Business

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...

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...