Business

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...

Consulum, a renowned strategic advisory firm with over ten years of service in the Kingdom, recently inaugurated their advanced regional headquarters in Riyadh. The capital city, known as a burgeoning nexus for commerce and the epicenter of the region's extensive development initiatives, provides a fertile ground for businesses to flourish within the dynamic commercial milieu of the Kingdom.Choosing Riyadh as...

The inaugural segment of Saudi Arabia's visionary urban project, The Line at NEOM, is anticipated to reach completion in the year 2030, as per a top official involved with the initiative.A recently shared progress update video from NEOM features Chief Development Officer Denis Hickey affirming the project's commitment to achieving its bold development milestones.Hickey remarks, The first phase of The...

A comprehensive report titled "Saudi Arabia In-Vitro Diagnostics Market (By Technology, Application, Product, End User), Size, Share, Major Deals, Government Initiatives, Key Company Profiles, Revenue, Recent Developments - Forecast to 2030" has recently been made available, shedding light on the expected expansion of the in-vitro diagnostics (IVD) sector in Saudi Arabia. The market is projected to experience a significant increase,...

Red Sea Global (RSG), renowned for spearheading regenerative tourism through The Red Sea and Amaala initiatives, has made a foray into the music industry with the launch of its inaugural 'Red Sea Waves' album, courtesy of Red Sea Studios. Under the guidance of Senior Manager Adham Alzanbagi, the Red Sea Studios' creative ensemble has meticulously crafted a musical anthology that...

ROSHN Group, the premier real-estate developer in Saudi Arabia backed by the Public Investment Fund (PIF), has proudly declared its role as the sponsor for the 10th anniversary of the influential Retail Leaders Circle (RLC) MENA Summit. Slated to take place on February 19-20, the summit will unfold at the Ritz Carlton in Riyadh.The RLC MENA Summit has established itself...

An in-depth report on the Saudi Arabia HVAC TAB Services Market reveals a comprehensive analysis of factors propelling business growth, market risks, and emerging trends. It includes a thorough review of technological advancements and offers a detailed examination of market size, competitor landscapes, and SWOT and PESTLE analyses. The report delves into the growth catalysts of the industry, examining Saudi...

Comprehensive Analysis of Saudi Arabia's HVAC TAB Services Sector reveals a detailed exploration of the factors that bolster business growth, address challenges, and spotlight emerging trends. The report provides a well-rounded view of the market size and technological advancements, complete with SWOT and PESTLE analyses. A deep dive into the market reveals growth catalysts, tech trends, and profiles of leading...

In a significant development for the tourism industry in Jeddah, Saudi Arabia, an initiative has been launched to operate heritage hotels within the city's prestigious Historic District. This strategic move is supported by the Saudi Ministry of Culture and will be executed by Al Balad Development Company, a firm owned by the Public Investment Fund (PIF). The objective is to...

The industrial landscape of Saudi Arabia has witnessed a significant upsurge with a 10 percent increase in the number of operational factories by the conclusion of 2023, as reported by the Ministry of Industry and Mineral Resources. The total count of factories reached 11,549.In a notable industrial expansion, the ministry disclosed that the past year saw the issuance of 1,379...

Leading financial evaluation corporation, Moody's Investor Services, recently reaffirmed the credit standings of several noteworthy Saudi businesses. Following an update to their assessment methodology for entities related to government, a number of companies have succeeded in maintaining their commendable credit scores.Among these, Saudi Basic Industries Corp., Saudi Telecom Co., and Saudi Electricity Co. have preserved their A1 ratings. Meanwhile, Saudi...

In a significant gathering hosted in Abu Dhabi, the Minister of Commerce and head of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, led a crucial preparatory session with fellow Arab trade ministers. The assembly's core objective was to unify and articulate shared Arab viewpoints and concerns in the context of the World Trade Organization (WTO) deliberations.The...

The industrial landscape of Saudi Arabia has seen a notable expansion, with a 10% rise in the number of operational factories during 2023. By the year's end, the total count stood at 11,549 factories. This growth is accompanied by the issuing of 1,379 new industrial licenses, which brought in investments totaling SAR81 billion. Additionally, 1,058 new factories commenced production, with...

