Business

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...

Anticipated to advance at a compound annual growth rate (CAGR) of 7.5 percent from 2023 to 2028, Saudi Arabia's hospitality sector is gearing up for significant growth. This trajectory aligns with the average for the Gulf Cooperation Council (GCC) and is largely attributed to government initiatives as part of the Vision 2030 strategy, as indicated in recent analysis. An investment...

The Diriyah Company has established an agreement with the Royal Institution of Chartered Surveyors (RICS) to advance the training and nurturing of Saudi professionals. The memorandum, which outlines a mutual understanding, is set to facilitate the sharing of knowledge and create a robust framework for learning, emphasizing RICS's esteemed standards in the realm of the built environment.Jerry Inzerillo, the Chief...

In a landmark move, the Diriyah Gate Development Authority (DGDA) of Saudi Arabia has inked a partnership with the Royal Institution of Chartered Surveyors (RICS) to initiate the training of 15 Saudi professionals, marking a significant step in bolstering local heritage preservation skills and knowledge within the built environment sector.This collaboration is encapsulated in a memorandum of understanding that paves...

In a pivotal move to bolster its payment infrastructure, Saudi Arabia's forthcoming national carrier, Riyadh Air, has forged a partnership with CellPoint Digital, a payment technology enterprise. This collaboration is established in anticipation of the airline's inaugural flight operations planned for the following year.Through this engagement, CellPoint Digital will furnish Riyadh Air with its sophisticated Payment Orchestration platform, designed to...

LTIMindtree, a prominent global player in technology consulting and digital solutions, has proudly announced the launch of its new regional headquarters in Riyadh, the capital city of Saudi Arabia. This key development is part of the company's strategic expansion in the Kingdom of Saudi Arabia (KSA) and the Middle East at large.The establishment of the Riyadh headquarters is in strategic...

LTIMindtree, a renowned entity in the technology consulting and digital solutions realm, has proudly announced the launch of its new regional headquarters in the vibrant capital of Saudi Arabia, Riyadh. This significant move is part of the company's broader expansion efforts within the Kingdom of Saudi Arabia (KSA) and the Middle East.The strategic establishment of the Riyadh headquarters aligns seamlessly...

The UAE-based telecommunications giant e& has revealed its expansion plans within Saudi Arabia, which include the establishment of a new contact centre expected to generate approximately 1,500 job opportunities.In a strategic move that aligns with Saudi Arabia's Vision 2030, e& has announced the inauguration of its new Contact and Customer Experience Centre in Riyadh. This development aims to revolutionize customer...

The PGA Tour has signaled forward movement in its discussions with the Saudi Arabian Public Investment Fund (PIF), although specifics of their latest meeting remain under wraps. The tour is striving to finalize a collaboration that balances the interests of its players, supporters, sponsors, and the long-term prospects of the sport.Statements released following a New York meeting last Friday indicated...

LTIMindtree has recently intensified its operations in the Middle East by inaugurating a new regional headquarters in Riyadh, the capital city of Saudi Arabia. This strategic initiative is part of the firm's broader plan to broaden its footprint across the Kingdom of Saudi Arabia and the wider Middle East, according to an official disclosure to the Bombay Stock Exchange (BSE).The...

The HR tech sector in Saudi Arabia is undergoing rapid expansion, with projections indicating it will grow from a valuation of US$ 1,231.71 million in 2023 to US$ 2,684.21 million by 2032, marking a CAGR of 9.25%. This growth trajectory is largely propelled by the country's ambitious Vision 2030 initiative, which aims to diversify the economy and revolutionize various sectors,...

The HR technology sector in Saudi Arabia is experiencing robust growth, propelled by the push for modernization and the aim to enhance employee involvement. With substantial capital inflow and a firm commitment to technological advancement, the country is poised to redefine its human resources framework, establishing new benchmarks within the region.The value of the HR tech industry in Saudi Arabia...

Under the leadership of Prince Fahd bin Mansour bin Nasser bin Abdulaziz, Saudi Arabia’s representatives are set to make a significant impact at the G20 Young Entrepreneurs' Alliance Summit (G20 YEA Summit) scheduled from June 12 to June 14. The Saudi delegation encompasses figures from governmental sectors, the business community, and a cadre of select Saudi entrepreneurs. Prince Fahd has...

