Business

Saudi Arabia's Ambitious Recycling Plan Aims for Global Leadership In a bid to address environmental concerns and drive economic growth, Saudi Arabia has unveiled an ambitious plan to recycle up to 95% of its waste. This initiative is expected to contribute SR120 billion ($31.99 billion) to the GDP and create over 100,000 jobs for Saudi nationals. The plan includes recycling...

EEC's Capital Optimization Plan to Boost Financial Health and Growth Saudi developer Emaar The Economic City (EEC) has launched a SR8.7 billion ($2.32 billion) capital optimization plan to tackle financial challenges and promote growth. CEO Abdulaziz Al-Nowaiser explained that this initiative addresses a severe revenue drop and substantial net loss increase. The plan includes converting SR4 billion of debt into...

Revolut is aiming to expand its operations into Gulf Cooperation Council (GCC) countries. According to reports, the British FinTech has applied to become an electronic-money institution in the United Arab Emirates (UAE) and is exploring opportunities in Saudi Arabia. The company is also recruiting for several positions in Dubai, including a head of finance and a head of legal for...

Saudi Aramco has reported a 3.4% drop in second-quarter profits due to weaker refinery margins. China is expected to increase its imports of Saudi Arabian oil by 7% in October, as Saudi Arabia reduces prices for Asian buyers. Next month, Saudi oil exports to China are projected to rise to over 46 million barrels, up from 43 million barrels in...

Saudi Arabia's crude oil exports to China are set to increase to 46 million barrels in October, following a price cut for Asian buyers that spurred demand, according to trade sources. China's major refiners, Sinopec and PetroChina, have requested more crude for October, while private refiners Rongsheng Petrochemical and Hengli Petrochemical maintained their demand levels. This anticipated rise in October...

Chinese Premier Li Qiang has called on Saudi companies to increase their presence in China's market, emphasizing that China is dedicated to creating a top-tier business environment that is market-driven, law-based, and internationally oriented. During his visit to Saudi Arabia, which lasted less than 24 hours, Li met with Saudi business leaders, Gulf Cooperation Council (GCC) Secretary General Jasem Mohamed...

Chinese Premier Li Qiang has committed to enhancing trade and investment ties with Saudi Arabia across various sectors, including traditional energy, infrastructure, new energy, technology, and the digital economy. During his visit to Riyadh, Li met with Crown Prince Mohammed bin Salman, marking his first trip to the Middle East as premier. Li is also scheduled to visit the United...

Saudi Arabian Mills for Food Products Company has priced its IPO at SAR66 per share, raising SAR1.02 billion ($271 million). This reflects the strong demand for listings in the GCC region. Major shareholders, including Ajlan & Bros, Sulaiman Abdulaziz Al-Rajhi International Company, and NADEC, sold 15.4 million shares, representing 30% of the company's paid-up capital. CEO Rohit Chugh stated, The...

Saudi Arabia is increasingly attracting both local and international investors, according to a top official from global asset management company BlackRock. BlackRock’s Managing Director and CEO of Saudi Arabia, Yazeed Al-Mubarak, noted a growing interest from global clients in Middle Eastern assets. He also highlighted that regional investors are seeking more opportunities within the local market. “As Vision 2030 progresses,...

Saudi Arabia has invested $1.3 trillion in construction and infrastructure over the past eight years, aiming to diversify its economy beyond oil exports. A key project is the Neom megaproject, valued at $500 billion. Real estate consultancy Knight Frank reports over a million residential units and mega-developments are underway in Saudi Arabia, a 4% increase from 2023. Crown Prince Mohammed...

Chinese food delivery giant Meituan has launched its international service, Keeta, in Saudi Arabia, aiming to expand amidst a slowing economy and rising local competition. Keeta began offering its services in Al-Kharj, a central city in Saudi Arabia, as announced within the app. Plans to expand to Riyadh, the nation's capital, are evident from the platform's verified profile description. A...

Saudi Arabia's Esports Ambitions Saudi Arabia is making significant strides in the esports industry. The country recently hosted its first Esports World Cup and has announced plans to build state-of-the-art gaming arenas. These developments are expected to boost the economy by $13 billion. This burgeoning sector is transforming entertainment and business, especially in a nation with a youthful and tech-savvy...

Saudi Arabia is making substantial investments in sports, including a bid to host the 2034 FIFA World Cup. These efforts are part of the Kingdom's strategy to become a key player in the global sports arena and diversify its economy. Other notable updates in business media include: Millions of Americans may soon lose internet access. Business leaders share insights on...

EY Expands in Saudi Arabia's Financial Services Market In an effort to seize new opportunities and grow its presence in Saudi Arabia, EY is relocating key leaders to its offices in Riyadh, Jeddah, and Al Khobar. “We are rapidly growing and expanding our financial services consulting capabilities in the KSA market,” said Charlie Alexander, Managing Partner of EY’s Financial Services...

Netherlands-based high-tech consultancy TMC has opened a new office in Saudi Arabia, marking its second location in the GCC region. Headquartered in Eindhoven, TMC specializes in engineering and technology consulting. With a global workforce of 2,700, primarily in Europe, TMC serves various industries including technology, semiconductors, IT services, energy, renewables, and life sciences. Following its Middle East debut with a...

