Business

Saudi Arabia is currently highlighting the robustness of its primary stock exchange as Riyadh becomes the stage for the Saudi Capital Markets Forum. This event, organized by the Saudi Tadawul Group—the entity overseeing the nation's key exchange platform with the same moniker—reveals a market capitalization that reached $2.9 trillion as of January's end.Efforts to draw in international financiers have been...

Greetings from the Middle East!Today's digest includes the flourishing of Gulf tourism, the UAE's record-breaking non-oil foreign trade numbers, Redbird IMI’s sizable purchase of All3Media, and the potential public offering for Saudi Global Ports Co. Meanwhile, the Tadawul exchange beckons investors to Riyadh.Saudi Arabia is promoting its stock exchange's robustness as the Saudi Capital Markets Forum commences today in Riyadh....

RIYADH, SAUDI ARABIA – The tech landscape in Saudi Arabia takes a significant leap forward as Marhaba Blockchain Information Systems (MRHB), a leader in web3 Infrastructure, announces a strategic partnership with the nation's revered Digital Economy Centre (DEC). This alliance is poised to enhance Distributed Ledger Technology (DLT) and Artificial Intelligence (AI) initiatives, in line with the objectives of the...

Marhaba Blockchain Information Systems (MRHB), a trailblazer in web3 infrastructure from Saudi Arabia, has announced a strategic partnership with the country's esteemed Digital Economy Centre (DEC). The alliance focuses on the development and implementation of Distributed Ledger Technology (DLT) and Artificial Intelligence (AI), initiatives that align with the technological ambitions of Vision 2030.Innovative Initiatives AheadMRHB's founder, Naquib Mohammed, has expressed...

In a move designed to reshape the financial services landscape in Saudi Arabia, Riyadh-based SNB Capital has joined forces with Malaa Technologies. This strategic alliance aims to facilitate secure and straightforward access to financial services, thereby increasing the flexibility of financial transactions within the region.Thanks to this partnership, Malaa Technologies' clientele will gain entry to an array of funds and...

Riyadh's business environment is on the brink of a significant transformation, led by the financial technology (fintech) sector which is currently dominating venture capital investments. This insight was shared by the chairman of the Saudi Capital Market Authority during the third Saudi Capital Market Forum in the nation's capital. At this gathering, Mohammed El-Kuwaiz articulated a vision that signaled an...

The Kingdom of Saudi Arabia has embarked on an ambitious journey to transform its economy and society through Vision 2030, a strategic plan that underscores the significance of research and development (R&D) spearheaded by the nation's universities. These educational institutions are evolving beyond their traditional roles to become powerhouses of pioneering research that align with the Kingdom's lofty aspirations.A testament...

The Georgia-Saudi Arabia Business Forum in Tbilisi marked a significant event with 300 delegates converging to discuss the expansion of economic relations and collaborative efforts between the two countries. The event was inaugurated by notable speeches from Georgia's First Vice Prime Minister Levan Davitashvili and Saudi Arabia's Minister of Investments Khalid Al-Falih.Davitashvili underscored Georgia's dedication to fortifying its ties with...

A high-ranking team from Saudi Arabia's civil aviation sector, led by Abdulaziz Al-Duailej, the President of the General Authority of Civil Aviation, is set to embark on an important international journey. This tour will span several key global locations, including Singapore, China, and the United States, from February 19 to February 29.The delegation's mission is to engage in dialogues concerning...

Turkiye has set its sights on expanding its trade volume with Saudi Arabia, aiming for a $30 billion benchmark in the coming years. The trade between the two nations reached $6.8 billion in 2023, with Saudi enterprises having injected $2 billion into Turkiye to date, according to reports from the state-run Anadolu Agency, quoting Turkiye's Vice President Cevdet Yilmaz.We believe...

Turkiye has set an ambitious objective to escalate its trade volume with Saudi Arabia to a landmark $30 billion over an upcoming period. The recent figures from 2023 indicate that the bilateral trade has reached a substantial $6.8 billion, with Saudi Arabian entities injecting about $2 billion into the Turkiye economy, as reported by the state-run Anadolu Agency and attributed...

With an ambition to bolster commerce, Turkiye sets its sights on a $30 billion trade goal with Saudi Arabia for the upcoming years. The recent figures showcase a promising $6.8 billion bilateral trade volume in 2023, and Saudi investments in Turkiye have reached the $2 billion mark, according to statements from Turkiye's Vice President Cevdet Yilmaz reported by a state-run...

The Saudi Ports Authority (MAWANI) is embarking on an ambitious journey to position Saudi Arabia as a preeminent global logistics hub, bridging three continents. The strategy is in alignment with the nation's National Transportation and Logistics Strategy (NTLS), aiming to enhance the Kingdom's connectivity and economic diversification.As part of this initiative, MAWANI is actively encouraging private sector engagement, negotiating contracts,...

Acwa Power, a leading utility developer based in Riyadh, has successfully met the initial requirements for drawing down senior loans for three significant solar photovoltaic (PV) projects in Saudi Arabia, boasting a total capacity of 4,550MW.Together with its partner, Water & Electricity Holding Company (Badeel), the company had previously secured power-purchase agreements with the Saudi Power Procurement Company to foster...

