Business

The Kingdom of Saudi Arabia is witnessing a remarkable increase in the number of women joining the labor market, a change spurred by better access to education, lower birth rates, and a shift towards a more inclusive society.This upward trend has allowed the nation to surpass the gender participation objectives set in its ambitious Vision 2030 reform plan, as per...

The financial implications of engaging top-tier software development firms in Saudi Arabia hinge on several determinants. These include the anticipated functionality of the software, the intricacy of its design, the chosen technological tools and frameworks, and the scale of the team deployed for the project.Providing an approximate pricing range, bespoke software initiatives might see budgets starting from the vicinity of...

Riyadh is poised to become a hub for financial technology innovation as it prepares to host the inaugural 24 Fintech Conference. This pivotal event will convene experts and stakeholders in the financial technology arena from September 3 to 5 at the Riyadh Front Exhibition & Conference Center. The event is being spearheaded by a coalition of authoritative organizations, including the...

Sawani, an enterprise under the umbrella of the Public Investment Fund (PIF), has recently celebrated a significant triumph for its Noug label, being honored with the Superior Taste Award 2024 by the International Taste Institute situated in Brussels. The brand's innovative offerings, specifically the lavender-infused camel milk and the Shaqra pepper cheese, succeeded in enchanting a jury composed of esteemed...

The Buraidah Dates Carnival, a prime marketing event in the Qassim Region, is facilitated by the Ministry of Environment, Water, and Agriculture and managed by the National Center for Palms and Dates. This event stands as a significant commercial hub, drawing in over a thousand vehicles each day, brimming with tons of dates ready for sale and distribution. These dates,...

Faisal Sultan, Lucid Middle East's Vice President and Managing Director, has expressed confidence in Saudi Arabia's potential to become a top player in the global automotive industry, particularly in the production of electric vehicles (EVs).The nation has set an ambitious target to manufacture 500,000 electric vehicles each year by 2030, which is part of a substantial $50 billion investment in...

In the initial quarter of 2024, Saudi Arabia experienced a surge in the construction industry, with the value of contracts awarded amplifying by 79% to hit SR118.8 billion ($31.65 billion). This leap represents the second highest recorded figure since the peak of SR147.1 billion in Q3 2015, showing a robust 35% increase from the preceding quarter in 2023.The impetus behind...

As the largest oil and gas entity globally, Saudi Aramco is intensifying its collaborations with China in the realms of petrochemicals and sustainable solutions. This initiative is part of the company’s strategy to diversify its business operations while supporting the net-zero ambitions of China, the world's top emitter of greenhouse gases."Our relationship with China has grown far beyond crude oil...

In the ever-evolving quest for operational efficiency, innovation, and profitability, the Gulf's corporate landscape is on the cusp of a transformative leap, thanks to SAP's generative artificial intelligence (AI) initiative, Joule. The German tech giant is embedding advanced AI tools into the fabric of business processes to refine workflows, sharpen decision-making, and ramp up productivity across diverse sectors.Ahmed Al-Faifi, SAP's...

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is intensifying its collaborative efforts with the Saudi EXIM Bank to propel commerce within the member states of the Organization of Islamic Cooperation (OIC). This joint venture has been fruitful, leading to the discovery of new marketplaces, smoothing the way for more seamless interactions between Saudi enterprises and...

In an effort to expand its reach within the Middle Eastern automotive care market, IGL Coatings has named Lamaan (IGL Coatings Saudi Arabia) as its sole distributor in Saudi Arabia. This move is set to bring innovative and high-quality car care solutions to the kingdom.IGL Coatings is renowned for its commitment to research and development, producing industry-leading coatings that offer...

The global consulting firm EY, previously known as Ernst & Young, has selected Saudi Arabia's capital, Riyadh, as the central point for its regional operations.Spanning the Middle East and North Africa, EY will manage an 8,000-strong workforce from 15 nations, stationed at its new premises within the King Abdullah Financial District in Riyadh, as stated in an official announcement.The choice...

In a strategic move within the business media sector, Almar Water Solutions, an entity under the umbrella of Saudi Arabian conglomerate Abdul Latif Jameel Energy, is poised to enter a partnership with Chile's government-supported Codelco for the Maricunga lithium mining initiative.Established in 1976, Codelco is a prominent name in the Chilean mining industry, primarily known for its copper production.Located in...

The legal sector in Saudi Arabia is currently at the heart of widespread anticipation, prompted by reports of a likely overhaul allowing wholly-owned foreign law firm subsidiaries to operate within the country. Such a shift could significantly alter the legal market in the region's most robust economy, potentially inviting a wave of international firms to the Gulf's most populous nation.The...

The business landscape in Saudi Arabia has been invigorated through a series of regulatory adjustments aimed at fostering a more dynamic and competitive market environment. Notably, the recent modifications to merger control filing thresholds reflect a concerted effort by the General Authority for Competition (GAC) to align with global best practices.Half a year following the announcement, the consensus among prominent...

