Business

The Saudi Ministry of Commerce has released a report detailing the progress and expansion of the business sector in the final quarter of 2023. This report provides a comprehensive overview of the latest trends and growth within the industry, highlighting a notable increase in entrepreneurial activity across the kingdom. According to the ministry's findings, the issuance of commercial records saw...

In an effort to bolster the development of small and medium-sized enterprises (SMEs), Saudi Arabia's Ministry of Industry and Mineral Resources is set to introduce a new initiative aimed at enhancing the industrial sector's performance. During a recent event in the nation's capital, Riyadh, Bandar Alkhorayef, the Minister of Industry and Mineral Resources, disclosed information about the upcoming program. Alkhorayef...

In recent developments, the non-oil sector of Saudi Arabia has shown significant growth, driven by a surge in new orders, marking the quickest pace in half a year. This progression aligns with the kingdom's strategic efforts to diversify its economy beyond its traditional oil-based revenue streams. The headline Riyad Bank Purchasing Managers' Index (PMI) indicated a consistent reading of 57.5...

The non-oil segment of Saudi Arabia's economy displayed its most rapid pace of sales growth since July of the previous year, as indicated by the latest Purchasing Managers' Index (PMI) figures for December. The index, which is an important barometer of economic health, registered a score of 57.5, as per an economic assessment report. Despite maintaining the same level as...

A tech enterprise based in Saudi Arabia, Naseej for Technology, has successfully secured a contract with the kingdom's Ministry of Culture. This partnership, with a total value of SAR 25.92 million, inclusive of VAT, was finalized on November 19, 2023. This collaboration follows the project's initial award to Naseej on October 4, 2023. Two Years of Cultural Enhancement The two-year...

Anticipations for Saudi Arabia's economy remain upbeat for the coming year, driven by a surge in consumer spending and robust non-oil sector activities. Predictions suggest the nation's gross domestic product (GDP) will grow by 4.4% in 2024, despite a downturn in oil revenue. This growth is largely attributed to the initiatives under Saudi Vision 2030, which are bolstering the non-oil...

The insurance market in Saudi Arabia has demonstrated a robust expansion of 14.6 percent by the end of the third quarter of 2023, compared to the same period in the previous year. A recent report issued by the Kingdom's Insurance Authority delves into the sector's performance and its impact on the nation's gross domestic product (GDP). With the Authority's commitment...

The landscape of the stock market is ever-changing, with some companies experiencing growth while others face declines. A recent observation of company stocks has provided insights into the current business media sector's performance. Notably, the stock of Bank Alfalah Limited (BAFL) dipped slightly by 0.35%, settling at 48.80 due to a decrease of 0.17 points. Similarly, Bank Islami Pakistan Limited...

David Castera, the race director of the notorious Dakar Rally in Saudi Arabia, has a storied history within the world of motor sports. From a competitive background as a professional Enduro and Rally Raid driver, which included becoming France's National Enduro Champion in 1992, Castera has transitioned to orchestrating one of the most challenging motor sports events on the globe....

During a recent announcement, Abdul Aziz Al-Furaih, chairman of the Steering Committee at the Saudi Ministry of Finance, disclosed plans for the launch of Saudi Arabia's inaugural financial center. This center is designed to operate under a unified system, incorporating standardized norms, policies, and guidelines across the board. The initiative is anticipated to bolster the efficiency of the government's financial...

SICO Capital, a prominent investment banking entity in Saudi Arabia, has welcomed Bassam Abdulaziz Noor as its new chief executive officer. With a spectrum of financial services under its belt, SICO Capital operates under the regulatory auspices of the Saudi Capital Markets Authority, catering to a diverse clientele that includes individuals, institutions, and corporations. Noor, a veteran in the investment...

As the year draws to a close, Honor has stepped up to spread cheer among tech aficionados and those in search of the perfect gift, slashing prices on its smartphones by up to SR800 ($213). The celebratory offers encompass a range of devices tailored to make the gifting process smooth and thoughtful. The brand caters to a diverse clientele, ensuring...

The Kingdom of Saudi Arabia recently unveiled a strategic initiative aimed at enhancing sustainable manufacturing and reducing operational costs within its industrial sector. The ‘competitiveness programme’ is spearheaded by the Saudi Ministry of Industry and Mineral Resources, designed to deliver immediate and long-term solutions to bolster the sector's competitive edge. Central to the programme are measures to transition to more...

In a significant move for Saudi Arabia's industrial sector, Makeen, a collaboration between Aramco, HD Hyundai Heavy Industries, and Dussur, has entered into a Framework License Agreement with the Power Systems division of Rolls-Royce. This partnership is set to spur the production, testing, and maintenance of mtu engines and gensets within the kingdom, as announced by Aramco. This agreement is...

In a significant move to bolster its tourism industry, Saudi Arabia has introduced the Tourism Development Fund's latest initiative, TDF Grow. This venture is strategically positioned to enhance the capabilities of entrepreneurs and small and medium-sized enterprises (SMEs) within the tourism landscape. TDF Grow is designed as an incubator for innovation and talent, equipping budding entrepreneurs with the necessary tools...

