Business

The realm of human resources in Saudi Arabia has witnessed substantial expansion throughout 2023, with the government-backed online Qiwa platform having a marked impact. Over 10 million people have reaped the benefits of its digital offerings. Launched by the Saudi Ministry of Human Resources and Social Development, Qiwa has become an integral component in the nation's employment market, automating operations...

In the sweeping sands of the Saudi Arabian desert, the iconic structure known as "Bayt al-sha'ar" or the house of hair, stands proudly as a beacon of Arab culture. These Bedouin tents, once a necessity for nomadic life, now adorn the outdoor spaces of many residences throughout the kingdom, symbolizing a deep connection to heritage and community. These tents have...

In a move set to advance the fields of clean energy and water desalination, King Abdulaziz City for Science and Technology (KACST) joined forces with ACWA Power Company to establish a pioneering "Clean Energy and Water Desalination Technologies Development Center". This collaboration was formalized through a contract signed amidst a ceremony graced by distinguished officials from both organizations. Dr. Saeed...

Riyadh: In a strategic move, American Express Saudi Arabia has forged a partnership with Almosafer, a leading travel firm in the nation, to offer corporate clients of Almosafer Business the ability to centralize their payments using American Express's Corporate Travel Account (CTA). This initiative aims to streamline and provide transparency in corporate travel spending. The American Express CTA offers a...

Saudi Arabia has taken a significant stride in strengthening its position as a leader in biotechnology in the Middle East. As the largest regional market for pharmaceuticals and vaccines, the Kingdom has been proactive in its strategic investments within the biotech sector. Its unique genetic diversity and environmental conditions create a fertile ground for complex biotech studies and research. There...

The fintech landscape in Saudi Arabia is garnering global interest, propelled by the country's strategic initiatives aimed at becoming a leading force in the fintech space. With aspirations to transform into a key fintech hub in the region, Saudi Arabia has set a target to bring 525 financial services firms into the fold by 2030, as per its Financial Sector...

In Riyadh, the business community has noted an impressive expansion in the entrepreneurial sector, a development attributed to the synergistic efforts of both public and private entities. The Social Development Bank Forum for Entrepreneurship and Modern Business Practices, a gathering held at the King Abdul Aziz International Conference Center, brought together an extensive network of 85 speakers, 30 international organizations,...

The real estate landscape in Saudi Arabia is undergoing remarkable changes, positioning itself as a major hub for construction and playing a pivotal role in the nation's economic diversification efforts. A high-ranking official has highlighted these dynamic shifts within the sector. During his address at the Real Estate Future Forum held in Riyadh, Abdullah Al-Hammad, Chief Executive Officer of Saudi...

In its quest to become a powerhouse in the electric vehicle (EV) sector, Saudi Arabia is pouring billions into investments. However, the nation faces significant obstacles including the development of necessary infrastructure, a shortage of skilled workers, and the absence of a mature local industry. Industry observers express doubts about the feasibility of the kingdom's target to manufacture half a...

Unique Group, a titan in the domain of subsea technologies and engineering, has made a significant leap by enlarging its operations in Dammam, Saudi Arabia. As per the company's announcement, this expansion represents a critical juncture for Unique Group, marking a culmination of persistent efforts and partnerships with prestigious entities like Aramco, NEOM, the National Center for Wildlife (NCW), King...

The Public Investment Fund (PIF) of Saudi Arabia has embarked on a groundbreaking initiative to bolster the electric motorsport industry by establishing a multi-year partnership with Electric 360, alongside Formula E, Extreme E, and E1 series. This strategic alliance is set to propel the growth of electric motorsports across the kingdom and contribute to the evolution of electric mobility. The...

Nesma Infrastructure & Technology (NIT) has solidified a significant agreement with the Saudi Electricity Company (SEC) for a large-scale project. With the aim of bolstering the electrical transmission and distribution capabilities of the Jizan region, the project's focus is the construction of the Farasan Island 132/33/13.8KV Substation. The deal is valued at a substantial SAR 300 million. Project Charter The...

Continuing its growth trajectory, Nisum, a prominent American technology consultancy, has forged a key partnership with iVolve, marking its entry into the thriving Middle East market. Established in 2002, Nisum has been at the forefront of providing technology, digital transformation, and software engineering services. After successfully growing its presence across the United States, Latin America, and the Asia Pacific, the...

The Public Investment Fund (PIF) of Saudi Arabia has broadened its involvement in electric motorsport by entering into a groundbreaking multiyear sponsorship agreement that envelops Formula E, Extreme E, and E1 powerboat racing. This marks the first instance of a single sponsor supporting this diverse range of electric racing formats. Alejandro Agag, the visionary behind Formula E, Extreme E, and...

In a bid to enhance the travel experience within its borders, Saudi Arabia has unveiled a suite of over 1,500 tourist activities, developed in collaboration with the private sector. The CEO of the Saudi Tourism Authority highlighted these advancements during the second Saudi Tourism Forum in Riyadh. Fahd Hamidaddin, delivering the opening address, pointed out that the Kingdom boasts the...

