Business

The Annual Public Investment Fund (PIF) Private Sector Forum in Riyadh concluded its second session on Wednesday, marking the end of a two-day gathering filled with rich dialogue aimed at bolstering stronger collaborations. The event, hosted at the King Abdulaziz International Conference Center, saw a significant turnout with over 8,000 participants including a host of ministers, corporate executives, and senior...

At the esteemed Private Investment Fund (PIF) Private Sector Forum, Diriyah Company made its second appearance, shedding light on the Diriyah project’s development strides and the lucrative investment openings available to the private sector. This significant event was hosted at the King Abdulaziz International Conference Center in Riyadh, drawing in a diverse crowd on February 6 and 7, including investors,...

The board of directors of NEOM has recently announced the inauguration of Xaynor, an exclusive beachfront members' club, which is a significant addition to the ongoing development in the northwest region of Saudi Arabia. Xaynor is designed to provide a private and serene seafront escape along the untouched shores of the Gulf of Aqaba, promising a blend of luxury and...

In a significant move to foster economic synergy, the Kingdom of Saudi Arabia, through its Small and Medium Enterprises General Authority, known as Monsha'at, has established a memorandum of cooperation (MoC) with the Jordan Enterprise Development Corporation (JEDCO) from the Hashemite Kingdom of Jordan. This alliance, formalized with the signatures of Monsha'at Governor Sami Ibrahim Alhussaini and JEDCO CEO Abdel...

In a strategic move to strengthen economic ties, Saudi Arabia and Pakistan have inked a memorandum of understanding focused on enhancing their small and medium-sized enterprise (SME) sectors. This collaboration is designed to augment the global market competitiveness of both countries. The Small and Medium Enterprises General Authority (Monshaat) of Saudi Arabia and the Small and Medium Enterprises Development Authority...

In a landmark move, Saudi Arabia's Ministry of Environment, Water and Agriculture has orchestrated a pioneering agreement to export locally grown agricultural produce to the Netherlands and other European markets. This initiative is seen as a major leap in bolstering the Kingdom's presence in the global agricultural export arena. Focused on enhancing the marketing reach of Saudi agricultural products and...

During the wintertime, Alqan village in the Tabuk region transforms into a picturesque snow-covered retreat, presenting a stunning montage of mountains and frosted terrains. This captivating scene has turned the village into a magnet for both tourists and photography aficionados. Recognized as one of the chilliest locales in Tabuk, Alqan has become a popular spot for visitors who travel from...

In an ambitious move to elevate its presence in the healthcare market, Saudi Arabia, through the Saudi Export Development Authority (Saudi Exports), is set to participate in the Arab Health Exhibition 2024. The event, taking place in Dubai from the end of January to the beginning of February, will serve as a platform for 17 premier Saudi companies to display...

In 2023, the Saudi Red Sea Authority (SRSA) marked significant milestones in enhancing the Kingdom's coastal tourism landscape, following the Cabinet's ratification of its statute. The authority's efforts to bolster navigational and marine tourism served as a pivotal factor in the Kingdom's broader economic diversification strategy. A set of seven trailblazing regulations, unrivaled in the Kingdom, were implemented on November...

In a significant move for international commerce and innovation, MSA Capital, through MSA Novo, its arm dedicated to investments in emerging markets, has joined forces with the Saudi Ministry of Investment (MISA) to enhance economic collaboration and innovation within the Kingdom of Saudi Arabia. The agreement was formalized by HE Khalid A. Al-Falih, the Saudi Minister of Investment, alongside Yazeed...

The Kingdom of Saudi Arabia and Kenya are set to bolster their trade ties, particularly in the energy sector, following high-level discussions held in Riyadh. Saudi Energy Minister Prince Abdulaziz bin Salman hosted Davis Chirchir, the Kenyan Energy Cabinet Secretary, to deliberate on a variety of initiatives, including the "Empower Africa" project. The talks were a platform for both parties...

In a move to push the boundaries of clean energy and eco-friendly water desalination, Saudi Arabia's King Abdulaziz City for Science and Technology (KACST) has joined forces with ACWA Power Company to create a center dedicated to the advancement of sustainable energy and water desalination technologies. The new "Clean Energy and Water Desalination Technologies Development Center," a product of a...

In a significant move to strengthen bilateral ties in the energy sector, Saudi Arabia's Minister of Energy met with Kenya's Cabinet Secretary for Energy and Petroleum in Riyadh. The high-level discussions centered on a range of energy-related issues, including the ambitious "Empowering Africa" initiative. This initiative, unveiled by Saudi Arabia during the MENA Climate Week 2023, is a comprehensive plan...

The Saudi British Joint Business Council (SBJBC UK) is orchestrating a pivotal mission to Riyadh, bringing together a contingent of 30 top-tier UK fintech companies and investors. This excursion, set for January 29 to 31, aims to foster bilateral cooperation and explore business opportunities within the Kingdom. Receiving joint sponsorship from Saudi Awwal Bank and the Riyadh-based payment solutions innovator...

Headquartered in Abu Dhabi, the esteemed hotel management company Rotana has unveiled ambitious growth plans aimed at Saudi Arabia's burgeoning market. In a statement during the recent Saudi Tourism Forum, Rotana revealed intentions to launch eight new hotels within Saudi Arabia in the coming four years. This impressive expansion will feature a diverse array of properties, including four Edge by...

