Business

In a strategic move to draw in global investors and skilled professionals, Saudi Arabia has launched a series of new visa categories. The Premium Residency initiative stands out among these, providing long-term residency visas that aim to boost investment within the nation, capitalizing on its geographical advantage at the nexus of three continents. Here’s what investors need to know about...

In a recent development that highlights the burgeoning relationship between two nations in the realm of technology, ministers from Saudi Arabia and Singapore engaged in strategic discussions. The dialogue, which took place in the Swiss town of Davos during the World Economic Forum, involved Saudi Arabia's communications and information technology minister, Abdullah Al-Swaha, and Singapore's minister, Josephine Teo. The two...

Saudi Arabia Asserts Its Role in Global Climate Action The Kingdom of Saudi Arabia has expressed a profound commitment to addressing climate change and is intent on leading by example in setting international climate action benchmarks. "Our goal is not merely to adhere to established norms but to define the trajectory for how nations should engage with their climate responsibilities,"...

Red Sea Global (RSG), a prominent developer known for its regenerative tourism projects, The Red Sea and Amaala, has achieved a significant milestone by creating 21 subsidiaries by the end of 2023. This expansion underscores RSG's rapid growth and its pivotal role in fulfilling Saudi Vision 2030. The year 2023 marked a historic moment for RSG and Saudi Arabia's tourism...

In a quest for more efficient utilization of its resources, Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, conveyed the kingdom's strategic approach during the World Economic Forum in Davos. During a panel titled Investors of First Resort: Government Inc., Alibrahim articulated the identification of significant yet untapped assets and the intent to harness them in alignment with the...

At the prestigious World Economic Forum gathering, the Saudi Arabian Minister of Communications and Information Technology, Abdullah bin Amer Alswaha, discussed the immense potential of technology to facilitate the achievement of environmental objectives. In a tale that underscores the Kingdom's commitment to technological advancement, Saudi Arabia has invested billions into cultivating a robust tech industry. This strategic move has led...

The Deputy CEO of the Saudi Fund for Development, Faisal Al-Kahtani, welcomed Thomas Juergensen, the EU delegation's minister counsellor and head of trade and economic affairs, on a recent Wednesday. The two officials engaged in substantive dialogue on international development matters, focusing on strengthening the collaborative relationship between the Saudi entity and the European Union. This meeting, reported by the...

In the midst of global economic recalibrations, Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, has expressed a desire to deepen investment ties with China. At the World Economic Forum held in Davos, Switzerland, Alibrahim discussed the prospect of enhancing the already substantial trade relations between the two nations. During an interview, the Saudi minister highlighted the robust trade...

At the esteemed World Economic Forum of 2024, Saudi Arabia's proactive stance on innovation and its drive towards economic diversification were under the spotlight, as noted by the Kingdom's Minister of Economy and Planning, Faisal Al Ibrahim. The minister's address outlined the nation's strategy, which emphasizes the adoption of bold initiatives and the value of experiential learning, highlighting the necessity...

The kingdom of Saudi Arabia is poised to host a new accolade, the People Analytics Award, designed to honor exceptional use of analytics in enhancing workforce performance and organizational culture. The creation of the award is spearheaded by Maven Insights, a leading regional management consultancy firm, which endeavors to establish a gold standard for the field of people analytics within...

Eng. Faisal Al-Qahtani, the Operations Chief at the Saudi Fund for Development (SFD), recently engaged in strategic discussions with Dr. Thomas Jorgensen, a high-ranking European Union official, at the SFD's main office in the Saudi capital. The dialogue between the two parties delved into the latest trends in both regional and international commerce and economic matters. Additionally, they explored areas...

Currently in Cairo, 19 enterprises from Saudi Arabia are participating in the 26th Arab International Cement & Building Materials Conference and Exhibition (AICCE26). These entities are attracting considerable attention, with a surge of visitors eager to discover the products and services they provide. The participants are showcasing their ability to supply the local market and export their offerings to global...

During the prestigious World Economic Forum Annual Meeting of 2024 held in Davos, Switzerland, the Kingdom of Saudi Arabia and the Organisation for Economic Co-operation and Development (OECD) have entered into a Memorandum of Understanding (MoU). This agreement is set to strengthen collaboration across a spectrum of public policy areas including the economy, taxation, corporate governance, and sustainability initiatives. The...

In a significant move to expand its global economic partnerships, the Kingdom of Saudi Arabia has entered into a Memorandum of Understanding (MoU) with the Organisation for Economic Co-operation and Development (OECD). This agreement, enacted during the esteemed World Economic Forum Annual Meeting in Davos, Switzerland, aims to bolster cooperation across diverse policy domains such as economic performance, taxation, corporate...

In a significant move aimed at bolstering small and medium-sized enterprises (SMEs), the Saudi Export-Import Bank (Saudi EXIM Bank) has forged a cooperative arrangement with the Arab National Bank (ANB). This collaboration will see the issuance of guarantees by Saudi EXIM Bank to ANB, designed to assist SMEs in securing the required financing for their export endeavors. The partnership is...

