Business

In Saudi Arabia, the third quarter of 2023 has seen a significant 18 percent year-on-year growth in credit facilities available to micro, small, and medium enterprises (MSMEs). The central bank of the Kingdom, SAMA, has reported that loans to this pivotal sector reached SR268.57 billion ($71.61 billion) by October 2023, marking an increase from SR228.03 billion in the previous year....

In a momentous development for its startup ecosystem, Saudi Arabia claimed the top spot in venture capital funding within the Middle East and North Africa (MENA) region for the year 2023, securing an unparalleled $1.38 billion in investments. This milestone, as detailed in MAGNiTT's Saudi Arabia FY2023 report, marks the first time the Kingdom has crossed the $1 billion threshold,...

At the helm of tenant attraction for regional investments at Oxagon, NEOM’s burgeoning industrial port city, Ghada Altasan is a driving force behind its industrial manufacturing expansion since the beginning of 2021. Her role involves synergistic efforts with influential entities like the Saudi Industrial Development Fund to roll out strategic programs that cater to the sector's evolving demands. Prior to...

Saudi Arabia introduces a suite of five novel residence permits designed to attract foreign nationals by providing a host of benefits, such as the waiving of expatriate fees, the freedom to travel without visas, and the right to own property within the nation's borders. Permit holders will gain eligibility to bestow 'premium residency status' upon family members, participate in commercial...

In the United Arab Emirates and Saudi Arabia, business leaders exhibit a strong sense of optimism regarding their companies' futures and the trajectory of the regional economy. Nonetheless, they express concerns about the impact of artificial intelligence (AI) and automation on their operations, as revealed in a recent study. A survey conducted by the international consultancy AlixPartners, which canvassed views...

In a significant shift from its long-established image as an oil-centric economy, Saudi Arabia is now taking strides to become a prominent exporter of various energy resources. This development was outlined by a high-ranking official during a recent industry event. At the Future Minerals Forum, the Saudi Minister of Energy made clear the nation's determination to expedite the reduction of...

In a statement to the media, the Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, shed light on the Kingdom's active engagement at the 2024 World Economic Forum (WEF) in Davos, Switzerland. The minister emphasized Saudi Arabia's commitment to tackling pressing global issues, particularly in the spheres of supply chain management and capacity enhancement. Alkhorayef pointed out that...

Ali Al-Ghamdi, CEO of the Saudi National Center for Environmental Compliance, recently underscored the nation's commitment to revolutionizing its mining sector. As part of a broader economic strategy, Saudi Arabia is on a quest to sit at the forefront of environmentally responsible mining by integrating advanced green technologies. This initiative aligns with the Kingdom's strategic Vision 2030, which aims to...

The annual gathering of global leaders and influencers at the World Economic Forum in Davos will feature a notable contribution from the Royal Commission for AlUla (RCU) as part of the Saudi Arabian delegation. The RCU will be displaying a pavilion dedicated to the economic ambitions of the AlUla Governorate, aligning with the broader objectives of Saudi Arabia's Vision 2030....

In a strategic move aimed at bolstering regional energy relations, Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman, and Jordan's Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh, formalized a comprehensive cooperation agreement. The signing took place in Riyadh, setting a course for enhanced collaboration across various energy sectors. The collaborative effort covers a wide range of energy...

In the journey towards the fulfillment of Vision 2030, Saudi Arabia is experiencing a fierce competition for skilled professionals. The CEO of the Saudi mining conglomerate Ma'aden, Robert Wilt, indicated in an interview that the corporation is highly dedicated to the development and care of its team, aiming to become the employer of preference within the nation. Wilt emphasized the...

In a recent development, a prominent trade representative from China has signaled an opportunity for Saudi Aramco, the world's leading oil company, to broaden its investment ventures within the nation. This invitation was extended during a dialogue that took place on Thursday, marking a significant moment for potential collaboration between the two parties. The beckoning of Saudi Aramco to invest...

During the Future Minerals Forum held in Riyadh, Saudi Arabia's Vice-Minister for Mining Affairs, His Excellency Khalid Al-Mudaifer, highlighted the critical need for three pillars to fund global mineral value chains: ample supply, supportive policies, and robust investment. Addressing the challenges associated with the global push towards decarbonization and net-zero emissions, he emphasized the urgency of ramping up production of...

Marriott International has forged a new agreement to introduce its Apartments by Marriott Bonvoy brand to the opulent island retreat of Sindalah, situated on the Red Sea off the northwest coast of Saudi Arabia. Targeting a 2024 opening, Apartments by Marriott Bonvoy will offer guests premium and luxurious apartment-style lodgings. The accommodations will range from studio apartments to spacious one,...

During the inaugural day of the Future Minerals Forum in Riyadh, which took place from January 9th to 11th, Saudi Arabia's Vice-Minister for Mining Affairs, His Excellency Khalid Al-Mudaifer, highlighted the necessity of enhancing global mineral value chains through three pivotal elements: consistent supply, strategic policy frameworks, and robust investment. In light of the global shift towards a net-zero carbon...

