Business

In a move set to revolutionize the Arabian Sea's leisure travel, Saudi Arabia's AROYA Cruises, supported by the nation's Public Investment Fund (PIF), has announced the introduction of its inaugural cruise ship. The vessel is currently being meticulously refashioned to meet the specific preferences of Arabian clientele, ensuring an experience of unparalleled luxury. The ship spans 335 meters in length...

The Saudi Arabian Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, recently concluded a productive visit to Tunisia, signaling a significant step in fortifying bilateral relations. The minister spearheaded the Saudi delegation's participation in the 11th session of the Saudi-Tunisian Joint Committee. While in Tunis, Alkhorayef's agenda included co-chairing the Saudi-Tunisian Investment and Partnership Forum alongside various high-profile meetings...

In the realm of sports and finance, the PGA Tour is anticipated to make an announcement regarding the extension of their negotiation deadline with the Saudi sovereign wealth fund. This extension is aimed at facilitating a merger deal, which stakeholders are optimistic about finalizing before the prestigious Masters tournament in April. Turning to the financial services industry, Canaccord Genuity Corp....

In Saudi Arabia's northwest, the ambitious $500 billion NEOM project progresses with the revelation of Norlana, an innovative active lifestyle community. This newest phase is set to redefine the essence of modern, active living within the region. NEOM has announced that Norlana will be centered around sports, health, and well-being, offering a sustainable and majestic environment for its residents and...

The Kingdom of Saudi Arabia has achieved a historic economic milestone, with its gross domestic product (GDP) exceeding the $1 trillion mark for the first time since the nation's establishment 91 years ago. This monumental growth positions the country among an elite group of 19 global economies to have reached such a valuation. Launched by the Saudi monarchy in 2016,...

At a significant gathering in Tunis, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, highlighted the promising prospects for deepening the comprehensive partnership with Tunisia. This ambition aligns with the strategic goals set forth by the Saudi-Tunisian Committee, leveraging the unique benefits and capabilities of both nations. These include their strategic geographic positions and the sustainability...

The governance board of NEOM has unveiled their newest venture, a state-of-the-art active lifestyle enclave named Norlana, which is set to enhance the dynamic regional development in northwest Saudi Arabia. Perched along the shores of the Gulf of Aqaba, Norlana offers a distinctive blend of high-end modernity and technological innovation, designed for a limited community of 3,000 residents to experience...

In a significant development for the business media sector, the Saudi Ports Authority, known as Mawani, alongside MELDOG, the logistics division of Mediterranean Shipping Company (MSC), has initiated the construction of a state-of-the-art Logistics Park at King Abdulaziz Port in Dammam. This project represents an investment of more than SAR150 million and is endorsed by the Saudi Minister of Transport...

Saudi Arabia and Oman are actively working to enhance travel within the Gulf region by exploring collaborative tourism ventures. The commitment to reinforce this sector was marked by a virtual meeting aimed at activating the Saudi-Omani partnership in tourism. The discussion, as reported by the Saudi Press Agency, revolved around the promotion of sustainable tourism and the positioning of the...

In a significant move to bolster bilateral ties, Saudi Arabia and Japan have finalized 14 strategic agreements spanning various sectors. The Saudi-Japanese Investment Forum, which took place in Riyadh, was the venue for the signing of these memorandums of understanding (MoUs) and the announcement of key projects involving both governmental and private sector representatives from the two nations. The collaborations...

The real estate sector in Saudi Arabia is experiencing a robust upturn, as reported by the Ministry of Justice, which notes over 136,000 property deals conducted through the nation's Real Estate Stock Exchange since its inception in September. Riyadh, the capital, not only dominated the transaction volume but also boasted the five most active neighborhoods in the country during November,...

In the core of the historical Diriyah, Bujairi Terrace, a top-tier dining venue, has been honored with the Architectural and Urban Creativity Award by Riyadh Municipality. This accolade celebrates the venue's exceptional design, which was achieved through the use of traditional 300-year-old mud brick techniques reflective of the Najdi architectural style. This architectural approach is renowned for its simplicity and...

The Islamic Development Bank (IsDB) and the Saline Water Conversion Corporation (SWCC) have established a foundational framework for collaboration. This pact, inked by IsDB President Dr. Mohammed bin Sulaiman Al-Jasser and SWCC Governor Eng. Abdullah Ibrahim Al-Abdul-Karim, sets the stage for a synergistic exchange of knowledge and expertise. Central to this agreement is the goal to transplant SWCC's substantial expertise...

In a significant development for international financial collaboration, Saudi Arabia's National Debt Management Center (NDMC) together with the Ministry of Finance has entered into a Memorandum of Understanding (MoU) with the Japan Bank for International Cooperation (JBIC). This agreement aims to explore the avenues for broadening the current partnership, thereby enabling joint ventures that are beneficial for both parties. The...

In a significant move to enhance mutual interests in the mining sector, Saudi Arabia and Japan have formalized a cooperative agreement. Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, and his Japanese counterpart, Minister of Economy, Trade, and Industry, Saito Ken, have inked a memorandum of understanding (MoU) at the Saudi ministry's headquarters in Riyadh. The MoU is...

