Business

Expanding their longstanding global technology partnership, KPMG and Microsoft have initiated a new Center for Emerging Technologies in Saudi Arabia. Targeted as a nation-wide enterprise, the newly established Center for Emerging Technologies (CET) is poised to assist Saudi organizations in comprehending the ramifications and prospects that novel technologies offer. The center is committed to aiding organizations in actualizing technological solutions,...

In a recent collaborative effort, the Minister of Economy and Planning of Saudi Arabia, Faisal bin Fadhil Alibrahim, engaged in a strategic dialogue with Liu Zhenmin, the United Nations Under-Secretary-General for Economic and Social Affairs. The meeting focused on strengthening the partnership between Saudi Arabia and the United Nations. The discussions were centered on Saudi Arabia's unwavering dedication to accomplishing...

A group of approximately 30 officials from 20 Saudi government bodies are currently attending an intensive workshop in Vienna. The delegation is led by Dr. Majid bin Abdullah Al-Qasabi, the Minister of Commerce and Chairman of the National Competitiveness Center (NCC). Organized by the NCC in partnership with the United Nations Commission on International Trade Law (UNCITRAL), the workshop's objective...

Saudi Arabia Introduces New Rules to Regulate Buy Now, Pay Later Sector Saudi Arabia, the Arab world’s largest economy, has announced new rules to regulate the licensing of buy now, pay later (BNPL) platforms. The rules include provisions related to licensing requirements, regulatory measures, information security standards, and measures to combat financial crimes, according to the Saudi Central Bank. The...

Jotun, the global leading paint and coating manufacturers, has opened a new office in the prestigious King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia. The grand opening ceremony, held on December 6, 2023, was attended by key figures including Thomas Lid, the Ambassador of the Kingdom of Norway to Saudi Arabia, Morten Fon, the President and CEO of Jotun,...

The UAE-based eco-friendly mobility startup, Wize, is set to expand into Saudi Arabia after successfully closing a substantial pre-seed funding round. Wize, founded in 2022 by Alexander Lemzakov, aims to address the challenges of carbon emissions and fuel consumption in the business-to-business sector by providing sustainable solutions for last-mile delivery across the region. During an interview, Lemzakov revealed Wize's roadmap,...

The co-located DATE AI Show and DATE Fintech Show at the JW Marriot Hotel Riyadh have successfully showcased the Kingdom of Saudi Arabia's significant role in driving global AI and fintech-led digital transformation. The events brought together prominent experts, innovators, investors, policymakers, and entrepreneurs, providing a platform for networking and collaboration with top tech leaders and decision-makers. The events featured...

Saudi Arabia is planning to construct a mixed-use gaming and e-sports district as part of its Qiddiya City entertainment project. The 500,000-square-meter district aims to host up to 25 e-sports teams and serve as the regional headquarters for over 30 video game companies. It also intends to attract 10 million visitors annually by 2030, contributing to Qiddiya City's goal of...

Saudi Arabia's Minister of Communications and Information Technology, Abdullah Al-Swaha, recently held a meeting with a delegation from the Executive Board of the World Bank Group in Riyadh. The purpose of the meeting was to discuss strengthening partnership and cooperation between Saudi Arabia and the World Bank in the development of digital economy policies, digital government, innovation, and the adoption...

Investments in the aquaculture sector between Saudi Arabia and China are set to grow, as representatives from Saudi Arabia’s Ministry of Environment, Water, and Agriculture engaged with specialized Chinese firms to explore investment opportunities. The discussions took place at the Global Investment Promotion Conference in Shenzhen, China. The aim of the conference was to showcase investment prospects in Saudi Arabia’s...

HD Hyundai Vice Chairman Chung Ki-sun recently held a meeting with the Saudi Arabian Minister of Industry and Mineral Resources to discuss enhancing business cooperation between the two countries. The meeting took place at HD Hyundai Heavy Industries' headquarters in Ulsan, South Korea, and was attended by H.E. Bandar Ibrahim Alkhorayef, the Saudi Minister of Industry and Mineral Resources, and...

Exclusive | Climate change: Saudi Aramco and Chinese partner soon to fire up hydrogen-conversion pilot plant, technology head says Oil giant Saudi Aramco is collaborating with a Chinese partner to build a pilot plant in China to convert ammonia into hydrogen as part of its research into low-carbon energy to tackle climate change, according to its technology and innovation head....

Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Saudi Arabia Facility Management Market is projected to reach USD 43.48 billion by 2030, growing at a CAGR of 8.6% from 2023 to 2030, according to a report by Fortune Business Insights. The market, valued at USD 23.54 billion in 2022, is expected to witness significant growth due to government support...

SBJ's Most Influential People in Sports Business for 2023 highlights Yasir Al-Rumayyan, the governor of Saudi Arabia's Public Investment Fund (PIF), as the top figure reshaping the industry. Al-Rumayyan's global influence spans various sports, including golf, soccer, combat sports, and motorsports, solidifying his position as the most influential person in sports business for 2023. In an op-ed by SBJ's Abe...

By any measure, the recent Future Investment Initiative (FII) conference in Riyadh was a success. It attracted 6,000 guests from 90 countries and witnessed $17.9 billion in investment announcements. Now, let's take a closer look at Saudi Arabia's progress on the global business stage, with a specific focus on the tourism sector. As Vice President of Culture at the Royal...

