Business

The Public Investment Fund (PIF) of Saudi Arabia has broadened its involvement in electric motorsport by entering into a groundbreaking multiyear sponsorship agreement that envelops Formula E, Extreme E, and E1 powerboat racing. This marks the first instance of a single sponsor supporting this diverse range of electric racing formats. Alejandro Agag, the visionary behind Formula E, Extreme E, and...

In a bid to enhance the travel experience within its borders, Saudi Arabia has unveiled a suite of over 1,500 tourist activities, developed in collaboration with the private sector. The CEO of the Saudi Tourism Authority highlighted these advancements during the second Saudi Tourism Forum in Riyadh. Fahd Hamidaddin, delivering the opening address, pointed out that the Kingdom boasts the...

The Saudi Central Bank, known as SAMA, has expanded its fintech ecosystem by authorizing Thara, a debt crowdfunding service, to function within Saudi Arabia. This increases the total of such platforms to nine within the nation's market. This endorsement marks the 59th fintech enterprise to gain approval from the nation's financial authority. SAMA's action is indicative of its commitment to...

In a significant move to bolster community-driven businesses within the Kingdom, Saudi Arabia's Ministry of Energy has forged a partnership with the Saudi National Bank (SNB). This collaboration is set to launch a social entrepreneurship accelerator program designed to elevate local enterprises in the energy field. The initiative is crafted to nurture and convert burgeoning ideas and small businesses into...

The financial landscape in Saudi Arabia has experienced a significant expansion with the Saudi Central Bank (SAMA) granting licenses to two additional firms in the payment services sector. "Network International Arabia" is now authorized to manage point-of-sale (POS) services, while "Barraq" has been given the green light to provide e-wallet services. This development brings the total number of licensed payment...

In a recent data release from the Joint Organizations Data Initiative, it was revealed that Saudi Arabia's crude oil exports soared to a five-month high, reaching 6.34 million barrels per day in November. Despite a slight decrease of 1.36 percent in crude production from the previous month, settling at 8.82 million barrels per day, the nation saw an increase in...

In the realm of data transformation, Saudi Arabia is making significant strides. This advancement is evident in the operations of the General Authority for Statistics (GASTAT), which is actively engaged in various surveys and censuses to extract valuable insights from raw data. During the Future Real Estate Forum held in Riyadh, GASTAT's president, Fahad Al-Dossari, discussed the progressive changes in...

The Chairman of the England and Wales Cricket Board (ECB), Richard Thompson, has expressed that Saudi Arabia is more inclined towards investing in existing cricket franchises like The Hundred or the Indian Premier League (IPL), rather than launching a domestic Twenty20 league of its own. As the Gulf state seeks to expand its involvement in cricket, it has shown interest...

In a recent development, the stc group has announced a significant move to fortify the digital resilience of Saudi Arabia's railway networks. Its affiliate, sirar by stc, has formed a pivotal strategic partnership with Saudi Arabia Railways (SAR), which is responsible for the operation of the nation's rail infrastructure. This collaboration is set to enhance the sector's information technology and...

Saudi Arabia's Finance Minister, Mohammed Al-Jadaan, expressed the Kingdom's readiness to bolster economic cooperation with Italy, aiming to bring investment and expertise to both nations. During the World Economic Forum in Davos, Al-Jadaan engaged in discussions with his Italian counterpart, Giancarlo Giorgetti, and various investors. Al-Jadaan highlighted in an interview with the Italian newspaper Corriere della Sera the strong bilateral...

On a significant day for the global real estate industry, the Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, initiated the third Real Estate Future Forum in Riyadh. The forum operates under the insightful theme "The Power of Flexibility: Building a Sustainable and Flourishing Real Estate Future" and boasts participation from over 85 nations with 300 speakers...

The entrepreneurial landscape in Saudi Arabia is rapidly evolving, with 2024 marking a year of significant development. An array of startups across diverse sectors, including digital marketplaces and financial technologies, are not only revolutionizing the Saudi business environment but also raising the bar for the entire region. These are ten Saudi startups that merit attention in 2024. Sary: Leading the...

The Saudi Basic Industries Corporation (SABIC), a leading petrochemical company, has confirmed its decision to construct a new petrochemical complex in Fujian province, located in southeastern China. This move strengthens the business relationship between Saudi Arabia and China, the latter being the world's paramount oil importer. With an estimated investment of $6.4 billion, this project represents a joint venture with...

The multinational chemical manufacturing giant, Saudi Basic Industries Corporation (SABIC), has recently proclaimed its commitment to a colossal petrochemical venture in Fujian Province, China. This undertaking will be realized through the formation of the SABIC Fujian Petrochemical Complex Project, also known as the Saudi-Chinese Gulei Ethylene Complex Project. With a strategic partnership structure featuring SABIC Industrial Investments, a wholly-owned subsidiary...

In a recent convergence of economic minds, the Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, engaged in discussions with Germany's State Secretary for Economic, Finance and European Affairs, Jorg Kukies. The dialogue centered on the pressing issues shaping the global economic landscape and potential areas of shared interest where Saudi Arabia and Germany could enhance their cooperation. This important...

