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Saudi Arabia’s Almarai Company has signed a substantial SR60 million ($15.9 million) agreement with marketing logistics firm 30Export. This deal, signed in the presence of key industry figures such as Minister of Industry and Mineral Resources Bandar Alkhorayef and Saudi Export Development Authority (SEDA) CEO Abdulrahman Al-Thukair, marks a significant step in Almarai’s efforts to enhance its international trade capabilities. The formalities were completed by Abdullah Al-Bader, […]

Jadwa Investment, a prominent Saudi private equity firm, has acquired a 60% stake in Tikkaway, an emerging player in the fast-casual dining sector. This strategic acquisition aligns with Jadwa’s broader goal of diversifying its investment portfolio and strengthening its presence in the consumer sector. The deal, valued at an undisclosed amount, marks a significant step for Jadwa in expanding its footprint within the hospitality and food service […]

RIYADH, SAUDI ARABIA – EQS Newswire – 17 July 2024 – Envision Energy, recognized as the “Green Giant” among the “2024 TIME100 Most Influential Companies”, has unveiled a strategic joint venture (JV) with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries. This venture aims to accelerate the wind power growth throughout the Middle East, committing to driving the region’s journey towards a cleaner, more sustainable future. […]

The Saudi Cabinet has given the green light to establish a comprehensive national minerals program, marking a significant step forward in the Kingdom’s efforts to diversify its economy and reduce reliance on oil revenue. This initiative is part of a broader strategy to boost the mining sector and harness the Kingdom’s untapped mineral resources. The newly approved program aims to develop the country’s mineral wealth, which includes […]

Arabian Post Staff -Dubai Oman is on the cusp of becoming the first Gulf Cooperation Council (GCC) country to implement a personal income tax, sparking debates about whether other Gulf nations might follow suit. This historic move aims to diversify Oman’s revenue streams, reducing its dependency on oil, and supporting its Vision 2040 plan for sustainable economic growth. The proposal, recently approved by Oman’s Majlis Al-Shura and […]

The International Monetary Fund (IMF) has adjusted its economic projections for Saudi Arabia, revising down the expected GDP growth due to significant cuts in oil production. The revision comes as global oil markets continue to face volatility amidst geopolitical tensions and shifting demand dynamics. Saudi Arabia, the world’s largest oil exporter, has been implementing production cuts as part of coordinated efforts by OPEC+ to stabilize oil prices […]

Saudi Arabia’s Public Investment Fund (PIF) has entered into three major agreements aimed at bolstering the Kingdom’s renewable energy component manufacturing sector. These strategic deals are a significant step towards Saudi Arabia’s Vision 2030, which seeks to diversify the economy and reduce its reliance on oil. The first agreement involves the establishment of a large-scale solar panel manufacturing facility. This initiative is set to significantly increase the […]

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Public Investment Fund (PIF) has embarked on a groundbreaking initiative to bolster Saudi Arabia’s renewable energy sector through localized manufacturing agreements. The move aims to enhance domestic production capabilities and reduce reliance on imports in the burgeoning green energy market. Under the visionary leadership of PIF, Saudi Arabia has committed to accelerating its renewable energy ambitions. The recent agreements mark a strategic milestone in the kingdom’s journey […]

Saudi Arabia’s Minister of Economy and Planning, in a strategic move towards fostering sustainable development, has initiated discussions with Qatar, Hungary, and the Solomon Islands. These talks aim to explore collaborative opportunities that leverage each nation’s strengths to achieve mutual economic and environmental goals. The discussions, characterized by a spirit of cooperation and forward-thinking, highlight Saudi Arabia’s commitment to diversifying its economy and promoting sustainable practices globally. […]

China has officially launched its first exchange-traded funds (ETFs) focusing on Saudi equities, marking a significant milestone in the deepening financial ties between the two nations. The ETFs, named the Huatai-Pinebridge CSOP Saudi Arabia ETF QDII and the China Southern CSOP Saudi Arabia ETF QDII, are managed by Huatai-Pinebridge Fund Management and China Southern Asset Management. These funds will mirror the CSOP Saudi Arabia ETF, which was […]

The Saudi Investment Ministry has forged a strategic partnership with Saudia Group, marking a significant milestone aimed at bolstering investment prospects within the Kingdom. Under the agreement, unveiled during a high-profile ceremony in Riyadh, both entities pledged to collaborate closely on initiatives designed to stimulate economic growth and attract foreign investment. The accord underscores Saudi Arabia’s proactive approach to diversifying its economy beyond oil revenues, aligning with […]

