Business

Contrary to popular belief, the world’s most profitable company in 2023 is not a tech giant like Apple Inc. or Alphabet Inc.'s Google but oil giant Saudi Aramco. Last year, Saudi Aramco reported a net income of $161.1 billion, marking its highest annual profit as a listed company. This immense profitability is built on a foundation of $592 billion in...

Expanding Business in Saudi Arabia: A Comprehensive Guide for Entrepreneurs As Saudi Arabia undergoes immense transformations under Vision 2030, it presents a prime opportunity for international and regional companies to expand into the kingdom. Setting up a business in Saudi Arabia involves various stages and engagement with government entities. Here's a comprehensive guide for entrepreneurs looking to establish or expand...

Hong Kong’s leader has hosted Saudi Arabian elites for an investment conference, demonstrating the city's willingness to embrace new business partners in the face of a struggling economy and geopolitical uncertainty. John Lee, Hong Kong's Chief Executive, described the gathering as an important step in strengthening ties between Hong Kong and the Middle East, particularly Saudi Arabia. The two-day event...

Sir Rocco Forte, the founder of Rocco Forte Hotels, is planning a trip to Saudi Arabia next year to explore potential hotel locations. The hotel group recently entered into a deal with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), which acquired a 49% stake in Rocco Forte Hotels. The move aligns with Saudi Arabia's ambitions to transition...

Saudi Arabia Expands Business Visit Visa for Investors Effective immediately, Saudi Arabia has expanded the Business Visit Visa for investors to all nationals, removing the previous limitation to nationals of nearly 60 countries. The new visa offers a convenient online application process for eligible individuals. Eligible individuals include those who have a valid tourist or business visa from the United...

Indonesia is introducing a wide range of its national products to the Saudi market through shops established across the Kingdom, an Indonesian Embassy official has said, following the latest store opening in Riyadh. There are dozens of Indonesian stores established in various Saudi cities, including in Jeddah, Makkah, Madinah, and Alkhobar. The latest shop to join the list is the...

Saudi Arabia: Closing the Net-Zero Innovation Gap At COP28, the focus is on limiting global temperature rise. While strategies for achieving net-zero emissions by 2050 have been outlined, there are gaps that need to be addressed. One such gap is the need for significant investment in creating a net-zero economy. Another is ensuring a fair energy transition that supports developing...

For the first time, Hong Kong's leader has welcomed Saudi Arabian elites to the city for an investment conference, showcasing its efforts to forge new business partnerships in the face of a struggling economy and geopolitical uncertainty. The two-day event, organized by the Hong Kong government, its stock exchange, and the Future Investment Initiative (FII) Institute, highlights the deepening ties...

Saudi Arabia is feeling the impact of the US oil boom, leading to a reduction in oil prices to Asia in order to stimulate demand. State-owned Saudi Aramco has lowered the price of its flagship Arab Light crude headed to Asia by 50 cents to $3.50 a barrel in January, according to Bloomberg. This is the first time Saudi Arabia...

Saudi Arabia Offers 30-Year Tax Exemption to Attract Foreign Companies Saudi Arabia has introduced a 30-year tax exemption package for foreign companies establishing their regional headquarters in the kingdom. The move is part of the country's aggressive campaign to attract international investment and become the leading commercial, industrial, and investment hub in the MENA region. The tax incentive includes a...

Saudi Arabia is offering a 30-year tax break to multinational companies that establish their regional headquarters in the country, as part of its efforts to attract more foreign investment and diversify its economy. The tax package includes a zero percent rate for both corporate income tax and withholding tax related to approved regional headquarters activities. Currently, the kingdom imposes a...

Saudi Arabia may wage a "market share war" against the US and flood oil markets with supply, according to energy expert Paul Sankey. This strategy would reverse Riyadh's previous efforts to curb production to boost oil prices. Sankey believes the focus would be on targeting US shale producers, particularly those in the Permian Basin. Loading Something is loading. Thanks for...

Saudi Arabia has announced tax incentives for foreign companies that choose to establish their regional headquarters in the country. The incentives include a 30-year exemption from corporate income tax and zero income tax for foreign entities moving their headquarters to Saudi Arabia. The program is a joint initiative between the Ministry of Investment and the Royal Commission for Riyadh City,...

Saudi Arabia has announced that it will provide tax incentives for foreign companies that establish their regional headquarters in the country. This includes a 30-year exemption from corporate income tax. The move is part of Saudi Arabia's efforts to diversify its economy and reduce its dependence on oil. Crown Prince Mohammed bin Salman aims to create new industries that will...

The Trade Promotion Organization (TPO) of Iran, in collaboration with the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA), organized a conference in Tehran to explore trade opportunities between Iran and Saudi Arabia. The event was attended by Iranian business operators and entrepreneurs interested in trade with the kingdom. The conference aimed to discuss ways of expanding economic relations...

Saudi Arabia's Public Investment Fund (PIF) has purchased a 49% stake in Rocco Forte Hotels, a luxury hotel group owned by Sir Rocco Forte. The deal, valued at £1.2bn ($1.6bn), includes plans to double the chain's size over the next five years with new hotels in the Middle East, Italy, and the US. As part of the agreement, Italian sovereign...

