Business

Study Shows Majority of Saudis Visit Entertainment Venues Saudi entertainment and culture venues attracted the vast majority of the population in the past year, according to official statistics. Cinema, national events, and football were popular, along with various cultural activities. The General Authority for Statistics released a bulletin of culture and entertainment statistics from mid-2022 to mid-2023. The results showed...

J&F, the parent company of JBS SA, is considering new investments in Saudi Arabia as part of efforts to strengthen business ties between the two countries. A Brazilian government delegation, including President Luiz Inacio Lula da Silva, is currently in Saudi Arabia to boost bilateral trade relations. According to Reuters, Wesley Batista, a member of JBS' founding family, expressed the...

Saudi Arabia Military Industries (SAMI) and Embraer, the Brazilian defense giant, have announced plans to collaborate in the defense and security-related aerospace sector. The partnership will focus on Embraer's C-390 transporter and aims to expand both companies' presence in the Kingdom of Saudi Arabia. The agreement includes establishing a maintenance facility for Embraer aircraft and exploring opportunities for a regional...

Corporate and business tourism has played a significant role in supporting the strong performance of Saudi Arabia's hospitality sector in the third quarter of 2023. In the year to September 2023, Saudi Arabia's hospitality sector has shown consistent improvements in its Key Performance Indicators. The average occupancy rate increased by 5.9 percentage points, accompanied by an 18.4% increase in Average...

Saudi Arabia has witnessed a significant increase in the number of newly established small and medium-sized enterprises (SMEs) since the beginning of the year. A total of 127,613 new establishments have been registered, with the majority concentrated in Riyadh, accounting for 72% of the total. According to a report by the General Authority for Small and Medium Enterprises (Monshaat), the...

Saudi Arabia's Northern Regions Hold $320 Billion in Mineral Wealth Saudi Arabia's Northern Borders Region has a staggering SR1.2tn ($320bn) in mineral wealth deposits, according to a senior official. Vice-Minister of Industry and Mineral Resources for Mining Affairs, Khalid bin Saleh Al Mudaifer, revealed that the region contains 25% of the Kingdom's mineral wealth, making it a highly competitive area...

SEVEN, a subsidiary of the Public Investment Fund (PIF), has announced the opening of its fifth entertainment destination in Saudi Arabia's Aseer region. This marks a significant milestone for the region and aligns with Saudi Arabia's Vision 2030 initiative. The new entertainment destination has been strategically located between Abha and Khamis Mushait, in close proximity to Abha International Airport, with...

RIYADH: The number of small and medium enterprises (SMEs) in Saudi Arabia has reached 1.27 million by the end of the third quarter, driven by the Kingdom's efforts to diversify its economy. This represents a 3.5 percent increase compared to the previous quarter, according to a report released by the Small and Medium Enterprises General Authority, also known as Monsha'at....

Over 200 Chinese firms to attend business event in Saudi Arabia amid growing trade ties Chinese companies are set to expand their presence in Saudi Arabia and the broader Middle East and North Africa region as the Kingdom launched its inaugural China Trade Week in Dammam on Sunday. More than 200 companies from the Asian country are taking part in...

Saudi Arabia is experiencing a surge in mergers and acquisitions (M&A) activity as the country's economic reforms gain momentum. The nation's growing M&A sector can be attributed to several factors, including the replenishment of reserves due to increased oil and gas receipts, as well as the country's position as the largest economy in the region and one of the fastest-growing...

Investors with diplomatic or special passports in Saudi Arabia will no longer have to pay business visit visa fees, according to an announcement by the Ministry of Investment (MISA). The move is aimed at facilitating foreign investors' exploration of investment opportunities in the kingdom. The Ministry's platform, 'Invest in Saudi Arabia', has clarified that the 'Visiting Investor' business visit visa...

Pakistan has signed agreements with Saudi companies to strengthen collaboration and facilitate the recruitment of Pakistani workers and professionals for various large-scale projects in Saudi Arabia. Jawad Sohrab, the Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development, signed two Letters of Intent (LoIs) with Saudi companies FNRCO and Maharah Human Resource Company in Riyadh. The...

Algeria and Saudi Arabia Strengthen Trade Ties with 8 Deals Trade, investment, and tourism ties between Algeria and Saudi Arabia are set to deepen after eight agreements were signed by the two nations at a business forum organized by the Union of Saudi Chambers in Riyadh. The agreements cover various sectors, including business accelerators, elevators, and spare parts. Algeria’s Minister...

