilibrium.An impressive surplus in oil production capacity was highlighted by the minister, noting, We are ready to...

Red Sea Global (RSG) has successfully secured a financing package worth SR2 billion (approximately $522 million), earmarked for the construction of the Four Seasons Hotel on Shura Island, located within the Kingdom of Saudi Arabia. The company has achieved financial closure with Riyad Bank, cementing a partnership that bolsters the joint effort with Kingdom Holding Co., a Saudi investment entity....

Red Sea Global (RSG) has successfully sealed a financial deal worth SAR2 billion ($522 million) with Riyad Bank, setting a strategic course for the expansion of luxury hospitality in Saudi Arabia. This arrangement bolsters RSG's partnership with Kingdom Holding Company in the creation of the Four Seasons Resort, poised to be a jewel in the Red Sea's crown of tourist...

Approximately 100 kilometers to the south of Rafha, within the Northern Borders region of Saudi Arabia, lies the village of Linah, a place steeped in commercial significance and historical allure. Renowned as a prime historical commercial hub, Linah captivates not only local visitors but also those from afar with its impressive array of monuments, historic edifices, and towers. Esteemed as...

The Saudi Authority for Industrial Cities and Technology Zones, known as MODON, has recently achieved a significant milestone by drawing in investments totaling SAR130 million. These funds are earmarked for the development of the local military aircraft sector, including the production of drones, as well as offering a comprehensive suite of services for ship maintenance, repair, and overhaul. Attaining these...

The mountainous regions of Al-Hada and Al-Shafa, along with the agricultural expanses of Wadi Muharram, have established Taif Governorate as a pivotal agricultural hub, especially for the cities in the vicinity of Makkah. These areas are known not just for their fruit production but also for the cultivation of the renowned Taif roses, a major source of rose oil for...

In a vigorous effort to reduce its oil dependency, Saudi Arabia is actively seeking diversification by tapping into potential opportunities both within its borders and overseas.The endeavor led Saudi Investment Minister Khalid Al-Falih on a journey across various Latin American countries between July and August 2023, to discuss potential economic collaboration.Highlighting its commitment to all business sectors, Saudi Arabia established...

In a strategic move to bolster its international presence, NEOM, Saudi Arabia's ambitious $500 billion business and tourism initiative, has inaugurated its first United States office. The new outpost is situated in the bustling business district of Manhattan at 50 Hudson Yards, New York City. The grand opening was graced by the presence of Saudi Arabia's ambassador to the United...

In an ambitious move to strengthen its position within Saudi Arabia's defense sector, the American defense behemoth, L3Harris, is actively discussing plans to establish a regional headquarters in the Kingdom. This strategic initiative aligns with Saudi Arabia's Vision 2030, which aims to localize defense production and bolster the country's self-sufficiency in this critical industry.Adrian Kemps, an executive at L3Harris and...

The Kingdom of Saudi Arabia has initiated a program allowing international legal experts to apply for permission to practice within the country. The Ministry of Justice (MoJ) has unveiled an electronic service tailored for law firms to register legal consultants who are not Saudi nationals.This innovative service aims to streamline the process and elevate the professional development and support of...

Saudi Arabia is reportedly gearing up to offload additional shares in its oil colossus, Aramco, according to sources privy to the development. This strategic move aims to enhance the kingdom's financial reserves and support its broader economic diversification efforts.Banking powerhouses Citigroup, Goldman Sachs, and HSBC have been named as orchestrators of the potential share sale, which may occur in the...

The Saudi Power Procurement Company (SPPC), which serves as the primary entity for acquiring power projects in Saudi Arabia, has recently disclosed the prequalification of 23 companies. These firms are set to vie for the fifth installment of the kingdom's National Renewable Energy Programme (NREP). This latest round, known as Round 5, will feature four solar photovoltaic (PV) Independent Power...

Displayed prominently at the World Defense Show in Riyadh in 2024 were the armored vehicles from NIMR, a subsidiary of the Emirati defense powerhouse EDGE Group. Among the showcased vehicles was the second-generation JAIS armored vehicle, known as the JAIS Mark 2 or Mk2, which marked its debut at this international event. In a significant move, NIMR has entered an...

Saudi Arabia has taken a proactive approach by moving up the issuance of discount licenses for businesses, setting the stage for an early start to the sales season for Ramadan and Eid al-Fitr. The Ministry of Commerce has opened the door for commercial entities and online retailers to apply for these licenses through their electronic portal at sales.mc.gov.sa.The promotional period...

