Business

The supply of building materials in Saudi Arabia is poised to surge following a strategic agreement inked between the National Housing Co. (NHC) and a distinguished Chinese construction enterprise. The pact with China’s CITIC Construction Group is intended to launch an industrial city along with logistic zones for building materials. This development will encompass 12 specialized factories, aiming to fortify...

Red Sea Global (RSG) has announced its plans to unveil a new golfing jewel, Shura Links, situated on the scenic Shura Island in the Red Sea by 2025. This prestigious addition to the region's attractions will feature Saudi Arabia's inaugural 18-hole golf course, complete with a panoramic view of the marina and the Red Sea's azure waters.In a recent statement,...

In a recent strategic move, the Agricultural Development Fund (ADF) has inked a memorandum of understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). This collaboration is rooted in Islamic financial principles and is an initiative of the Islamic Development Bank (IsDB) Group. The agreement was formalized amidst the annual congregation of the IsDB Group...

Riyadh Enhances Electrical Infrastructure with Significant Investment in Energy ProjectsWith a combined capacity of 3.6 gigawatts, Saudi Arabia's electricity production is set for a significant expansion, thanks to the completion of financing for two critical energy projects. These projects, Taiba 1 and Qassim 1, have secured a joint financial investment of SR11.4 billion ($3.04 billion), marking a transformative moment for...

RIYADH, Saudi Arabia—Saudi Arabia's premier logistics and supply chain solutions provider, SAL, is excited to unveil its Fulfillment Business Unit. This new division promises to reshape the logistics and supply chain landscape within the Kingdom through its comprehensive, integrated services."Our robust network, innovative technology, and committed workforce place us at the forefront of addressing our clientele's dynamic requirements and spearheading...

Saudi Arabia's Robust Asset Position Upheld by Prudent Fiscal Measures The steadfast commitment of the Saudi government to diversify its economy and reduce reliance on oil is expected to maintain the nation's robust asset base. Credit agency S&P Global anticipates that while funding for Vision 2030 initiatives may impact Saudi Arabia's net asset position, the Kingdom's judicious fiscal policies will...

The municipal authorities of Madinah have recently completed negotiations to initiate the 'Heart of Uhud' project, an ambitious endeavor aimed at creating a premier medical and rehabilitation resort in the vicinity north of the Prophet's Mosque. This resort, sprawling over an impressive 240,000 square meters, is envisioned to transform Madinah into a leading destination for medical tourism. It is set...

The Kingdom of Saudi Arabia, recognizing Pakistan as a prime economic and investment destination, has expressed its commitment to strengthening business opportunities with the South Asian nation. This sentiment was echoed by Saudi Arabia's Deputy Investment Minister, Ibrahim Almubarak, during the Pakistan Saudi Arabia Investment Conference, a two-day forum that commenced in Islamabad. Almubarak, who led a significant Saudi delegation...

Saudi Arabia has escalated the cost of its primary crude oil directed at Asian markets for the third successive month, signaling an endeavor to constrict the global oil market and stave off any potential surplus.The state-run behemoth Saudi Aramco lifted the June official selling price (OSP) of Arab Light crude for its Asian clientele by 90 cents, setting it at...

A cohort of Saudi Arabian entrepreneurs arrived in Pakistan this past Sunday, eager to identify potential investment avenues within a multitude of sectors, signaling the prospect of multi-billion-dollar inflows to the financially constrained nation.The group, consisting of around 50 individuals from nearly 30 firms, was welcomed by Pakistan's Petroleum Minister Musadik Malik and Commerce Minister Jam Kamal Khan. The delegation's...

In a strategic move to manage the oil market's balance, Saudi Arabia has increased the cost of its premier crude oil to its Asian clientele for the third month in a row. This decision aims to constrain the market and stave off a potential worldwide surplus.State-operated Saudi Aramco adjusted the June official selling price for Arab Light crude to Asia,...

The National Housing Company (NHC) of Saudi Arabia has inked a pivotal agreement with China's CITIC Construction. This collaboration is aimed at the creation of an industrial city alongside logistics areas dedicated to construction materials. The initiative will see the establishment of 12 factories within the Kingdom, a move designed to fortify the supply chains for residential development projects. During...

Saudi Aramco has announced an increase in the official selling price (OSP) for its premier Arab Light crude to Asian markets, reflecting shifts in the market landscape. The adjustment for June sees the OSP at +$2.90 per barrel over benchmarks Platts Dubai/DME Oman, rising from the previous +$2 per barrel in April.Reaching a five-month peak, this adjustment aligns with market...

In an expression of admiration for Saudi Arabia's ambitious digital transformation and mega-project developments, a senior Japanese official signaled Japan's intent to deepen ties with the Kingdom in the information technology sector.Japanese Minister for Digital Transformation Taro Kono highlighted the profound impression left on him by his visit to NEOM, a cornerstone initiative of Saudi Arabia's Vision 2030. Speaking to...

In a recent announcement, AROYA Cruises, the pioneering cruise brand under Cruise Saudi, confirmed its participation in the prominent Arabian Travel Market (ATM), taking place in Dubai from the 6th to the 9th of May.AROYA Cruises is set to exhibit at the ATM, introducing its newly inaugurated cruise line to an international audience. The cruise line boasts an impressive ship...

