Business

• 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...

Saudi Banking Sector Growth Driven by Diversification Efforts: Moody’s Saudi Arabia's push for economic diversification is accelerating the growth of its banking sector, with sectors like construction and tourism presenting lucrative lending opportunities, according to Moody’s. Moody’s recent report highlights that the Kingdom's banking loan portfolio has improved, spurred by the national agenda to reduce reliance on hydrocarbon revenues. The...

UK firms are set to expand in Saudi Arabia following a key ministerial meeting aimed at strengthening trade relations. The goal is to boost bilateral trade to $39.6 billion by 2030. In the year leading up to Q1 2024, UK-Saudi trade in goods and services reached $23.2 billion, as reported by the UK's department for business and trade. Saudi Arabia's...

Saudi Arabia’s Public Investment Fund has introduced the National Interactive Entertainment Co., also known as QSAS, to develop immersive storytelling experiences based on the Kingdom’s heritage and Islamic history. QSAS will focus on creating, owning, and operating top-tier interactive exhibitions across Saudi Arabia. This move supports the Kingdom's aim to preserve cultural heritage while fostering business opportunities, aligning with PIF’s...

Saudi Arabia’s Public Investment Fund (PIF) has unveiled the National Interactive Entertainment Co., known as QSAS, to create immersive storytelling experiences that highlight the Kingdom’s heritage and Islamic history. QSAS aims to develop, own, and operate top-tier interactive exhibitions across Saudi Arabia. This initiative aligns with the Kingdom’s objective of preserving cultural heritage while fostering business opportunities, supporting PIF’s strategy...

Saudi Arabia Introduces Customs Exemption for Experimental Production Saudi Arabia has unveiled a new customs exemption aimed at boosting the industrial sector by eliminating duties on raw materials used in experimental production. Experimental production refers to creating goods or services on a trial basis to test new ideas and technologies before full-scale implementation. This helps in assessing feasibility, identifying challenges,...

Saudi Arabia is poised for a robust year in initial public offerings (IPOs), with over 50 expected and 35 already completed. Mohammed Al-Rumaih, CEO of Saudi Exchange, disclosed this at the EFG Hermes annual investor conference. Saudi IPO Market Overview Saudi Arabia leads the MENA region in IPO activity, raising $724 million from nine listings in Q1 2024. Notable IPOs...

Saudi Arabia has introduced new laws for commercial registration and trade names to streamline business operations and enhance the working environment. These changes were approved during the weekly Cabinet session chaired by Crown Prince Mohammed bin Salman in Riyadh. In the first quarter of 2024, the Kingdom's trade industry saw 104,000 commercial registrations, a 59% increase from the same period...

KIVERCO Secures Major Contracts in Saudi Arabia with UK Government Support KIVERCO, known for their waste-recycling equipment, has landed multi-million-pound contracts in Saudi Arabia, thanks to backing from UK Export Finance (UKEF). A £350,000 export insurance from UKEF enables KIVERCO to fulfill these significant contracts, increasing revenue and supporting 100 local jobs. With over 300 recycling plants in the UK...

Pluto, a leading UAE-based expense and account payables management platform, has announced a strategic partnership with Saudi fintech company neoleap. This collaboration, revealed at the 24 Fintech conference in Riyadh, signifies Pluto's entry into the Saudi market, facilitating seamless operations for its global clientele within the Kingdom. Through this partnership, Pluto will integrate its corporate card and AI-powered expense management...

Saudi Arabia: Imagination, a globally recognized experience design firm, has appointed Abdullah Hamad AIOshaiwan as the new General Manager for Saudi Arabia. He will report to Elisabeth Anne, the recently named Regional Managing Director. Abdullah transitions from the Saudi Esport Federation, where he was pivotal in executing large-scale events and modernizing event management. At Imagination, he will lead the Saudi...

Yango Tech, a key player in e-commerce technology, has partnered with Al Sadhan and SPAR at the GAIN Summit in Saudi Arabia. This alliance aims to enhance retail technology and digital capabilities in the MENA region, making shopping more efficient and accessible for consumers. The agreement was signed at the King Abdulaziz International Convention Centre in Riyadh. Key figures such...

Saudi Arabia has introduced a customs exemption for industrial businesses to help diversify and strengthen its economy. The Ministry of Industry and Mineral Resources has launched this service through the Senaei platform to aid industrial facilities with licenses during their construction phase. This initiative removes customs duties on raw materials used in experimental production within set quantities, enhancing the industrial...

