Business

In commemoration of World Seafarers Day, Saudi Arabia's Transport General Authority (TGA) has lauded the dedication and service of over 2,100 Saudi seafarers who are part of the Kingdom's robust maritime fleet, comprising more than 420 vessels. This annual observance, instituted by the United Nations International Maritime Organization (IMO), underscores the pivotal contributions of maritime professionals to the global economy....

Sultan bin Abdulrahman Al-Marshad, the Chief Executive Officer of the Saudi Fund for Development (SFD), was actively engaged in the OPEC Fund Development Forum held in Vienna. His participation was marked by discussions aimed at enhancing support for nations working towards the Sustainable Development Goals amidst the backdrop of current worldwide challenges. During the event, Al-Marshad met with Julius Maada...

Kuwait's sovereign wealth fund, controlling over $800 billion in assets, is set to inaugurate a branch in Saudi Arabia, aiming to enhance the partnership among the oil-producing countries.The decision by the Kuwait Investment Authority (KIA) to establish a presence in Saudi Arabia was announced by the organization's Chairman and Finance Minister, Anwar Al-Mudhaf. He emphasized that this strategic move is...

In an effort to transition towards cleaner energy sources, Saudi Arabia has made significant strides by striking a lucrative deal with Siemens Energy for the maintenance of two new gas-fired power plants. Valued at approximately $1.5 billion, the agreement spans a 25-year period and is a part of the kingdom's broader environmental goals.Siemens Energy will not only maintain these facilities...

With the objective to forge pathways towards a prosperous tomorrow, the heads of institutions within the Arab Coordination Group assembled in Vienna for their 19th meeting. The gathering was steered by the President of the Islamic Development Bank Group (IsDB), Dr. Mohammed Al-Jasser, and saw the participation of delegates from numerous member organizations. Among them were the Islamic Development Bank,...

The IMARC Group's latest comprehensive study, titled 'Saudi Arabia Watch Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,' delves deeply into the market dynamics. It provides an extensive competitor and regional analysis, and dissects the various industry segments.The projection for the Saudi Arabia watch market foresees a growth momentum with a compound annual growth rate (CAGR) of 2.68%...

Saudi Arabian and British officials convened in London to discuss joint ventures in urban development, eco-friendly technology, and the financing of infrastructure. The UK-Saudi Sustainable Infrastructure Summit, which took place on June 24, saw the gathering of over 250 industrial and financial leaders from both nations, including notable participants from massive giga-projects.Following strong bilateral ties, the two countries inked an...

Saudi Arabia has revealed its ambition to construct a state-of-the-art performing arts center within the expansive Qiddiya City, situated on the periphery of Riyadh. The Qiddiya Performing Arts Centre is projected to attract over 800,000 visitors each year and will feature more than 260 annual indoor and outdoor performances across its three theaters, summing up to 3,000 seats. The Qiddiya...

Siemens Energy has recently finalized a monumental $1.5 billion agreement, entailing the provision of vital components for a pair of gas-fired power plants in Saudi Arabia, alongside a commitment to upkeep these facilities for a quarter of a century.The two installations, known as Taiba 2 and Qassim 2, are slated to generate a substantial four gigawatts of electricity collectively. Their...

The Qiddiya Investment Company (QIC) has revealed plans for a new Performing Arts Centre in Saudi Arabia, poised to make a significant impact on the cultural fabric of the nation. This avant-garde institution is expected to become a dynamic addition to Qiddiya City, offering a range of attractions to both residents and tourists.Characterized by its distinctive architectural design, cutting-edge technology,...

Over recent years, the resilience landscape in Saudi Arabia has undergone significant transformation, influenced by global risk management trends, regional regulatory reforms, and a push for economic diversification. These developments have presented both substantial challenges and opportunities for reinforcing the nation's resilience capabilities.With the Saudi government's Vision 2030 plan, there is an emphasis on diminishing dependence on oil by nurturing...

The National Industrial Development and Logistics Program (NIDLP) is set to demonstrate its progress and new initiatives at the Transport Logistic China exhibition in Shanghai. From June 25 to 27, NIDLP will join forces with 13 other entities that specialize in transport and logistics, all congregating under the Saudi pavilion.Within the framework of the "Invest Saudi" initiative, the pavilion curated...

Leading corporations from both the United Kingdom and Saudi Arabia are aligning at the UK-Saudi Sustainable Infrastructure Summit in London from June 24 to June 26.As per the details disclosed to a regional newspaper, the Federation of Saudi Chambers is geared up to gather a significant ensemble of businesses focused on sustainable infrastructure to discuss potential collaborations with the UK...

The world is closely monitoring the pivotal petrodollar agreement, with the US dollar's supremacy hinging on Saudi Arabia's pivotal decision to either continue its endorsement for global trade or to shift towards embracing local currencies. The Chinese yuan is poised to assume a significant role in the oil and gas industry's transactions, casting a shadow of uncertainty over the US...

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...