Business

The Kingdom of Saudi Arabia recently unveiled a strategic initiative aimed at enhancing sustainable manufacturing and reducing operational costs within its industrial sector. The ‘competitiveness programme’ is spearheaded by the Saudi Ministry of Industry and Mineral Resources, designed to deliver immediate and long-term solutions to bolster the sector's competitive edge. Central to the programme are measures to transition to more...

In a significant move for Saudi Arabia's industrial sector, Makeen, a collaboration between Aramco, HD Hyundai Heavy Industries, and Dussur, has entered into a Framework License Agreement with the Power Systems division of Rolls-Royce. This partnership is set to spur the production, testing, and maintenance of mtu engines and gensets within the kingdom, as announced by Aramco. This agreement is...

In a significant move to bolster its tourism industry, Saudi Arabia has introduced the Tourism Development Fund's latest initiative, TDF Grow. This venture is strategically positioned to enhance the capabilities of entrepreneurs and small and medium-sized enterprises (SMEs) within the tourism landscape. TDF Grow is designed as an incubator for innovation and talent, equipping budding entrepreneurs with the necessary tools...

In a remarkable show of growth, flynas, recognized as a leading low-cost carrier (LCC) in both the Middle East and globally, has announced a record-breaking performance for the year 2023. The airline has seen a substantial 28% surge in its passenger numbers, soaring past the 11 million mark. Demonstrating an aggressive pursuit of expansion, flynas incorporated 19 new aircraft into...

In a significant development for the industrial landscape of Saudi Arabia, the Saudi Authority for Industrial Cities and Technology Zones (MODON) has announced a series of new projects worth more than SAR538 million. These initiatives are set to unfold across six industrial cities in collaboration with domestic companies, aiming to create a robust value chain and enhance the local content....

In a decisive move to expand its global investment footprint, the Public Investment Fund (PIF) of Saudi Arabia has emerged as the most active sovereign wealth fund (SWF) of the year. The PIF has directed substantial funds into a diverse portfolio of deals, demonstrating a 33% increase from the previous year, according to an industry report from Global SWF. Recording...

Saudi Arabia has announced a strategic initiative aimed at enticing foreign companies to establish their regional headquarters within the Kingdom by offering significant tax breaks, including a 30-year corporate income tax exemption. These lucrative incentives are available to international entities that choose to relocate their regional bases to Saudi Arabia, starting from the issuance date of their regional headquarters license,...

The Islamic Development Bank Institute (IsDBI) has initiated the creation of a groundbreaking digital hub, the Islamic Finance Knowledge Pavilion Marketplace. This platform is envisioned as a digital convergence point for verified service providers in the domain of Islamic finance and economic growth, designed to streamline the connection between suppliers and clients through a comprehensive digital marketplace. The inaugural phase...

As the sports calendar transitions into another year, anticipation grows for events such as the Paris Olympics and the European Championship in football. Athletes globally continue to amass wealth, with some earning upwards of tens of millions both through their sporting prowess and off-field ventures. The recent influx of investment from Saudi Arabia into football and golf has markedly influenced...

Bahri Logistics, a prominent player in the logistics and transportation industry and a subsidiary of Bahri, has forged a strategic alliance with Saudi Arabia Railways (SAR), the entity responsible for the Kingdom's rail networks. This collaboration aims to bolster the nation's initiatives to develop a comprehensive transportation framework. For a duration of three years, Bahri Logistics is appointed as the...

In a significant development for Saudi Arabia's residential real estate financing, the Public Investment Fund's subsidiary, the Saudi Real Estate Refinancing Co. (SRC), has injected an impressive SR50 billion (approximately $13 billion) into the market. Founded in 2017, SRC's mandate is to enhance market liquidity and offer capital and risk management solutions to bolster the housing finance sector. With an...

Throughout 2023, Saudi Arabia solidified its position on the global stage, showcasing a series of accomplishments across the technology, tourism, diplomatic, entertainment, and sports sectors. The Kingdom's strategic economic diversification and expansion were evident as it hosted prominent figures and events, marking a year of significant achievement. The past year saw Saudi Arabia welcome a constellation of celebrities, athletes, and...

In an era of transformation, the travel industry of Saudi Arabia has surpassed its initial forecasts, leading to an upward revision of the country's Vision 2030 goals. The Kingdom, which originally aimed to attract 100 million visits by the end of the decade, has set a new target of 150 million visitors. This adjustment reflects the country's significant growth in...

The Kingdom of Saudi Arabia is actively fortifying its cultural legacy while simultaneously broadening its economic landscape. A suite of significant cultural and economic developments has demonstrated the country's dedication to these objectives. Noteworthy among these is the debut of the internationally recognized documentary book 'Our Football is Our Culture,' the conclusion of more than two dozen global accords at...

Despite the infusion of hundreds of millions into its soccer league, including securing high-profile players such as Cristiano Ronaldo and Karim Benzema, the sport has yet to capture the widespread attention of the Saudi Arabian populace. Recent attendance records have been alarmingly low, with one match at the al-Riyadh club drawing only 299 spectators. This is indicative of a broader...

