Business

Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Saudi Arabia Facility Management Market is projected to reach USD 43.48 billion by 2030, growing at a CAGR of 8.6% from 2023 to 2030, according to a report by Fortune Business Insights. The market, valued at USD 23.54 billion in 2022, is expected to witness significant growth due to government support...

SBJ's Most Influential People in Sports Business for 2023 highlights Yasir Al-Rumayyan, the governor of Saudi Arabia's Public Investment Fund (PIF), as the top figure reshaping the industry. Al-Rumayyan's global influence spans various sports, including golf, soccer, combat sports, and motorsports, solidifying his position as the most influential person in sports business for 2023. In an op-ed by SBJ's Abe...

By any measure, the recent Future Investment Initiative (FII) conference in Riyadh was a success. It attracted 6,000 guests from 90 countries and witnessed $17.9 billion in investment announcements. Now, let's take a closer look at Saudi Arabia's progress on the global business stage, with a specific focus on the tourism sector. As Vice President of Culture at the Royal...

The CEO of Saudi Arabia's largest chemicals producer, Abdulrahman Al-Fageeh, has cautioned that the industry is likely to face another challenging year in 2024 due to the weak global economy. The demand for chemicals has been negatively impacted by slow growth following the Covid-19 pandemic, along with inflation and higher energy costs. Sabic, also known as Saudi Basic Industries Corp.,...

Business The Kingdom could become the majority owner of Heathrow Airport. Saudi Arabia could potentially take control of Heathrow Airport as fellow investors in the hub are reportedly ready to sell their stakes, according to a recent report. The country's sovereign wealth fund, the Public Investment Fund (PIF), and French private equity firm Ardian have already agreed to purchase a...

Saudi Arabia is poised to become the majority owner of London Heathrow, the UK's largest airport, as other investors mull over selling their shares. The Saudi Public Investment Fund (PIF) and private equity investor Ardian recently acquired a 25% stake in the airport from Ferrovial, the previous primary owner. According to reports, at least one other shareholder is considering selling...

Key initiatives in Saudi Arabia and China will soon be exposed to extensive promotional efforts thanks to the close partnership between the two countries, according to the Asian country’s commerce minister. Wang Wentao disclosed that both sides will work hand in hand to jointly stimulate China’s Belt and Road Initiative as well as the Kingdom’s Saudi Vision 2030, Reuters reported....

Neom Launches Topian to Achieve Food Security Goals Date palms in Wadi Sharma, Neom. Photo: Neom Neom, the $500 billion futuristic mega-city being built in Saudi Arabia, has launched a new company with a focus on sustainable food production and distribution as the kingdom aims to achieve its food security goals and 2060 net-zero targets. The new company Topian, set...

Saudi Arabia is reportedly poised to gain majority control of London Heathrow Airport, which is Europe's busiest airport. According to the Times, several shareholders are considering selling their interests, paving the way for the Saudi Public Investment Fund (PIF) and investment company Ardian, in which Saudi Arabia is an investor, to acquire a larger stake. In November, PIF and Ardian...

Saudi Arabia is reportedly poised to gain majority control of London Heathrow Airport, Europe's busiest airport. Several shareholders are considering selling their interests, potentially paving the way for Saudi Arabia to take control. The Saudi Public Investment Fund and investment company Ardian, in which Saudi Arabia is an investor, have already agreed to purchase the 25% stake held by Spain's...

US oil production is expected to continue its rapid growth and could reach a new high of 13.3 million barrels per day in 2024. This surge in production puts pressure on Saudi Arabia to regain control over crude prices. Analysts at Rapidan Energy project that US oil output will average 13.3 million barrels per day next year, surpassing the previous...

OPEC Losing Control as US Supply Booms, Threatening Oil Prices Longest decline in oil prices in years as OPEC struggles to regain control OPEC and Saudi Arabia are facing challenges in maintaining control over the world oil market as booming US supply offsets OPEC's supply cuts. The decline in oil prices over the past seven weeks, the longest in five...

Northern Trust Corp. has become one of the first major global financial institutions to set up its regional headquarters in Riyadh, bolstering the Saudi government's drive to attract international firms to operate their Middle Eastern operations from the kingdom. The firm, which manages approximately $14 trillion in assets, has recently obtained a license from the Ministry of Investment of Saudi...

Neom, located in northwestern Saudi Arabia, is emerging as a leading production and creative hub in the country's business media sector. With the largest soundstages in Saudi Arabia and a total of ten stages set to be operational by mid-2024, including a cutting-edge volumetric stage, Neom is the largest purpose-built production facility in the region. The Neom region, spanning 26,500...

MBC Group, the Middle East's largest broadcaster, has received overwhelming demand for its initial public offering (IPO) in Saudi Arabia. Orders for the IPO exceeded the available shares, highlighting the strong demand for regional listings. Institutional investor books were quickly filled, indicating that demand exceeds the deal size. MBC is offering a 10% stake in the Saudi IPO, valuing the...