Saudi Arabia is on the brink of revolutionizing its adventure tourism and water sports offerings with the introduction of THE RIG, a novel project conceived by the Public Investment Fund. The development's blueprint draws inspiration from the country's storied oil and gas heritage, emulating the aesthetic of offshore drilling platforms. Spanning over 300,000 square meters, THE RIG will be situated...

In a significant push to bolster its position as a leading technological hub, Saudi Arabia has engaged in strategic discussions with top-tier tech corporations, including Microsoft and IBM, with the intent to broaden their respective footprints in the Kingdom across various tech domains. The conversations took place against the backdrop of the World Economic Forum in Davos, Switzerland, and involved...

The Professional Fighters League (PFL) is set to break new ground with its debut pay-per-view (PPV) event in Saudi Arabia, marking a significant expansion in the region. Slated for the 24th of February, the highly anticipated 'PFL Champions vs Bellator Champions' event will take place at the Kingdom Arena in Riyadh. The card is expected to feature seven high-stakes bouts,...

In a significant move to bolster international cooperation, Saudi Arabia has entered into a strategic partnership with the Organisation for Economic Co-operation and Development (OECD). This alliance, forged through a Memorandum of Understanding (MoU), aims to enhance collaboration across a vast array of public policy issues, including economic growth, taxation, corporate governance, and sustainability. The agreement was formalized at the...

At a recent gathering of global leaders and experts, Saudi Minister of Finance, Mohammed Al-Jadaan, emphasized the importance of substantial structural reforms to bolster economic resilience. This call to action comes in response to the growing need for robust systems capable of withstanding unpredictable market conditions. Al-Jadaan underscored the necessity of continuous enhancement of these reforms to better respond to...

In an ambitious move to elevate the adventure tourism sector, the Oil Park Development Company (OPDC), funded entirely by the Public Investment Fund (PIF), has introduced an innovative tourist destination called THE RIG. This groundbreaking project, designed to transform the realm of tourism, aligns with the strategic goals of Saudi Arabia's Vision 2030, which focuses on expanding the tourism industry,...

The financial powerhouse of Saudi Arabia, the Public Investment Fund (PIF), is setting its sights on substantial investments in the semiconductor and space industries this year, advancing the nation's ambition to diversify its economy beyond its traditional oil base. Abdullah Al-Swaha, the Saudi Minister of Communications and Information Technology, hinted at a forthcoming "sizeable investment" in the semiconductor realm during...

Saudi Aramco, the titan of the oil industry, has recently increased the funds allocated to its venture capital arm, Aramco Ventures, by an impressive $4 billion. This significant infusion elevates the total venture capital commitment of the company to a substantial $7.5 billion. This strategic move includes an additional $500 million directed towards Wa'ed Ventures, a venture capital fund dedicated...

The Saudi Arabian Minister of Commerce, Majid al-Kasabi, has recently made it clear that the Kingdom has not yet made a formal decision to join the BRICS group. Al-Kasabi made this statement while attending the prestigious World Economic Forum in Davos, Switzerland, an annual gathering that attracts over 3,000 leaders from around the world to discuss pressing global issues, this...

In Riyadh, at the Ministry of Energy's headquarters, a significant alliance was forged between Alujain Corporation, a key player in Saudi Arabia's petrochemical industry, and Basell International Holdings, a branch of the industrial giant LyondellBasell Industries. This union was cemented with the signing of a strategic partnership agreement. The pact, which was signed in the presence of the Saudi Energy...

In a strategic move to attract global investors and skilled professionals, Saudi Arabia has introduced a suite of six new visa categories known as "premium residency products." These initiatives are specifically designed to encourage individuals who own real estate, entrepreneurs, and those with exceptional talent to consider making the kingdom their new home. The announcement was made by Dr. Majid...

During the World Economic Forum's (WEF) annual event held in Davos, Switzerland, a strategic dialogue unfolded between Saudi Arabia's Minister of Economy and Planning, Faisal bin Fadel Alibrahim, and the CEO of Moderna, Stephane Bancel. Their discussion centered on the recent advancements within Saudi Arabia's pharmaceutical sector and how these initiatives are strategically aligned with the Kingdom’s broader economic objectives....

At the prestigious World Economic Forum in Davos, Saudi Arabia's Minister of Industry and Mineral Resources highlighted the Kingdom's drive to become a more alluring destination for global investments, emphasizing the nation's pursuit of transparency and competitiveness. Participating in the "Industrial Policy 2.0" discussion, the minister outlined the country's strategic "three-dimensional approach" in policy formulation. This method is designed to...

The Professional Fighters League (PFL), a prominent mixed martial arts organization, has unveiled plans for its inaugural pay-per-view event, set to take place in Saudi Arabia. This strategic move comes on the heels of the league's partial acquisition by Saudi Arabia's newly established sports fund. The highly anticipated matchup, dubbed a 'super fight', will feature a face-off between PFL's reigning...

In a strategic move to attract international professionals and artists, Saudi Arabia has rolled out two unique visa categories within its Premium Residency system. These categories, dubbed 'Special Talent' and 'Gifted', are designed to offer permanent residency to those who meet specific prerequisites. Interested individuals can apply for the five-year visa with a fee of SAR4,000. Both visas provide a...