Business

In a significant move to bolster international relations within the mineral sector, Saudi Arabia's Ministry of Industry and Mineral Resources has successfully established four Memorandums of Understanding (MoUs) with a quartet of nations: the Democratic Republic of Congo (DRC), Egypt, Morocco, and Russia. These agreements were signed during the Ministerial Roundtable, which served as a precursor to the third edition...

During a recent international mining conference in Riyadh, Saudi Arabia's Minister of State for Foreign Affairs, Adel bin Ahmed Al-Jubeir, emphasized the Kingdom's commitment to leading the charge in setting environmental standards and not merely adhering to them. As the world's most prominent oil producer, Saudi Arabia has set ambitious objectives to transition towards renewable energy and sustainable economic growth....

The grand vision for a luxurious mountain retreat, named Aquellum, was recently revealed by the team behind the ambitious NEOM megacity in the northwest of Saudi Arabia. This exclusive visitor complex is the newest venture within the extensive regional development project that spans multiple billions of dollars. NEOM's announcement highlighted the unique blend of state-of-the-art technology, groundbreaking architecture, and innovative...

In a significant move to foster the growth of electric vehicle (EV) use in Saudi Arabia, ROSHN Group, a premier real estate developer owned by the Public Investment Fund (PIF), has entered into a collaborative agreement with the Electric Vehicle Infrastructure Company (EVIQ), a key provider of EV charging solutions. A Memorandum of Understanding (MoU) was signed to enhance the...

Saudi Arabia has introduced five additional offerings to its premium residency program, an initiative designed to attract international professionals and investors. This expansion is part of the Kingdom's broader strategy to reduce its reliance on oil revenues by diversifying its economy. Launched in 2019, the premium residency program grants eligible foreign nationals the ability to live in Saudi Arabia and...

In a strategic move to diversify its economy and enhance its mining sector, Saudi Arabia has established several memorandums of understanding (MOUs) with key international partners. At the esteemed Future Minerals Forum held in Riyadh, the kingdom signed agreements with Egypt, Russia, Morocco, and the Democratic Republic of Congo to foster cooperation in the realm of mineral resources and geology....

In the burgeoning northwest region of Saudi Arabia, NEOM's Board of Directors has unveiled their latest project, Aquellum, a high-end and immersive establishment nestled within the mountains. This venture is a testament to the area's continuous evolution and showcases a commitment to utilizing cutting-edge technology, innovative architecture, and progressive ideas to redefine luxurious living. As per the details shared by...

In a move poised to invigorate commercial relations, the Federation of Saudi Chambers has entered into a strategic partnership with the National Center for Marketing and Price Study at the Ministry of Foreign Affairs of Belarus. This alliance, formalized through a memorandum of understanding (MoU), aims to amplify investment and trade activities between the two countries. The MoU was ceremoniously...

Forecasts by the World Bank indicate that Saudi Arabia and the UAE are poised to drive economic growth within the Gulf region in the upcoming year. The UAE’s gross domestic product (GDP) is expected to see a 3.7% rise in the current year, with a further acceleration to 3.8% anticipated in the following year, as per the World Bank's analysis....

Riyadh is set to host the third annual International Mining and Resources Conference (IMARC) ministerial roundtable, an exclusive gathering of high-level government officials engaged in the mining sector. The conference will commence this Tuesday, bringing together a global assembly of ministers to intensify collaboration in the strategic mineral domain, which is crucial for the energy sector's transformation. The objective of...

A new economic chapter has been initiated as Saudi Arabia and Belarus inked a Memorandum of Understanding (MoU) on Monday, aimed at amplifying investment and bolstering trade connections between the two nations. This strategic alliance was formalized by the Federation of Saudi Chambers and the Belarusian National Centre for Marketing and Price Study, part of the Ministry of Foreign Affairs...

On Monday, the oil market witnessed a significant downturn, with prices dropping by more than 3 percent. This decline was influenced by the substantial price reductions from Saudi Arabia, the world's premier oil exporter, and increased production from the Organization of the Petroleum Exporting Countries (OPEC) which seemed to overshadow supply concerns that were heightened by escalating Middle East tensions....

In a significant development within Saudi Arabia's business media sector, the Saudi Electricity Company (SEC) along with its affiliate National Electricity Transmission (NET), have formalized two key agreements with Emaar, The Economic City (EEC). These agreements are clear indicators of the Kingdom's economic upswing and its swift industrial progress, which is in tandem with the escalating demand for electrical energy....

In a strategic move to strengthen economic collaboration, Saudi Arabia and Belarus have initiated a new partnership through a memorandum of understanding (MoU). This agreement, formed between the Federation of Saudi Chambers and Belarus' National Center for Marketing and Price Studies, aims to enhance the exchange of trade, investment, production, and export information. The MoU is poised to facilitate the...

Saudi Arabia has emerged as the premier destination for venture capital investment within the Middle East and North Africa (MENA) region, according to the latest figures released by a MENA-based venture data platform. The Kingdom has, for the first time, claimed the top spot in the amount of venture capital funding received in 2023. This significant milestone underscores the transformative...