Saudi Arabia’s Public Investment Fund (PIF) has selected JPMorgan Chase & Co. and Morgan Stanley to oversee the initial public offering (IPO) of the National Unified Procurement Company (Nupco). This strategic move comes as the kingdom aims to bolster its healthcare sector and diversify its economy beyond oil revenues. Founded in , Nupco is pivotal in Saudi Arabia’s healthcare infrastructure, handling the procurement, warehousing, and distribution of […]

Saudi Arabia’s Minister of Environment, Water, and Agriculture has unveiled a new financial support program aimed at revitalizing the kingdom’s fisheries industry. The initiative, announced earlier this week, marks a significant step towards enhancing sustainability and economic growth within the sector. The program, part of the ministry’s broader strategy to promote environmental stewardship and economic diversification, aims to provide crucial funding to fisheries-related projects across the country. […]

Magrabi Retail Group is set to significantly expand its Doctor M brand footprint across the Middle East with the opening of 36 new stores this year. The retailer, known for its eyewear offerings, aims to meet rising consumer demand and solidify its position as a leading lifestyle brand in the region. With a focus on major cities in the Gulf Cooperation Council countries and Egypt, Magrabi plans […]

RIYADH — The Saudi Central Bank (SAMA) has issued a clarification on the specific amounts exempt from seizure in bank accounts. According to the statement, the exemption rate for salary seizures is capped at one-third of the net monthly income, while retirement pension seizures cannot exceed one-quarter of the net monthly pension. Furthermore, deposits related to compensation and government support programs, including social security and the Citizen’s […]

Thuwal, Saudi Arabia – King Abdullah University of Science and Technology (KAUST) is spearheading Saudi Arabia’s foray into the realm of generative artificial intelligence (AI). The university has recently established a Center of Excellence dedicated to generative AI, aiming to cultivate cutting-edge research and development in this transformative field. A strategic collaboration with Google has further bolstered KAUST’s AI initiatives. The tech giant has awarded $100, 000 […]

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Saudi Arabia has significantly increased its imports of heavy crude oil in recent months, a surprising shift in strategy for the world’s largest oil exporter. The kingdom’s decision to purchase more of the dirtiest form of crude comes amidst an exceptionally scorching summer, which has led to a surge in domestic electricity demand. To meet the unprecedented power consumption, Saudi Arabia has found it necessary to refine […]

Riyadh has emerged as the undisputed leader in Saudi Arabia’s retail space growth, boasting an impressive 90% occupancy rate. According to Knight Frank’s Summer 2024 Saudi Arabia Retail Market Overview, the capital city has witnessed a 5 percentage point surge in occupancy rates over the past year, accompanied by a 3% increase in average rental rates for regional and super-regional malls to SAR2, 725 per square meter. […]

RIYADH – The ambitious trillion-dollar transformation plan envisioned by Saudi Crown Prince Mohammed bin Salman is encountering significant headwinds as the kingdom grapples with the prospect of funding cutbacks. Sources close to the matter have revealed that the economic downturn, coupled with escalating geopolitical tensions, has compelled Saudi authorities to reassess the financial viability of the multifaceted project. Initially conceived as a cornerstone of the kingdom’s economic […]

Saudi Arabia’s historic city of Diriyah has awarded a substantial $2 billion contract for the development of a new mixed-use district. The agreement, the largest single contract in the company’s history, was granted to a joint venture comprising El Seif Engineering Contracting Co. and China State Construction Engineering Corp. This ambitious project, slated to commence in the third quarter of the year, will transform the northern part […]

Saudi Arabia has taken a significant step towards broadening its debt market accessibility by incorporating five additional financial institutions into its primary dealer program. The Ministry of Finance and the National Debt Management Center (NDMC) formalized agreements with Albilad Investment Co. , AlJazira Capital Co. , Al Rajhi Capital Co. , Derayah Financial Co. , and Saudi Fransi Capital Co. to facilitate the distribution of government debt […]

RIYADH — Saudi Arabia has climbed to the second spot on the list of best countries for expatriates, a significant leap from its 14th position last year, according to a recent survey. The kingdom was outperformed only by Denmark in the Working Abroad Index, with over half of respondents expressing satisfaction with the local job market. The survey highlighted Saudi Arabia’s remarkable progress in career prospects, surpassing […]

JEDDAH — Saudia Group has significantly expanded its domestic flight network with the introduction of eight new daily services connecting Jeddah, Riyadh, and Dammam to Abha. This strategic move by the aviation conglomerate aims to bolster domestic tourism and aligns with the Saudi Tourism Authority’s initiatives to promote Abha as a prime destination, particularly during the Aseer Season and Saudi Summer campaigns. With this expansion, Saudia Group’s […]

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