Saudi Arabia’s Mobily has signed a six-year contract with Red Bull MOBILE, aiming to boost its operational efficiency. This deal, which represents over 5% of Mobily's 2023 revenues, is expected to positively impact finances from Q4 2025, as stated on Tadawul. Listed on Tadawul since 2004, Mobily has a share capital of SR7.7 billion, comprising 770 million shares. This strategic...

Saudi developer Red Sea Global (RSG) has awarded over 600 contracts worth $6.13 billion for the AMAALA project, aiming to welcome its first guests by 2025. The company, owned by Saudi Arabia’s Public Investment Fund, has partnered with firms like Al-Rawabi Hassan Allam, Shapoorji Pallonji Group, and DEPA Group to develop a luxury tourism destination on the Red Sea coast....

Riyadh: Tawaref, a Saudi-based investment community that supports startups in the MENA region, has signed a Memorandum of Understanding (MoU) with SimpliFi, a leading Cards-as-a-Service (CaaS) platform operating in MENA and Pakistan. This collaboration aims to streamline financial transactions for startups entering the Saudi market by offering flexible solutions for managing funds and expenses in multiple currencies. Tawaref provides a...

Tokyo-based Medident has partnered with Riyadh's Web Arabia to enhance Saudi Arabia’s healthcare sector by integrating Japanese standards. This collaboration, formalized through a Memorandum of Understanding (MoU), aims to leverage advanced medical technologies and improve healthcare management in Saudi hospitals, with a focus on digital training for healthcare professionals. The MoU, led by CEO Dr. TOMITA Daisuke, also prioritizes preventive...

Lucidia, an AI customer experience management platform in Riyadh, has made headlines by becoming the first company in Saudi Arabia to adopt a four-day work week. This change, effective immediately, represents a significant departure from the traditional five-day work schedule. The announcement has sparked widespread discussion on social media, with many expressing enthusiasm and curiosity about the new policy's potential...

Significant Progress in the Development of Saudi AMAALA Luxury Tourism Destination Saudi Arabia’s Red Sea Global (RSG) is making substantial strides in developing AMAALA, a luxury destination focused on wellness and regenerative tourism. AMAALA aims to enhance the coastal lifestyle, offering spaces designed for deep connections with nature, self, and community. RSG Group CEO John Pagano highlighted the remarkable progress,...

Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has introduced new customs regulations, including fee waivers for certain services and revised import rules. The updated Fee Rules on Customs Services will take effect on October 6. Key changes include waiving fees for all export customs services and reducing import service fees through a new calculation method. Import service fees will...

Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, commenced his visit to Hong Kong, aiming to bolster industrial ties and explore investment opportunities. During his stay, Alkhorayef will engage with officials from several key Hong Kong departments, including Trade and Industry, Innovation, Technology, and Economic Development. Discussions will focus on enhancing cooperation in automation, innovation, and technology. He will...

Saudi Arabia's startup ecosystem is thriving, with companies across various sectors securing substantial funding. Autotech Firm Syarah Syarah, a Saudi autotech company, raised $60 million in a series C funding round led by Artal Capital. Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah offers new and used cars online with doorstep delivery, free inspection reports, a five-day return...

Saudi Arabia Sees Investment Boom in Construction; Egypt Leads in Licenses Saudi Arabia's construction permits dominated investment licenses in Q2 2024, with 737 issued, making up 27% of the total. This marks a 32.1% increase from the previous year, driven by Vision 2030 projects like NEOM and the Red Sea Project. The Kingdom aims to boost foreign direct investment to...

Saudi Arabia's new luxury airline, Riyadh Air, is intensifying competition for aviation talent by attracting British pilots. The British Airline Pilots’ Association (Balpa) reports that recruitment efforts by Riyadh Air, along with Emirates, Qatar Airways, and Etihad, are impacting UK carriers such as British Airways, Virgin Atlantic, and easyJet. The aviation industry is grappling with a pilot shortage due to...

Saudi Arabia is forging strategic alliances in Europe to bolster its ambitions of becoming a leading green hydrogen supplier. Investment Minister Khalid Al-Falih highlights Italy as a crucial partner in meeting Europe's rising demand for low-carbon energy solutions. This effort aligns with Saudi Arabia's strategy to diversify its energy portfolio beyond oil and gas. Green and Blue Hydrogen Strategy Saudi...

Barq, a leading FinTech company from Saudi Arabia, has partnered with Mastercard. Barq specializes in modernizing and streamlining payment processes. This collaboration aims to enhance payment acceptance capabilities in Saudi Arabia through Mastercard Gateway. The partnership will provide businesses and consumers with advanced payment solutions, ensuring efficient and secure transactions. Barq plans to leverage Mastercard's technology to expand its services,...

Indian electric vehicle manufacturer Wardwizard Innovations and Mobility has announced plans to form a joint venture in Saudi Arabia. This initiative aims to establish both an assembly plant and an EV cell plant within the kingdom. The assembly plant will initially produce electric two-wheelers, three-wheelers, and four-wheelers, with future expansion plans to include electric buses. The EV cell plant will...

Indian electric vehicle manufacturer Wardwizard Innovations and Mobility has announced plans to form a joint venture in Saudi Arabia. The initiative aims to establish both an assembly plant and an EV cell plant in the kingdom. The assembly plant will initially produce electric two-wheelers, three-wheelers, and four-wheelers, with future plans to include electric buses. The EV cell plant will focus...