Vedanta, a metal and mining giant, announced that its subsidiary, Malco Energy Ltd, has incorporated a new wholly-owned subsidiary named Vedanta Copper International VCI Company Limited. This new subsidiary has been established in Saudi Arabia for the purpose of conducting copper business. The investment for this new unit amounts to 1,00,000 Saudi riyals (Rs 22.19 lakh). Vedanta cited the exploration...

Fifty oil companies, responsible for almost half of global production, have made a commitment to achieve near-zero methane emissions and eliminate routine flaring from their operations by 2030. The president of this year's United Nations climate talks, Sultan al-Jaber, announced the pledge, highlighting the importance of industry buy-in to significantly reduce greenhouse emissions and limit global warming to 1.5 degrees...

Here's a roundup of key developments across the OIC ecosystem during the first week of December. Leading the pack is GCC's largest economy, which sealed a cooperation agreement with Malaysia to foster halal industry growth. On a corporate level, Saudi and Turkish companies penned several agreements to bolster trade ties. The Qatari-Saudi Business Council is also reviewing avenues to strengthen...

Contrary to popular belief, the world’s most profitable company in 2023 is not a tech giant like Apple Inc. or Alphabet Inc.'s Google but oil giant Saudi Aramco. Last year, Saudi Aramco reported a net income of $161.1 billion, marking its highest annual profit as a listed company. This immense profitability is built on a foundation of $592 billion in...

Expanding Business in Saudi Arabia: A Comprehensive Guide for Entrepreneurs As Saudi Arabia undergoes immense transformations under Vision 2030, it presents a prime opportunity for international and regional companies to expand into the kingdom. Setting up a business in Saudi Arabia involves various stages and engagement with government entities. Here's a comprehensive guide for entrepreneurs looking to establish or expand...

Hong Kong’s leader has hosted Saudi Arabian elites for an investment conference, demonstrating the city's willingness to embrace new business partners in the face of a struggling economy and geopolitical uncertainty. John Lee, Hong Kong's Chief Executive, described the gathering as an important step in strengthening ties between Hong Kong and the Middle East, particularly Saudi Arabia. The two-day event...

Sir Rocco Forte, the founder of Rocco Forte Hotels, is planning a trip to Saudi Arabia next year to explore potential hotel locations. The hotel group recently entered into a deal with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), which acquired a 49% stake in Rocco Forte Hotels. The move aligns with Saudi Arabia's ambitions to transition...

Saudi Arabia Expands Business Visit Visa for Investors Effective immediately, Saudi Arabia has expanded the Business Visit Visa for investors to all nationals, removing the previous limitation to nationals of nearly 60 countries. The new visa offers a convenient online application process for eligible individuals. Eligible individuals include those who have a valid tourist or business visa from the United...

Indonesia is introducing a wide range of its national products to the Saudi market through shops established across the Kingdom, an Indonesian Embassy official has said, following the latest store opening in Riyadh. There are dozens of Indonesian stores established in various Saudi cities, including in Jeddah, Makkah, Madinah, and Alkhobar. The latest shop to join the list is the...

Saudi Arabia: Closing the Net-Zero Innovation Gap At COP28, the focus is on limiting global temperature rise. While strategies for achieving net-zero emissions by 2050 have been outlined, there are gaps that need to be addressed. One such gap is the need for significant investment in creating a net-zero economy. Another is ensuring a fair energy transition that supports developing...

For the first time, Hong Kong's leader has welcomed Saudi Arabian elites to the city for an investment conference, showcasing its efforts to forge new business partnerships in the face of a struggling economy and geopolitical uncertainty. The two-day event, organized by the Hong Kong government, its stock exchange, and the Future Investment Initiative (FII) Institute, highlights the deepening ties...

Saudi Arabia is feeling the impact of the US oil boom, leading to a reduction in oil prices to Asia in order to stimulate demand. State-owned Saudi Aramco has lowered the price of its flagship Arab Light crude headed to Asia by 50 cents to $3.50 a barrel in January, according to Bloomberg. This is the first time Saudi Arabia...

Saudi Arabia Offers 30-Year Tax Exemption to Attract Foreign Companies Saudi Arabia has introduced a 30-year tax exemption package for foreign companies establishing their regional headquarters in the kingdom. The move is part of the country's aggressive campaign to attract international investment and become the leading commercial, industrial, and investment hub in the MENA region. The tax incentive includes a...

Saudi Arabia is offering a 30-year tax break to multinational companies that establish their regional headquarters in the country, as part of its efforts to attract more foreign investment and diversify its economy. The tax package includes a zero percent rate for both corporate income tax and withholding tax related to approved regional headquarters activities. Currently, the kingdom imposes a...

Saudi Arabia may wage a "market share war" against the US and flood oil markets with supply, according to energy expert Paul Sankey. This strategy would reverse Riyadh's previous efforts to curb production to boost oil prices. Sankey believes the focus would be on targeting US shale producers, particularly those in the Permian Basin. Loading Something is loading. Thanks for...