Business

At the high-profile World Economic Forum gathering in Davos, key discussions unfolded between Saudi Arabia and international counterparts regarding the digital sector's expansion. Saudi Minister of Communications and Information Technology, Eng. Abdullah Al-Swaha, held pivotal talks with Japan's Minister of Digital Transformation, Taro Kano, with the intention of propelling the growth of the digital economy. The dialogue between the ministers...

The ministers responsible for the economy from Azerbaijan and Saudi Arabia have recently engaged in strategic discussions aimed at broadening the scope of their trade connections. The Azerbaijani Minister of Economy, Mikayil Jabbarov, shared insights from this dialogue through a social media platform. During their encounter at the Davos Economic Forum, Mikayil Jabbarov and his counterpart, Faisal Alibrahim, the Minister...

The Kingdom of Saudi Arabia is set to become the center of global economic discussions as it prepares to host a special meeting of the World Economic Forum (WEF) in April. This move is part of the kingdom's strategic efforts to enhance the international stature of its capital, Riyadh, and promote collaborative efforts on economic growth and energy matters. The...

Saudi Arabia is increasingly attracting international talent and investments, leveraging its recent visa reforms to bolster economic diversification efforts. The introduction of new Premium Residency visas has positioned the kingdom as a premier destination for both living and conducting business. With the recent announcement of five new visa categories – Special Talent, Gifted, Investor, Entrepreneur, and Real Estate Owner –...

Saudi Arabia has recently revised its immigration policy by removing a ban that previously barred certain foreign workers from re-entering the country if they failed to come back before their exit and re-entry visa expired. This change was reported by local media sources within the Kingdom. The ban, which was enforced in 2022, had stipulated that expatriates who departed the...

In a recent declaration, the Saudi Arabian Embassy in Beijing has reiterated the Kingdom's dedication to the One-China policy. This diplomatic principle is pivotal, acknowledging the People's Republic of China as the only legitimate representative of the nation. The reassertion reflects Saudi Arabia's intention to sustain robust and dependable ties with China. Riyadh's international dealings have historically been centered on...

In the midst of the World Economic Forum's annual congregation in Davos, Switzerland, a significant dialogue unfolded between key ministers from Saudi Arabia and Japan, aimed at bolstering their strategic alliance in the domain of digital technology and the burgeoning digital economy. The Saudi Minister of Communications and Information Technology, Eng. Abdullah bin Amer Al-Swaha, held discussions with Japan's Minister...

In a strategic move to bolster Saudi Arabia's position as a leading center for technological innovation in the region, Eng. Abdullah bin Amer Al-Swaha, the Saudi Minister of Communications and Information Technology, engaged in pivotal discussions with executives from prominent global technology firms during the annual World Economic Forum held in Davos, Switzerland. These discussions were part of Saudi Arabia's...

Switzerland's mountain town of Davos, renowned for hosting the annual World Economic Forum (WEF), will soon see Saudi Arabia's capital Riyadh take the spotlight. The Kingdom is set to hold a special WEF meeting this coming April, as announced by the Saudi Economy Minister Faisal Alibrahim. Slated for April 28-29, the event will delve into themes of global cooperation, economic...

At the World Economic Forum 2024, Faisal Al Ibrahim, the Saudi Minister of Economy and Planning, shared that the Kingdom's non-oil economy has expanded by 20% since 2016, eclipsing the growth rates of the European Union and the United States, which are at 10% and 14%, respectively. In a discussion titled MENA’s Economic Dilemma: Reforms Amid Uncertainty, Al Ibrahim underscored...

At the World Economic Forum's annual gathering in Davos, Switzerland, Amin Nasser, the Chief Executive Officer of Saudi Aramco, announced a significant boost in venture capital commitments. The company, recognized as the largest integrated energy and chemical entity globally, is set on amplifying its investment in startups and emergent technologies as part of its strategy to diversify and transition towards...

In the context of the World Economic Forum Annual Meeting 2024, held in Davos, Switzerland, Saudi Arabia has made significant strides in its ongoing collaboration with the World Economic Forum's UpLink innovation platform. The partnership is poised to accelerate the development of innovative solutions to critical global environmental and sustainability issues. His Excellency Faisal F. Alibrahim, Saudi Arabia’s Minister of...

In Davos, Switzerland, the Kingdom of Saudi Arabia has solidified its commitment to environmental and sustainability issues by entering into two strategic agreements with the World Economic Forum's innovation platform, UpLink. These partnerships were formalized during the prominent World Economic Forum Annual Meeting of 2024. His Excellency Faisal F. Alibrahim, the Saudi Minister of Economy and Planning, and Børge Brende,...

In a bid to broaden its economic horizons, the entity overseeing Saudi Arabia's equity market has secured a significant share of the Dubai Mercantile Exchange. The acquisition marks a strategic move towards diversifying revenue streams and delving into the trading spheres of crude oil, metals, and agriculture. The Tadawul Group, the custodian of the Saudi stock market, has invested in...

The Kingdom of Saudi Arabia has embarked on a strategic initiative to address environmental and sustainability issues by signing two pivotal agreements with the World Economic Forum's innovation platform, UpLink. These agreements were formalized during the World Economic Forum Annual Meeting 2024 held in Davos, Switzerland. His Excellency Faisal F. Alibrahim, Minister of Economy and Planning of Saudi Arabia, together...

