Business

In a recent development, the fintech solutions innovator Finshape has forged a strategic alliance with Arab National Bank (anb), a key player in Saudi Arabia's banking industry. This partnership is set to revolutionize the banking experience by delivering bespoke services that resonate with the distinct needs of their clientele. Leveraging its cutting-edge personalization and data analytics capabilities, Finshape will augment...

The stc Group has once again earned the title of the most valuable telecommunications brand in the Middle East for the fourth consecutive year. Additionally, the group holds a distinguished position among the top 10 robust telecom brands in the region. This recognition is based on the pivotal report produced by Brand Finance, which benchmarks brand values across various sectors...

In a strategic expansion, Tosyali Holding, a Turkish conglomerate, has announced plans to establish a steel production facility in Saudi Arabia, with an estimated investment of $5 billion. The company's chairman made this public while speaking with Bloomberg at the World Economic Forum held in Davos, Switzerland. The project is part of the company's broader international growth strategy, which includes...

In a significant move to bolster its presence in Saudi Arabia, Schneider Electric, a pioneer in digital transformation and energy management, has inked a deal with King Salman Energy Park (SPARK), a premier industrial ecosystem provider. The collaboration will see the construction of a 20,000 square meter manufacturing plant within the SPARK premises, strategically positioned between Dammam and Al-Ahsa. This...

In a strategic pivot towards diversification, Saudi Aramco's venture capital division has significantly increased its financial pool to $7 billion, with a recent injection of $4 billion. This move aims to broaden investment focus areas beyond the traditional oil and gas sectors. The augmented funding is poised to enable a deeper exploration into novel diversification channels, foster international partnerships with...

The prominent oil refinery entity in Saudi Arabia, Aramco, has made a decisive move by increasing its venture capital holdings to a staggering $7 billion. This strategic initiative, announced on a Wednesday, signifies a doubling of the funds, which previously amounted to $3 billion at the start of the year. “Through Aramco Ventures, we aim to support pioneers with big...

The Kingdom of Saudi Arabia has undertaken a significant legal reform by introducing its inaugural Civil Code, which came into force in December 2023. This strategic move is poised to substantially reshape the nation's business domain, as indicated by insights from industry experts. With the unveiling of the Civil Code, Saudi Arabia has set a new precedent in its legal...

In a bold move to attract global investments and boost economic growth, Saudi Arabia has unveiled plans for ten specialized cities within the NEOM megaproject. These cities are each designed to cater to specific sectors such as energy, biotechnology, media, entertainment, and manufacturing. The strategic development aims to establish Saudi Arabia as a dominant player across various industries while simultaneously...

Welspun Corp, an established entity in the production of large diameter pipes, disclosed that its affiliated company, East Pipes Integrated Company for Industry (EPIC), located in the Kingdom of Saudi Arabia, has secured a series of contracts collectively valued at over SAR 1.32 billion, which translates to approximately Rs 3,000 crore. The impressive order book includes a substantial contract from...

India's Welspun Corp has announced that its associate company, East Pipes Integrated Company for Industry (EPIC), has secured substantial contracts in Saudi Arabia valued at approximately Rs 3,000 crore. The contracts signify a significant boost for EPIC, underscoring its prominence in the region's industrial landscape. According to an official statement from Welspun Corp, the total orders amassed by EPIC exceed...

Saudi Arabia's Etihad Etisalat (Mobily), a prominent telecommunications provider, has secured a significant Murabaha financing agreement with the Saudi National Bank (SNB) valued at 4.8 billion riyals (equivalent to approximately $1.3 billion). The transaction, involving an affiliate of the UAE's Etisalat, is designed to utilize 3.685 billion riyals from the total amount to partially refinance its existing debt, which currently...

Saudi Arabia has expanded its visa program by introducing six new categories aimed at drawing investors, entrepreneurs, and exceptionally skilled individuals to the nation. The newly launched "premium residency products" cater to specific groups such as real estate owners, entrepreneurs, and those with special talents contemplating a move to Saudi Arabia. Dr. Majid bin Abdullah Alkassabi, the Chairman of the...

As part of its global growth strategy, Tosyali Holding AS, headquartered in Turkey, has inked a preliminary agreement with the Kingdom of Saudi Arabia to channel nearly $5 billion into the establishment of a new steel manufacturing facility. This information was disclosed by the company's chairman, Fuat Tosyali. This move is not isolated, as the firm is looking to broaden...

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...