Over the recent months, Saudi Arabia has been unveiling a series of ambitious expenditure projects, drawing significant attention in the business world. Among these are a colossal $48 billion real estate venture featuring a skyscraper of unprecedented height, designed as a quarter-mile-tall cube; the launch of a new international airline poised to challenge the dominance of established aviation leaders; an...

The International Islamic Trade Finance Corporation (ITFC), which falls under the Islamic Development Bank (IsDB) Group, has formalized the 2024 annual work program with the Arab Republic of Egypt. This agreement aligns with a five-year framework previously established between the two parties. The signing event was graced by ITFC CEO Eng. Hani Sonbol, Egypt's Minister of Planning and Economic Development...

At a recent gathering in Riyadh, Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, and the UK's Energy Security and Net Zero Secretary, Claire Coutinho, engaged in discussions centered on enhancing energy cooperation between their respective nations. The dialogue included an examination of prospects within the energy sector, guided by a shared commitment outlined in a memorandum of cooperation from...

The introduction of a unified tourist visa by the Gulf Cooperation Council (GCC) is poised to significantly influence the travel industry within Saudi Arabia as well as across the neighboring region. This sentiment was expressed by a high-ranking official within the Saudi government.Distinguished figures, including Saudi Arabia's Minister of Tourism, Ahmed Al Khateeb, were present at the eighth assembly of...

The Gulf Cooperation Council (GCC) is making headway in the business media sector with significant developments in regional tourism. At a recent meeting in Doha, tourism ministers from GCC countries convened to explore avenues for deepening cooperation and advancing the tourism industry. One of the crucial topics discussed was the implementation of a unified tourist visa for the GCC states,...

The Saudi Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, engaged in a strategic dialogue with the UK's Secretary of State for Energy Security and Net Zero, Claire Coutinho, in Riyadh. The bilateral meeting highlighted the strong relations between Saudi Arabia and the United Kingdom, focusing on the energy sector's prospects and future opportunities.The discussions were framed within a...

The Saudi Arabian Public Investment Fund (PIF) has successfully finalized an acquisition of a significant ownership stake in Zamil Offshore Services Company, a leading offshore support vessel operator and construction service provider based in Saudi Arabia. The sovereign wealth fund now holds a 40% share of the total issued capital of the enterprise.The strategic move by PIF is intended to...

HSBC Saudi Arabia is placing a strong emphasis on innovation as it seeks to expand its services, according to the CEO of the bank. Faris Al-Ghannam, who helms the financial institution, recently outlined his company's future direction and the economic potential within the Kingdom, highlighting the vast investment opportunities available.Speaking at the third Saudi Capital Market Forum in Riyadh, Al-Ghannam...

HSBC Saudi Arabia Prioritizes Innovation in Business StrategyHSBC Saudi Arabia, under the leadership of CEO Faris Al-Ghannam, is setting its sights on further enhancing its services through innovation. This initiative is in line with the bank's strategic goals and the dynamic market in which it operates.Speaking at the third Saudi Capital Market Forum in Riyadh, Al-Ghannam discussed the bank's future...

The Saudi Arabian General Entertainment Authority (GEA) has recently introduced a new film fund named Big Time Investment. This initiative aims to stimulate the creation of high-quality Arabic films and has unveiled a series of forthcoming Egyptian features. Among these, a standout project is the biographical film about the legendary Egyptian singer Umm Kulthum, revered as the greatest vocalist in...

Riyadh's investment environment is on a trajectory of prosperity, spurred by the equity and debt markets, as observed by a top banking executive from J.P. Morgan.During the Saudi Capital Market Forum held in Riyadh, Omar El-Amine, who leads Investment Banking at J.P. Morgan in Saudi Arabia, shared his perspectives on the Kingdom's burgeoning attractiveness to investment communities.The Kingdom's ambitious socio-economic...

Saudi Arabia's telecommunications giant, Saudi Telecom Company (STC), has disclosed its consolidated financial outcomes for the year 2023, revealing a 7.3% surge in revenues to SAR 72.337 billion ($19.3 billion), up from the previous year.The rise in revenue is primarily due to a 5.1% increase in commercial unit earnings, a 1.4% rise in carriers and wholesale unit profits within the...