Business

A prominent American investment company, Apollo Global Management Inc., together with the Saudi Arabian sovereign wealth fund, Public Investment Fund (PIF), have shown keen interest in acquiring part of the extensive coffee shop network presently franchised by a leading Kuwaiti firm.Engaged in advanced discussions, the Alshaya Group is contemplating the divestiture of a minority interest in its lucrative Middle Eastern...

Enso Arabia, a distinguished event management agency from Saudi Arabia, has selected the Dubai-based Rebecomms to spearhead public relations and media communications for Invest Saudi at the upcoming MIPIM 2024. The collaboration entrusts Rebecomms with the task of coordinating media relations across the Middle East, UK, and Europe in anticipation of, and during, MIPIM, the premier global real estate event...

United International Transportation Co., popularly known as Budget Saudi Arabia, has received the green light from Saudi Arabia's competition authority for its acquisition of Al-Jazira Equipment Co., also referred to as Auto World. The approval by the General Authority for Competition was disclosed through a communication on the Saudi Stock Exchange, signaling the full purchase of the operational lease and...

The Saudi Arabian vehicle leasing giant, United International Transportation Co., also recognized as Budget Saudi Arabia, has obtained approval from the nation's regulatory body for competition to proceed with its full acquisition of Al-Jazira Equipment Co., popularly referred to as Auto World.Disclosed through a communication on the Saudi Stock Exchange, the General Authority for Competition has granted a 'no objection'...

Saudi-based J-B Leverages OCI for Digital Financial LeadershipOracle recently disclosed that J-B, a digital finance entity in Saudi Arabia, has adopted Oracle Cloud Infrastructure (OCI) to enhance its crucial financial and transactional systems.The move is part of J-B's multi-year plan to expand its digital finance offerings, break into new markets, and expedite its growth within the Kingdom.Since its inception in...

As the business landscape stands on February 12, 2024, the SAUDI ARABIAN OIL COMPANY towers over the rest as the pinnacle of Saudi Arabia's commercial sector, boasting a staggering market valuation of $1.98 trillion. Trailing behind, yet formidable in their own right, are the AL RAJHI BANKING AND INVESTMENT CORPORATION, valued at $95.46 billion, followed by the SAUDI NATIONAL BANK...

The Saudi Ports Authority, known as Mawani, has achieved a significant milestone by being awarded the ISO 37301 certification for its robust adherence to international compliance management system standards. This prestigious recognition marks Mawani as the inaugural entity within Saudi Arabia to be granted this certification by an accredited institution. Such an achievement exemplifies Mawani's unwavering commitment to legal and...

The KAUST Future Forum 2024 has officially begun, hosted by the King Abdulaziz City for Science and Technology (KACST) in Riyadh's dynamic 'the Garage' startup hub. This event, orchestrated by King Abdullah University of Science and Technology (KAUST), brings together a diverse group of officials, research and innovation experts, academics, and research center representatives. Professor Tony Chan, the president of...

Fortem Technologies, an innovator in the field of airspace security and drone threat mitigation, has recently joined forces with INTRA Defense Technology, a Saudi Arabian powerhouse in autonomous system innovation and production. This joint venture is set to design, manufacture, and distribute cutting-edge counter-unmanned aircraft system (C-UAS) solutions within the Kingdom of Saudi Arabia. The advent of unmanned aerial systems...

Noor Alzayer has been at the forefront of developing strategic partnerships as the Experience Partnership Management Director at King Abdullah Financial District since July 2023. Her astute leadership has been instrumental in forming alliances that bolster marketing, corporate communication endeavors, and enhance customer experiences. These collaborations have been key in creating value, driving lead generation, and elevating the brand's profile.Alzayer's...

The Kingdom of Saudi Arabia's energy minister has verified that the nation's strategic move to suspend its oil output capacity expansion was meticulously deliberated upon, stemming from ongoing market condition assessments.At the helm of this shift is Saudi Aramco, the state-backed oil behemoth, which has made a decisive pivot to embrace the burgeoning role of renewable energy within the global...

In a remarkable shift, Saudi Arabia has announced a reversal in its plans to expand oil production capacity, attributing the decision to the ongoing global energy transition. The country has signaled that its current oil output capabilities are sufficient to stabilize the market if needed.On January 30, the Saudi government instructed its state-run oil company, Aramco, to maintain its maximum...

In a significant development for urban mobility, Emaar The Economic City, the principal developer behind King Abdullah Economic City (KAEC), has announced a vital collaboration with HopOn, a leader in the smart cities' transport services sector. The alliance is set to introduce an advanced and eco-friendly transportation system within the city. This initiative aligns with the objectives of the Saudi...

In a recent development within the business media sector, solutions by stc has publicized the establishment of a strategic understanding with Devoteam Global Group, a prominent player in IT consultancy. This memorandum of understanding is poised to strengthen global investment and nurture collaborative prospects within technology and related fields. Following the acquisition of a 40% interest in Devoteam Middle East...

The Islamic Development Bank (IsDB) has announced a fresh financial collaboration with Azerbaijan, aimed at bolstering the nation's social and economic landscape. An agreement was solidified between IsDB and Azerbaijan's Ministry of Economy, laying the groundwork for a Country Engagement Framework that promises to fortify the bank's influence in the country's developmental journey.A virtual ceremony witnessed the signing of the...

