Business

Saudi Arabia's Esports Ambitions Saudi Arabia is making significant strides in the esports industry. The country recently hosted its first Esports World Cup and has announced plans to build state-of-the-art gaming arenas. These developments are expected to boost the economy by $13 billion. This burgeoning sector is transforming entertainment and business, especially in a nation with a youthful and tech-savvy...

Saudi Arabia is making substantial investments in sports, including a bid to host the 2034 FIFA World Cup. These efforts are part of the Kingdom's strategy to become a key player in the global sports arena and diversify its economy. Other notable updates in business media include: Millions of Americans may soon lose internet access. Business leaders share insights on...

EY Expands in Saudi Arabia's Financial Services Market In an effort to seize new opportunities and grow its presence in Saudi Arabia, EY is relocating key leaders to its offices in Riyadh, Jeddah, and Al Khobar. “We are rapidly growing and expanding our financial services consulting capabilities in the KSA market,” said Charlie Alexander, Managing Partner of EY’s Financial Services...

Netherlands-based high-tech consultancy TMC has opened a new office in Saudi Arabia, marking its second location in the GCC region. Headquartered in Eindhoven, TMC specializes in engineering and technology consulting. With a global workforce of 2,700, primarily in Europe, TMC serves various industries including technology, semiconductors, IT services, energy, renewables, and life sciences. Following its Middle East debut with a...

Saudi Arabia’s Mobily has signed a six-year contract with Red Bull MOBILE, aiming to boost its operational efficiency. This deal, which represents over 5% of Mobily's 2023 revenues, is expected to positively impact finances from Q4 2025, as stated on Tadawul. Listed on Tadawul since 2004, Mobily has a share capital of SR7.7 billion, comprising 770 million shares. This strategic...

Saudi developer Red Sea Global (RSG) has awarded over 600 contracts worth $6.13 billion for the AMAALA project, aiming to welcome its first guests by 2025. The company, owned by Saudi Arabia’s Public Investment Fund, has partnered with firms like Al-Rawabi Hassan Allam, Shapoorji Pallonji Group, and DEPA Group to develop a luxury tourism destination on the Red Sea coast....

Riyadh: Tawaref, a Saudi-based investment community that supports startups in the MENA region, has signed a Memorandum of Understanding (MoU) with SimpliFi, a leading Cards-as-a-Service (CaaS) platform operating in MENA and Pakistan. This collaboration aims to streamline financial transactions for startups entering the Saudi market by offering flexible solutions for managing funds and expenses in multiple currencies. Tawaref provides a...

Tokyo-based Medident has partnered with Riyadh's Web Arabia to enhance Saudi Arabia’s healthcare sector by integrating Japanese standards. This collaboration, formalized through a Memorandum of Understanding (MoU), aims to leverage advanced medical technologies and improve healthcare management in Saudi hospitals, with a focus on digital training for healthcare professionals. The MoU, led by CEO Dr. TOMITA Daisuke, also prioritizes preventive...

Lucidia, an AI customer experience management platform in Riyadh, has made headlines by becoming the first company in Saudi Arabia to adopt a four-day work week. This change, effective immediately, represents a significant departure from the traditional five-day work schedule. The announcement has sparked widespread discussion on social media, with many expressing enthusiasm and curiosity about the new policy's potential...

Significant Progress in the Development of Saudi AMAALA Luxury Tourism Destination Saudi Arabia’s Red Sea Global (RSG) is making substantial strides in developing AMAALA, a luxury destination focused on wellness and regenerative tourism. AMAALA aims to enhance the coastal lifestyle, offering spaces designed for deep connections with nature, self, and community. RSG Group CEO John Pagano highlighted the remarkable progress,...

Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has introduced new customs regulations, including fee waivers for certain services and revised import rules. The updated Fee Rules on Customs Services will take effect on October 6. Key changes include waiving fees for all export customs services and reducing import service fees through a new calculation method. Import service fees will...

Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, commenced his visit to Hong Kong, aiming to bolster industrial ties and explore investment opportunities. During his stay, Alkhorayef will engage with officials from several key Hong Kong departments, including Trade and Industry, Innovation, Technology, and Economic Development. Discussions will focus on enhancing cooperation in automation, innovation, and technology. He will...

Saudi Arabia's startup ecosystem is thriving, with companies across various sectors securing substantial funding. Autotech Firm Syarah Syarah, a Saudi autotech company, raised $60 million in a series C funding round led by Artal Capital. Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah offers new and used cars online with doorstep delivery, free inspection reports, a five-day return...

Saudi Arabia Sees Investment Boom in Construction; Egypt Leads in Licenses Saudi Arabia's construction permits dominated investment licenses in Q2 2024, with 737 issued, making up 27% of the total. This marks a 32.1% increase from the previous year, driven by Vision 2030 projects like NEOM and the Red Sea Project. The Kingdom aims to boost foreign direct investment to...

Saudi Arabia's new luxury airline, Riyadh Air, is intensifying competition for aviation talent by attracting British pilots. The British Airline Pilots’ Association (Balpa) reports that recruitment efforts by Riyadh Air, along with Emirates, Qatar Airways, and Etihad, are impacting UK carriers such as British Airways, Virgin Atlantic, and easyJet. The aviation industry is grappling with a pilot shortage due to...

Saudi Arabia is forging strategic alliances in Europe to bolster its ambitions of becoming a leading green hydrogen supplier. Investment Minister Khalid Al-Falih highlights Italy as a crucial partner in meeting Europe's rising demand for low-carbon energy solutions. This effort aligns with Saudi Arabia's strategy to diversify its energy portfolio beyond oil and gas. Green and Blue Hydrogen Strategy Saudi...

Barq, a leading FinTech company from Saudi Arabia, has partnered with Mastercard. Barq specializes in modernizing and streamlining payment processes. This collaboration aims to enhance payment acceptance capabilities in Saudi Arabia through Mastercard Gateway. The partnership will provide businesses and consumers with advanced payment solutions, ensuring efficient and secure transactions. Barq plans to leverage Mastercard's technology to expand its services,...

Indian electric vehicle manufacturer Wardwizard Innovations and Mobility has announced plans to form a joint venture in Saudi Arabia. This initiative aims to establish both an assembly plant and an EV cell plant within the kingdom. The assembly plant will initially produce electric two-wheelers, three-wheelers, and four-wheelers, with future expansion plans to include electric buses. The EV cell plant will...

Indian electric vehicle manufacturer Wardwizard Innovations and Mobility has announced plans to form a joint venture in Saudi Arabia. The initiative aims to establish both an assembly plant and an EV cell plant in the kingdom. The assembly plant will initially produce electric two-wheelers, three-wheelers, and four-wheelers, with future plans to include electric buses. The EV cell plant will focus...

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...