Business

The Federation of Saudi Chambers (FSC) has recently unveiled plans to significantly enhance its network of business councils, increasing the total count to 70. This strategic initiative will expand the Federation's engagement to encompass 124 nations worldwide. Hassan Al-Huwaizi, the president of the FSC, shared the news during an engagement with leaders of Saudi Foreign Business councils. This growth is...

The Kingdom of Saudi Arabia has taken a prominent role in the recent five-day assembly of the World Economic Forum, highlighting its strategic contributions on the global stage. As conveyed to the Saudi Press Agency, Princess Reema bint Bandar, Saudi Arabia’s ambassador to the United States, emphasized that the Kingdom’s proactive involvement in international dialogues is a direct reflection of...

In an effort to draw in foreign expertise and capital, Saudi Arabia has announced the launch of five innovative residency programs set to commence in 2024. These schemes are tailored to attract professionals from various fields including real estate, sports, and healthcare. The upcoming premium residency categories are: Exceptional Efficiency Residency Talent Residency Business Investor Residency Entrepreneur Residency Property Owner...

In a significant move within the business media landscape, Saudi Arabia's Ministry of Media, through its Konoz initiative, has premiered a captivating documentary titled Horizon on Netflix. The film, a collaborative effort with the National Center for Wildlife, delves into the biodiversity and natural beauty of the Kingdom, bringing to light the country's commitment to environmental conservation. Horizon is not...

The ensemble of foreign business councils in Saudi Arabia has recently grown to encompass 70 councils, following the establishment of 30 new entities. This expansion was announced by the president of the Federation of Saudi Chambers at a recent gathering at their headquarters. The president, Hassan Al-Huwaizi, indicated that this enlargement is set to bolster the Kingdom's commercial and investment...

The Saudi Arabian healthtech startup Clinicy has successfully completed a Series A funding round, securing a multi-million dollar investment. This financial boost is poised to propel the company's growth initiatives within the burgeoning Saudi healthcare market. Leading the investment charge was Middle East Venture Partners (MEVP), a notable presence in venture capital within the region. Other participants in the funding...

Riyadh, Saudi Arabia – Creative Solutions, a front-runner in the realm of innovative technology for the business community in Saudi Arabia, has announced a promotion to boost the drive-thru sector. Until January's end in 2024, entities across the Kingdom can benefit from a 10% discount on the procurement and setup of Creative Solutions' state-of-the-art drive-thru systems. This time-sensitive deal is...

The Saudi Arabian delegation, with Foreign Minister Prince Faisal Bin Farhan at the helm, was actively engaged in the World Economic Forum's annual meeting of 2024. A key highlight from Monday's engagements was a significant discussion with the Forum's founder, Klaus Schwab, and its President, Børge Brende. At the heart of these talks was the goal to fortify the relationship...

The Ambassador of Iran to Saudi Arabia, Alireza Enayati, has expressed a strong desire to fortify economic connections with Saudi Arabia. The goal is to significantly increase trade and investment flows, potentially leading them to top regional figures. Enayati's statements were made during a recent engagement with Hassan bin Mujab Al-Huwaizi, the head of the Saudi Chambers Federation. The gathering...

The perception of retail banking in Saudi Arabia has shown signs of improvement over the past year. However, there is still critical feedback from customers regarding service quality, product offerings, and digital interfaces, according to a recent study. The Saudi Banking Sentiment Index, developed by PwC Middle East in collaboration with DataEQ, analyzed online consumer reviews and discussions, pinpointing prevalent...

The Saudi Minister of Communications and Information Technology, Eng. Abdullah bin Amer Al-Swaha, held discussions on Monday aimed at bolstering cooperation and promoting digital inclusivity with ITU Secretary-General Doreen Bogdan-Martin. Their conversation at the World Economic Forum in Davos centered on enhancing global connectivity, empowering communities, and environmental stewardship through digital initiatives. As part of the Saudi delegation's engagement at...

In Davos, the World Economic Forum (WEF) of 2024 stands as a prominent stage for a distinguished group from Saudi Arabia. This high-level assembly, consisting of key government figures and industry leaders, is utilizing the event to discuss pivotal themes, such as economic resilience, the security of sustainable resources, and innovations that prioritize human well-being. Strategic Alliances and Vision 2030...

In a significant development within the business media sector, the Construction and Real Estate Development Arab Union (CREDA Union), which is comprised of representatives from 18 Arab nations, has chosen the Saudi entrepreneur Lahiq Al-Otaibi to lead as its president. Al-Otaibi, expressing his appreciation for the confidence entrusted to him, emphasized the organization's dedication to promoting joint Arab collaboration. He...

In the burgeoning metropolis of Qiddiya near Riyadh, the Qiddiya Investment Company, supported by Saudi Arabian funds, has announced its ambitious project: the Prince Mohammed bin Salman Stadium. This state-of-the-art sports and entertainment facility is set to accommodate 45,000 visitors and aims to become a pivotal venue for the nation's premier cultural and major sporting events. Perched atop a cliff,...

Saudi Arabia has made headlines by disclosing plans for a state-of-the-art stadium perched atop a 200-meter cliff near the nation's capital, Riyadh. The proposed 45,000-seat arena, featuring a retractable roof and playing field, aims to offer fans a captivating and engaging experience with extensive LED screens enveloping the venue. The stadium, which will bear the name of Prince Mohammed bin...