Saudi Arabia Invites Businesses to Apply for Hajj License Saudi Arabia's Ministry of Hajj and Umrah is inviting businesses to apply for a Hajj license to support pilgrims in the Kingdom. The aim is to expand the scope of services offered to pilgrims and improve the overall experience during the upcoming Hajj season. The Ministry of Hajj and Umrah has...

Egypt and Saudi Arabia are set to sign agreements amounting to $1.5 billion at the forthcoming Egyptian-Saudi Business Forum in Cairo on 20 November. The agreements come as Egypt seeks to attract foreign investments, particularly from Gulf nations, to strengthen its depleting US dollar reserves. The Minister of Trade and Industry, Ahmed Samir, held talks with the Saudi Minister of...

As the Kingdom of Saudi Arabia (KSA) undergoes a dynamic transformation, there is a significant increase in the number of tourists visiting the country for business opportunities. In Q1 2023, the influx of tourists to Saudi Arabia rose from 2.5 million in 2022 to an astounding 7.8 million. This surge presents a golden opportunity for businesses, but it is crucial...

Saudi Arabia Discovers New Glow-in-the-Dark Scorpions A new kind of scorpion has been discovered in Saudi Arabia. The National Centre for Wildlife announced the discovery of a new kind of scorpion belonging to the Leiurus genus in the Majami Al-Hadb Reserve, in southern Riyadh. The scorpion, which can glow in the dark and is venomous, has been identified through shape...

Global real estate advisor CBRE has announced the appointment of Elias Bou Habib as Head of Consulting - Saudi Arabia. Bou Habib, who brings over 22 years of consulting experience in the Middle East region, will lead the Consulting team in the Kingdom to advise investors, developers, and operators on their projects and business strategies. Before joining CBRE, Bou Habib...

Saudi Arabia has made significant discoveries in its natural gas sector. The Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, revealed that Saudi Aramco, the national oil company, has found two new natural gas fields in the Empty Quarter region. The newly discovered gas fields are named Al Hiran and Al Mahakik. The Al Hiran field has seen gas...

The Future of Saudi Arabia in Africa: A Strategic Vision The first Saudi Arabia-Africa summit was recently held in Riyadh, where several African heads of state accepted King Salmane ben Abdelaziz Al Saud's invitation to attend. Memorandums of understanding and development loan agreements were signed between the kingdom and a dozen African countries through the Saudi Fund for Development (SDF)....

RIYADH: Business ties between Saudi Arabia and Australia are set to gain momentum following the signing of a significant building and construction deal worth $27 million in Riyadh on Thursday. The agreement was signed between the Kingdom-based Abdel Hadi Al-Qahtani and Sons Co. and Australia’s SSS Group to collaborate in the production of scaffolding systems in Saudi Arabia using local...

Saudia and Riyadh Air have recently signed a Strategic Cooperation Memorandum of Understanding (MOU) to enhance their partnership and offer a comprehensive range of benefits for guests. This agreement includes a codeshare flight and signifies the growing aviation ecosystem in KDA. The MOU, which is the first major agreement between the two airlines, will serve as the foundation for future...

Saudi Arabia and Ivory Coast have signed a memorandum of understanding to establish the Saudi-Ivorian Business Council. The agreement was signed by Hassan bin Mujib Al-Huwaizi, President of the Federation of Saudi Chambers, and Ahmed Cisse, Chairman of the Ivorian Employers Association. The signing took place during the Saudi-African Summit held in Riyadh. The purpose of the business council is...

Saudi Arabia's Investment in Lucid Motors Faces Significant Drop in Value Saudi Arabia's sovereign fund, Public Investment Fund (PIF), holds a 60% stake in Lucid Motors, an electric vehicle (EV) startup that is seen as a competitor to Tesla. However, this investment has yet to yield substantial returns for Saudi Arabia. When Lucid Motors went public earlier this year, the...

State-owned construction company NBCC is looking to expand its business opportunities in Saudi Arabia. The company, a Navratna PSU, stated that it is actively exploring opportunities in the Kingdom of Saudi Arabia as part of its global expansion plan. An e-meeting was recently held to discuss cooperation in housing and other infrastructure. The meeting was attended by representatives from the...

Foreign investors looking to enter the maritime industry in Saudi Arabia are advised to carefully review the country's investment rules and regulations. Khurram Ali, an expert in maritime law, recommends that foreign investors consider partnering with a local company that has expertise in the maritime industry to navigate the legal system effectively. The top opportunities for maritime companies in Saudi...