Business

Saudi Arabian Mining Company (Ma’aden) plans to merge its aluminium units with Aluminium Bahrain (Alba) through a non-binding agreement. In exchange for Ma’aden Aluminium Company and Ma’aden Bauxite and Alumina Company, Alba will issue new shares to Ma’aden. The agreement includes a proposal to list Alba shares on the Saudi Exchange, pending regulatory approvals. This merger aims to position the...

Analytix has emerged as a top business solutions provider in Saudi Arabia, assisting over 1800 companies from 14 countries across 20 industries in establishing and growing their businesses. With 15 years of experience, Analytix offers comprehensive services in business and management consulting, making it a trusted partner for foreign companies and investors. Foreign companies looking to set up in Saudi...

The Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, has unveiled the Rafed Program. This initiative focuses on creating innovative factories within universities and technical colleges across the Kingdom. The program seeks to build strong partnerships with academic institutions to leverage innovation and research in advanced manufacturing. It particularly targets promising sectors identified by the National Industrial Strategy. The...

Saudi Arabia’s General Entertainment Authority (GEA) has boosted financial backing for small and medium enterprises (SMEs) in the entertainment sector to SR100 million ($26.6 million). This initiative, in collaboration with the Kafalah financing guarantee program, aims to strengthen the Kingdom's entertainment industry. The program provides coverage of up to 90%, depending on the enterprise size. Initially launched in 2022, the...

Aluminium Bahrain B.S.C. (Alba) has entered a non-binding agreement with Saudi Arabian Mining Company (Maaden) to explore a potential business combination. This merger aims to reshape the global aluminium industry by creating one of the largest aluminium producers in the world. The combined entity would enjoy enhanced production capacity, a stronger global presence, improved ESG performance, better energy security, and...

Lhamim, a Saudi-based marketing and media agency, has added four new clients to its portfolio: Alramz Real Estate, Petromin Corporation, the Public Investment Fund’s Halal Products Development Company (HPDC), and the Ministry of Culture’s Saudi National Commission for Education, Culture and Science. Each client engagement involves tailored services. For Alramz Real Estate, Lhamim aims to blend its creativity and strategic...

Asharq Business with Bloomberg has launched a new programming schedule to provide extensive coverage of regional markets, particularly focusing on Saudi Arabia. This expanded lineup aims to deliver comprehensive insights from 6:00 AM to 8:00 PM Saudi time on weekdays. In response to increased viewership during market updates, the channel will now offer continuous coverage of key areas, including Saudi...

Pharmaceutical companies in Saudi Arabia must soon comply with new regulations requiring pharmacoeconomic assessments. These assessments will help demonstrate the value of new drugs compared to existing treatments. This change is part of an effort to ensure that new pharmaceutical products provide significant benefits over current options, potentially impacting market strategies and approval processes.

Saudi Arabia’s Ma’aden has signed an agreement with Alcoa to acquire a 25.1% stake in their joint venture for $1.1 billion. The deal includes approximately 86 million Ma’aden shares valued at $950 million and $150 million in cash. Bob Wilt, CEO of Ma’aden, emphasized the strategic benefits of their partnership with Alcoa since 2009 and expressed optimism about future collaborations...

Kiverco, a recycling business from County Tyrone, is securing significant contracts in Saudi Arabia thanks to support from a UK government export scheme. This family-owned company designs, manufactures, and installs recycling plants, with over 400 sites globally. Recently, Kiverco received a £350k export insurance package from UK Export Finance (UKEF). This funding enables the company to deliver new plants in...

Azfar Shakeel, CEO of Lumi Car Rental, emphasized the company's commitment to transforming mobility for individuals and businesses in Saudi Arabia through digital innovation. Lumi aims to foster sustainable growth in the Kingdom's evolving transportation sector. In an interview, Shakeel outlined Lumi's key objectives: digitizing rental processes, enhancing efficiency, streamlining used car sales via digital platforms, utilizing data for informed...

The Saudi Arabian Mining Company, Ma’aden, has announced a significant acquisition deal involving Alcoa’s stakes in a bauxite facility and an aluminium smelter. The transaction, valued at $150 million in cash and SAR 3.6 billion in stock, will see Alcoa transfer its ownership in Ma’aden Aluminium Company and Ma’aden Bauxite and Alumina Company to Ma’aden. Upon completion of this deal,...

Saudi Arabia is strategically expanding its pool of skilled professionals to fuel growth in its private markets sector, a key aspect of its economic diversification efforts. Over the past few years, Saudi Arabia's private markets have seen substantial growth, particularly in private equity (PE) and venture capital (VC). These sectors have directed significant investments into technology, healthcare, and infrastructure, aligning...

Saudi Arabia is set to dominate the Middle East ECM market through the end of the year, significantly contributing to the region's best first-half performance since 2008. The country's pipeline is increasingly diversifying into growth sectors. At EFG Hermes' annual investor conference in London, Saudi Exchange CEO Mohammed Al Rumaih projected 50 new listings by year-end, surpassing the 35 achieved...

Siemens Mobility has appointed Frank Hagemeier as the new CEO for Saudi Arabia. Hagemeier, who previously led Siemens Mobility in the Netherlands and China, brings extensive experience to his new role. As CEO, Hagemeier will oversee strategic planning and business development for Siemens Mobility in Saudi Arabia. His leadership aims to drive growth and solidify the company's market position. Léon...