An insightful gathering focused on investment trends and opportunities convened at the Holiday Inn Gateway in Jeddah, where Hilal ESG Holding Limited's founding partners Zafar Sarashwala, Irshad Akhtar, and Zaheer Muneer led a discussion on the evolving landscape of economic, social, and governance (ESG) as well as Shariah-compliant investments. The conference attracted a diverse group of professionals, including industry specialists,...

The Saudi stock market witnessed an upward trajectory on Sunday, with the Tadawul All Share Index climbing by 102.61 points, a 0.84 percent increase, to end at 12,264.17. The market saw robust trading activity, with a total turnover of around SR6.96 billion, equivalent to $1.85 billion. With positive sentiment prevailing, 132 companies on the index experienced gains, while 80 saw...

The realm of human resources in Saudi Arabia has witnessed substantial expansion throughout 2023, with the government-backed online Qiwa platform having a marked impact. Over 10 million people have reaped the benefits of its digital offerings. Launched by the Saudi Ministry of Human Resources and Social Development, Qiwa has become an integral component in the nation's employment market, automating operations...

In the sweeping sands of the Saudi Arabian desert, the iconic structure known as "Bayt al-sha'ar" or the house of hair, stands proudly as a beacon of Arab culture. These Bedouin tents, once a necessity for nomadic life, now adorn the outdoor spaces of many residences throughout the kingdom, symbolizing a deep connection to heritage and community. These tents have...

In a move set to advance the fields of clean energy and water desalination, King Abdulaziz City for Science and Technology (KACST) joined forces with ACWA Power Company to establish a pioneering "Clean Energy and Water Desalination Technologies Development Center". This collaboration was formalized through a contract signed amidst a ceremony graced by distinguished officials from both organizations. Dr. Saeed...

Riyadh: In a strategic move, American Express Saudi Arabia has forged a partnership with Almosafer, a leading travel firm in the nation, to offer corporate clients of Almosafer Business the ability to centralize their payments using American Express's Corporate Travel Account (CTA). This initiative aims to streamline and provide transparency in corporate travel spending. The American Express CTA offers a...

Saudi Arabia has taken a significant stride in strengthening its position as a leader in biotechnology in the Middle East. As the largest regional market for pharmaceuticals and vaccines, the Kingdom has been proactive in its strategic investments within the biotech sector. Its unique genetic diversity and environmental conditions create a fertile ground for complex biotech studies and research. There...

The fintech landscape in Saudi Arabia is garnering global interest, propelled by the country's strategic initiatives aimed at becoming a leading force in the fintech space. With aspirations to transform into a key fintech hub in the region, Saudi Arabia has set a target to bring 525 financial services firms into the fold by 2030, as per its Financial Sector...

In Riyadh, the business community has noted an impressive expansion in the entrepreneurial sector, a development attributed to the synergistic efforts of both public and private entities. The Social Development Bank Forum for Entrepreneurship and Modern Business Practices, a gathering held at the King Abdul Aziz International Conference Center, brought together an extensive network of 85 speakers, 30 international organizations,...

The real estate landscape in Saudi Arabia is undergoing remarkable changes, positioning itself as a major hub for construction and playing a pivotal role in the nation's economic diversification efforts. A high-ranking official has highlighted these dynamic shifts within the sector. During his address at the Real Estate Future Forum held in Riyadh, Abdullah Al-Hammad, Chief Executive Officer of Saudi...

In its quest to become a powerhouse in the electric vehicle (EV) sector, Saudi Arabia is pouring billions into investments. However, the nation faces significant obstacles including the development of necessary infrastructure, a shortage of skilled workers, and the absence of a mature local industry. Industry observers express doubts about the feasibility of the kingdom's target to manufacture half a...

Unique Group, a titan in the domain of subsea technologies and engineering, has made a significant leap by enlarging its operations in Dammam, Saudi Arabia. As per the company's announcement, this expansion represents a critical juncture for Unique Group, marking a culmination of persistent efforts and partnerships with prestigious entities like Aramco, NEOM, the National Center for Wildlife (NCW), King...

The Public Investment Fund (PIF) of Saudi Arabia has embarked on a groundbreaking initiative to bolster the electric motorsport industry by establishing a multi-year partnership with Electric 360, alongside Formula E, Extreme E, and E1 series. This strategic alliance is set to propel the growth of electric motorsports across the kingdom and contribute to the evolution of electric mobility. The...

Nesma Infrastructure & Technology (NIT) has solidified a significant agreement with the Saudi Electricity Company (SEC) for a large-scale project. With the aim of bolstering the electrical transmission and distribution capabilities of the Jizan region, the project's focus is the construction of the Farasan Island 132/33/13.8KV Substation. The deal is valued at a substantial SAR 300 million. Project Charter The...

Continuing its growth trajectory, Nisum, a prominent American technology consultancy, has forged a key partnership with iVolve, marking its entry into the thriving Middle East market. Established in 2002, Nisum has been at the forefront of providing technology, digital transformation, and software engineering services. After successfully growing its presence across the United States, Latin America, and the Asia Pacific, the...