Business

Saudi Arabia has made significant strides in entrepreneurship, ranking third in the Global Entrepreneurship Monitor for 2023-2024. The National Entrepreneurship Context Index score has risen from 5.0 in 2019 to 6.3 in 2023, showcasing progress in building a robust entrepreneurial ecosystem. The country boasts a young and talented population, with 63% under 30, fostering a dynamic environment for emerging entrepreneurs....

The home entertainment market in Saudi Arabia is growing rapidly, driven by products like TVs, audio systems, gaming consoles, and streaming devices. This growth is fueled by rising incomes and urbanization, with consumers seeking high-quality audiovisual experiences. Technological advancements such as 4K and 8K TVs, immersive sound, and smart home features are further boosting demand. Smart Home Integration Smart home...

China Telecom has expanded its international presence by launching China Telecom Gulf in Riyadh. This development aligns with the "Belt and Road Initiative" and aims to foster a "China-Arab Community with a Shared Future." The launch event was attended by over 100 dignitaries, including Mr. Liu Guiqing, Executive Director of China Telecom, and Mr. Fawaz from the Chinese Companies Contact...

China Telecom Gulf has officially commenced operations in Riyadh, marking a significant step in China Telecom's international expansion. This launch aligns with the "Belt and Road Initiative" and aims to foster a "China-Arab Community with a Shared Future." The event was attended by over 100 guests, including leaders from various sectors. In his speech, Mr. Liu Guiqing, Executive Director and...

China Telecom has officially launched its Gulf branch in Riyadh, marking a significant step in its international expansion and alignment with the "Belt and Road Initiative." This move aims to strengthen the "China-Arab Community with a Shared Future." The launch event was attended by over 100 guests, including leaders from the Economic and Commercial Office of the Chinese Embassy, Saudi...

The recent collaboration between Vogue Business and the Saudi Fashion Commission during London Fashion Week highlighted the burgeoning fashion and investment opportunities in Saudi Arabia. The event, featuring key figures from the Saudi government and international brands, focused on the Kingdom's supportive measures for foreign luxury brands entering its market. The event featured two roundtable discussions. The first, moderated by...

Saudi Gazette Report RIYADH — Investments in Saudi Arabia's industrial sector surged by 54%, reaching SR 1.5 trillion this year from SR 992 billion in 2019. This growth is attributed to the state's decision to waive fees for expatriate workers in the industrial sector, a policy enacted in 2019 and extended until the end of 2025. An analytical report from...

The Saudi Fashion Commission has released its 2024 State of Fashion Report, highlighting the significant growth in the Kingdom's fashion industry. The report, unveiled during an investment tour in London sponsored by the Fashion Futures initiative, was presented in a custom-designed briefcase by Saudi brand 1886. This publication offers a fresh look at Saudi Arabia's fashion landscape, detailing trends and...

Italy's exports to Saudi Arabia prominently feature fashion, food, and furniture. Italian companies see promising opportunities in sectors like wood, furniture, transportation, and electrical equipment, as highlighted at the "Exporting Digitally - Focus Saudi Arabia" event in Rome, organized by Promos Italia and Sace Education. Saudi Arabia is recognized for its political and economic stability, making it an attractive market....

The Saudi Fashion Commission has unveiled its annual report, the State of Fashion Sector in Saudi Arabia 2024, providing key industry insights and data on the burgeoning Saudi fashion industry. Presented at an investment event in London, the report was showcased creatively, featuring a custom-designed bag by Saudi brand 1886. This report offers a comprehensive look at the Saudi fashion...

Golf Saudi has partnered with Topgolf Callaway Brands to introduce golf entertainment venues and innovative products in Saudi Arabia. This collaboration aims to engage a broader audience and advance golf's future in the rapidly growing Saudi golf ecosystem. Topgolf plans to open three new facilities in Riyadh, Jeddah, and the Eastern Province, with further expansions planned across the country. Topgolf’s...

Saudi Agricultural Fund Enhances Food Sector with $533 Million Support Saudi Arabia’s Agricultural Development Fund has committed SR2 billion ($533.33 million) to bolster food sustainability and security across the nation. This funding will aid various agricultural projects, including red meat and poultry production, greenhouse farming, fish aquaculture, and cold storage. The decision was made during the fund’s third board meeting...

Saudi Arabia's crude oil production rose to 8.94 million barrels per day (bpd) in July, marking a 1.26% increase from June, according to the Joint Organizations Data Initiative. Despite this rise, crude exports fell by 5.06% to 5.74 million bpd. Domestic petroleum demand increased by 79,000 bpd, reaching 2.83 million bpd. During a virtual OPEC+ meeting, member countries reaffirmed their...

Saudi Arabia has introduced new laws for commercial registration and trade names to streamline business operations and improve the business environment. Announced during a Cabinet meeting led by Crown Prince Mohammed Bin Salman, these changes aim to simplify processes and reduce burdens on commercial establishments. In early 2024, the trade sector saw 104,000 new commercial registrations, marking a 59% increase...

Saudi Arabia: Global experience design company Imagination has appointed Abdullah Hamad AIOshaiwan as the new General Manager for Saudi Arabia. Reporting to Elisabeth Anne, Regional Managing Director, Abdullah brings extensive experience from his previous role at the Saudi Esport Federation. At the Saudi Esport Federation, Abdullah excelled as Execution Masterplanner, managing major events and modernizing event management practices. His new...

