Business

In Davos, the World Economic Forum (WEF) of 2024 stands as a prominent stage for a distinguished group from Saudi Arabia. This high-level assembly, consisting of key government figures and industry leaders, is utilizing the event to discuss pivotal themes, such as economic resilience, the security of sustainable resources, and innovations that prioritize human well-being. Strategic Alliances and Vision 2030...

In a significant development within the business media sector, the Construction and Real Estate Development Arab Union (CREDA Union), which is comprised of representatives from 18 Arab nations, has chosen the Saudi entrepreneur Lahiq Al-Otaibi to lead as its president. Al-Otaibi, expressing his appreciation for the confidence entrusted to him, emphasized the organization's dedication to promoting joint Arab collaboration. He...

In the burgeoning metropolis of Qiddiya near Riyadh, the Qiddiya Investment Company, supported by Saudi Arabian funds, has announced its ambitious project: the Prince Mohammed bin Salman Stadium. This state-of-the-art sports and entertainment facility is set to accommodate 45,000 visitors and aims to become a pivotal venue for the nation's premier cultural and major sporting events. Perched atop a cliff,...

Saudi Arabia has made headlines by disclosing plans for a state-of-the-art stadium perched atop a 200-meter cliff near the nation's capital, Riyadh. The proposed 45,000-seat arena, featuring a retractable roof and playing field, aims to offer fans a captivating and engaging experience with extensive LED screens enveloping the venue. The stadium, which will bear the name of Prince Mohammed bin...

In an influential gathering with the leaders of Saudi Foreign Business councils, Hassan bin Mujab Al-Huwaizi, who helms the Federation of Saudi Chambers, disclosed an ambitious development initiative. This initiative is strategically designed to enhance the influence and input of business councils in realizing the objectives set out by Saudi Arabia's Vision 2030. Furthermore, it aspires to forge robust trade...

Riyadh's Newest Architectural Marvel: A High-Tech Stadium on a Cliff The Kingdom of Saudi Arabia has taken the wraps off an ambitious project, a state-of-the-art stadium perched atop a cliff 200 meters above the ground, near its capital city of Riyadh. This futuristic venue is intended to be one of the highlights of the 2034 FIFA World Cup, assuming the...

Noha Al-Harthi, the manager for robotics and emerging technologies at NEOM since 2020, is at the forefront of developing state-of-the-art solutions in sectors such as robotics, human-machine interfaces, and computation. Her recent appointment to the NEOM executive committee further solidifies her role in shaping the future of technology within the organization. Al-Harthi leads the charge in NEOM’s public safety department,...

At the World Economic Forum's 54th annual gathering in Davos, Switzerland, Saudi Arabia's delegation is set to underscore the nation's pioneering business strategies and advocate for collaborative efforts towards all-encompassing economic integration. These intentions were conveyed by the country's Minister of Communications and Information Technology, Abdullah Al-Swaha. Al-Swaha, in conversation with the Saudi Press Agency, shared that the Kingdom is...

In the final month of 2023, Saudi Arabia experienced a slight drop in its inflation rate, registering at 1.5 percent, a small retreat from the 1.7 percent observed in the preceding month, according to state statistics. The data provided by the General Authority for Statistics showed that the month-over-month inflation decrease was influenced by a 0.3 percent reduction in the...

In December, Saudi Arabia experienced a slight decrease in its annual inflation rate, which went down to 1.5% from 1.7% in the previous month. This change was largely influenced by a significant rise in housing rent costs. Recording a 9% upsurge in December, housing rents were the primary driver behind a 7.5% increase in the overall cost of housing, as...

The Dubai-based Gulf Islamic Investments Group (GII), recognized for its adherence to Shariah investment principles, has recently expanded its portfolio by securing a minority share in Abeer Medical Company, a prominent healthcare provider in Saudi Arabia. The substantial investment of $160 million underscores GII's strategic growth and diversification efforts. This move is in sync with Saudi Arabia’s broader economic aspirations,...

As the world undergoes significant economic and political transformations, Saudi Arabia is poised to take a prominent position at the upcoming World Economic Forum (WEF) Annual Meeting 2024 in the Swiss town of Davos. The kingdom's delegation, led by Foreign Affairs Minister Prince Faisal Bin Farhan, will participate from January 15-19, 2024, emphasizing the theme "Rebuilding Trust." The team features...

The Kingdom of Saudi Arabia is asserting its position as a dynamic leader in the development of innovative global solutions that span multiple sectors including health, sustainability, energy, and industrial growth. The nation's strategic direction and goals for innovation, research, and development are being fueled by the support of King Salman bin Abdulaziz Al-Saud and Crown Prince Mohammed bin Salman...

The Kingdom of Saudi Arabia has announced an ambitious agenda to significantly enhance its waste recycling capabilities, aiming to process up to 95% of the nation's waste. This strategic move is projected to make a substantial contribution to the economy, injecting an estimated SR120 billion ($31.99 billion) into the country's gross domestic product. The initiative is expected to have a...

