Business

Wardwizard Innovations & Mobility announced plans to form a joint venture in Saudi Arabia to establish two electric vehicle assembly plants. The company received a Letter of Intent (LoI) from Saudi Arabia confirming the collaboration. The feasibility study for the project has been completed, affirming its viability. This partnership is a significant endorsement of our capabilities in the electric mobility...

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, has invited Chinese companies to invest in Saudi Arabia's key industrial sectors, such as automotive, food, pharmaceutical, and aviation. This invitation was extended during a roundtable meeting in Guangzhou organized by the Federation of Chambers of Commerce. Al-Khorayef highlighted the Kingdom's offerings to industrial investors, including developed industrial lands,...

Saudi Arabia has eliminated hospitality license fees to boost tourism and attract investments, effective September 4. As part of its broader Tourism Investment Enabler Program, Saudi Arabia has announced the removal of fees for commercial activity licenses in the hospitality industry, including hotels, hotel apartments, and residential resorts. This initiative is aligned with the Kingdom's Vision 2030, aiming to diversify...

Saudi Arabia has announced the cancellation of fees for commercial activity licenses for hotels, hotel apartments, and residential resorts. This move, reported by the state news agency SPA, is effective from September 4. This decision is part of the Tourism Investment Enabler Program, launched in March, which aims to position Saudi Arabia as a global tourism leader. The initiative supports...

News Saudi Arabian autotech company Syarah has secured $60 million in a Series C funding round. The round was led by Artal Capital with contributions from Elm, Impact46, Tawuniya, and Derayah Ventures, bringing Syarah's total funding to over $82 million. Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah offers online car purchases with home delivery. In 2019, Syarah...

Saudi Arabia is set to enhance economic ties with Eastern Europe through a new regional business council, aiming to unlock investment opportunities. The Federation of Saudi Chambers has announced the council for the 2024-2028 term. Hashem Al-Zahrani will chair the council, with Marwan Al-Mutlaq and Abdullah Al-Bassami serving as vice-chairmen. This initiative aligns with the Kingdom’s Vision 2030 to expand...

China and Saudi Arabia to Boost Cooperation in New Energy As Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, visits China and Singapore with an economic delegation, Chinese experts highlight the focus on enhancing collaboration in vehicle, automation, and technology sectors. This visit aims to foster mutual growth in sustainable development and economic diversification. Analysts note...

Virgin Atlantic is set to launch new routes from London Heathrow to Riyadh, Saudi Arabia, and Accra, Ghana, in summer 2025. Tickets will be available starting September 12, 2024. The daily service to Riyadh's King Khalid International Airport is designed to support the growth anticipated from Saudi Vision 2030. Forecasts suggest a 24% increase in air travel between the UK...

Saudi Arabia is pursuing partnerships with Chinese firms in the automotive and automation sectors as a high-ranking industrial official begins an East Asian tour this week. Bandar Alkhorayef, Saudi Arabia's industry and mineral resources minister, is leading a delegation to Guangzhou, Hong Kong, and Singapore. The visit, running until September 8, aims to enhance relations and explore joint ventures. In...

Saudi Arabia's e-commerce boom showcases its leaders' commitment to technological advancement, aiming to enhance remote shopping and cashless payments. This aligns with the country's digitization efforts to modernize and diversify its economy. The General Authority for Small and Medium Enterprises (Monsha'at) recently released a report titled ‘Small and Medium Enterprises and Promising Prospects for E-Commerce’, highlighting significant progress in this...

As Saudi Arabia’s new Personal Data Protection Law (PDPL) takes effect, businesses must align with stringent data privacy standards. Modeled on the EU’s GDPR, the PDPL aims to protect personal information and regulate data handling, supporting Saudi Arabia’s Vision 2030 goals. Understanding the Obligations Companies are required to obtain explicit consent for data collection, maintain strong security measures, and report...

In a rapidly growing economy, organizational stability is crucial. Business continuity has become vital in Saudi Arabia, driven by the Vision 2030 initiative aimed at diversifying the economy beyond oil. This article explores the growing importance of business continuity in the Kingdom, the challenges faced, and future prospects. Impact of Vision 2030 on Business Continuity Vision 2030 has introduced new...

The Saudi Ports Authority, known as Mawani, has recently observed a significant uptick in its cargo handling operations. In the month of July, there was a 9.11% increase in cargo volume, which equated to 27,382,403 tons, surpassing the previous year's figure of 25,096,888 tons. An analysis of Mawani's data reveals that the influx of inbound containers escalated by 15.72%, reaching...

In an ambitious move to enhance trade relations, Saudi Arabia has been spearheading a significant push to establish and optimize maritime routes with the Republic of Djibouti. This initiative seeks to utilize the capabilities of the Saudi Logistics City situated within Djibouti's free zone. Formed under a June agreement, this hub aims to serve as a gateway for Saudi exports...

The King Abdulaziz Port in Dammam has recently achieved a remarkable feat by processing a record number of 20,645 twenty-foot equivalent units (TEUs) from a single vessel, the COSCO SHIPPING AQUARIUS 036E. This event marks a significant milestone for the port, reflecting its critical role in bolstering trade and logistics in alignment with the National Transport and Logistics Strategy's ambitions...