The Saudi Central Bank, known as SAMA, has expanded its fintech ecosystem by authorizing Thara, a debt crowdfunding service, to function within Saudi Arabia. This increases the total of such platforms to nine within the nation's market. This endorsement marks the 59th fintech enterprise to gain approval from the nation's financial authority. SAMA's action is indicative of its commitment to...

In a significant move to bolster community-driven businesses within the Kingdom, Saudi Arabia's Ministry of Energy has forged a partnership with the Saudi National Bank (SNB). This collaboration is set to launch a social entrepreneurship accelerator program designed to elevate local enterprises in the energy field. The initiative is crafted to nurture and convert burgeoning ideas and small businesses into...

The financial landscape in Saudi Arabia has experienced a significant expansion with the Saudi Central Bank (SAMA) granting licenses to two additional firms in the payment services sector. "Network International Arabia" is now authorized to manage point-of-sale (POS) services, while "Barraq" has been given the green light to provide e-wallet services. This development brings the total number of licensed payment...

In a recent data release from the Joint Organizations Data Initiative, it was revealed that Saudi Arabia's crude oil exports soared to a five-month high, reaching 6.34 million barrels per day in November. Despite a slight decrease of 1.36 percent in crude production from the previous month, settling at 8.82 million barrels per day, the nation saw an increase in...

In the realm of data transformation, Saudi Arabia is making significant strides. This advancement is evident in the operations of the General Authority for Statistics (GASTAT), which is actively engaged in various surveys and censuses to extract valuable insights from raw data. During the Future Real Estate Forum held in Riyadh, GASTAT's president, Fahad Al-Dossari, discussed the progressive changes in...

The Chairman of the England and Wales Cricket Board (ECB), Richard Thompson, has expressed that Saudi Arabia is more inclined towards investing in existing cricket franchises like The Hundred or the Indian Premier League (IPL), rather than launching a domestic Twenty20 league of its own. As the Gulf state seeks to expand its involvement in cricket, it has shown interest...

In a recent development, the stc group has announced a significant move to fortify the digital resilience of Saudi Arabia's railway networks. Its affiliate, sirar by stc, has formed a pivotal strategic partnership with Saudi Arabia Railways (SAR), which is responsible for the operation of the nation's rail infrastructure. This collaboration is set to enhance the sector's information technology and...

Saudi Arabia's Finance Minister, Mohammed Al-Jadaan, expressed the Kingdom's readiness to bolster economic cooperation with Italy, aiming to bring investment and expertise to both nations. During the World Economic Forum in Davos, Al-Jadaan engaged in discussions with his Italian counterpart, Giancarlo Giorgetti, and various investors. Al-Jadaan highlighted in an interview with the Italian newspaper Corriere della Sera the strong bilateral...

On a significant day for the global real estate industry, the Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, initiated the third Real Estate Future Forum in Riyadh. The forum operates under the insightful theme "The Power of Flexibility: Building a Sustainable and Flourishing Real Estate Future" and boasts participation from over 85 nations with 300 speakers...

The entrepreneurial landscape in Saudi Arabia is rapidly evolving, with 2024 marking a year of significant development. An array of startups across diverse sectors, including digital marketplaces and financial technologies, are not only revolutionizing the Saudi business environment but also raising the bar for the entire region. These are ten Saudi startups that merit attention in 2024. Sary: Leading the...

The Saudi Basic Industries Corporation (SABIC), a leading petrochemical company, has confirmed its decision to construct a new petrochemical complex in Fujian province, located in southeastern China. This move strengthens the business relationship between Saudi Arabia and China, the latter being the world's paramount oil importer. With an estimated investment of $6.4 billion, this project represents a joint venture with...

The multinational chemical manufacturing giant, Saudi Basic Industries Corporation (SABIC), has recently proclaimed its commitment to a colossal petrochemical venture in Fujian Province, China. This undertaking will be realized through the formation of the SABIC Fujian Petrochemical Complex Project, also known as the Saudi-Chinese Gulei Ethylene Complex Project. With a strategic partnership structure featuring SABIC Industrial Investments, a wholly-owned subsidiary...

In a recent convergence of economic minds, the Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, engaged in discussions with Germany's State Secretary for Economic, Finance and European Affairs, Jorg Kukies. The dialogue centered on the pressing issues shaping the global economic landscape and potential areas of shared interest where Saudi Arabia and Germany could enhance their cooperation. This important...

At a recent economic forum in Riyadh, the private sectors of Saudi Arabia and Morocco have set forth a collaborative program and an array of initiatives aimed at enhancing the economic cooperation and integration between the two countries. The efforts include the initiation of direct maritime transportation links, the creation of a bilateral investment fund, aiding Saudi companies in penetrating...

Saudi Arabia, through the General Authority of Civil Aviation (GACA), made a significant impact at the recent Wings India 2024 exhibition conference. The event, held at Hyderabad's Begumpet Airport from January 18 to 21, 2024, was a collaborative effort between India's Ministry of Civil Aviation and the Federation of Indian Chambers of Commerce and Industry. The Saudi delegation, led by...