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Saudi

1arabia updates

Saudi Arabian banks are on track to break new ground in debt issuance to fund the country’s ambitious economic diversification plans. Analysts at Bloomberg Intelligence predict lenders will need to raise at least $11.5 billion through local and international bonds. This record-breaking borrowing spree is critical for financing Vision 2030, a strategic roadmap to transform Saudi Arabia from an oil-dependent economy into a diversified powerhouse. The impetus […]

1arabia updates

The Saudi Food and Drug Authority (SFDA) is extending an olive branch to American healthcare companies, signaling a potential surge in foreign investment within the Kingdom’s flourishing medical field. Dr. Hisham bin Saad Aljadhey, the CEO of SFDA, recently convened with representatives from various US firms specializing in pharmaceuticals, medical devices, and food safety technologies. These meetings, strategically held on the sidelines of the International Medical Device […]

1arabia updates

Saudi Arabian authorities have issued a warning regarding unauthorized charities soliciting donations. The Ministry of Interior emphasized that the King Salman Humanitarian Aid and Relief Center (KSrelief) remains the sole legitimate entity authorized to receive and distribute charitable contributions abroad. This directive aims to safeguard the integrity of charitable work and ensure responsible donation practices within the kingdom. The Ministry’s statement, released on March 14, 2024, cited […]

1arabia updates

Singapore-based livestreaming platform BIGO is making a major play for the Saudi Arabian market, aiming to invest a staggering $500 million over the next five years. This ambitious plan was announced at the LEAP 2024 tech conference in Riyadh, underscoring BIGO’s commitment to capturing a slice of the burgeoning Saudi entertainment sector. The investment will reportedly encompass the creation of 500 new jobs in the Kingdom. This […]

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Saudi Arabia is poised for a metamorphosis. Long known for its oil reserves and conservative traditions, the kingdom is now setting its sights on a future gleaming with innovation and futuristic megacities. This ambitious vision, spearheaded by Crown Prince Mohammed bin Salman’s “Vision 2030” plan, aims to diversify the economy, attract foreign investment, and position the country as a regional leader in technology and sustainability. The centerpiece […]

1arabia updates

Doosan Enerbility, a leading South Korean energy solutions provider, has secured a significant contract to supply key equipment for Saudi Arabia’s largest combined-cycle power plant project. The deal, valued at approximately 150 billion won (US$114 million), marks a major win for Doosan Enerbility in the expanding Saudi Arabian energy market. Under the agreement signed with SEPCO-3, a Chinese engineering, procurement, and construction (EPC) company, Doosan Enerbility will […]

Featured

K Raveendran The UAE and Saudi Arabia, the Middle East’s two powerhouses, are engaged in a no-holds barred competition to claim the coveted title of the region’s business and financial capital. Until some time back, the UAE had virtual monopoly in this regard, with Dubai remaining unchallenged as a magnet for foreign investments. But things have changed of late as Saudi Arabia has embarked on a new […]

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Arabian Post Special The news of Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) exploring investments in the US liquefied natural gas (LNG) sector signifies a potential power shift with significant ramifications for established players in the business and future market dynamics. This foray into US LNG comes at a time when American banks are increasingly hesitant to finance domestic LNG producers due to environmental concerns. […]

1arabia updates

Microsoft has announced the establishment of a Center of Excellence in Saudi Arabia, aiming to equip the nation’s workforce with the latest digital skills and empower them to contribute to the country’s ambitious digital transformation goals. This initiative aligns with Saudi Arabia’s Vision 2030, a strategic framework that emphasizes economic diversification and technological advancement. Turki Badhris, President of Microsoft Arabia, emphasized the company’s commitment to empowering Saudi […]

Asian News by Media-Outreach

Saudi Tourism Authority reinforcing its presence in Malaysia with its recent inaugural in-person trade roadshow, engaging with key partners across the country KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 6 March 2024 – Saudi Tourism Authority (STA) unveiled a series of initiatives during its trade roadshow held at the Westin Kuala Lumpur on the 4th of March with 18 Saudi stakeholders including DMCs, hotels, transportation partners […]