In an influential gathering with the leaders of Saudi Foreign Business councils, Hassan bin Mujab Al-Huwaizi, who helms the Federation of Saudi Chambers, disclosed an ambitious development initiative. This initiative is strategically designed to enhance the influence and input of business councils in realizing the objectives set out by Saudi Arabia's Vision 2030. Furthermore, it aspires to forge robust trade...

Riyadh's Newest Architectural Marvel: A High-Tech Stadium on a Cliff The Kingdom of Saudi Arabia has taken the wraps off an ambitious project, a state-of-the-art stadium perched atop a cliff 200 meters above the ground, near its capital city of Riyadh. This futuristic venue is intended to be one of the highlights of the 2034 FIFA World Cup, assuming the...

Noha Al-Harthi, the manager for robotics and emerging technologies at NEOM since 2020, is at the forefront of developing state-of-the-art solutions in sectors such as robotics, human-machine interfaces, and computation. Her recent appointment to the NEOM executive committee further solidifies her role in shaping the future of technology within the organization. Al-Harthi leads the charge in NEOM’s public safety department,...

At the World Economic Forum's 54th annual gathering in Davos, Switzerland, Saudi Arabia's delegation is set to underscore the nation's pioneering business strategies and advocate for collaborative efforts towards all-encompassing economic integration. These intentions were conveyed by the country's Minister of Communications and Information Technology, Abdullah Al-Swaha. Al-Swaha, in conversation with the Saudi Press Agency, shared that the Kingdom is...

In the final month of 2023, Saudi Arabia experienced a slight drop in its inflation rate, registering at 1.5 percent, a small retreat from the 1.7 percent observed in the preceding month, according to state statistics. The data provided by the General Authority for Statistics showed that the month-over-month inflation decrease was influenced by a 0.3 percent reduction in the...

In December, Saudi Arabia experienced a slight decrease in its annual inflation rate, which went down to 1.5% from 1.7% in the previous month. This change was largely influenced by a significant rise in housing rent costs. Recording a 9% upsurge in December, housing rents were the primary driver behind a 7.5% increase in the overall cost of housing, as...

The Dubai-based Gulf Islamic Investments Group (GII), recognized for its adherence to Shariah investment principles, has recently expanded its portfolio by securing a minority share in Abeer Medical Company, a prominent healthcare provider in Saudi Arabia. The substantial investment of $160 million underscores GII's strategic growth and diversification efforts. This move is in sync with Saudi Arabia’s broader economic aspirations,...

As the world undergoes significant economic and political transformations, Saudi Arabia is poised to take a prominent position at the upcoming World Economic Forum (WEF) Annual Meeting 2024 in the Swiss town of Davos. The kingdom's delegation, led by Foreign Affairs Minister Prince Faisal Bin Farhan, will participate from January 15-19, 2024, emphasizing the theme "Rebuilding Trust." The team features...

The Kingdom of Saudi Arabia is asserting its position as a dynamic leader in the development of innovative global solutions that span multiple sectors including health, sustainability, energy, and industrial growth. The nation's strategic direction and goals for innovation, research, and development are being fueled by the support of King Salman bin Abdulaziz Al-Saud and Crown Prince Mohammed bin Salman...

The Kingdom of Saudi Arabia has announced an ambitious agenda to significantly enhance its waste recycling capabilities, aiming to process up to 95% of the nation's waste. This strategic move is projected to make a substantial contribution to the economy, injecting an estimated SR120 billion ($31.99 billion) into the country's gross domestic product. The initiative is expected to have a...

The Saudi Arabian stock market, symbolized by the Tadawul All Share Index, witnessed a downturn, declining by 56.096 points, or 0.46 percent, and ending at 12,060.03. Trading activity culminated in a turnover of approximately SR5.7 billion ($1.52 billion), with market dynamics showing 60 stocks moving upwards, whereas 162 experienced a decrease. The Kingdom’s secondary market, Nomu, followed suit with a...

The Public Investment Fund (PIF) of Saudi Arabia is preparing to host its second Private Sector Forum in a move designed to enhance the nation's domestic economy. The upcoming event is scheduled for the 6th and 7th of February at the King Abdul Aziz International Conference Center, as stated in a notification on the PIF's official webpage. The convening is...

In the heart of the cultural oasis of AlUla, a vibrant Citrus Festival is making waves by empowering local farmers to exhibit and commercialize their varied harvests. The festival has become a platform not just for celebration but also for promotion, with social media marketing playing a pivotal role in highlighting the farmers' offerings. This tactic has sparked considerable interest...

In a recent strategic move within the business media sector, the General Entertainment Authority's CEO, Faisal Bafarat, has forged a new partnership with internationally acclaimed fashion designer Elie Saab. This collaboration is set to culminate in a unique event that marries the realms of fashion and entertainment during the highly anticipated Riyadh Season. The Riyadh Season, a cornerstone event for...

In a significant shift within the Middle East and North Africa (MENA) region's business landscape, Saudi Arabia has emerged as the preeminent destination for venture capital funding. In 2023, the kingdom secured investments exceeding $1.38 billion, marking its ascension to the top spot for the first time, as highlighted in a recently published report. The largest economy in the Arab...