Saudi Arabia is inviting Hong Kong businesses to invest in Aseer, a province poised to become a top tourist destination. An official highlighted that Hong Kong's expertise could greatly benefit the region. During a visit to Hong Kong, Sultan Alshehri, head of investment for the Aseer Region Development Authority, mentioned that several businesses showed interest in Saudi Arabia's tourism and...

Swiss food and beverage giant Nestle plans to open its first food factory in Saudi Arabia, as reported recently. Scheduled for a 2025 launch, the 117,000-square-meter facility will be located in Jeddah’s Third Industrial City. Nestle is investing 270 million riyals ($72 million) in this project, according to the Saudi Press Agency (SPA). The announcement was made during a signing...

Saudi Arabia's G20 presidency initiated the focus on “Space Economy and Climate Change: Challenges and Opportunities” at this year's fifth G20 Space Economy Leaders Meeting in Brazil. Mohammed Al-Tamimi, Vice Chairman and CEO of the Saudi Space Agency, led the Saudi delegation. Al-Tamimi emphasized the Kingdom's advancements in space technology and its commitment to sustainable development and climate change mitigation....

RIYADH: Saudi Arabia's drive to enhance local and foreign investments in agriculture has led to a 35% increase in the sector's contribution to the GDP. At the G20 Agriculture Ministers' Meeting in Brasilia, Minister of Environment, Water, and Agriculture, Eng. Abdulrahman Alfadley, emphasized the kingdom's commitment to sustainable food systems through innovative approaches, focusing on empowering smallholder farmers and rural...

Saudi Arabia's Ambitious Recycling Plan Aims for Global Leadership In a bid to address environmental concerns and drive economic growth, Saudi Arabia has unveiled an ambitious plan to recycle up to 95% of its waste. This initiative is expected to contribute SR120 billion ($31.99 billion) to the GDP and create over 100,000 jobs for Saudi nationals. The plan includes recycling...

EEC's Capital Optimization Plan to Boost Financial Health and Growth Saudi developer Emaar The Economic City (EEC) has launched a SR8.7 billion ($2.32 billion) capital optimization plan to tackle financial challenges and promote growth. CEO Abdulaziz Al-Nowaiser explained that this initiative addresses a severe revenue drop and substantial net loss increase. The plan includes converting SR4 billion of debt into...

Revolut is aiming to expand its operations into Gulf Cooperation Council (GCC) countries. According to reports, the British FinTech has applied to become an electronic-money institution in the United Arab Emirates (UAE) and is exploring opportunities in Saudi Arabia. The company is also recruiting for several positions in Dubai, including a head of finance and a head of legal for...

Saudi Aramco has reported a 3.4% drop in second-quarter profits due to weaker refinery margins. China is expected to increase its imports of Saudi Arabian oil by 7% in October, as Saudi Arabia reduces prices for Asian buyers. Next month, Saudi oil exports to China are projected to rise to over 46 million barrels, up from 43 million barrels in...

Saudi Arabia's crude oil exports to China are set to increase to 46 million barrels in October, following a price cut for Asian buyers that spurred demand, according to trade sources. China's major refiners, Sinopec and PetroChina, have requested more crude for October, while private refiners Rongsheng Petrochemical and Hengli Petrochemical maintained their demand levels. This anticipated rise in October...

Chinese Premier Li Qiang has called on Saudi companies to increase their presence in China's market, emphasizing that China is dedicated to creating a top-tier business environment that is market-driven, law-based, and internationally oriented. During his visit to Saudi Arabia, which lasted less than 24 hours, Li met with Saudi business leaders, Gulf Cooperation Council (GCC) Secretary General Jasem Mohamed...

Chinese Premier Li Qiang has committed to enhancing trade and investment ties with Saudi Arabia across various sectors, including traditional energy, infrastructure, new energy, technology, and the digital economy. During his visit to Riyadh, Li met with Crown Prince Mohammed bin Salman, marking his first trip to the Middle East as premier. Li is also scheduled to visit the United...

Saudi Arabian Mills for Food Products Company has priced its IPO at SAR66 per share, raising SAR1.02 billion ($271 million). This reflects the strong demand for listings in the GCC region. Major shareholders, including Ajlan & Bros, Sulaiman Abdulaziz Al-Rajhi International Company, and NADEC, sold 15.4 million shares, representing 30% of the company's paid-up capital. CEO Rohit Chugh stated, The...

Saudi Arabia is increasingly attracting both local and international investors, according to a top official from global asset management company BlackRock. BlackRock’s Managing Director and CEO of Saudi Arabia, Yazeed Al-Mubarak, noted a growing interest from global clients in Middle Eastern assets. He also highlighted that regional investors are seeking more opportunities within the local market. “As Vision 2030 progresses,...

Saudi Arabia has invested $1.3 trillion in construction and infrastructure over the past eight years, aiming to diversify its economy beyond oil exports. A key project is the Neom megaproject, valued at $500 billion. Real estate consultancy Knight Frank reports over a million residential units and mega-developments are underway in Saudi Arabia, a 4% increase from 2023. Crown Prince Mohammed...

Chinese food delivery giant Meituan has launched its international service, Keeta, in Saudi Arabia, aiming to expand amidst a slowing economy and rising local competition. Keeta began offering its services in Al-Kharj, a central city in Saudi Arabia, as announced within the app. Plans to expand to Riyadh, the nation's capital, are evident from the platform's verified profile description. A...