In a remarkable show of growth, flynas, recognized as a leading low-cost carrier (LCC) in both the Middle East and globally, has announced a record-breaking performance for the year 2023. The airline has seen a substantial 28% surge in its passenger numbers, soaring past the 11 million mark. Demonstrating an aggressive pursuit of expansion, flynas incorporated 19 new aircraft into...

In a significant development for the industrial landscape of Saudi Arabia, the Saudi Authority for Industrial Cities and Technology Zones (MODON) has announced a series of new projects worth more than SAR538 million. These initiatives are set to unfold across six industrial cities in collaboration with domestic companies, aiming to create a robust value chain and enhance the local content....

In a decisive move to expand its global investment footprint, the Public Investment Fund (PIF) of Saudi Arabia has emerged as the most active sovereign wealth fund (SWF) of the year. The PIF has directed substantial funds into a diverse portfolio of deals, demonstrating a 33% increase from the previous year, according to an industry report from Global SWF. Recording...

Saudi Arabia has announced a strategic initiative aimed at enticing foreign companies to establish their regional headquarters within the Kingdom by offering significant tax breaks, including a 30-year corporate income tax exemption. These lucrative incentives are available to international entities that choose to relocate their regional bases to Saudi Arabia, starting from the issuance date of their regional headquarters license,...

The Islamic Development Bank Institute (IsDBI) has initiated the creation of a groundbreaking digital hub, the Islamic Finance Knowledge Pavilion Marketplace. This platform is envisioned as a digital convergence point for verified service providers in the domain of Islamic finance and economic growth, designed to streamline the connection between suppliers and clients through a comprehensive digital marketplace. The inaugural phase...

As the sports calendar transitions into another year, anticipation grows for events such as the Paris Olympics and the European Championship in football. Athletes globally continue to amass wealth, with some earning upwards of tens of millions both through their sporting prowess and off-field ventures. The recent influx of investment from Saudi Arabia into football and golf has markedly influenced...

Bahri Logistics, a prominent player in the logistics and transportation industry and a subsidiary of Bahri, has forged a strategic alliance with Saudi Arabia Railways (SAR), the entity responsible for the Kingdom's rail networks. This collaboration aims to bolster the nation's initiatives to develop a comprehensive transportation framework. For a duration of three years, Bahri Logistics is appointed as the...

In a significant development for Saudi Arabia's residential real estate financing, the Public Investment Fund's subsidiary, the Saudi Real Estate Refinancing Co. (SRC), has injected an impressive SR50 billion (approximately $13 billion) into the market. Founded in 2017, SRC's mandate is to enhance market liquidity and offer capital and risk management solutions to bolster the housing finance sector. With an...

Throughout 2023, Saudi Arabia solidified its position on the global stage, showcasing a series of accomplishments across the technology, tourism, diplomatic, entertainment, and sports sectors. The Kingdom's strategic economic diversification and expansion were evident as it hosted prominent figures and events, marking a year of significant achievement. The past year saw Saudi Arabia welcome a constellation of celebrities, athletes, and...

In an era of transformation, the travel industry of Saudi Arabia has surpassed its initial forecasts, leading to an upward revision of the country's Vision 2030 goals. The Kingdom, which originally aimed to attract 100 million visits by the end of the decade, has set a new target of 150 million visitors. This adjustment reflects the country's significant growth in...

The Kingdom of Saudi Arabia is actively fortifying its cultural legacy while simultaneously broadening its economic landscape. A suite of significant cultural and economic developments has demonstrated the country's dedication to these objectives. Noteworthy among these is the debut of the internationally recognized documentary book 'Our Football is Our Culture,' the conclusion of more than two dozen global accords at...

Despite the infusion of hundreds of millions into its soccer league, including securing high-profile players such as Cristiano Ronaldo and Karim Benzema, the sport has yet to capture the widespread attention of the Saudi Arabian populace. Recent attendance records have been alarmingly low, with one match at the al-Riyadh club drawing only 299 spectators. This is indicative of a broader...

The National Center for Palms and Dates has recently hosted a significant event, the International Dates Conference and Exhibition, focusing on the "Byproducts of Palms and Their Applications". The conference was a collaborative effort with King Saud University and the ByPalma Association and received sponsorship from Eng. Abdulrahman AlFadley, Minister of Environment, Water, and Agriculture. The event, spanning from December...

In an effort to stimulate commercial activity and the flow of goods between Saudi Arabia and Türkiye, the Saudi EXIM Bank has established two credit agreements totaling $51 million with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S. These agreements will support Saudi non-oil exporters' entry into Turkish markets. The signing was carried out by Dr. Naif...

In Tunis, a significant advancement was made to foster Saudi-Tunisian economic relations as Bandar Ibrahim Alkhorayef, the Saudi Minister of Industry and Mineral Resources, finalized seven memoranda of understanding with Tunisian Interim Minister of Economy and Planning Sihem Boughdiri Nemsia. This event took place during the 11th session of the Saudi-Tunisian Joint Committee. The memoranda, designed to advance collaborative efforts...