Business

As Saudi Arabia strides towards becoming a top international tourist destination and a pivotal regional commercial nexus, there is mounting speculation that the nation might progressively ease its prohibition on alcohol.In a move seen as testing public sentiment, the Saudi authorities permitted the launch of a liquor outlet within Riyadh's al-Sarafat diplomatic zone in February, exclusively for non-Muslim personnel of...

The serene private farms nestled in the Al-Baha region are fast becoming favored tourist hotspots. One such example is Al-Hazem farm, located in Al-Mandaq Governorate, which has undergone a significant transformation to underscore the area's distinctive blend of agriculture and tourism opportunities. Owners have meticulously rejuvenated these farms with a variety of trees and picturesque, rustic cabins, strategically designed to...

Saudi Arabia is at the forefront of diversifying the Middle East's economy by emphasizing the mining and production of base metals, a sector traditionally overshadowed by the region's oil and gas dominance. This strategic shift is inspiring neighboring countries to expand their roles in the base metals markets.With vast untapped copper reserves, Saudi Arabia is actively exploring for copper, gold,...

Prince Khaled bin Alwaleed bin Talal Al Saud recently imparted words of caution regarding the challenges of achieving success in the Saudi Arabian market, emphasizing the critical need for investment and commitment.Speaking at the 'Venture Capital View' panel during the third annual Red Sea Food Tech Connect in Riyadh, he debated alongside Abdulrahman AlJiffry from 500 Global.The Prince, serving as...

Riyadh, the thriving capital of Saudi Arabia, is not only the country's largest metropolis but also a pivotal cultural and financial hub. Encompassing an area exceeding 1,500 square kilometers, Riyadh is a city that boasts year-round major sporting events, including high-profile boxing matches and Formula 1 races, positioning it as a city of international repute.The city's skyline, punctuated by towering...

Sigma Lithium, a prominent player in the global lithium market, recently played a significant role in Saudi Arabia’s Future Investments Initiatives Priority Summit held in Rio de Janeiro. This event, a precursor to the 2024 G20 summit in Brazil, brought together influential figures, including the President of Brazil and key business executives, to discuss investment opportunities under the 'Invest in...

Thierry Rayer recently unveiled the 'Universæ Analysis' methodology, a novel approach for dissecting and interpreting artworks and historical landmarks. This technique strives to uncover the concealed layers and map out the historical and cultural threads that intertwine globally. We apply Universæ Analysis to masterpieces from Da Vinci, Brancusi, Kandinsky, and key cultural landmarks. Through a blend of biology, geometry, mathematics,...

The Brazilian aerospace conglomerate Embraer is setting its sights on broadening its footprint within the defense sector by targeting key international markets. The defense division of Embraer is keen on scaling up the distribution of their C-390 Millennium aircraft, focusing on strategic regions including India, Saudi Arabia, the European Union, and the United States.Amidst the current endeavors, India has publicly...

Bedding Industries of America (BIA) is bolstering its business footprint in the Middle East and North Africa (MENA) by partnering with Bed Quarter Company, which is under the MAZ Holding Group umbrella in Saudi Arabia.Established 27 years ago, Bed Quarter boasts a modern production site situated in Sudair Industrial Area, just north of Riyadh, and commands a network of over...

Embraer, the Brazilian aerospace conglomerate, has identified key markets for the proliferation of its defense sector, particularly for the C-390 Millennium aircraft. The company's defense chief disclosed that India, Saudi Arabia, the European Union, and the United States are of significant interest for expanding their military plane sales.An ongoing bid in India for military aircraft aligns with Embraer's interests, while...

The eagerly anticipated collaboration between Neom and the Danish transport giant DSV, valued at $10 billion, has encountered a delay. The joint venture, which was scheduled to commence operations in the second quarter of this year, is currently on hold due to pending regulatory clearances.While the hindrance has affected the timeline, DSV maintains a steadfast commitment to its partnership with...

The Kingdom of Saudi Arabia has achieved significant recognition in the global arena by securing the 16th position among 67 countries in the World Competitiveness Yearbook, a report published by a Swiss-based Institute for Management Development. The annual publication, which provides a comparative analysis of the competitiveness of nations and enterprises, is a collaborative endeavor between the National Competitiveness Center...

The Kingdom of Saudi Arabia has achieved a notable position in the arena of global competitiveness, ascending to 16th place among 67 countries, as per the latest findings from the Swiss-based Institute for Management Development (IMD) World Competitiveness Yearbook. This marks an improvement from its previous standing, signaling the Kingdom's ongoing commitment to enhancing its competitive edge.The IMD's annual publication...

RIYADH: Making strides in its economic diversification initiatives, Saudi Arabia has climbed to the 16th position in the World Competitiveness Index 2024, marking an improvement from its previous ranking. A report by a prominent Switzerland-based management institute indicates the Kingdom's jump from 24th in 2022 and 32nd in 2021, crediting the rise to its Vision 2030 agenda, which has bolstered...

Menswear labels looking to penetrate the Saudi market should note the preference for plush materials and roomy designs. This insight comes from the CEO of Mytheresa, Michael Kliger, who shared his observations at the WWD Global Fashion Summit held in Riyadh.Kliger painted a picture of the Saudi clientele as cosmopolitan, fashion-savvy, and used to lofty standards of service. He emphasized...