The National Center for Palms and Dates has recently hosted a significant event, the International Dates Conference and Exhibition, focusing on the "Byproducts of Palms and Their Applications". The conference was a collaborative effort with King Saud University and the ByPalma Association and received sponsorship from Eng. Abdulrahman AlFadley, Minister of Environment, Water, and Agriculture. The event, spanning from December...

In an effort to stimulate commercial activity and the flow of goods between Saudi Arabia and Türkiye, the Saudi EXIM Bank has established two credit agreements totaling $51 million with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S. These agreements will support Saudi non-oil exporters' entry into Turkish markets. The signing was carried out by Dr. Naif...

In Tunis, a significant advancement was made to foster Saudi-Tunisian economic relations as Bandar Ibrahim Alkhorayef, the Saudi Minister of Industry and Mineral Resources, finalized seven memoranda of understanding with Tunisian Interim Minister of Economy and Planning Sihem Boughdiri Nemsia. This event took place during the 11th session of the Saudi-Tunisian Joint Committee. The memoranda, designed to advance collaborative efforts...

In a move set to revolutionize the Arabian Sea's leisure travel, Saudi Arabia's AROYA Cruises, supported by the nation's Public Investment Fund (PIF), has announced the introduction of its inaugural cruise ship. The vessel is currently being meticulously refashioned to meet the specific preferences of Arabian clientele, ensuring an experience of unparalleled luxury. The ship spans 335 meters in length...

The Saudi Arabian Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, recently concluded a productive visit to Tunisia, signaling a significant step in fortifying bilateral relations. The minister spearheaded the Saudi delegation's participation in the 11th session of the Saudi-Tunisian Joint Committee. While in Tunis, Alkhorayef's agenda included co-chairing the Saudi-Tunisian Investment and Partnership Forum alongside various high-profile meetings...

In the realm of sports and finance, the PGA Tour is anticipated to make an announcement regarding the extension of their negotiation deadline with the Saudi sovereign wealth fund. This extension is aimed at facilitating a merger deal, which stakeholders are optimistic about finalizing before the prestigious Masters tournament in April. Turning to the financial services industry, Canaccord Genuity Corp....

In Saudi Arabia's northwest, the ambitious $500 billion NEOM project progresses with the revelation of Norlana, an innovative active lifestyle community. This newest phase is set to redefine the essence of modern, active living within the region. NEOM has announced that Norlana will be centered around sports, health, and well-being, offering a sustainable and majestic environment for its residents and...

The Kingdom of Saudi Arabia has achieved a historic economic milestone, with its gross domestic product (GDP) exceeding the $1 trillion mark for the first time since the nation's establishment 91 years ago. This monumental growth positions the country among an elite group of 19 global economies to have reached such a valuation. Launched by the Saudi monarchy in 2016,...

At a significant gathering in Tunis, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, highlighted the promising prospects for deepening the comprehensive partnership with Tunisia. This ambition aligns with the strategic goals set forth by the Saudi-Tunisian Committee, leveraging the unique benefits and capabilities of both nations. These include their strategic geographic positions and the sustainability...

The governance board of NEOM has unveiled their newest venture, a state-of-the-art active lifestyle enclave named Norlana, which is set to enhance the dynamic regional development in northwest Saudi Arabia. Perched along the shores of the Gulf of Aqaba, Norlana offers a distinctive blend of high-end modernity and technological innovation, designed for a limited community of 3,000 residents to experience...

In a significant development for the business media sector, the Saudi Ports Authority, known as Mawani, alongside MELDOG, the logistics division of Mediterranean Shipping Company (MSC), has initiated the construction of a state-of-the-art Logistics Park at King Abdulaziz Port in Dammam. This project represents an investment of more than SAR150 million and is endorsed by the Saudi Minister of Transport...

Saudi Arabia and Oman are actively working to enhance travel within the Gulf region by exploring collaborative tourism ventures. The commitment to reinforce this sector was marked by a virtual meeting aimed at activating the Saudi-Omani partnership in tourism. The discussion, as reported by the Saudi Press Agency, revolved around the promotion of sustainable tourism and the positioning of the...

In a significant move to bolster bilateral ties, Saudi Arabia and Japan have finalized 14 strategic agreements spanning various sectors. The Saudi-Japanese Investment Forum, which took place in Riyadh, was the venue for the signing of these memorandums of understanding (MoUs) and the announcement of key projects involving both governmental and private sector representatives from the two nations. The collaborations...

The real estate sector in Saudi Arabia is experiencing a robust upturn, as reported by the Ministry of Justice, which notes over 136,000 property deals conducted through the nation's Real Estate Stock Exchange since its inception in September. Riyadh, the capital, not only dominated the transaction volume but also boasted the five most active neighborhoods in the country during November,...

In the core of the historical Diriyah, Bujairi Terrace, a top-tier dining venue, has been honored with the Architectural and Urban Creativity Award by Riyadh Municipality. This accolade celebrates the venue's exceptional design, which was achieved through the use of traditional 300-year-old mud brick techniques reflective of the Najdi architectural style. This architectural approach is renowned for its simplicity and...