Saudi Arabia’s Public Investment Fund (PIF) has introduced QSAS, a new company dedicated to creating immersive storytelling experiences rooted in the kingdom’s heritage and Islamic history. QSAS will develop, own, and operate various cultural attractions across Saudi Arabia, including permanent exhibits, touring exhibitions, and multi-sensory experiences. The name QSAS, derived from an Arabic word meaning "stories," will emphasize historical events...

Saudi ports saw a significant increase in container traffic in 2023, with a 14.6% rise compared to the previous year, as per the General Authority for Statistics. Total container traffic surpassed five million TEUs, with inbound containers at 3.4 million TEUs and outbound containers at nearly 2.2 million TEUs. Key ports and their container handling figures for 2023 include: Jeddah...

Saudi Arabia is undergoing a significant transformation with Vision 2030, aiming to diversify its economy and reduce reliance on oil revenues. This initiative promotes growth across various sectors, including increasing private sector GDP contributions and enhancing women's participation in the workforce. The fashion industry is emerging as a key sector for economic growth, driven by shifting consumer preferences, changing retail...

Italian energy engineering firm Saipem announced it has secured a $2 billion offshore contract for the Marjan oil field in Saudi Arabia. This deal is part of an ongoing agreement with Saudi Aramco. Earlier this month, Saipem revealed two additional offshore contracts with Saudi Aramco, totaling $1 billion, and a $4 billion offshore contract with QatarEnergy, a leading LNG supplier....

Riyadh, Saudi Arabia— Jersey Finance, a prominent international financial center, sponsored Informa Connect's inaugural 'Cross-Border Planning: Middle East' conference in Riyadh on 17-18 September 2024, previously held in Dubai. The event at the Hyatt Regency focused on crucial issues for Saudi and global family businesses, including next-generation trends, governance, and succession planning. Notable speakers like Hassan Zawawi, Daniel Pacic, Dan...

Saudi Arabia’s Public Investment Fund (PIF) has launched the National Interactive Entertainment Company, QSAS, to create engaging storytelling experiences that highlight Saudi heritage and Islamic history. QSAS aims to enrich the cultural landscape by developing interactive and creative storytelling experiences. The company will focus on creating, owning, and operating world-class interactive exhibitions across Saudi Arabia, catering to the growing demand...

Asharq Business with Bloomberg, a prominent source of business news in the Arab world, is expanding its programming due to increased daytime viewership. As part of Asharq Network, the channel will now offer extended market coverage from 6:00 AM to 8:00 PM Saudi time on weekdays, with a strong focus on Saudi Arabia. Nabeel Alkhatib, General Manager of Asharq News,...

The Saudi Export Development Authority, through its "Made in Saudi Program," has entered into a strategic Memorandum of Understanding (MoU) with Al Nahdi Medical Company. This collaboration aims to enhance the visibility of national products in Al Nahdi's extensive pharmacy network, a key player in Saudi Arabia's pharmaceutical retail sector. The agreement's signing in Riyadh also introduced the first "Saudi-Made"...

Saudi Arabia is set to create 11,000 cultural jobs through the establishment of the National Interactive Entertainment Company (QSAS) by the Public Investment Fund (PIF). This new entity aims to develop immersive storytelling experiences rooted in Saudi heritage and Islamic history. QSAS will focus on creating and managing world-class interactive exhibitions across the country, catering to the growing demand for...

• The ‘Made in Saudi’ program partners with Nahdi Medical Company to promote Saudi products, enhance their market presence, and support the localization of pharmaceuticals and medical supplies. • Nahdi Medical Company supports national industries by dedicating shelves for Saudi products in its widespread pharmacy network across the Kingdom. Riyadh, Saudi Arabia: The Saudi Exports Development Authority, through the ‘Made...

Saudi Arabia's fashion market is set for significant growth, with the Saudi Fashion Commission's recent report predicting an increase from $30 billion in 2023 to $42 billion by 2028. This sector will contribute 2.5% to the Kingdom's GDP. Burak Cakmak, CEO of the Saudi Fashion Commission, highlighted the alignment of this growth with the country's broader strategy to become a...

Saudi Arabia is emerging as a top destination for luxury. British auction house Christie’s has secured a commercial license in the country, enhancing its footprint in the Middle East.

RIYADH: Saudi Arabia's Minister of Commerce, Dr. Majed Al-Qasabi, announced that businesses need only one commercial registration to operate across the kingdom. The newly approved Law of Commercial Registration and the Law of Trade Names aim to simplify business operations and reduce commercial burdens, according to Al-Qasabi. These laws reflect the latest economic and technological advancements, aligning with Saudi Vision...

An Italian business federation, representing 7,000 companies, has announced plans to boost Italian investments in Saudi Arabia, aligning with Vision 2030. During the Saudi-Italian Business Forum at the Saudi Chambers Federation, key figures including the new Italian Ambassador to Saudi Arabia, Carlo Baldocchi, and representatives from over 140 companies discussed these plans. The federation includes prominent Italian firms across various...

Saudi Arabia is set to make significant strides in its electric vehicle (EV) industry, according to experts at the EV Auto Show in Riyadh. During the panel "The Landscape of Electric Charging in Saudi Arabia," Gasable CEO Ali Ghnaim revealed that around 60% of the local population is open to owning an EV, indicating strong community support for the Kingdom's...