Germany, Berlin: Siemens Energy has announced a significant order from Saudi Arabia, delivering leading-edge power plant technologies with a combined capacity nearing 4 gigawatts (GW). This strategic move includes a comprehensive 25-year maintenance contract for two state-of-the-art combined-cycle power plants, Taiba 2 and Qassim 2, valued at approximately USD 1.5 billion.The use of Siemens Energy's advanced gas turbines, alongside steam...

In commemoration of World Seafarers Day, Saudi Arabia's Transport General Authority (TGA) has lauded the dedication and service of over 2,100 Saudi seafarers who are part of the Kingdom's robust maritime fleet, comprising more than 420 vessels. This annual observance, instituted by the United Nations International Maritime Organization (IMO), underscores the pivotal contributions of maritime professionals to the global economy....

Sultan bin Abdulrahman Al-Marshad, the Chief Executive Officer of the Saudi Fund for Development (SFD), was actively engaged in the OPEC Fund Development Forum held in Vienna. His participation was marked by discussions aimed at enhancing support for nations working towards the Sustainable Development Goals amidst the backdrop of current worldwide challenges. During the event, Al-Marshad met with Julius Maada...

Kuwait's sovereign wealth fund, controlling over $800 billion in assets, is set to inaugurate a branch in Saudi Arabia, aiming to enhance the partnership among the oil-producing countries.The decision by the Kuwait Investment Authority (KIA) to establish a presence in Saudi Arabia was announced by the organization's Chairman and Finance Minister, Anwar Al-Mudhaf. He emphasized that this strategic move is...

In an effort to transition towards cleaner energy sources, Saudi Arabia has made significant strides by striking a lucrative deal with Siemens Energy for the maintenance of two new gas-fired power plants. Valued at approximately $1.5 billion, the agreement spans a 25-year period and is a part of the kingdom's broader environmental goals.Siemens Energy will not only maintain these facilities...

With the objective to forge pathways towards a prosperous tomorrow, the heads of institutions within the Arab Coordination Group assembled in Vienna for their 19th meeting. The gathering was steered by the President of the Islamic Development Bank Group (IsDB), Dr. Mohammed Al-Jasser, and saw the participation of delegates from numerous member organizations. Among them were the Islamic Development Bank,...

The IMARC Group's latest comprehensive study, titled 'Saudi Arabia Watch Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,' delves deeply into the market dynamics. It provides an extensive competitor and regional analysis, and dissects the various industry segments.The projection for the Saudi Arabia watch market foresees a growth momentum with a compound annual growth rate (CAGR) of 2.68%...

Saudi Arabian and British officials convened in London to discuss joint ventures in urban development, eco-friendly technology, and the financing of infrastructure. The UK-Saudi Sustainable Infrastructure Summit, which took place on June 24, saw the gathering of over 250 industrial and financial leaders from both nations, including notable participants from massive giga-projects.Following strong bilateral ties, the two countries inked an...

Saudi Arabia has revealed its ambition to construct a state-of-the-art performing arts center within the expansive Qiddiya City, situated on the periphery of Riyadh. The Qiddiya Performing Arts Centre is projected to attract over 800,000 visitors each year and will feature more than 260 annual indoor and outdoor performances across its three theaters, summing up to 3,000 seats. The Qiddiya...

Siemens Energy has recently finalized a monumental $1.5 billion agreement, entailing the provision of vital components for a pair of gas-fired power plants in Saudi Arabia, alongside a commitment to upkeep these facilities for a quarter of a century.The two installations, known as Taiba 2 and Qassim 2, are slated to generate a substantial four gigawatts of electricity collectively. Their...

The Qiddiya Investment Company (QIC) has revealed plans for a new Performing Arts Centre in Saudi Arabia, poised to make a significant impact on the cultural fabric of the nation. This avant-garde institution is expected to become a dynamic addition to Qiddiya City, offering a range of attractions to both residents and tourists.Characterized by its distinctive architectural design, cutting-edge technology,...

Over recent years, the resilience landscape in Saudi Arabia has undergone significant transformation, influenced by global risk management trends, regional regulatory reforms, and a push for economic diversification. These developments have presented both substantial challenges and opportunities for reinforcing the nation's resilience capabilities.With the Saudi government's Vision 2030 plan, there is an emphasis on diminishing dependence on oil by nurturing...

The National Industrial Development and Logistics Program (NIDLP) is set to demonstrate its progress and new initiatives at the Transport Logistic China exhibition in Shanghai. From June 25 to 27, NIDLP will join forces with 13 other entities that specialize in transport and logistics, all congregating under the Saudi pavilion.Within the framework of the "Invest Saudi" initiative, the pavilion curated...

Leading corporations from both the United Kingdom and Saudi Arabia are aligning at the UK-Saudi Sustainable Infrastructure Summit in London from June 24 to June 26.As per the details disclosed to a regional newspaper, the Federation of Saudi Chambers is geared up to gather a significant ensemble of businesses focused on sustainable infrastructure to discuss potential collaborations with the UK...

The world is closely monitoring the pivotal petrodollar agreement, with the US dollar's supremacy hinging on Saudi Arabia's pivotal decision to either continue its endorsement for global trade or to shift towards embracing local currencies. The Chinese yuan is poised to assume a significant role in the oil and gas industry's transactions, casting a shadow of uncertainty over the US...