Experts attending the UN Climate Change Conference in Dubai have shed light on the positive role played by the private sector in advancing sustainable development in Saudi Arabia. Panel discussions held at the Saudi Pavilion explored various topics including carbon removal, corporate sustainability, and domestic market mechanisms. The discussions went beyond carbon emission goals set by the Paris Agreement and...

Plans afoot for new facility to produce low-carbon chemicals, says Saudi energy minister The Saudi energy minister, Prince Abdulaziz bin Salman, has revealed plans to construct a carbon dioxide utilization hub that will produce low-carbon chemicals. Speaking at the 17th Annual Gulf Petrochemicals and Chemicals Association Forum in Qatar, Prince Abdulaziz emphasized the significant role of the petrochemical industry in...

Dell Technologies recently hosted a forum in Saudi Arabia with the aim of empowering organizations in the Kingdom to seize new digital-first opportunities and explore the latest technology solutions. The event, titled the Dell Technologies Forum, took place on November 29 at Al-Faisaliah Hotel in Riyadh, under the theme of "Transforming Ideas into Innovation Faster." The forum comes at a...

Startup Wrap – Saudi Arabia’s venture landscape receives influx of expanding startups Saudi Arabia’s entrepreneurial space is experiencing significant growth, with numerous startups raising funding and expanding their operations in the Kingdom. One of the recent funding announcements comes from Saudi-based e-commerce startup Retailo, which raised $15 million in a new equity funding round. The investor lineup includes Yusuf Bin...

Venus Remedies Limited has obtained regulatory approval for the sale of Paclitaxel 100mg/16.7ml and Zoledronic Acid 4mg in the Philippines, as well as marketing authorization for Bleomycin 15 IU in Saudi Arabia. These achievements reflect the company's strategic efforts to expand its global presence and make a positive impact on healthcare. The company remains committed to delivering pharmaceutical solutions that...

Pakistan and Saudi Arabia have come to an agreement on the investment modalities, marking a significant step towards the ratification of a long-awaited free trade agreement with the Gulf Cooperation Council (GCC). The agreement has been in the works for the past 19 years. A delegation led by Interim Commerce Minister Gohar Ejaz recently held discussions with the GCC's chief...

A conference aimed at promoting economic opportunities for American firms in Saudi Arabia is set to take place in New Orleans. Organized by the US-Saudi Business Council and Texas-based law firm KN Legal, the event will feature speakers from Saudi Aramco, the US Export Assistance Center in New Orleans, and the Lafayette Economic Development Commission. The conference will provide valuable...

Just weeks before the Red Sea Film Festival in Jeddah, a new regional distributor and sales operation has been launched in Saudi Arabia. TwentyOne Entertainment, led by former Universal and Disney executive Paul Chesney, will be attending the festival with its first acquisition, the film "Norah". The company also launched Red Palm Pictures, a Saudi production operation, with a multi-picture...

Japan's Foreign Ministry press secretary, Kobayashi-Terada Maki, emphasized the importance of maintaining close partnerships with countries like Saudi Arabia and the UAE in order to achieve Japan's goal of becoming a carbon-neutral economy by 2050. In an interview with Arab News Japan during the opening of COP28 in Dubai, Kobayashi-Terada acknowledged Japan's energy dependence on other countries and the need...

The Kingdom of Saudi Arabia has been making significant investments in various sectors, including sports and entertainment. One of the most recent developments is the merger of Saudi-backed LIV Golf with the Professional Golfers' Association, funded by the Saudi Public Investment Fund (PIF) with over a billion dollars. The country has also attracted global sports stars to play in its...

Singaporean Businesses Seek Opportunities in Saudi Arabia Singaporean businesses are aiming to benefit from increased cooperation with Saudi Arabia following a series of new agreements under their recently formed strategic partnership. The two countries agreed to strengthen relations in October during an official visit by Prime Minister Lee Hsien Loong to Riyadh and his meetings with Saudi leadership. A delegation...

Report Ocean has released a comprehensive analysis of the Saudi Arabia Edible Oils Market. The report provides valuable insights into the market's growth drivers, industry landscape, and financial aspects. It also explores innovative strategies for corporate expansion and key regional influences. Saudi Arabia is focused on diversifying its economy beyond oil, leading to substantial development in various sectors. The forecasted...

RIYADH: Saudi Arabia Railways and Al-Jabr Automotive have joined forces to transport thousands of vehicles annually by train from King Abdulaziz Port in Dammam. The collaboration aims to boost operational efficiency, reduce costs, minimize damage, and decrease carbon emissions. This four-year contract plays a significant role in enhancing operational processes, cutting expenses, and minimizing damage during transportation and handling. It...

Saudi Arabia's Acwa Power is developing a financing strategy for sustainable infrastructure projects in Africa, according to its CEO, Marco Arcelli. The company is looking to collaborate with development institutions and local governments to foster dialogue with private investors, while ensuring the necessary guarantees are in place to mitigate investment risks. Arcelli believes that Africa's fragmented and slow development can...