Riyadh is poised to inaugurate the premiere Boao Forum for Asia conference, with the Saudi Basic Industries Corporation (SABIC) at the helm, in partnership with the forum itself. Themed around 'Energy Transformation for a Sustainable Future', the conference is slated to propel international collaboration and foster sectoral integration, marking a new chapter in the longstanding alliance between SABIC and the...

Over eighty firms from Saudi Arabia, operating in sectors such as industry, food, health, and commerce, are gearing up to display their offerings at the premiere of the Saudi National Products Exhibition. This pivotal event is set to unfold in Qatar from the 13th to the 16th of May.Integral Saudi governmental bodies are preparing to join the fray, with the...

As global temperatures escalate, the Arab region finds itself at the vanguard of climate change mitigation efforts. The battle to achieve net-zero emissions presents distinctive challenges that intensify the need for urgent action to secure the region's future prosperity. With the Gulf region experiencing some of the most severe impacts of climate change, due to its already high temperatures surpassing...

In a significant move towards strengthening bilateral relations, the energy ministers of Saudi Arabia and Azerbaijan convened to issue a Joint Statement, emphasizing their shared history and future collaboration aspirations, especially within the energy sector.Both nations are keen on sustaining the stability of oil markets and are committed to a coherent global energy transition and ambitious climate change initiatives, aiming...

Baker Hughes, a prominent energy technology company, has recently secured a significant contract from Worley, on behalf of Aramco, to provide advanced gas technology systems for the ongoing expansion of Saudi Arabia's Master Gas System. The deal, which was finalized in the first quarter of 2024, signifies a major step forward in the Kingdom's strategy to enhance its gas distribution...

Under the auspices of Riyadh's Ministry of Health, the King Faisal Specialist Hospital & Research Centre (KFSH&RC) is poised to play a pivotal role as a strategic partner in the upcoming Saudi American Healthcare Forum on April 25th. The forum aims to tackle the principal health challenges faced by populations in the Arab world and the United States, fostering an...

With the arrival of Vision 2030, Saudi Arabia has undertaken a transformative journey, impacting its economic and social landscapes. This bold vision has seen the rise of sectors such as technology, tourism, and sports on the international stage. The latest focus is on propelling the nation towards becoming a powerhouse in advanced and eco-friendly manufacturing, with the company Alat at...

Located in Saudi Arabia's Al-Washm region, the city of Marat stands as a testament to the deep historical roots within Najd. The Arabic literature piece 'Glimpses into the History of Marat' offers readers a profound look into the city's past. Authored by Saudi scholar Abdullah Al-Duwaihi, the work was first made available to the public in 2012 and continues to...

In a pivotal move, Pakistan has joined forces with Uzbekistan and Saudi Arabia to sign a groundbreaking partnership agreement, setting the stage for amplified investment and trade within the countries. Anticipated to catalyze economic collaboration, this deal is poised to unlock new avenues for entrepreneurs and financiers across the region. The collaboration entails a strategic alliance between Uzbekistan’s K-Trade Securities...

Saudi Arabia's grandiose Neom megaproject, valued at a staggering $500 billion and featuring the linear urban development known as 'The Line', is reportedly encountering financial headwinds, according to a recent Business Insider article. For the initial time since its inception in 2017, the kingdom has extended an invitation to potential investors to experience the cutting-edge city from within.Neom embodies a...

Recent research conducted within Saudi Arabia projects a surge in precipitation throughout the coming years. Findings from a comprehensive climate study carried out by the National Centre for Meteorology (NCM) suggest a widespread increase in total rainfall across the nation.Particularly, the study forecasts a notable escalation in the frequency of heavy rainfall occurrences in several regions, including Madinah, Al-Qassim, Riyadh,...

Recent developments in Saudi Arabia have signaled a significant push towards the creation of smart cities within the nation. This movement is characterized by a couple of strategic collaborations aimed at fostering advanced urban environments.An alliance has been formed between MVNO Virgin Mobile Saudi, a subsidiary of Beyond One, and Hitek, a regional provider of technological services. Their cooperation is...

The Chief Executive Officer of Jeddah Airports Company, Mazen Johar, has shed light on the recent enhancements made to streamline passenger services during the high-traffic Umrah season, which runs from Ramadan to the 9th of Shawwal. These improvements have been pivotal in speeding up the Umrah travel process and diminishing wait times for the increased number of pilgrims in the...

In an unprecedented achievement for a Saudi educational entity, King Saud bin Abdulaziz University for Health Sciences (KSAU-HS) has garnered esteemed accolades from the World Intellectual Property Organization (WIPO). This honor marks a significant milestone in recognizing the university's innovative prowess on the global stage. At the 49th Geneva International Exhibition of Inventions, a prestigious event that draws a confluence...

Diriyah Company has made an announcement today about the commencement of a major mixed-use development named Zallal, which is expected to open its doors in the first half of 2025 within the Bujairi District. This initiative is anticipated to add considerable value to the area's commercial and retail sectors. The finished development will boast two low-rise structures designed for office...