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1arabia updates

Saudi Arabia’s Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, announced a strengthened partnership with Mumtalakat, the sovereign wealth fund of Bahrain, on Tuesday. This move signifies a commitment to fostering economic cooperation and exploring new investment opportunities within the island nation. The agreement, formalized through a memorandum of understanding (MoU), outlines a framework for collaboration across various sectors. This includes identifying and pursuing promising investment […]

1arabia updates

Saudi Arabia’s domestic mergers and acquisitions (M&A) market has witnessed a significant boom in recent years, according to a report by Preqin, a global alternative assets data provider. The report highlights a staggering sixfold increase in the number of domestic deals between 2018 and 2023. This surge reflects growing investor confidence and a maturing domestic business environment in the Kingdom. The report attributes this upsurge to several […]

1arabia updates

Saudi Arabia’s National Centre of Meteorology (NCM) is urging a revision of the country’s educational materials on climate, highlighting the need for more accurate and nuanced information reflecting the kingdom’s diverse weather patterns and changing climate. Hussain Al Qahtani, the NCM spokesperson, emphasized the outdated nature of the current descriptions characterizing Saudi Arabia’s climate as simply “hot in summer and cold in winter.” He stated that this […]

1arabia updates

Saudi Aramco, the world’s largest oil producer, announced on Friday the successful completion of its acquisition of a 100% stake in Esmax Distribución, a leading Chilean fuels and lubricants retailer. This move marks Aramco’s first foray into the downstream retail market in South America, signaling its ambitions for regional expansion and diversification. Esmax boasts a well-established network across Chile, encompassing retail fuel stations, airport operations, fuel distribution […]

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Featured

Arabian Post Special For decades, the Middle East’s tourism landscape has been dominated by a few key players, with the United Arab Emirates (UAE) reigning supreme. However, a seismic shift is underway, as Saudi Arabia, long known primarily for religious pilgrimage, emerges as a major contender, rewriting the region’s tourism narrative. This transformation, driven by the ambitious Vision 2030 plan, has significant implications for both the Kingdom […]

1arabia updates

The United Arab Emirates, Saudi Arabia, and Qatar have risen through the ranks of the most influential soft power nations faster than any other countries in the world, according to the new iteration of the Global Soft Power Index by Brand Finance, the world’s leading brand evaluation consultancy. The three Gulf nations have recorded remarkable improvements in the ranking over the past five iterations of the Global Soft Power […]

1arabia updates

The Saudi Heritage Commission (SHC) has announced significant discoveries at the Jerash archaeological site in the Asir region. These findings, made during the 15th excavation season in 2023, shed new light on the site’s historical significance and offer a glimpse into the lives of its past inhabitants. Unearthed at Jerash were the remains of dwellings constructed from stone and mud, showcasing unique architectural features. These structures, along […]

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1arabia updates

In a statement marking a potential shift in Saudi Arabia’s cultural landscape, the kingdom’s Assistant Minister of Culture, Rakan Altouq, declared that “culture is not unipolar, nor should it be.” This comment, made following the first AlUla Future Culture Summit, suggests a move away from a singular cultural perspective and towards embracing a more diverse and interconnected global cultural scene. The AlUla summit, held in February 2024, […]

1arabia updates

Saudi Arabia has achieved a significant milestone in its economic diversification strategy, welcoming over 100 million tourists in 2023. This remarkable achievement surpasses the ambitious target set by the Kingdom’s Vision 2030 plan a full seven years ahead of schedule. The tourism sector has emerged as a key pillar of Vision 2030, a comprehensive roadmap aiming to reduce the nation’s reliance on oil and foster economic growth […]

1arabia updates

Saudi Arabia’s Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, is preparing to raise capital through a new debt offering, according to a recent report. This marks the PIF’s second attempt at tapping the debt market in 2024, following a successful issuance of a $5 billion conventional bond in January. The latest offering will be a seven-year sukuk, an Islamic financial instrument compliant with Sharia law […]

