Business

On Monday, the oil market witnessed a significant downturn, with prices dropping by more than 3 percent. This decline was influenced by the substantial price reductions from Saudi Arabia, the world's premier oil exporter, and increased production from the Organization of the Petroleum Exporting Countries (OPEC) which seemed to overshadow supply concerns that were heightened by escalating Middle East tensions....

In a significant development within Saudi Arabia's business media sector, the Saudi Electricity Company (SEC) along with its affiliate National Electricity Transmission (NET), have formalized two key agreements with Emaar, The Economic City (EEC). These agreements are clear indicators of the Kingdom's economic upswing and its swift industrial progress, which is in tandem with the escalating demand for electrical energy....

In a strategic move to strengthen economic collaboration, Saudi Arabia and Belarus have initiated a new partnership through a memorandum of understanding (MoU). This agreement, formed between the Federation of Saudi Chambers and Belarus' National Center for Marketing and Price Studies, aims to enhance the exchange of trade, investment, production, and export information. The MoU is poised to facilitate the...

Saudi Arabia has emerged as the premier destination for venture capital investment within the Middle East and North Africa (MENA) region, according to the latest figures released by a MENA-based venture data platform. The Kingdom has, for the first time, claimed the top spot in the amount of venture capital funding received in 2023. This significant milestone underscores the transformative...

Microsoft has recently made a significant leadership change by naming Turki Badhris as the President of Microsoft Arabia. In this role, Badhris is set to guide Microsoft's operations within Saudi Arabia, aligning with the national Vision 2030 to expedite the country's digital transformation. With a presence encompassing three local offices, a workforce exceeding 200 individuals, and an extensive network of...

The mining sector in Saudi Arabia is set to experience a considerable advancement as the Saline Water Conversion Corp. (SWCC) is preparing to finalize multiple agreements during the forthcoming Future Minerals Forum in Riyadh. The national water desalination organization is looking to forge partnerships with a host of domestic and international companies, as well as scholarly bodies. This intention was...

The Kingdom of Saudi Arabia has announced a considerable reduction in the cost of its premier Arab Light crude oil for its Asian clientele, marking the lowest price point in over two years due to increased competition from other oil producers and concerns about lingering supply excess. State-owned energy giant Saudi Aramco has decreased the official selling price (OSP) for...

The Ministry of Energy in Saudi Arabia and the futuristic city project NEOM have established a partnership aimed at injecting cutting-edge technologies into the nation's energy industry. This collaboration is marked by the signing of a memorandum of understanding, which is designed to bolster cooperation and craft a strategic approach for evolving the energy sector with contemporary advancements, as reported...

Sohar International is on the brink of a substantial leap forward with the approval from the Saudi Central Bank (SAMA) to initiate its services in the Kingdom of Saudi Arabia. This marks a significant step in the bank's journey to become an exceptional Omani services company, dedicated to fostering growth and prosperity. The strategic decision underscores Sohar International's commitment to...

The recent discovery of substantial gold reserves by the Saudi Arabian Mining Company (Ma'aden) could position Saudi Arabia as an influential player in the precious metals market. The announcement, which is the result of an exploration initiative begun in 2022, revealed significant gold deposits along a 100km stretch in proximity to the Mansourah-Massarah gold mine in the Makkah region. Experts,...

Riyadh's Industrial Ambitions: A Leap into Advanced Manufacturing As Saudi Arabia embarks on a transformative journey to enhance its industrial sector, the nation is set to integrate innovative manufacturing techniques, positioning it as a central pillar of economic growth. Leading industry expert Karim Shariff, who heads the advanced manufacturing services practice in the Middle East for Bain & Co., highlighted...

The Kingdom of Saudi Arabia is gearing up for Expo 2030 with a promise to highlight advancements in digital innovation, as confirmed by the country's minister of communications and information technology, Abdullah Al-Swaha. He articulated the nation's aspirations to establish itself as a key player on the international stage by fostering empowerment, ecological stewardship, and by crafting pathways towards new...

The Kingdom of Saudi Arabia (KSA) is on the verge of a significant development in its financial sector, with plans to open its inaugural financial center, which aims to elevate financial efficiency and accounting performance through the adoption of unified accounting standards. This strategic move was announced by Abdul Aziz Al-Furaih, the chairman of the Ministry of Finance's Steering Committee,...

The commercial landscape in Madinah has witnessed a modest uptick in its electronic commerce activities, as indicated by the latest data. As the fourth quarter of 2023 concluded, the city saw its e-commerce registrations climb by 2.6 percent to reach 1,834 entries. This increase is a continuation of the growth trend observed from the previous quarter, which had 1,792 entries....

In a bold move to strengthen its position as a regional business hub, Saudi Arabia has instituted a policy requiring global firms to set up their Middle East headquarters within its borders to be eligible for government contracts. This decision has sparked a surge of corporate relocations to Riyadh, the nation's capital, since the mandate took effect at the start...

