Business

Announcing a significant financial performance, stc disclosed its consolidated results for the fiscal year concluding on December 31, 2023. The company witnessed a substantial revenue uptick of 7.3% from the previous year, totaling SAR 72,337 million. This surge in income is largely credited to a 5.1% increase in commercial unit revenues, a 1.4% rise in revenues from carriers and wholesale...

The Saudi Arabian Tadawul stock exchange, the largest in the Arab world by market capitalization, is experiencing a burgeoning pipeline of initial public offerings (IPOs). The chairman of the kingdom's Capital Markets Authority highlighted that there are currently 56 companies of varying sizes poised to go public on Tadawul's Main Market and Nomu-Parallel trading platform, marking a 30% increase from...

Swissport has broadened its operational footprint within Saudi Arabia by commencing services at Prince Abdul Majeed bin Abdulaziz International Airport, located in Al-Ula (ULH). Marking the addition of a new locale to its expanding Saudi network, Swissport's inaugural operation was to service a flight originating from Queen Alia International Airport in Amman, Jordan, flown by Royal Jordanian.The aviation ground services...

Riyadh witnesses a call to action from Saudi Arabia's Finance Minister, Mohammed Al-Jadaan, who emphasizes the need for expedited financial reforms to enhance economic stability. During the third Saudi Capital Market Forum, Al-Jadaan addressed the significance of predictability and consistency in reforms while speaking on a panel.Al-Jadaan pointed out the substantial regulatory and legal transformations that have taken place since...

The Saudi Arabian marine support industry is set to receive a significant push forward with Zamil Offshore Co. announcing a newfound partnership with the Public Investment Fund (PIF). PIF has procured a 40% stake in the prominent offshore support vessel operator based in the Kingdom, signaling a boost for fleet expansion and service diversification. In an official communication, PIF disclosed...

The Saudi Arabian stock market is currently in the spotlight as the Saudi Capital Markets Forum commences in Riyadh. The two-day event, organized by the Saudi Tadawul Group—the parent entity of the nation's primary stock exchange—showcases a robust market with a valuation of $2.9 trillion as of January's end. Efforts to lure international investors to its capital markets include a...

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...