1arabia updates

The demand for data center services in the Gulf Cooperation Council (GCC) is experiencing a surge, with Saudi Arabia and the United Arab Emirates (UAE) leading the charge. This growth is attributed to several factors, including government initiatives focused on building robust digital economies, the rising adoption of emerging technologies like the Internet of Things (IoT) and Artificial Intelligence (AI), and the presence of major international cloud […]

Columns

James M Dorsey Two recent soccer incidents suggest that beyond optics little has changed in the Saudi-Iranian rivalry since China mediated the restoration of diplomatic relations between the two countries a year ago. On the contrary, the Gaza war has highlighted the potential threat Iran and its non-state allies pose to the kingdom, even if both countries have toned down their rhetoric, are cautious not to provoke the other, […]

Latest Updates

Saudi Arabia is currently exploring the establishment of a regulatory framework for follow-on share offerings (FSOs). Authorities are deliberating the implementation of guidelines that would govern the process of companies issuing additional shares after an initial public offering (IPO). The move comes as part of the country’s ongoing efforts to enhance and streamline its financial market operations. The potential regulatory framework aims to provide a structured and […]

Latest Updates

Saudi Arabia and Egypt are joining forces in a substantial real estate investment endeavor, pooling resources to embark on projects valued at $1 billion. The collaboration, aimed at fostering economic growth and strengthening bilateral ties, signifies a strategic partnership between the two nations. This initiative, disclosed after high-level discussions between Saudi and Egyptian officials, underlines the commitment to enhance economic cooperation. The substantial investment will primarily focus […]

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1arabia updates

Riyadh: In a revelation from Richard Cormack, Co-Head of Equity Capital Markets EMEA, Co-Head of UK Investment Banking at Goldman Sachs, the MENA region is anticipated to represent 10% of MSCI EM. Notably, Saudi Arabia is projected to make up a substantial 70% share of this, marking a significant development in the financial landscape.Cormack, speaking at the third Edition of the Saudi Capital Read the full story […]

1arabia updates

Riyadh: Alat, a pioneering company spearheading global industry transformation, has unveiled four major partnerships with renowned technology giants Softbank Group, Carrier Corporation, Dahua Technology, and Tahakom. As a subsidiary of the Public Investment Fund (PIF), Alat is set to propel Saudi Arabia into a world-class manufacturing hub by fostering sustainable practices, aiding partner Read the full story on 1arabia.com

1arabia updates

King Saud University (KSU) in Riyadh has secured a place in the Guinness World Records as the largest dental hospital globally, spanning an expansive 37,165 square meters. This accomplishment underscores the university’s dedication to healthcare services, medical education, training initiatives, and scientific research, aligning with the objectives outlined in Saudi Vision 2030.KSU’s medical city Read the full story on 1arabia.com

1arabia updates

Dubai– The Middle East and North Africa (MENA) region have asserted their presence in the global retail scene, with Saudi Arabia making a significant leap in the latest Global Retail Development Index (GRDI) released by Kearney. The bi-yearly survey, evaluating promising retail markets worldwide, places the MENA region in the spotlight for its remarkable retail resilience, underscoring Saudi Read the full story on 1arabia.com

Latest Updates

Aerial images have emerged, unveiling the vast extent of Saudi Arabia’s ambitious £800 billion project, ‘The Line.’ The photos showcase the magnitude of this undertaking, offering a glimpse into the transformative endeavor set to reshape the nation’s landscape. Captured from above, the visuals depict the extensive infrastructural development that is part of ‘The Line,’ a project designed to create a futuristic city spanning 170 kilometers in length. […]

Latest Updates

Saudi Arabia has issued a stern warning regarding Value Added Tax (VAT) compliance, emphasizing the necessity for businesses and individuals to adhere to the regulations. The General Authority of Zakat and Tax (GAZT) has underscored the importance of timely and accurate VAT filings to avoid penalties and legal repercussions. The GAZT, responsible for overseeing tax-related matters in the Kingdom, highlighted the obligation of all taxable entities to […]

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