Saudi Arabia is undergoing a remarkable economic metamorphosis, moving away from its traditional reliance on oil towards a more diverse and competitive economy. Key to this transformation are the sweeping reforms in the capital markets that are inviting greater foreign investment and fostering economic growth. In a move that has drawn international acclaim, Saudi Arabia has abolished the cap on...

The Saudi Real Estate Refinance Company (SRC), which operates under the umbrella of the country's sovereign wealth fund, the Public Investment Fund (PIF), has announced the expansion of its refinancing pact with the world-leading Islamic bank in terms of mortgage assets, Alrajhi Bank. The deal has been augmented by an additional SAR 5.8 billion (approximately $1.54 billion). This expansion takes...

Pizza Inn, the Dallas-based pizza buffet chain, is poised to expand its international footprint with a significant foray into the Saudi Arabian market. The chain has cemented a partnership with the Blessings Basket Company for Serving Food to launch 50 new outlets across the kingdom. Marking the beginning of this expansion, two new Pizza Inn locations will open their doors...

In November 2023, Japan saw a significant rise in crude oil imports from Saudi Arabia, which accounted for 42.7% of its total oil intake. The Ministry of Economy, Trade and Industry reported that Japan's overall oil imports for the month amounted to 77.89 million barrels. Of this volume, a staggering 94.6% (73.68 million barrels) came from six Arab nations: Saudi...

The Saudi Ministry of Commerce has released a report detailing the progress and expansion of the business sector in the final quarter of 2023. This report provides a comprehensive overview of the latest trends and growth within the industry, highlighting a notable increase in entrepreneurial activity across the kingdom. According to the ministry's findings, the issuance of commercial records saw...

In an effort to bolster the development of small and medium-sized enterprises (SMEs), Saudi Arabia's Ministry of Industry and Mineral Resources is set to introduce a new initiative aimed at enhancing the industrial sector's performance. During a recent event in the nation's capital, Riyadh, Bandar Alkhorayef, the Minister of Industry and Mineral Resources, disclosed information about the upcoming program. Alkhorayef...

In recent developments, the non-oil sector of Saudi Arabia has shown significant growth, driven by a surge in new orders, marking the quickest pace in half a year. This progression aligns with the kingdom's strategic efforts to diversify its economy beyond its traditional oil-based revenue streams. The headline Riyad Bank Purchasing Managers' Index (PMI) indicated a consistent reading of 57.5...

The non-oil segment of Saudi Arabia's economy displayed its most rapid pace of sales growth since July of the previous year, as indicated by the latest Purchasing Managers' Index (PMI) figures for December. The index, which is an important barometer of economic health, registered a score of 57.5, as per an economic assessment report. Despite maintaining the same level as...

A tech enterprise based in Saudi Arabia, Naseej for Technology, has successfully secured a contract with the kingdom's Ministry of Culture. This partnership, with a total value of SAR 25.92 million, inclusive of VAT, was finalized on November 19, 2023. This collaboration follows the project's initial award to Naseej on October 4, 2023. Two Years of Cultural Enhancement The two-year...

Anticipations for Saudi Arabia's economy remain upbeat for the coming year, driven by a surge in consumer spending and robust non-oil sector activities. Predictions suggest the nation's gross domestic product (GDP) will grow by 4.4% in 2024, despite a downturn in oil revenue. This growth is largely attributed to the initiatives under Saudi Vision 2030, which are bolstering the non-oil...

The insurance market in Saudi Arabia has demonstrated a robust expansion of 14.6 percent by the end of the third quarter of 2023, compared to the same period in the previous year. A recent report issued by the Kingdom's Insurance Authority delves into the sector's performance and its impact on the nation's gross domestic product (GDP). With the Authority's commitment...

The landscape of the stock market is ever-changing, with some companies experiencing growth while others face declines. A recent observation of company stocks has provided insights into the current business media sector's performance. Notably, the stock of Bank Alfalah Limited (BAFL) dipped slightly by 0.35%, settling at 48.80 due to a decrease of 0.17 points. Similarly, Bank Islami Pakistan Limited...

David Castera, the race director of the notorious Dakar Rally in Saudi Arabia, has a storied history within the world of motor sports. From a competitive background as a professional Enduro and Rally Raid driver, which included becoming France's National Enduro Champion in 1992, Castera has transitioned to orchestrating one of the most challenging motor sports events on the globe....

During a recent announcement, Abdul Aziz Al-Furaih, chairman of the Steering Committee at the Saudi Ministry of Finance, disclosed plans for the launch of Saudi Arabia's inaugural financial center. This center is designed to operate under a unified system, incorporating standardized norms, policies, and guidelines across the board. The initiative is anticipated to bolster the efficiency of the government's financial...

SICO Capital, a prominent investment banking entity in Saudi Arabia, has welcomed Bassam Abdulaziz Noor as its new chief executive officer. With a spectrum of financial services under its belt, SICO Capital operates under the regulatory auspices of the Saudi Capital Markets Authority, catering to a diverse clientele that includes individuals, institutions, and corporations. Noor, a veteran in the investment...