At a recent economic forum in Riyadh, the private sectors of Saudi Arabia and Morocco have set forth a collaborative program and an array of initiatives aimed at enhancing the economic cooperation and integration between the two countries. The efforts include the initiation of direct maritime transportation links, the creation of a bilateral investment fund, aiding Saudi companies in penetrating...

Saudi Arabia, through the General Authority of Civil Aviation (GACA), made a significant impact at the recent Wings India 2024 exhibition conference. The event, held at Hyderabad's Begumpet Airport from January 18 to 21, 2024, was a collaborative effort between India's Ministry of Civil Aviation and the Federation of Indian Chambers of Commerce and Industry. The Saudi delegation, led by...

At the World Economic Forum (WEF) Davos 2024, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, participated in crucial bilateral discussions with top executives from international corporations. These meetings were part of the Saudi delegation's agenda to reinforce international partnerships and attract foreign investment. Alkhorayef engaged in meaningful dialogues with several industry innovators, including Daniel Metzler, Co-Founder...

The final quarter of 2023 witnessed a 16 percent surge in Saudi businesses preparing for growth, a direct outcome of private sector reforms that have been fostering innovation within the Kingdom. Recent data from the Ministry of Commerce highlighted that 2,811 entities reshaped their organizational frameworks to scale up operations, an increase from 2,423 entities at the end of the...

Leading global law practices have acknowledged their belief in the equitable resolution of conflicts within the Saudi Arabian legal framework, as shared by an industry specialist. At the inaugural Riyadh Construction Disputes Seminar, John Quinn, chairman and founding partner of Quinn Emanuel, praised the Kingdom's reliable rule of law and the proficiency of its judiciary. Organized by Quinn Emanuel Urquhart...

The Saudi Ports Authority (Mawani) has been honored with the prestigious accolade of 'Best Contributor to Economic Infrastructure Development' at the International Finance Financial Awards in Dubai. This commendation is a nod to the authority's dedication to enhancing port infrastructure and drawing in substantial investments. In the previous year, Mawani embarked on significant upgrades, including the commencement of work on...

In the realm of Saudi falconry, the pursuit for falcons with exceptional characteristics is a serious endeavor. Falconers in Saudi Arabia place great emphasis on specific traits such as the bird's weight and the breadth of its eyes, which are indicators of its potential for resilience in training, speed in flight, and its ability to skillfully navigate air currents. Falconer...

In a concerted effort to fortify economic relations, the private sectors of Saudi Arabia and Morocco have crafted a collaborative strategy aimed at bolstering cooperation and integration. This initiative followed the arrival of a delegation comprised of executives from over 100 Moroccan firms in Riyadh, eager to probe investment prospects across various industries. These sectors range from agriculture, manufacturing, and...

The Saudi General Authority of Civil Aviation (GACA) has made public its monthly report ranking air transport service providers. This index is derived from the volume of grievances lodged by customers throughout December 2023. The findings reveal that air carriers in Saudi Arabia received a total of 1,308 complaints for that month. Flynas emerged as the top performer, recording the...

Almarai, the premier dairy corporation in the Middle East, has reported a robust increase in its fourth-quarter net income. This growth, surpassing 4 percent, was propelled by heightened sales within its poultry and dairy segments. The company witnessed its net profit soar to 370.72 million Saudi riyals ($98.85 million), following adjustments for zakat and tax for the quarter concluding on...

The Qiddiya Investment Company's board has announced the creation of a state-of-the-art stadium in Qiddiya City, designed by the American firm Populous. Named after Prince Mohammed bin Salman, the venue is to be constructed atop a cliff, offering a panoramic view of the new entertainment hub. Slated to open its doors in 2025, the Prince Mohammed bin Salman Stadium will...

In a bid to expand its media influence and bolster its environmental commitments, Saudi Arabia's Public Investment Fund (PIF) has invested heavily in the electric motorsports industry. This includes supporting competitions for a variety of electric vehicles such as cars, SUVs, and boats. The PIF, a sovereign wealth fund with assets worth approximately US$700 billion, has acquired significant shareholdings in...

In an era where climate change poses significant challenges, Saudi Arabia is leading the charge in transforming its transportation infrastructure through innovative and sustainable initiatives. The Middle East and North Africa (MENA) region is experiencing a critical strain on its infrastructure due to rapid population growth, urbanization, and an expanding middle class. Saudi Arabia's proactive measures are not only tackling...

The Kingdom of Saudi Arabia has set in motion a significant expansion and development strategy for its airports and airlines, positioning itself as an essential transport and logistics hub. The head of the General Authority of Civil Aviation (GACA), Abdulaziz Al Duailej, outlined that the Saudi Aviation Strategy is designed to bolster the Kingdom's economic growth and offer attractive opportunities...

A pioneering industrial collaboration is set to elevate Saudi Arabia's standing in the global advanced technology manufacturing sector. The King Salman Energy Park (SPARK), strategically situated between Dammam and Al-Ahsa, is gearing up to house a new 20,000 square meter facility dedicated to producing critical systems. This venture is a result of an agreement with Schneider Electric, a company at...