HKA, a global management consultancy with a network spanning over 45 offices, has solidified its commitment to Saudi Arabia by securing an official regional headquarters license in the nation.For over twenty years, HKA has been a fixture in the Saudi market, offering expertise from its Jeddah and Riyadh locations in risk management, conflict resolution, and legal services for capital projects...

Riyadh's Stance on Global Energy Assurance: A Collective EndeavorThe Saudi Energy Minister has underscored the universal obligation to achieve energy security on a global scale. Addressing attendees at the International Petroleum Technology Conference in Dhahran, he emphasized the Kingdom's ongoing commitment to market equilibrium.An impressive surplus in oil production capacity was highlighted by the minister, noting, We are ready to...

Red Sea Global (RSG) has successfully secured a financing package worth SR2 billion (approximately $522 million), earmarked for the construction of the Four Seasons Hotel on Shura Island, located within the Kingdom of Saudi Arabia. The company has achieved financial closure with Riyad Bank, cementing a partnership that bolsters the joint effort with Kingdom Holding Co., a Saudi investment entity....

Red Sea Global (RSG) has successfully sealed a financial deal worth SAR2 billion ($522 million) with Riyad Bank, setting a strategic course for the expansion of luxury hospitality in Saudi Arabia. This arrangement bolsters RSG's partnership with Kingdom Holding Company in the creation of the Four Seasons Resort, poised to be a jewel in the Red Sea's crown of tourist...

Approximately 100 kilometers to the south of Rafha, within the Northern Borders region of Saudi Arabia, lies the village of Linah, a place steeped in commercial significance and historical allure. Renowned as a prime historical commercial hub, Linah captivates not only local visitors but also those from afar with its impressive array of monuments, historic edifices, and towers. Esteemed as...

The Saudi Authority for Industrial Cities and Technology Zones, known as MODON, has recently achieved a significant milestone by drawing in investments totaling SAR130 million. These funds are earmarked for the development of the local military aircraft sector, including the production of drones, as well as offering a comprehensive suite of services for ship maintenance, repair, and overhaul. Attaining these...

The mountainous regions of Al-Hada and Al-Shafa, along with the agricultural expanses of Wadi Muharram, have established Taif Governorate as a pivotal agricultural hub, especially for the cities in the vicinity of Makkah. These areas are known not just for their fruit production but also for the cultivation of the renowned Taif roses, a major source of rose oil for...

In a vigorous effort to reduce its oil dependency, Saudi Arabia is actively seeking diversification by tapping into potential opportunities both within its borders and overseas.The endeavor led Saudi Investment Minister Khalid Al-Falih on a journey across various Latin American countries between July and August 2023, to discuss potential economic collaboration.Highlighting its commitment to all business sectors, Saudi Arabia established...

In a strategic move to bolster its international presence, NEOM, Saudi Arabia's ambitious $500 billion business and tourism initiative, has inaugurated its first United States office. The new outpost is situated in the bustling business district of Manhattan at 50 Hudson Yards, New York City. The grand opening was graced by the presence of Saudi Arabia's ambassador to the United...

In an ambitious move to strengthen its position within Saudi Arabia's defense sector, the American defense behemoth, L3Harris, is actively discussing plans to establish a regional headquarters in the Kingdom. This strategic initiative aligns with Saudi Arabia's Vision 2030, which aims to localize defense production and bolster the country's self-sufficiency in this critical industry.Adrian Kemps, an executive at L3Harris and...

The Kingdom of Saudi Arabia has initiated a program allowing international legal experts to apply for permission to practice within the country. The Ministry of Justice (MoJ) has unveiled an electronic service tailored for law firms to register legal consultants who are not Saudi nationals.This innovative service aims to streamline the process and elevate the professional development and support of...

Saudi Arabia is reportedly gearing up to offload additional shares in its oil colossus, Aramco, according to sources privy to the development. This strategic move aims to enhance the kingdom's financial reserves and support its broader economic diversification efforts.Banking powerhouses Citigroup, Goldman Sachs, and HSBC have been named as orchestrators of the potential share sale, which may occur in the...

The Saudi Power Procurement Company (SPPC), which serves as the primary entity for acquiring power projects in Saudi Arabia, has recently disclosed the prequalification of 23 companies. These firms are set to vie for the fifth installment of the kingdom's National Renewable Energy Programme (NREP). This latest round, known as Round 5, will feature four solar photovoltaic (PV) Independent Power...

Displayed prominently at the World Defense Show in Riyadh in 2024 were the armored vehicles from NIMR, a subsidiary of the Emirati defense powerhouse EDGE Group. Among the showcased vehicles was the second-generation JAIS armored vehicle, known as the JAIS Mark 2 or Mk2, which marked its debut at this international event. In a significant move, NIMR has entered an...

Saudi Arabia has taken a proactive approach by moving up the issuance of discount licenses for businesses, setting the stage for an early start to the sales season for Ramadan and Eid al-Fitr. The Ministry of Commerce has opened the door for commercial entities and online retailers to apply for these licenses through their electronic portal at sales.mc.gov.sa.The promotional period...