The CEO of Saudi Arabia's largest chemicals producer, Abdulrahman Al-Fageeh, has cautioned that the industry is likely to face another challenging year in 2024 due to the weak global economy. The demand for chemicals has been negatively impacted by slow growth following the Covid-19 pandemic, along with inflation and higher energy costs. Sabic, also known as Saudi Basic Industries Corp.,...

Business The Kingdom could become the majority owner of Heathrow Airport. Saudi Arabia could potentially take control of Heathrow Airport as fellow investors in the hub are reportedly ready to sell their stakes, according to a recent report. The country's sovereign wealth fund, the Public Investment Fund (PIF), and French private equity firm Ardian have already agreed to purchase a...

Saudi Arabia is poised to become the majority owner of London Heathrow, the UK's largest airport, as other investors mull over selling their shares. The Saudi Public Investment Fund (PIF) and private equity investor Ardian recently acquired a 25% stake in the airport from Ferrovial, the previous primary owner. According to reports, at least one other shareholder is considering selling...

Key initiatives in Saudi Arabia and China will soon be exposed to extensive promotional efforts thanks to the close partnership between the two countries, according to the Asian country’s commerce minister. Wang Wentao disclosed that both sides will work hand in hand to jointly stimulate China’s Belt and Road Initiative as well as the Kingdom’s Saudi Vision 2030, Reuters reported....

Neom Launches Topian to Achieve Food Security Goals Date palms in Wadi Sharma, Neom. Photo: Neom Neom, the $500 billion futuristic mega-city being built in Saudi Arabia, has launched a new company with a focus on sustainable food production and distribution as the kingdom aims to achieve its food security goals and 2060 net-zero targets. The new company Topian, set...

Saudi Arabia is reportedly poised to gain majority control of London Heathrow Airport, which is Europe's busiest airport. According to the Times, several shareholders are considering selling their interests, paving the way for the Saudi Public Investment Fund (PIF) and investment company Ardian, in which Saudi Arabia is an investor, to acquire a larger stake. In November, PIF and Ardian...

Saudi Arabia is reportedly poised to gain majority control of London Heathrow Airport, Europe's busiest airport. Several shareholders are considering selling their interests, potentially paving the way for Saudi Arabia to take control. The Saudi Public Investment Fund and investment company Ardian, in which Saudi Arabia is an investor, have already agreed to purchase the 25% stake held by Spain's...

US oil production is expected to continue its rapid growth and could reach a new high of 13.3 million barrels per day in 2024. This surge in production puts pressure on Saudi Arabia to regain control over crude prices. Analysts at Rapidan Energy project that US oil output will average 13.3 million barrels per day next year, surpassing the previous...

OPEC Losing Control as US Supply Booms, Threatening Oil Prices Longest decline in oil prices in years as OPEC struggles to regain control OPEC and Saudi Arabia are facing challenges in maintaining control over the world oil market as booming US supply offsets OPEC's supply cuts. The decline in oil prices over the past seven weeks, the longest in five...

Northern Trust Corp. has become one of the first major global financial institutions to set up its regional headquarters in Riyadh, bolstering the Saudi government's drive to attract international firms to operate their Middle Eastern operations from the kingdom. The firm, which manages approximately $14 trillion in assets, has recently obtained a license from the Ministry of Investment of Saudi...

Neom, located in northwestern Saudi Arabia, is emerging as a leading production and creative hub in the country's business media sector. With the largest soundstages in Saudi Arabia and a total of ten stages set to be operational by mid-2024, including a cutting-edge volumetric stage, Neom is the largest purpose-built production facility in the region. The Neom region, spanning 26,500...

MBC Group, the Middle East's largest broadcaster, has received overwhelming demand for its initial public offering (IPO) in Saudi Arabia. Orders for the IPO exceeded the available shares, highlighting the strong demand for regional listings. Institutional investor books were quickly filled, indicating that demand exceeds the deal size. MBC is offering a 10% stake in the Saudi IPO, valuing the...

Vedanta, a metal and mining giant, announced that its subsidiary, Malco Energy Ltd, has incorporated a new wholly-owned subsidiary named Vedanta Copper International VCI Company Limited. This new subsidiary has been established in Saudi Arabia for the purpose of conducting copper business. The investment for this new unit amounts to 1,00,000 Saudi riyals (Rs 22.19 lakh). Vedanta cited the exploration...

Fifty oil companies, responsible for almost half of global production, have made a commitment to achieve near-zero methane emissions and eliminate routine flaring from their operations by 2030. The president of this year's United Nations climate talks, Sultan al-Jaber, announced the pledge, highlighting the importance of industry buy-in to significantly reduce greenhouse emissions and limit global warming to 1.5 degrees...

Here's a roundup of key developments across the OIC ecosystem during the first week of December. Leading the pack is GCC's largest economy, which sealed a cooperation agreement with Malaysia to foster halal industry growth. On a corporate level, Saudi and Turkish companies penned several agreements to bolster trade ties. The Qatari-Saudi Business Council is also reviewing avenues to strengthen...