As the calendar turns to August in Aseer, a remarkable shift in consumer behavior has been noted. The region, typically known for its arid climate, is now awash with rains, leading to a spike in the demand for umbrellas. Unlike the common sun protection varieties, these umbrellas serve as a barrier against the unseasonal showers that have drawn outdoor aficionados...

In a significant development within the oil and gas sector, Aramco has announced its acquisition of an additional 22.5% interest in Rabigh Refining and Petrochemical Co. (Petro Rabigh), a deal valued at $702 million. This transaction increases Aramco's shares in the west coast-based complex of the Kingdom of Saudi Arabia to approximately 60%, transforming it into Petro Rabigh's primary shareholder....

The economic landscape has been continually evolving through the centuries, and today we stand on the brink of another significant transformation. The business media sector is closely observing as international trade takes strides towards digitization.An in-depth discussion with experts Sean Bowey, Head of Product at SAB, and Neil Shonhard, CEO of MonetaGo, sheds light on the digital advancements within Saudi...

The Saudi Electricity Company (SEC) has exhibited a substantial financial growth in both the first half and the second quarter of 2024. The company's revenues have witnessed a significant uplift of 15.5% year-over-year, reaching SAR38.2 billion in the first half of the year, while the net profit has experienced a 16.6% ascent to SAR5.2 billion. The second quarter continued this...

Saudi Arabian software-as-a-service provider Blend has successfully secured $1.3 million in pre-seed funding, supported by a collective of undisclosed angel investors. Established in 2023 by entrepreneur Omar bin Sultan Al-Lihyan, Blend's innovative system centralizes various food delivery platforms onto a single interface, streamlining order and item management as well as report tracking for restaurateurs. The injection of capital is earmarked...

Convergint has recently unveiled its strategic growth into the Saudi Arabian market, broadening its Middle East & Africa (MEA) presence. The organization is set to deliver a diverse array of sophisticated offerings, including security, IT infrastructure, and audio-visual systems. With a vast technical team that spans over 10,000 individuals across 220 worldwide locations, Convergint crafts cutting-edge technology systems tailored for...

Saudi Arabia is on a mission to strengthen its technology talent pool, driven by the grand aspirations of its Vision 2030 initiative. At the forefront of this transformation are the highly skilled engineers responsible for bringing the nation's ambitious infrastructural and mega-projects to life. Historically, these engineering roles have been predominantly filled by expatriates, attracted by lucrative salaries and the...

The partnership between China and Saudi Arabia in the energy sector is poised to yield significant benefits, especially with the advancements in solar power. A recent report by Reuters highlighted that China Energy Engineering has secured a contract worth 6.98 billion yuan (approximately $972 million) to construct a solar power facility in the Kingdom of Saudi Arabia.This 2-gigawatt photovoltaic power...

In a move set to revolutionize the Kingdom's industrial and mining landscape, the Ministry of Industry and Mineral Resources has unveiled innovative initiatives aimed at strengthening the non-profit sector's role in these fields. This strategic plan is in sync with both the National Industrial Strategy and the transformative Saudi Vision 2030, and it intends to significantly bolster the sector's impact....

Operating from its strategic hub in Riyadh, FTI Consulting provides indispensable support to Saudi Arabian enterprises grappling with their most daunting and intricate challenges, including transformations, risks, and legal disputes. Employing a blend of deep sector knowledge, technical proficiency, and an expansive international presence cultivated over four decades, the firm delivers an all-encompassing suite of services. These services span several...

Tuwaiq Academy has announced the commencement of registration for its forthcoming Governance, Risk, and Compliance (GRC) boot camp, which is poised to begin on September 22, 2024, at the institution's premises in Riyadh. This rigorous training program, spanning three months, is specifically tailored for Saudi professionals to fortify their skills in managing cybersecurity threats with proficiency.Participants who successfully complete the...

Global systems integration authority Convergint has officially declared its operational launch in Saudi Arabia, marking a significant extension of its Middle East and Africa (MEA) presence. This strategic move is a continuation of its years-long presence in the UAE, with existing offices in Dubai and Abu Dhabi, as well as Iraq and South Africa.Convergint's entry into the Saudi market positions...

Real Madrid's prominent Brazilian footballer Vinicius Jr is reportedly deliberating a groundbreaking transfer to the Saudi Pro League, with discussions hinting at a deal valued at €1bn ($1.1bn).An undisclosed source mentioned that the Public Investment Fund (PIF) has reached out to the 24-year-old forward to gauge his interest in joining the Saudi football scene.Should he accept, Vinicius Jr could be...

The Saudi Investment Recycling Company (SIRC) has recently celebrated a significant achievement by exporting its first batch of recycled and heat-washed PET flakes to a leading UK manufacturer of recycled PET bottles. This milestone follows the company's successful foray into the European market, which began with shipments to Spain and has now reached a total of over 1,650 tons of...

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Japan Bank for International Cooperation (JBIC) have recently inked a pact aimed at amplifying trade and investment activities between Japan and nations that are members of the ICIEC. This collaboration is expected to harness ICIEC's prowess in insurance and JBIC's financial expertise to propel transactions with...