The Saudi Arabian stock market, symbolized by the Tadawul All Share Index, witnessed a downturn, declining by 56.096 points, or 0.46 percent, and ending at 12,060.03. Trading activity culminated in a turnover of approximately SR5.7 billion ($1.52 billion), with market dynamics showing 60 stocks moving upwards, whereas 162 experienced a decrease. The Kingdom’s secondary market, Nomu, followed suit with a...

The Public Investment Fund (PIF) of Saudi Arabia is preparing to host its second Private Sector Forum in a move designed to enhance the nation's domestic economy. The upcoming event is scheduled for the 6th and 7th of February at the King Abdul Aziz International Conference Center, as stated in a notification on the PIF's official webpage. The convening is...

In the heart of the cultural oasis of AlUla, a vibrant Citrus Festival is making waves by empowering local farmers to exhibit and commercialize their varied harvests. The festival has become a platform not just for celebration but also for promotion, with social media marketing playing a pivotal role in highlighting the farmers' offerings. This tactic has sparked considerable interest...

In a recent strategic move within the business media sector, the General Entertainment Authority's CEO, Faisal Bafarat, has forged a new partnership with internationally acclaimed fashion designer Elie Saab. This collaboration is set to culminate in a unique event that marries the realms of fashion and entertainment during the highly anticipated Riyadh Season. The Riyadh Season, a cornerstone event for...

In a significant shift within the Middle East and North Africa (MENA) region's business landscape, Saudi Arabia has emerged as the preeminent destination for venture capital funding. In 2023, the kingdom secured investments exceeding $1.38 billion, marking its ascension to the top spot for the first time, as highlighted in a recently published report. The largest economy in the Arab...

In Saudi Arabia, the third quarter of 2023 has seen a significant 18 percent year-on-year growth in credit facilities available to micro, small, and medium enterprises (MSMEs). The central bank of the Kingdom, SAMA, has reported that loans to this pivotal sector reached SR268.57 billion ($71.61 billion) by October 2023, marking an increase from SR228.03 billion in the previous year....

In a momentous development for its startup ecosystem, Saudi Arabia claimed the top spot in venture capital funding within the Middle East and North Africa (MENA) region for the year 2023, securing an unparalleled $1.38 billion in investments. This milestone, as detailed in MAGNiTT's Saudi Arabia FY2023 report, marks the first time the Kingdom has crossed the $1 billion threshold,...

At the helm of tenant attraction for regional investments at Oxagon, NEOM’s burgeoning industrial port city, Ghada Altasan is a driving force behind its industrial manufacturing expansion since the beginning of 2021. Her role involves synergistic efforts with influential entities like the Saudi Industrial Development Fund to roll out strategic programs that cater to the sector's evolving demands. Prior to...

Saudi Arabia introduces a suite of five novel residence permits designed to attract foreign nationals by providing a host of benefits, such as the waiving of expatriate fees, the freedom to travel without visas, and the right to own property within the nation's borders. Permit holders will gain eligibility to bestow 'premium residency status' upon family members, participate in commercial...

In the United Arab Emirates and Saudi Arabia, business leaders exhibit a strong sense of optimism regarding their companies' futures and the trajectory of the regional economy. Nonetheless, they express concerns about the impact of artificial intelligence (AI) and automation on their operations, as revealed in a recent study. A survey conducted by the international consultancy AlixPartners, which canvassed views...

In a significant shift from its long-established image as an oil-centric economy, Saudi Arabia is now taking strides to become a prominent exporter of various energy resources. This development was outlined by a high-ranking official during a recent industry event. At the Future Minerals Forum, the Saudi Minister of Energy made clear the nation's determination to expedite the reduction of...

In a statement to the media, the Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, shed light on the Kingdom's active engagement at the 2024 World Economic Forum (WEF) in Davos, Switzerland. The minister emphasized Saudi Arabia's commitment to tackling pressing global issues, particularly in the spheres of supply chain management and capacity enhancement. Alkhorayef pointed out that...

Ali Al-Ghamdi, CEO of the Saudi National Center for Environmental Compliance, recently underscored the nation's commitment to revolutionizing its mining sector. As part of a broader economic strategy, Saudi Arabia is on a quest to sit at the forefront of environmentally responsible mining by integrating advanced green technologies. This initiative aligns with the Kingdom's strategic Vision 2030, which aims to...

The annual gathering of global leaders and influencers at the World Economic Forum in Davos will feature a notable contribution from the Royal Commission for AlUla (RCU) as part of the Saudi Arabian delegation. The RCU will be displaying a pavilion dedicated to the economic ambitions of the AlUla Governorate, aligning with the broader objectives of Saudi Arabia's Vision 2030....

In a strategic move aimed at bolstering regional energy relations, Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman, and Jordan's Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh, formalized a comprehensive cooperation agreement. The signing took place in Riyadh, setting a course for enhanced collaboration across various energy sectors. The collaborative effort covers a wide range of energy...

In the journey towards the fulfillment of Vision 2030, Saudi Arabia is experiencing a fierce competition for skilled professionals. The CEO of the Saudi mining conglomerate Ma'aden, Robert Wilt, indicated in an interview that the corporation is highly dedicated to the development and care of its team, aiming to become the employer of preference within the nation. Wilt emphasized the...