Three researchers from the prestigious King Abdullah University of Science and Technology (KAUST) - Hamed Albalawi, Hend Mohamed, and Walaa Khushaim - have been distinguished by the MIT Technology Review as Innovators Under 35 for the MENA region. This accolade is a testament to their significant contributions in their respective fields of study, which hold the potential to profoundly impact...

Saudi Arabia has deepened its collaborative ties with Japan through a newly signed agreement aimed at bolstering cooperation in the mining and mineral resources domain. The memorandum of cooperation (MoC) was formalized in Riyadh, with Japan's Minister of Economy, Trade and Industry, Ken Saito, and Saudi Arabia's Minister of Industry and Mineral Resources, Bandar AlKhorayef, at the helm of the...

In a significant move to bolster economic and commercial ties, the Makkah Chamber of Commerce and Industry along with the Chamber of Commerce, Industry, and Services of Beni Mellal Khenifra in Morocco have entered into a partnership agreement. This accord aims to intensify the economic collaboration between the two regions. The ceremonial signing of the agreement took place amidst the...

In a recent report, Saudi Arabia's crude oil exports reached a four-month peak, with a daily volume of 6.3 million barrels in October. This surge represents a significant 9.44 percent increase from the prior month, according to data from the Joint Organizations Data Initiative. This rise in exports accounts for 70.44 percent of the nation's total production, the highest share...

In Saudi Arabia's capital, the energy sectors of the Kingdom and Japan convened for the second edition of their collaborative energy dialogue. High-profile attendees included Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz, and Japan's Minister of Economy, Trade and Industry, Ken Saito. The meeting was a sequel to the strategic KSA-Japan Lighthouse Initiative for Clean Energy Cooperation,...

In a significant move to enhance maritime services, the Saudi Ports Authority (Mawani) has executed four major contracts at King Abdulaziz Port in Dammam. These agreements, involving over SAR one billion in private sector investments, are in partnership with Zamil Marine Services and Naghi Marine Co. The initiative aims to provide a range of maritime services across eight of Mawani's...

In the face of a foreign investment deficit, Iran has observed its Arab neighbors inject capital into the northern territories, escalating trade activities. A notable development occurred on December 17 when the United Arab Emirates and the Republic of Azerbaijan inaugurated a joint investment fund worth $1 billion, managed equally by the Azerbaijan Investment Holding and the Abu Dhabi Investment...

A strategic move is underway in the football business arena as an investment fund with ties to the Saudi Arabian Public Investment Fund is reportedly devising a strategy to secure complete ownership of the renowned football club, AC Milan, from Gerry Cardinale and his firm, RedBird Capital Group. Insights from La Repubblica suggest that the investment fund could assume the...

The Public Investment Fund (PIF) of Saudi Arabia has entered into a strategic investment with Saudia Technic, a branch of the prominent Saudia Group. This move is aimed at amplifying the country's revenue streams beyond oil and fostering economic diversification. Saudia Technic, once known as Saudia Aerospace Engineering Industries, specializes in a comprehensive range of aviation maintenance, repair, and overhaul...

The Kingdom of Saudi Arabia has embarked on a transformative journey to become a global tourism hotspot, aiming to attract 150 million visitors by the year 2030. This is part of a broader economic diversification plan which involves investing a staggering amount of capital into large-scale developments known as "giga-projects". These developments span across various terrains, including deserts, mountain ranges,...

In a significant move to strengthen trade relations, the Saudi EXIM Bank has recently established a partnership with the Development Bank of Kazakhstan through a Memorandum of Understanding (MoU). This MoU lays the foundation for reciprocal trade enhancement and the expansion of service and product exports between Saudi Arabia and Kazakhstan. The agreement was formalized by Dr. Naif bin Abdulrahman...

The Public Investment Fund (PIF) of Saudi Arabia has disclosed plans for a substantial capital infusion into the nation's MRO sector, seeking to upgrade Saudia Technic and establish a specialized MRO village. This initiative aims to propel the country's maintenance, repair, and overhaul (MRO) capabilities forward. This investment will be pivotal in fostering the growth of Saudi Arabia's MRO sector,...

The "Hawi" National Portal for Hobbies has been distinguished with the prestigious 2023 Kotler Award, in recognition for the portal's innovative marketing campaign entitled "If you have a hobby, you have a story". This campaign, which began in August, was a strategic initiative to stimulate the hobby sector within Saudi Arabia, with the aim of fostering unity within the community...

Embarking on a business venture in Saudi Arabia involves not just a vision, but a strategic approach to integrating into the local marketplace. The business environment, while ripe with opportunity thanks to economic diversification efforts like Vision 2030, demands a thorough understanding of market dynamics, legal frameworks, and cultural norms. For entrepreneurs and investors, the selection of a business structure...

In a significant step aimed at enhancing trade relations between Saudi Arabia and Japan, the Saudi Export-Import (Saudi EXIM) Bank has entered into a Memorandum of Understanding (MOU) with the Japanese government's Nippon Export and Investment Insurance Company (NEXI). This agreement sets a framework for cooperation to boost the export and import of goods and services between the two nations....