Forecasts indicate that the open banking sector is poised for substantial growth, with projections suggesting a market value of $43 billion by 2026, a significant leap from $7 billion in 2018. The chairman of Saudi Arabia’s Capital Market Authority made this prediction at the Open Banking Hackathon 2024's closing event in Riyadh.The chairman highlighted the widespread acceptance and integration of...

A recent analytical study on the Saudi Arabia Hospital Market has been conducted, offering a holistic view of the market, including size, share, trends, and industry analysis. This report provides a comprehensive overview of the market's growth patterns, demand dynamics, and future projections for Saudi Arabia. It also presents an in-depth assessment of the competitive arena, profiling major industry stakeholders....

A recent analysis into the Saudi Arabia IT Market offers a comprehensive exploration of the sector, detailing market size, share, trends, and thorough industry insights. The study encapsulates an overarching view of the industry, growth patterns, consumer demand dynamics, and the market’s future outlook. It also provides an in-depth assessment of the competitive environment, profiling prominent market players and examining...

A recent analytical study on the

In a significant move towards bolstering bilateral relations, Saudi Arabia and Georgia have formalized four agreements aimed at fostering collaboration in the realms of industry, energy, and culture. These agreements were sealed at the Georgian-Saudi Investment Forum held in Tbilisi.The pacts inked at the forum are set to propel the development and investment in water and solar energy projects. Additionally,...

The partnership between Saudi Arabia and Georgia has been notably enhanced following the signing of four pivotal agreements. These accords, inked at a business forum in Tbilisi, are set to propel advancements in industry, energy, and cultural sectors.Convened during the Georgian-Saudi Investment Forum on a recent Thursday, the agreements are tailored to foster the development and investment in water and...

In a significant development for bilateral trade, Saudi Arabia and Georgia have fortified their economic relationship with the signing of four key agreements. These accords, inked at a business gathering in Tbilisi, are set to enhance collaboration in sectors such as industry, energy, and culture.The commitments, forged during the Georgian-Saudi Investment Forum, are designed to foster the development and investment...

The landscape of international trade saw a significant enhancement as Saudi Arabia and Georgia solidified their economic partnership through the inkling of four pivotal agreements. These agreements, which span across industry, energy, and cultural domains, were a highlight of the Georgian-Saudi Investment Forum that recently concluded in Tbilisi.Integral to these agreements is the advancement and investment in water and solar...

The Chairman of the Islamic Development Bank Group, Dr. Muhammad Al Jasser, held a strategic meeting with Ahmed Shide, the Ethiopian Minister of Finance, at the ministry's headquarters. This significant dialogue took place on the margins of the 37th African Union Summit hosted in Addis Ababa.During the discussions, both parties explored avenues to amplify developmental collaboration, delved into the realm...

The foundation for Bahri Logistics Center, a project of the National Shipping Company of Saudi Arabia (Bahri), was officially set at the Jeddah Islamic Port. A press statement by the Saudi Ports Authority (Mawani) disclosed that the facility will span an impressive 95,436 square meters and be operated by Bahri, featuring a range of storage solutions, including temperature-controlled zones, handling...

A specialized team from Saudi Arabia's civil aviation authority is set to embark on a series of diplomatic missions spanning three influential nations – Singapore, China, and the United States. From February 19 to 29, 2024, the group, led by Abdulaziz Al-Duailej, the head of the General Authority of Civil Aviation, will be engaging in high-level discussions focused on enhancing...

The FII Institute has announced an upcoming virtual press briefing, helmed by CEO Richard Attias, scheduled for February 19, 2024. The briefing will center on the highly-anticipated return of the FII PRIORITY Miami summit, themed 'On the Edge of a New Frontier'.Slated to occur from February 22-23, 2024, at the Faena Hotel & Forum in Miami Beach, the summit is...

The KAUST Future Forum 2024 recently wrapped up, marking the end of a series of sessions focused on fostering partnerships in research, technology, and entrepreneurship. The forum featured prominent figures from various sectors who engaged in dynamic discussions about the future of science and technology.One of the pivotal discussions was steered by Abdulraheem Al-Gahmdi, Director of KAUST Academy, and included...

The Saudi Export Development Authority, known as Saudi Exports, is set to make its mark at the 9th Iraq International Energy Exhibition and Conference taking place in Baghdad from February 12-14. With the backing of the Prime Minister of the Republic of Iraq, Mohammed Shia' Al-Sudani, and the Iraqi Ministry of Electricity, the event is poised to be a significant...

The prestigious FRUIT LOGISTICA exhibition in Berlin, Germany, became a stage for Almadinah Heritage, a subsidiary of the Public Investment Fund, to highlight the richness of Saudi date products. Among the offerings, the Madinah Ajwa Dates stood out, drawing significant interest from the attendees. Eng. Bandar Al-Qahtani, the Chief Executive Officer of Almadinah Heritage, detailed the company's showcase strategy. Their...

The Saudi Ministry of Commerce has taken a significant step in facilitating the establishment of foreign business presences within the kingdom by offering a suite of online services. These services are designed to assist overseas companies in launching their regional headquarters after securing the necessary permits from the Ministry of Investment.The range of online offerings includes the creation of a...