HAVELSAN, a prominent entity known for its strides in defense and technology, has recently marked a significant expansion within the Middle East. The company has now established an office in Saudi Arabia, which joins their existing offices in Oman and Qatar, thereby reinforcing their presence in the region. The company has set its sights on boosting technological capabilities, particularly within...

Front End Limited Company, a prominent Saudi firm in the energy, mining, industrial, maritime, and logistics sectors, has forged a partnership with The Drone Centre (TDC), pioneering the use of advanced DJI drone technology in the region's oil and gas industry. This move introduces specialized payloads for drones, a regional first, and supports the objectives of the Saudi Vision 2030...

Saudi Aramco, the oil colossus, is in the process of engaging heavyweight financial institutions such as Citigroup Inc., Goldman Sachs Group Inc., and HSBC Holdings Plc for a substantial secondary share offering. This transaction is poised to generate approximately $20 billion, placing it among the most significant deals of recent times, according to sources with knowledge of the situation.As Saudi...

The Hashgraph Association and the Ministry of Investment of Saudi Arabia have jointly unveiled a colossal $250 million venture studio. Their goal is to bolster the capabilities of more than 500 companies dedicated to pushing the boundaries in fields like artificial intelligence, blockchain, and virtual reality.Announced on a Thursday, the partnership has solidified a five-year plan to establish the DeepTech...

Long renowned for its vast oil reserves, Saudi Arabia has historically enjoyed significant influence over the global oil market, which has led to substantial wealth for the kingdom. This economic prosperity has positioned the Saudi royal family as prominent figures internationally. In light of shifts in the energy sector, the Saudi government is now strategically pivoting from its traditional oil...

The Saudi Power Procurement Company (SPPC) has unveiled the roster of selected bidders for the fifth phase of its renewable energy initiative, the National Renewable Energy Program (NREP), orchestrated under the guidance of the Ministry of Energy.Launching the Request for Qualification (RFQ) for the latest round on November 12, 2023, the SPPC had by December 5, 2023, garnered Statements of...

John Henry, the proprietor of Liverpool, has recently embarked on a visit to Saudi Arabia for an encounter with Yasir Al-Rumayyan, the chairman of Newcastle, to deliberate on the evolving dynamics of the golf industry. Henry's group, FSG, is diversifying its sports investments and has infused capital into the PGA Tour through the Strategic Sports Group consortium.The advent of LIV...

The Saudi Tourism Authority (STA) has established a groundbreaking partnership with Switzerland Tourism through a Memorandum of Understanding (MoU) to enhance the tourism industry. Fahd Hamidaddin, CEO and Board Member of the STA, alongside Livio Goetz, Director GCC at Switzerland Tourism, finalized the agreement at the STA's main offices. The event was graced by the presence of Swiss Federal Councillor...

In a recent development within the business media sector, Dan Company, fully owned by Saudi Arabia's Public Investment Fund (PIF), has announced a collaboration aimed at enhancing the Kingdom's tourism offerings. A memorandum of understanding was signed with Abdulmohsen bin Abdulaziz AlJabr Trading Company, centered around the joint operation and management of local accommodations such as lodges and farm stays,...

As the global economy expands and international cooperation strengthens, Saudi Arabia is positioning itself as a formidable force in the worldwide trade landscape, with its economic influence reaching unprecedented levels. The African market has become a focal point for Saudi non-oil exports, revealing clear economic opportunities and burgeoning trade connections.The Kingdom's ties with Africa are historically robust and well-established. Saudi...

In a strategic move to bolster its finances, Saudi Arabia is preparing to release additional shares of its state-owned oil behemoth, Aramco, according to sources privy to the development. This action is set to fortify the nation's push to diversify its economy beyond the oil sector.Insiders indicate that financial titans Citigroup, Goldman Sachs, and HSBC have been appointed to manage...

At the recent Public Investment Fund’s Private Sector Forum held in Riyadh, the stc Group took a significant step to reinforce the local economy by establishing several new collaborations with domestic entities. The chairman of stc Group’s Board of Directors, Prince Mohammad Bin Khalid Al Abdullah Al-Faisal, graced the occasion with his presence during the signing of these agreements. In...

The Saudi Minister of Commerce, Majid bin Abdullah Al-Qasabi, is spearheading the groundwork for the Economic and Social Pillar of the Saudi-British Strategic Partnership Council, with deliberations taking place in London until February 8. To facilitate these discussions, a formidable Saudi team comprising 19 representatives from 10 governmental agencies has been assembled. Al-Qasabi, in the company of Prince Khalid bin...