Business

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...

The Professional Fighters League (PFL) is set to break new ground with its debut pay-per-view (PPV) event in Saudi Arabia, marking a significant expansion in the region. Slated for the 24th of February, the highly anticipated 'PFL Champions vs Bellator Champions' event will take place at the Kingdom Arena in Riyadh. The card is expected to feature seven high-stakes bouts,...

In a significant move to bolster international cooperation, Saudi Arabia has entered into a strategic partnership with the Organisation for Economic Co-operation and Development (OECD). This alliance, forged through a Memorandum of Understanding (MoU), aims to enhance collaboration across a vast array of public policy issues, including economic growth, taxation, corporate governance, and sustainability. The agreement was formalized at the...

At a recent gathering of global leaders and experts, Saudi Minister of Finance, Mohammed Al-Jadaan, emphasized the importance of substantial structural reforms to bolster economic resilience. This call to action comes in response to the growing need for robust systems capable of withstanding unpredictable market conditions. Al-Jadaan underscored the necessity of continuous enhancement of these reforms to better respond to...

In an ambitious move to elevate the adventure tourism sector, the Oil Park Development Company (OPDC), funded entirely by the Public Investment Fund (PIF), has introduced an innovative tourist destination called THE RIG. This groundbreaking project, designed to transform the realm of tourism, aligns with the strategic goals of Saudi Arabia's Vision 2030, which focuses on expanding the tourism industry,...

The financial powerhouse of Saudi Arabia, the Public Investment Fund (PIF), is setting its sights on substantial investments in the semiconductor and space industries this year, advancing the nation's ambition to diversify its economy beyond its traditional oil base. Abdullah Al-Swaha, the Saudi Minister of Communications and Information Technology, hinted at a forthcoming "sizeable investment" in the semiconductor realm during...

Saudi Aramco, the titan of the oil industry, has recently increased the funds allocated to its venture capital arm, Aramco Ventures, by an impressive $4 billion. This significant infusion elevates the total venture capital commitment of the company to a substantial $7.5 billion. This strategic move includes an additional $500 million directed towards Wa'ed Ventures, a venture capital fund dedicated...

The Saudi Arabian Minister of Commerce, Majid al-Kasabi, has recently made it clear that the Kingdom has not yet made a formal decision to join the BRICS group. Al-Kasabi made this statement while attending the prestigious World Economic Forum in Davos, Switzerland, an annual gathering that attracts over 3,000 leaders from around the world to discuss pressing global issues, this...

In Riyadh, at the Ministry of Energy's headquarters, a significant alliance was forged between Alujain Corporation, a key player in Saudi Arabia's petrochemical industry, and Basell International Holdings, a branch of the industrial giant LyondellBasell Industries. This union was cemented with the signing of a strategic partnership agreement. The pact, which was signed in the presence of the Saudi Energy...

In a strategic move to attract global investors and skilled professionals, Saudi Arabia has introduced a suite of six new visa categories known as "premium residency products." These initiatives are specifically designed to encourage individuals who own real estate, entrepreneurs, and those with exceptional talent to consider making the kingdom their new home. The announcement was made by Dr. Majid...

During the World Economic Forum's (WEF) annual event held in Davos, Switzerland, a strategic dialogue unfolded between Saudi Arabia's Minister of Economy and Planning, Faisal bin Fadel Alibrahim, and the CEO of Moderna, Stephane Bancel. Their discussion centered on the recent advancements within Saudi Arabia's pharmaceutical sector and how these initiatives are strategically aligned with the Kingdom’s broader economic objectives....

At the prestigious World Economic Forum in Davos, Saudi Arabia's Minister of Industry and Mineral Resources highlighted the Kingdom's drive to become a more alluring destination for global investments, emphasizing the nation's pursuit of transparency and competitiveness. Participating in the "Industrial Policy 2.0" discussion, the minister outlined the country's strategic "three-dimensional approach" in policy formulation. This method is designed to...

The Professional Fighters League (PFL), a prominent mixed martial arts organization, has unveiled plans for its inaugural pay-per-view event, set to take place in Saudi Arabia. This strategic move comes on the heels of the league's partial acquisition by Saudi Arabia's newly established sports fund. The highly anticipated matchup, dubbed a 'super fight', will feature a face-off between PFL's reigning...