An international consortium of researchers has conducted a comprehensive analysis of the burgeoning market and technological landscape for green hydrogen within Saudi Arabia, providing a detailed account of the current investment climate and future prospects. The study shed light on Saudi Arabia's transition from preliminary exploration to more expansive projects within the hydrogen sector. Investments in the realm of green...

At the World Economic Forum in Davos, Saudi Arabia's Minister of Economy and Planning highlighted the importance of regional cohesion as a catalyst for economic growth. During a panel discussion, Faisal Alibrahim underscored the necessity of economic integration across Middle Eastern nations, emphasizing the region's history of overcoming adversity. Alibrahim remarked, "Even amid challenges, the Middle East consistently finds a...

In a recent development, the fintech solutions innovator Finshape has forged a strategic alliance with Arab National Bank (anb), a key player in Saudi Arabia's banking industry. This partnership is set to revolutionize the banking experience by delivering bespoke services that resonate with the distinct needs of their clientele. Leveraging its cutting-edge personalization and data analytics capabilities, Finshape will augment...

The stc Group has once again earned the title of the most valuable telecommunications brand in the Middle East for the fourth consecutive year. Additionally, the group holds a distinguished position among the top 10 robust telecom brands in the region. This recognition is based on the pivotal report produced by Brand Finance, which benchmarks brand values across various sectors...

In a strategic expansion, Tosyali Holding, a Turkish conglomerate, has announced plans to establish a steel production facility in Saudi Arabia, with an estimated investment of $5 billion. The company's chairman made this public while speaking with Bloomberg at the World Economic Forum held in Davos, Switzerland. The project is part of the company's broader international growth strategy, which includes...

In a significant move to bolster its presence in Saudi Arabia, Schneider Electric, a pioneer in digital transformation and energy management, has inked a deal with King Salman Energy Park (SPARK), a premier industrial ecosystem provider. The collaboration will see the construction of a 20,000 square meter manufacturing plant within the SPARK premises, strategically positioned between Dammam and Al-Ahsa. This...

In a strategic pivot towards diversification, Saudi Aramco's venture capital division has significantly increased its financial pool to $7 billion, with a recent injection of $4 billion. This move aims to broaden investment focus areas beyond the traditional oil and gas sectors. The augmented funding is poised to enable a deeper exploration into novel diversification channels, foster international partnerships with...

The prominent oil refinery entity in Saudi Arabia, Aramco, has made a decisive move by increasing its venture capital holdings to a staggering $7 billion. This strategic initiative, announced on a Wednesday, signifies a doubling of the funds, which previously amounted to $3 billion at the start of the year. “Through Aramco Ventures, we aim to support pioneers with big...

The Kingdom of Saudi Arabia has undertaken a significant legal reform by introducing its inaugural Civil Code, which came into force in December 2023. This strategic move is poised to substantially reshape the nation's business domain, as indicated by insights from industry experts. With the unveiling of the Civil Code, Saudi Arabia has set a new precedent in its legal...

In a bold move to attract global investments and boost economic growth, Saudi Arabia has unveiled plans for ten specialized cities within the NEOM megaproject. These cities are each designed to cater to specific sectors such as energy, biotechnology, media, entertainment, and manufacturing. The strategic development aims to establish Saudi Arabia as a dominant player across various industries while simultaneously...

Welspun Corp, an established entity in the production of large diameter pipes, disclosed that its affiliated company, East Pipes Integrated Company for Industry (EPIC), located in the Kingdom of Saudi Arabia, has secured a series of contracts collectively valued at over SAR 1.32 billion, which translates to approximately Rs 3,000 crore. The impressive order book includes a substantial contract from...

India's Welspun Corp has announced that its associate company, East Pipes Integrated Company for Industry (EPIC), has secured substantial contracts in Saudi Arabia valued at approximately Rs 3,000 crore. The contracts signify a significant boost for EPIC, underscoring its prominence in the region's industrial landscape. According to an official statement from Welspun Corp, the total orders amassed by EPIC exceed...

Saudi Arabia's Etihad Etisalat (Mobily), a prominent telecommunications provider, has secured a significant Murabaha financing agreement with the Saudi National Bank (SNB) valued at 4.8 billion riyals (equivalent to approximately $1.3 billion). The transaction, involving an affiliate of the UAE's Etisalat, is designed to utilize 3.685 billion riyals from the total amount to partially refinance its existing debt, which currently...

Saudi Arabia has expanded its visa program by introducing six new categories aimed at drawing investors, entrepreneurs, and exceptionally skilled individuals to the nation. The newly launched "premium residency products" cater to specific groups such as real estate owners, entrepreneurs, and those with special talents contemplating a move to Saudi Arabia. Dr. Majid bin Abdullah Alkassabi, the Chairman of the...

As part of its global growth strategy, Tosyali Holding AS, headquartered in Turkey, has inked a preliminary agreement with the Kingdom of Saudi Arabia to channel nearly $5 billion into the establishment of a new steel manufacturing facility. This information was disclosed by the company's chairman, Fuat Tosyali. This move is not isolated, as the firm is looking to broaden...