Microsoft has recently made a significant leadership change by naming Turki Badhris as the President of Microsoft Arabia. In this role, Badhris is set to guide Microsoft's operations within Saudi Arabia, aligning with the national Vision 2030 to expedite the country's digital transformation. With a presence encompassing three local offices, a workforce exceeding 200 individuals, and an extensive network of...

The mining sector in Saudi Arabia is set to experience a considerable advancement as the Saline Water Conversion Corp. (SWCC) is preparing to finalize multiple agreements during the forthcoming Future Minerals Forum in Riyadh. The national water desalination organization is looking to forge partnerships with a host of domestic and international companies, as well as scholarly bodies. This intention was...

The Kingdom of Saudi Arabia has announced a considerable reduction in the cost of its premier Arab Light crude oil for its Asian clientele, marking the lowest price point in over two years due to increased competition from other oil producers and concerns about lingering supply excess. State-owned energy giant Saudi Aramco has decreased the official selling price (OSP) for...

The Ministry of Energy in Saudi Arabia and the futuristic city project NEOM have established a partnership aimed at injecting cutting-edge technologies into the nation's energy industry. This collaboration is marked by the signing of a memorandum of understanding, which is designed to bolster cooperation and craft a strategic approach for evolving the energy sector with contemporary advancements, as reported...

Sohar International is on the brink of a substantial leap forward with the approval from the Saudi Central Bank (SAMA) to initiate its services in the Kingdom of Saudi Arabia. This marks a significant step in the bank's journey to become an exceptional Omani services company, dedicated to fostering growth and prosperity. The strategic decision underscores Sohar International's commitment to...

The recent discovery of substantial gold reserves by the Saudi Arabian Mining Company (Ma'aden) could position Saudi Arabia as an influential player in the precious metals market. The announcement, which is the result of an exploration initiative begun in 2022, revealed significant gold deposits along a 100km stretch in proximity to the Mansourah-Massarah gold mine in the Makkah region. Experts,...

Riyadh's Industrial Ambitions: A Leap into Advanced Manufacturing As Saudi Arabia embarks on a transformative journey to enhance its industrial sector, the nation is set to integrate innovative manufacturing techniques, positioning it as a central pillar of economic growth. Leading industry expert Karim Shariff, who heads the advanced manufacturing services practice in the Middle East for Bain & Co., highlighted...

The Kingdom of Saudi Arabia is gearing up for Expo 2030 with a promise to highlight advancements in digital innovation, as confirmed by the country's minister of communications and information technology, Abdullah Al-Swaha. He articulated the nation's aspirations to establish itself as a key player on the international stage by fostering empowerment, ecological stewardship, and by crafting pathways towards new...

The Kingdom of Saudi Arabia (KSA) is on the verge of a significant development in its financial sector, with plans to open its inaugural financial center, which aims to elevate financial efficiency and accounting performance through the adoption of unified accounting standards. This strategic move was announced by Abdul Aziz Al-Furaih, the chairman of the Ministry of Finance's Steering Committee,...

The commercial landscape in Madinah has witnessed a modest uptick in its electronic commerce activities, as indicated by the latest data. As the fourth quarter of 2023 concluded, the city saw its e-commerce registrations climb by 2.6 percent to reach 1,834 entries. This increase is a continuation of the growth trend observed from the previous quarter, which had 1,792 entries....

In a bold move to strengthen its position as a regional business hub, Saudi Arabia has instituted a policy requiring global firms to set up their Middle East headquarters within its borders to be eligible for government contracts. This decision has sparked a surge of corporate relocations to Riyadh, the nation's capital, since the mandate took effect at the start...

Saudi Arabia is undergoing a remarkable economic metamorphosis, moving away from its traditional reliance on oil towards a more diverse and competitive economy. Key to this transformation are the sweeping reforms in the capital markets that are inviting greater foreign investment and fostering economic growth. In a move that has drawn international acclaim, Saudi Arabia has abolished the cap on...

The Saudi Real Estate Refinance Company (SRC), which operates under the umbrella of the country's sovereign wealth fund, the Public Investment Fund (PIF), has announced the expansion of its refinancing pact with the world-leading Islamic bank in terms of mortgage assets, Alrajhi Bank. The deal has been augmented by an additional SAR 5.8 billion (approximately $1.54 billion). This expansion takes...

Pizza Inn, the Dallas-based pizza buffet chain, is poised to expand its international footprint with a significant foray into the Saudi Arabian market. The chain has cemented a partnership with the Blessings Basket Company for Serving Food to launch 50 new outlets across the kingdom. Marking the beginning of this expansion, two new Pizza Inn locations will open their doors...

In November 2023, Japan saw a significant rise in crude oil imports from Saudi Arabia, which accounted for 42.7% of its total oil intake. The Ministry of Economy, Trade and Industry reported that Japan's overall oil imports for the month amounted to 77.89 million barrels. Of this volume, a staggering 94.6% (73.68 million barrels) came from six Arab nations: Saudi...