Business

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...

HAVELSAN, a prominent entity known for its strides in defense and technology, has recently marked a significant expansion within the Middle East. The company has now established an office in Saudi Arabia, which joins their existing offices in Oman and Qatar, thereby reinforcing their presence in the region. The company has set its sights on boosting technological capabilities, particularly within...

Front End Limited Company, a prominent Saudi firm in the energy, mining, industrial, maritime, and logistics sectors, has forged a partnership with The Drone Centre (TDC), pioneering the use of advanced DJI drone technology in the region's oil and gas industry. This move introduces specialized payloads for drones, a regional first, and supports the objectives of the Saudi Vision 2030...

Saudi Aramco, the oil colossus, is in the process of engaging heavyweight financial institutions such as Citigroup Inc., Goldman Sachs Group Inc., and HSBC Holdings Plc for a substantial secondary share offering. This transaction is poised to generate approximately $20 billion, placing it among the most significant deals of recent times, according to sources with knowledge of the situation.As Saudi...

The Hashgraph Association and the Ministry of Investment of Saudi Arabia have jointly unveiled a colossal $250 million venture studio. Their goal is to bolster the capabilities of more than 500 companies dedicated to pushing the boundaries in fields like artificial intelligence, blockchain, and virtual reality.Announced on a Thursday, the partnership has solidified a five-year plan to establish the DeepTech...

Long renowned for its vast oil reserves, Saudi Arabia has historically enjoyed significant influence over the global oil market, which has led to substantial wealth for the kingdom. This economic prosperity has positioned the Saudi royal family as prominent figures internationally. In light of shifts in the energy sector, the Saudi government is now strategically pivoting from its traditional oil...

The Saudi Power Procurement Company (SPPC) has unveiled the roster of selected bidders for the fifth phase of its renewable energy initiative, the National Renewable Energy Program (NREP), orchestrated under the guidance of the Ministry of Energy.Launching the Request for Qualification (RFQ) for the latest round on November 12, 2023, the SPPC had by December 5, 2023, garnered Statements of...

John Henry, the proprietor of Liverpool, has recently embarked on a visit to Saudi Arabia for an encounter with Yasir Al-Rumayyan, the chairman of Newcastle, to deliberate on the evolving dynamics of the golf industry. Henry's group, FSG, is diversifying its sports investments and has infused capital into the PGA Tour through the Strategic Sports Group consortium.The advent of LIV...

The Saudi Tourism Authority (STA) has established a groundbreaking partnership with Switzerland Tourism through a Memorandum of Understanding (MoU) to enhance the tourism industry. Fahd Hamidaddin, CEO and Board Member of the STA, alongside Livio Goetz, Director GCC at Switzerland Tourism, finalized the agreement at the STA's main offices. The event was graced by the presence of Swiss Federal Councillor...

In a recent development within the business media sector, Dan Company, fully owned by Saudi Arabia's Public Investment Fund (PIF), has announced a collaboration aimed at enhancing the Kingdom's tourism offerings. A memorandum of understanding was signed with Abdulmohsen bin Abdulaziz AlJabr Trading Company, centered around the joint operation and management of local accommodations such as lodges and farm stays,...

As the global economy expands and international cooperation strengthens, Saudi Arabia is positioning itself as a formidable force in the worldwide trade landscape, with its economic influence reaching unprecedented levels. The African market has become a focal point for Saudi non-oil exports, revealing clear economic opportunities and burgeoning trade connections.The Kingdom's ties with Africa are historically robust and well-established. Saudi...

In a strategic move to bolster its finances, Saudi Arabia is preparing to release additional shares of its state-owned oil behemoth, Aramco, according to sources privy to the development. This action is set to fortify the nation's push to diversify its economy beyond the oil sector.Insiders indicate that financial titans Citigroup, Goldman Sachs, and HSBC have been appointed to manage...

At the recent Public Investment Fund’s Private Sector Forum held in Riyadh, the stc Group took a significant step to reinforce the local economy by establishing several new collaborations with domestic entities. The chairman of stc Group’s Board of Directors, Prince Mohammad Bin Khalid Al Abdullah Al-Faisal, graced the occasion with his presence during the signing of these agreements. In...