Barcelona is reportedly negotiating with Saudi Arabia regarding a potential football partnership. The Spanish club's financial distress is no secret, having started during the COVID-19 pandemic and exacerbated by the departure of iconic player Lionel Messi, when the team could not afford to register his contract. To fund player acquisitions in the summer of 2022, Barcelona had to liquidate certain...

Welcome to the Business Beat of the Middle East! Today's highlights include Saudi Arabia's latest share offering, AI industry leaders showcasing in Dubai, the revival of Saudi's ancient sites for tourism, and ADQ's PureHealth gearing up for a profitable IPO. First up, the Future Investment Initiative's debut in Latin America. Saudi Arabia's prestigious Future Investment Initiative, renowned for its 'Davos...

A visit by Canadian diplomats to the Jazan region's commerce hub underscored the potential for economic collaboration and investment. The Canadian Embassy's delegation in Saudi Arabia, headed by the First Secretary, engaged with Jazan Chamber officials on a Monday. The meet-and-greet session included Chamber Chairman Advisor Ahmed Abu Hadi and Secretary Dr. Majid Al-Johari. The dialogue centered on sectors such...

CellPoint Digital has been at the forefront of Payment Orchestration and has been instrumental in providing payment solutions for the airline industry. They have recently announced a significant partnership with Riyadh Air, Saudi Arabia's budding national carrier. This collaboration is slated to provide Riyadh Air with state-of-the-art payment technologies, in line with the airline's focus on digital innovation, as they...

In the midst of strategic advancements and upcoming global events such as Expo 2030, Saudi Arabia boasts an impressive $1.5 trillion in construction projects yet to be awarded. These projects are a direct reflection of the ambitious goals set forth in the nation's Vision 2030 initiative.The kingdom's construction initiatives make up a substantial 39 percent of the Middle East and...

In a move to bolster female entrepreneurship within the Middle East, the UN Tourism body has beckoned Saudi women entrepreneurs to participate in the latest iteration of the Women in Tech Startup competition. This platform is designed to escalate their ventures to new heights.The preceding event garnered positive reactions, and according to UN Tourism's Executive Director, Natalia Bayona, the current...

Currently, there's a heightened interest in Europe to accelerate discussions with the Gulf Cooperation Council (GCC) concerning a free trade agreement. This surge in eagerness comes at a time when the world is witnessing escalating trade conflicts, even among Western economies that have traditionally championed free markets.Amidst a backdrop where economic globalization and free-market ideologies are experiencing significant hindrances, the...

ROSHN Group, a prominent real estate developer, has established collaborative agreements with four leading financial institutions in Saudi Arabia—Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank. These partnerships are geared toward providing a comprehensive suite of financial services to the group's associated sub-developers and contractors. The agreements are designed to supply specialized banking services, which underscore ROSHN Group's...

Saudi Arabian markets ended on a lower note on Monday, with downturns in key sectors contributing to a slight decline in stock values. The downturn encompassed industries such as , , and , which ushered in a collective dip in share prices. The benchmark index in Saudi Arabia wrapped up the day with a modest retreat of 0.01%. Leading the...

A landmark agreement has been forged between MSA Novo, a venture capital firm with a focus on emerging markets, and the King Abdullah University of Science and Technology (KAUST) to support and strengthen the innovation and entrepreneurship landscape in Saudi Arabia. The initiative is intended to enhance the country's startup ecosystem.The collaboration will utilize MSA Novo's extensive global network alongside...

Hoffmann Green Cement Technologies, a pioneering French company, announced the commencement of construction for its very first Hoffmann cement facility in Rabigh, Saudi Arabia, known as H-KSA 1.The initiation of the Rabigh plant construction comes on the heels of a binding 22-year exclusive licensing agreement with the Shurfah Group, a prominent Saudi conglomerate with extensive real estate interests, including a...

Business leaders have been cautioned by a seasoned AI consultant from Saudi Arabia that any delays in embracing artificial intelligence technology may render them obsolete. Companies that fail to integrate AI into their strategies risk falling behind their more agile counterparts.Mohammed Alqarni, a prominent academic and CEO of the Saudi AI consultancy Foresighted, stresses the critical necessity for businesses to...

The Saudi Ports Authority, known as Mawani, experienced a notable 8.09% increase in the tonnage handled during May 2024, with figures reaching 27,630,736 tons. This represents a significant rise from the 25,563,861 tons managed in the same period the previous year. The boosted numbers not only underscore Saudi Arabia's growing dominance in the maritime industry but also align with the...