In a strategic move to attract international professionals and artists, Saudi Arabia has rolled out two unique visa categories within its Premium Residency system. These categories, dubbed 'Special Talent' and 'Gifted', are designed to offer permanent residency to those who meet specific prerequisites. Interested individuals can apply for the five-year visa with a fee of SAR4,000. Both visas provide a...

The Federation of Saudi Chambers (FSC) has recently unveiled plans to significantly enhance its network of business councils, increasing the total count to 70. This strategic initiative will expand the Federation's engagement to encompass 124 nations worldwide. Hassan Al-Huwaizi, the president of the FSC, shared the news during an engagement with leaders of Saudi Foreign Business councils. This growth is...

The Kingdom of Saudi Arabia has taken a prominent role in the recent five-day assembly of the World Economic Forum, highlighting its strategic contributions on the global stage. As conveyed to the Saudi Press Agency, Princess Reema bint Bandar, Saudi Arabia’s ambassador to the United States, emphasized that the Kingdom’s proactive involvement in international dialogues is a direct reflection of...

In an effort to draw in foreign expertise and capital, Saudi Arabia has announced the launch of five innovative residency programs set to commence in 2024. These schemes are tailored to attract professionals from various fields including real estate, sports, and healthcare. The upcoming premium residency categories are: Exceptional Efficiency Residency Talent Residency Business Investor Residency Entrepreneur Residency Property Owner...

In a significant move within the business media landscape, Saudi Arabia's Ministry of Media, through its Konoz initiative, has premiered a captivating documentary titled Horizon on Netflix. The film, a collaborative effort with the National Center for Wildlife, delves into the biodiversity and natural beauty of the Kingdom, bringing to light the country's commitment to environmental conservation. Horizon is not...

The ensemble of foreign business councils in Saudi Arabia has recently grown to encompass 70 councils, following the establishment of 30 new entities. This expansion was announced by the president of the Federation of Saudi Chambers at a recent gathering at their headquarters. The president, Hassan Al-Huwaizi, indicated that this enlargement is set to bolster the Kingdom's commercial and investment...

The Saudi Arabian healthtech startup Clinicy has successfully completed a Series A funding round, securing a multi-million dollar investment. This financial boost is poised to propel the company's growth initiatives within the burgeoning Saudi healthcare market. Leading the investment charge was Middle East Venture Partners (MEVP), a notable presence in venture capital within the region. Other participants in the funding...

Riyadh, Saudi Arabia – Creative Solutions, a front-runner in the realm of innovative technology for the business community in Saudi Arabia, has announced a promotion to boost the drive-thru sector. Until January's end in 2024, entities across the Kingdom can benefit from a 10% discount on the procurement and setup of Creative Solutions' state-of-the-art drive-thru systems. This time-sensitive deal is...

The Saudi Arabian delegation, with Foreign Minister Prince Faisal Bin Farhan at the helm, was actively engaged in the World Economic Forum's annual meeting of 2024. A key highlight from Monday's engagements was a significant discussion with the Forum's founder, Klaus Schwab, and its President, Børge Brende. At the heart of these talks was the goal to fortify the relationship...

The Ambassador of Iran to Saudi Arabia, Alireza Enayati, has expressed a strong desire to fortify economic connections with Saudi Arabia. The goal is to significantly increase trade and investment flows, potentially leading them to top regional figures. Enayati's statements were made during a recent engagement with Hassan bin Mujab Al-Huwaizi, the head of the Saudi Chambers Federation. The gathering...

The perception of retail banking in Saudi Arabia has shown signs of improvement over the past year. However, there is still critical feedback from customers regarding service quality, product offerings, and digital interfaces, according to a recent study. The Saudi Banking Sentiment Index, developed by PwC Middle East in collaboration with DataEQ, analyzed online consumer reviews and discussions, pinpointing prevalent...

The Saudi Minister of Communications and Information Technology, Eng. Abdullah bin Amer Al-Swaha, held discussions on Monday aimed at bolstering cooperation and promoting digital inclusivity with ITU Secretary-General Doreen Bogdan-Martin. Their conversation at the World Economic Forum in Davos centered on enhancing global connectivity, empowering communities, and environmental stewardship through digital initiatives. As part of the Saudi delegation's engagement at...