Akasa Air, a swiftly expanding carrier in India, has commenced a new service with direct daily connections between Riyadh and Mumbai. This new venture commenced with the inaugural flight from Chhatrapati Shivaji Maharaj International Airport in Mumbai, which took off at 2220hrs IST on the 15th of June 2024, and landed at King Khalid International Airport in Riyadh at 0015hrs...

Akasa Air, India's burgeoning airline, has launched its daily service from Riyadh to Mumbai, marking a significant expansion within Saudi Arabia. On June 15, 2024, the maiden flight took off from Mumbai's Chhatrapati Shivaji Maharaj International Airport at 10:20 PM IST, touching down at King Khalid International Airport in Riyadh at 12:15 AM AST. This addition cements Akasa Air's growing...

Employees at Saudi state-supported firms have experienced unexpected budget reductions in recent times, with the onset of these austerity measures traceable to the first quarter of 2024. The impact has been widespread, touching various industries including the media and the nation's ambitious giga projects. This led to a significant slash in departmental budgets, job layoffs, and a concerted effort to...

The Chilean administration has announced that a key Saudi Arabian official specializing in mining affairs is scheduled to visit Chile in July for a bilateral meeting in the capital city of Santiago.The dignitary, Saudi Arabia's Minister of Industry and Mineral Resources, has previously expressed to the media in March an interest in international lithium acquisitions, aligning with the country's ambitions...

Dana White expressed satisfaction with the UFC's ability to arrange substitute bouts for two significant events this month, attributing Conor McGregor's absence due to injury as part of the combat sport's unpredictable nature. He also hinted at the potential involvement with an emerging Saudi boxing league.The UFC, a subsidiary of the TKO Group Holdings, saw a 2.1% decline in its...

The commencement of Hajj marks an influx of over 1.5 million Muslims to Saudi Arabia, embarking on a significant spiritual journey. As one of the largest human assemblies globally, Hajj draws believers to the holiest city of Mecca, where they partake in various spiritual practices, such as circumambulating the Kaaba and converging near Mount Arafat, the location of Prophet Muhammad's...

The beginning of 2024 has seen a notable surge in the tourism sector of Madinah, with early indicators pointing to a substantial leap forward when compared to the previous year's figures. A recent economic analysis released by the Madinah Chamber for the initial quarter of 2024 showcases this upward trajectory. According to the report, there has been a 15.3% rise...

The National Competitiveness Center's Chairman and Saudi Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, was present at the 60th-anniversary festivities of the UN Trade and Development Organization (UNCTAD) held in Geneva. This landmark event, under the theme 'Charting a New Development Course in a Changing World', saw the attendance of UN Secretary-General António Guterres along with distinguished government officials...

The Arab League, in partnership with Japan, is set to convene the fifth session of the Japan-Arab Economic Forum in Tokyo, scheduled to run from July 9 to 11. This forum aims to delve into the prospects of fortifying economic ties between Japan and Arab nations, encompassing a broad array of sectors. According to an official communique, the agenda for...

The Saudi Export-Import Bank (Saudi EXIM) made a significant appearance at the recently held TXF Global 2024 in Athens, a conference dedicated to exploring new prospects and confronting challenges in export credit and international trade finance. Eng. Saad bin Abdulaziz Al-Khalab, CEO of Saudi EXIM, delivered insights into the institution's pivotal role in propelling the Kingdom's non-oil exports into the...

In a recent strategic move, subsidiaries of Aramco and NextDecade Corporation have inked a preliminary agreement that could lead to a significant 20-year purchase of liquefied natural gas (LNG). This development is centered around the planned Train 4 at the Rio Grande LNG project in Brownsville, Texas. The provisional Heads of Agreement (HoA) outlines that Aramco would acquire 1.2 million...

A planned project, pending financial backing, is set to unite numerous top-tier boxers under a Saudi-led professional league. This initiative aims to consolidate the fragmented and often disorganized landscape of boxing promotions into a single entity that could dramatically alter the future of the sport.Saudi Arabia, having made significant forays into professional golf and soccer, is now poised to make...

In a significant move to bolster non-oil exports, the Saudi EXIM Bank has partnered with the Swedish Export Credit Agency through a memorandum of understanding. This collaboration intends to fortify trade relations, magnify Saudi Arabia's presence in Swedish markets, and explore fresh investment avenues.The agreement was formalized in Athens, where Saad Al-Khalb, the CEO of Saudi EXIM, and Anna-Karin Jatko,...

The 'Made in Saudi' program, spearheaded by the Saudi Export Development Authority, has been honored with a bronze award in the 'Marketing via Digital Media' category at the prestigious MMA SMARTIES International Awards. This accolade is a testament to the program's success in leveraging digital platforms to craft a cohesive and impactful brand narrative. An esteemed panel of marketing specialists...

MDLBEAST, a music entertainment powerhouse based in Saudi Arabia, has recently established a music publishing branch named MDLBEAST Publishing. This new arm of the business is set to foster collaborations with songwriters, producers, and artists not just in Saudi Arabia but throughout the Middle East and North Africa (MENA).The freshly minted division is entering into a strategic association with Sentric...