Business

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....

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...