Business

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...

At the World Economic Forum (WEF) Davos 2024, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, participated in crucial bilateral discussions with top executives from international corporations. These meetings were part of the Saudi delegation's agenda to reinforce international partnerships and attract foreign investment. Alkhorayef engaged in meaningful dialogues with several industry innovators, including Daniel Metzler, Co-Founder...

The final quarter of 2023 witnessed a 16 percent surge in Saudi businesses preparing for growth, a direct outcome of private sector reforms that have been fostering innovation within the Kingdom. Recent data from the Ministry of Commerce highlighted that 2,811 entities reshaped their organizational frameworks to scale up operations, an increase from 2,423 entities at the end of the...

Leading global law practices have acknowledged their belief in the equitable resolution of conflicts within the Saudi Arabian legal framework, as shared by an industry specialist. At the inaugural Riyadh Construction Disputes Seminar, John Quinn, chairman and founding partner of Quinn Emanuel, praised the Kingdom's reliable rule of law and the proficiency of its judiciary. Organized by Quinn Emanuel Urquhart...

The Saudi Ports Authority (Mawani) has been honored with the prestigious accolade of 'Best Contributor to Economic Infrastructure Development' at the International Finance Financial Awards in Dubai. This commendation is a nod to the authority's dedication to enhancing port infrastructure and drawing in substantial investments. In the previous year, Mawani embarked on significant upgrades, including the commencement of work on...

In the realm of Saudi falconry, the pursuit for falcons with exceptional characteristics is a serious endeavor. Falconers in Saudi Arabia place great emphasis on specific traits such as the bird's weight and the breadth of its eyes, which are indicators of its potential for resilience in training, speed in flight, and its ability to skillfully navigate air currents. Falconer...

In a concerted effort to fortify economic relations, the private sectors of Saudi Arabia and Morocco have crafted a collaborative strategy aimed at bolstering cooperation and integration. This initiative followed the arrival of a delegation comprised of executives from over 100 Moroccan firms in Riyadh, eager to probe investment prospects across various industries. These sectors range from agriculture, manufacturing, and...

The Saudi General Authority of Civil Aviation (GACA) has made public its monthly report ranking air transport service providers. This index is derived from the volume of grievances lodged by customers throughout December 2023. The findings reveal that air carriers in Saudi Arabia received a total of 1,308 complaints for that month. Flynas emerged as the top performer, recording the...

Almarai, the premier dairy corporation in the Middle East, has reported a robust increase in its fourth-quarter net income. This growth, surpassing 4 percent, was propelled by heightened sales within its poultry and dairy segments. The company witnessed its net profit soar to 370.72 million Saudi riyals ($98.85 million), following adjustments for zakat and tax for the quarter concluding on...

The Qiddiya Investment Company's board has announced the creation of a state-of-the-art stadium in Qiddiya City, designed by the American firm Populous. Named after Prince Mohammed bin Salman, the venue is to be constructed atop a cliff, offering a panoramic view of the new entertainment hub. Slated to open its doors in 2025, the Prince Mohammed bin Salman Stadium will...

In a bid to expand its media influence and bolster its environmental commitments, Saudi Arabia's Public Investment Fund (PIF) has invested heavily in the electric motorsports industry. This includes supporting competitions for a variety of electric vehicles such as cars, SUVs, and boats. The PIF, a sovereign wealth fund with assets worth approximately US$700 billion, has acquired significant shareholdings in...

In an era where climate change poses significant challenges, Saudi Arabia is leading the charge in transforming its transportation infrastructure through innovative and sustainable initiatives. The Middle East and North Africa (MENA) region is experiencing a critical strain on its infrastructure due to rapid population growth, urbanization, and an expanding middle class. Saudi Arabia's proactive measures are not only tackling...

The Kingdom of Saudi Arabia has set in motion a significant expansion and development strategy for its airports and airlines, positioning itself as an essential transport and logistics hub. The head of the General Authority of Civil Aviation (GACA), Abdulaziz Al Duailej, outlined that the Saudi Aviation Strategy is designed to bolster the Kingdom's economic growth and offer attractive opportunities...