Saudi Arabian Mining Company (Ma'aden), the region's largest metals and mining firm, has announced the acquisition of SABIC's 20.62% stake in Aluminium Bahrain (ALBA). This acquisition aligns with Ma'aden's strategy to enhance regional growth opportunities. It is a significant part of their expansion plans aimed at increasing their aluminium business tenfold by 2040, underscoring aluminium's importance in their future growth....

Saudi Arabia and the UK have achieved record trade levels surpassing $21.7 billion and aim to boost bilateral trade to $37.5 billion by 2030. In Riyadh, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met with British Minister of State for Business and Trade Jonathan Reynolds to discuss cooperation in critical minerals, essential for energy transition and advanced industries...

The Saudi Council of Ministers has approved the Law of Commercial Registration and the Law of Trade Names, aiming to streamline business operations in the Kingdom. According to Minister of Commerce Dr. Majed Al-Qasabi, these laws will simplify business practices and reduce the burdens on commercial establishments. They align with the Saudi Vision 2030, reflecting the Kingdom's economic and technological...

Swvl Holdings Corp, a leading provider of enterprise and government mobility solutions, has secured new contracts in Saudi Arabia worth $2.6 million annually. This represents a significant 10% increase in the company's 2023 revenue. Swvl's gross profit in the region has grown sixfold since the first quarter, aligning with its strategic focus on expanding in Saudi Arabia, its fastest-growing market....

A Saudi Arabian cat food company, inspired by Islamic teachings on kindness to animals, is helping care for stray and abandoned cats across the Kingdom. Named after Abu Huraira, a companion of Prophet Muhammad known for his love of cats, the Horayra firm embodies compassion towards animals. Abu Huraira, meaning "Father of the kitten," often carried a kitten with him,...

Saudi Arabia's industrial sector is set for substantial growth through the Rafid program, which partners with academic institutions to drive innovation and research in manufacturing. Led by the Ministry of Industry and Mineral Resources, this initiative aims to boost the Kingdom's advanced national industry by collaborating with local universities and technical colleges, aligning with the National Industrial Strategy. Focusing on...

Analytix has become a top business solution provider in Saudi Arabia, aiding international organizations and foreign investors in setting up their businesses. With 15 years of experience, they have assisted over 1800 companies from 14 countries across 20 industries. Analytix offers diverse services for business establishment and operations in Saudi Arabia. Starting and growing a business in Saudi Arabia involves...

Saudi Arabia is localizing rose cultivation to meet local demand, create jobs, and cut down on costly imports of lesser quality. This move supports Vision 2030 by boosting exports to Gulf and Middle Eastern markets and encouraging agricultural growth. The Ministry of Environment, Water and Agriculture has introduced incentives to strengthen the rose production sector. These include financial returns to...

UK companies are planning to expand operations in Saudi Arabia following high-level discussions aimed at strengthening trade partnerships between the two nations. Saudi Arabia's Minister of Commerce, Majid Al-Qasabi, met with the UK’s Secretary of State for Business and Trade, Jonathan Reynolds, in Riyadh to discuss enhancing economic collaboration in key sectors. The discussions focused on boosting and financing emerging...

Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, met with the UK's Secretary of State for Business and Trade, Jonathan Reynolds. They explored ways to enhance industrial and mining cooperation and discussed investment opportunities for British firms. The meeting focused on strengthening the economic relationship between Saudi Arabia and the UK, particularly in the industrial and mining sectors....

RIYADH, Saudi Arabia: Saudi Commerce Minister Dr. Majed Al-Qasabi announced an imminent agreement to encourage and protect Saudi investments in Egypt, marking a step toward stronger economic ties. The announcement was made during a meeting of Saudi and Egyptian officials and investors, organized by the Federation of Saudi Chambers of Commerce, coinciding with Egyptian Prime Minister Dr. Mostafa Madbouly’s visit...

NTT Data has appointed Rami Beidas as the new leader of its Saudi Arabia office. Based in Riyadh, Beidas will guide NTT Data's strategic direction in Saudi Arabia. His duties encompass boosting sales, enhancing product and service offerings, and improving customer experiences. He will also foster relationships with regional ecosystem partners. “I am excited to bring my experience and leadership...