A contingent of fifteen Saudi enterprises, all of which are entrenched in the plastic and petrochemical sectors, is showcasing at the 19th iteration of the PLASTEX exhibition. This prominent event is taking place at the Egypt International Exhibition Center in Cairo, featuring over 500 participating entities from more than 50 nations across the globe including various Arab countries. The objective...

In a significant development, Saudi Arabia's state television reported that the kingdom has reached an understanding with Canada to recommence the exchange of trade delegations, resuming a practice that had been dormant for five years. This move comes in the wake of the restoration of full diplomatic relations between the two nations in the previous year. An accord was struck,...

The Transport General Authority (TGA) recently concluded a successful showcase at the annual meeting of the Transport Research Board, held at the Walter E. Washington Convention Center. In a significant move, the TGA displayed two innovative technological solutions designed to improve both monitoring and the detection of violations during the Hajj season, which is a period that demands high levels...

In an announcement that signals continued ambition for Saudi Arabia's special economic zone, Neom's leadership has unveiled a new, audacious project called Aquellum. This development is planned to be seamlessly integrated along the Gulf of Aqaba's coastline, nestled within a towering 450-meter mountain range. Its entrance will be ingeniously hidden, with access provided by an underground canal. Aquellum is conceived...

In a move set to bolster the luxury hospitality and residential sectors in Saudi Arabia, KUN Investment Holding has teamed up with AlUla Development Company, a subsidiary of the Public Investment Fund (PIF), to embark on an ambitious project dubbed Aman Hegra. This partnership is anchored by a strategic Shareholders' Agreement aimed at fostering development in the AlUla region, known...

In a strategic move that supports Saudi Arabia's industrial ambitions, HIMA Group, a leading independent provider of safety-related automation solutions, has inaugurated its first establishment in the Kingdom. This development is in line with the country's forward-looking Saudi Vision 2030 and is poised to reinforce initiatives within the industrial domain, especially those propelled by Aramco's In-Kingdom Total Value Add (IKTVA)...

A strategic alliance has been formed between Qvest, renowned for its media-centric solutions, and SRMG, to create a joint venture (JV) with the mission to elevate media, production, and technology services within Saudi Arabia. The JV, headquartered in Riyadh, has already initiated its first series of projects and is on track to be fully operational in the first half of...

With 40% of its populace being expatriates, Saudi Arabia is reinforcing its efforts to draw in talent and investments by extending its Premium Residency Program with five novel visa categories. These new offerings aim to attract real estate owners, entrepreneurs, and individuals boasting unique talents, aligning with the nation's economic diversification goals. As the largest economy in the Middle East,...

In the heart of Saudi Arabia, the ambitious NEOM project, valued at $500 billion, has recently revealed its latest high-end offering, the Aquellum mountain resort. Touted as a captivating retreat nestled within a towering 450-meter-high mountain range, Aquellum is set to redefine luxury with its unique approach to guest experiences. Visitors yearning for exclusivity will be intrigued by the world's...

The upcoming World Economic Forum (WEF) Annual Meeting in Davos, taking place from January 15 to 19, 2024, has chosen "Rebuilding Trust" as its central theme. This reflects a global imperative to restore faith in international institutions amid fluctuating geopolitical landscapes. Representing Saudi Arabia, a high-ranking delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan is poised to...

In a pivotal move within the Kingdom of Saudi Arabia, a prominent real estate firm and an electric vehicle (EV) infrastructure company, backed by the Public Investment Fund, have agreed to introduce EV charging solutions throughout the country’s developments. The collaboration between ROSHN Group and the Electric Vehicle Infrastructure Company (EVIQ) aims to hasten the integration of electric vehicles nationwide....

The Kingdom of Saudi Arabia has taken a significant step forward in enhancing its energy, mining, industrial, and logistics sectors by forming a strategic collaboration with a prominent technology company. This partnership is set to nurture innovation, attract new investments, and provide robust support for budding entrepreneurs. This pivotal agreement was formalized during the International Future Minerals Forum 2024 in...

The Saudi capital of Riyadh is poised to become a hub for the latest in property trends, focusing on innovative and sustainable practices, as it prepares to host the third Saudi Real Estate Future Forum. This significant event is scheduled to take place from January 22 to 24 and will convene under the theme: "The Power of Flexibility... Building a...

Riyadh to Host Global Milestone Event: Expo 2030 After winning the bid to host Expo 2030, Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, has highlighted the international community's trust in the Kingdom's capacity to organize major global events. In a statement to the Saudi Press Agency, Alibrahim emphasized that the Kingdom's aspiration to hold this prominent international exhibition...

During the prominent Future Minerals Forum held in Riyadh, a pivotal partnership was forged between the National Industrial Development and Logistics Program (NIDLP) and Newlab, a frontrunner in pioneering technology and crafting eco-friendly solutions across energy, mining, and logistics sectors. The collaboration ushers in the establishment of 'Nwelapksa', Newlab's new regional hub in the Kingdom of Saudi Arabia. This initiative...