The Saudi Minister of Commerce, Majid bin Abdullah Al-Qasabi, is spearheading the groundwork for the Economic and Social Pillar of the Saudi-British Strategic Partnership Council, with deliberations taking place in London until February 8. To facilitate these discussions, a formidable Saudi team comprising 19 representatives from 10 governmental agencies has been assembled. Al-Qasabi, in the company of Prince Khalid bin...

The Annual Public Investment Fund (PIF) Private Sector Forum in Riyadh concluded its second session on Wednesday, marking the end of a two-day gathering filled with rich dialogue aimed at bolstering stronger collaborations. The event, hosted at the King Abdulaziz International Conference Center, saw a significant turnout with over 8,000 participants including a host of ministers, corporate executives, and senior...

At the esteemed Private Investment Fund (PIF) Private Sector Forum, Diriyah Company made its second appearance, shedding light on the Diriyah project’s development strides and the lucrative investment openings available to the private sector. This significant event was hosted at the King Abdulaziz International Conference Center in Riyadh, drawing in a diverse crowd on February 6 and 7, including investors,...

The board of directors of NEOM has recently announced the inauguration of Xaynor, an exclusive beachfront members' club, which is a significant addition to the ongoing development in the northwest region of Saudi Arabia. Xaynor is designed to provide a private and serene seafront escape along the untouched shores of the Gulf of Aqaba, promising a blend of luxury and...

In a significant move to foster economic synergy, the Kingdom of Saudi Arabia, through its Small and Medium Enterprises General Authority, known as Monsha'at, has established a memorandum of cooperation (MoC) with the Jordan Enterprise Development Corporation (JEDCO) from the Hashemite Kingdom of Jordan. This alliance, formalized with the signatures of Monsha'at Governor Sami Ibrahim Alhussaini and JEDCO CEO Abdel...

In a strategic move to strengthen economic ties, Saudi Arabia and Pakistan have inked a memorandum of understanding focused on enhancing their small and medium-sized enterprise (SME) sectors. This collaboration is designed to augment the global market competitiveness of both countries. The Small and Medium Enterprises General Authority (Monshaat) of Saudi Arabia and the Small and Medium Enterprises Development Authority...

In a landmark move, Saudi Arabia's Ministry of Environment, Water and Agriculture has orchestrated a pioneering agreement to export locally grown agricultural produce to the Netherlands and other European markets. This initiative is seen as a major leap in bolstering the Kingdom's presence in the global agricultural export arena. Focused on enhancing the marketing reach of Saudi agricultural products and...

During the wintertime, Alqan village in the Tabuk region transforms into a picturesque snow-covered retreat, presenting a stunning montage of mountains and frosted terrains. This captivating scene has turned the village into a magnet for both tourists and photography aficionados. Recognized as one of the chilliest locales in Tabuk, Alqan has become a popular spot for visitors who travel from...

In an ambitious move to elevate its presence in the healthcare market, Saudi Arabia, through the Saudi Export Development Authority (Saudi Exports), is set to participate in the Arab Health Exhibition 2024. The event, taking place in Dubai from the end of January to the beginning of February, will serve as a platform for 17 premier Saudi companies to display...

In 2023, the Saudi Red Sea Authority (SRSA) marked significant milestones in enhancing the Kingdom's coastal tourism landscape, following the Cabinet's ratification of its statute. The authority's efforts to bolster navigational and marine tourism served as a pivotal factor in the Kingdom's broader economic diversification strategy. A set of seven trailblazing regulations, unrivaled in the Kingdom, were implemented on November...

In a significant move for international commerce and innovation, MSA Capital, through MSA Novo, its arm dedicated to investments in emerging markets, has joined forces with the Saudi Ministry of Investment (MISA) to enhance economic collaboration and innovation within the Kingdom of Saudi Arabia. The agreement was formalized by HE Khalid A. Al-Falih, the Saudi Minister of Investment, alongside Yazeed...

The Kingdom of Saudi Arabia and Kenya are set to bolster their trade ties, particularly in the energy sector, following high-level discussions held in Riyadh. Saudi Energy Minister Prince Abdulaziz bin Salman hosted Davis Chirchir, the Kenyan Energy Cabinet Secretary, to deliberate on a variety of initiatives, including the "Empower Africa" project. The talks were a platform for both parties...