A pioneering industrial collaboration is set to elevate Saudi Arabia's standing in the global advanced technology manufacturing sector. The King Salman Energy Park (SPARK), strategically situated between Dammam and Al-Ahsa, is gearing up to house a new 20,000 square meter facility dedicated to producing critical systems. This venture is a result of an agreement with Schneider Electric, a company at...

At the high-profile World Economic Forum gathering in Davos, key discussions unfolded between Saudi Arabia and international counterparts regarding the digital sector's expansion. Saudi Minister of Communications and Information Technology, Eng. Abdullah Al-Swaha, held pivotal talks with Japan's Minister of Digital Transformation, Taro Kano, with the intention of propelling the growth of the digital economy. The dialogue between the ministers...

The ministers responsible for the economy from Azerbaijan and Saudi Arabia have recently engaged in strategic discussions aimed at broadening the scope of their trade connections. The Azerbaijani Minister of Economy, Mikayil Jabbarov, shared insights from this dialogue through a social media platform. During their encounter at the Davos Economic Forum, Mikayil Jabbarov and his counterpart, Faisal Alibrahim, the Minister...

The Kingdom of Saudi Arabia is set to become the center of global economic discussions as it prepares to host a special meeting of the World Economic Forum (WEF) in April. This move is part of the kingdom's strategic efforts to enhance the international stature of its capital, Riyadh, and promote collaborative efforts on economic growth and energy matters. The...

Saudi Arabia is increasingly attracting international talent and investments, leveraging its recent visa reforms to bolster economic diversification efforts. The introduction of new Premium Residency visas has positioned the kingdom as a premier destination for both living and conducting business. With the recent announcement of five new visa categories – Special Talent, Gifted, Investor, Entrepreneur, and Real Estate Owner –...

Saudi Arabia has recently revised its immigration policy by removing a ban that previously barred certain foreign workers from re-entering the country if they failed to come back before their exit and re-entry visa expired. This change was reported by local media sources within the Kingdom. The ban, which was enforced in 2022, had stipulated that expatriates who departed the...

In a recent declaration, the Saudi Arabian Embassy in Beijing has reiterated the Kingdom's dedication to the One-China policy. This diplomatic principle is pivotal, acknowledging the People's Republic of China as the only legitimate representative of the nation. The reassertion reflects Saudi Arabia's intention to sustain robust and dependable ties with China. Riyadh's international dealings have historically been centered on...

In the midst of the World Economic Forum's annual congregation in Davos, Switzerland, a significant dialogue unfolded between key ministers from Saudi Arabia and Japan, aimed at bolstering their strategic alliance in the domain of digital technology and the burgeoning digital economy. The Saudi Minister of Communications and Information Technology, Eng. Abdullah bin Amer Al-Swaha, held discussions with Japan's Minister...

In a strategic move to bolster Saudi Arabia's position as a leading center for technological innovation in the region, Eng. Abdullah bin Amer Al-Swaha, the Saudi Minister of Communications and Information Technology, engaged in pivotal discussions with executives from prominent global technology firms during the annual World Economic Forum held in Davos, Switzerland. These discussions were part of Saudi Arabia's...

Switzerland's mountain town of Davos, renowned for hosting the annual World Economic Forum (WEF), will soon see Saudi Arabia's capital Riyadh take the spotlight. The Kingdom is set to hold a special WEF meeting this coming April, as announced by the Saudi Economy Minister Faisal Alibrahim. Slated for April 28-29, the event will delve into themes of global cooperation, economic...

At the World Economic Forum 2024, Faisal Al Ibrahim, the Saudi Minister of Economy and Planning, shared that the Kingdom's non-oil economy has expanded by 20% since 2016, eclipsing the growth rates of the European Union and the United States, which are at 10% and 14%, respectively. In a discussion titled MENA’s Economic Dilemma: Reforms Amid Uncertainty, Al Ibrahim underscored...

At the World Economic Forum's annual gathering in Davos, Switzerland, Amin Nasser, the Chief Executive Officer of Saudi Aramco, announced a significant boost in venture capital commitments. The company, recognized as the largest integrated energy and chemical entity globally, is set on amplifying its investment in startups and emergent technologies as part of its strategy to diversify and transition towards...