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  • What Maersk’s $250M logistics park means for Saudi Arabia

    Danish shipping and logistics company Maersk is building a 225,000-square-meter facility in Saudi Arabia's Red Sea-facing Jeddah Islamic Port. The company is investing $250 million in developing a key logistics hub with the Saudi Ports Authority, also known as Mawani. The facility allows for connectivity over land, sea and air. It has warehouses for e-commerce and business requirements and caters to a wide range of sectors such as fast-moving consumer goods, frozen food, automotive, retail and lifestyle, petrochemicals, electronics and pharmaceuticals. The logistics hub will also provide and first- and last-mile deliveries, as well as custom services.

  • No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy

    The fund’s investments in domestic infrastructure and real estate development grew 15% year-on-year to 233 billion riyals, while its foreign investments increased 14% to 586 billion riyals. At the same time, the Saudi government introduced laws and reforms to facilitate and even mandate investment in the country as it builds out its Vision 2030 plan to diversity its oil-reliant economy.

  • Riyadh airport breaks passenger traffic record, with 130,000 passengers in a single day

    King Khalid International Airport (KKIA) in Riyadh broke its highest-ever passenger traffic record at the end of July and beginning of August 2024. The KKIA, managed and operated by Riyadh Airports Company (RAC), announced in a press release on Thursday that the airport reported handling 3.5 million passengers in July 2024, surpassing the previous record of 3.1 million passengers set in June—an increase of 400,000 passengers. According to the release, the airport set a new single-day record on Thursday, August 1, 2024, with 130,000 passengers, surpassing the previous highs of 125,000 on July 25 and 124,000 on June 13. In July, the airport achieved a seat occupancy rate of 91 percent, demonstrating its high operational efficiency.

  • Saudi Arabia’s economy set to grow in second half of 2024

    Saudi Arabia’s economic growth is anticipated to recover in the latter half of 2024, as per research firm CreditSights. The kingdom’s GDP is projected to increase by 1.7% in 2024, with a further acceleration to 4.7% in 2025. This follows a 0.4% contraction in the second quarter of 2024, after a 0.8% contraction in 2023 and a 7.5% expansion in 2022.

  • 59% of Saudi family businesses have no succession plan: CEO of NCFB

    The regions of Qassim and Riyadh lead in the presence of family businesses in Saudi Arabia, constituting 95% of the active commercial establishments and employ 57% of the private sector's workforce, accounting for 48% of the total workforce in Saudi Arabia, Al-Eqtisadiah newspaper reported. Moreover, 69% of family businesses are concentrated in Riyadh, Makkah, and the Eastern Province, which is a natural reflection of the economic activity in Saudi Arabia.

  • MENA’s Magnetic Pull: Are Foreign Investors Coming Back?

    UAE and Saudi Arabia are the go-to destinations for international investors in MENA, no doubt due to their well-established and relatively mature VC ecosystems. In H1 2024 alone, a whopping 80% of international investors in MENA flocked to these two giants, with the UAE capturing the lion’s share. Both countries boast key attractions such as political stability, economic growth, government support, clear regulations, and enticing tax incentives. The UAE in particular has positioned itself as the tech hub of MENA, making it a magnet for global investors.

  • Saudi foreign minister meets Iraqi PM in Baghdad

    Saudi foreign minister Prince Faisal bin Farhan met with Iraq’s Prime Minister Mohammed Shia al-Sudani during an official visit to Baghdad on Thursday, state news agency SPA reported. During the meeting at the presidential palace, both officials reviewed bilateral ties and discussed ways to strengthen cooperation across various fields.

  • Saudi’s Arabian Mills to sell 30% stake in IPO

    Arabian Mills for Food Products Company (Arabian Mills) intends to sell 30% of the company’s capital, or 15.39 million shares, through an initial public offering on the Saudi Exchange's (Tadawul) main market. The shares being sold are owned by Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company – Ajlan & Bros, Sulaiman Abdulaziz Al-Rajhi International Company, and the National Agricultural Development Company (NADEC).

  • Madinah records highest temperature in Saudi Arabia

    The city of Madinah recorded the highest temperature in the Kingdom of Saudi Arabia (KSA) at 47 degrees Celsius on Wednesday, August 21.

  • Saudi Professional League kicks off new season after 87-day break

    The Roshn Saudi Professional League is set to kick off its new season on Thursday, with Al Taawoun hosting Al Fayha, while Al Nassr faces off against Al Raed following their recent loss in the Diriyah Super Cup final. Meanwhile, Al Riyadh will travel to Makkah to take on Al Wehda. The league resumes after its last match on May 27, where Al Hilal clinched the championship in the final round of the previous season. Al Nassr, last season’s runner-up and a three-time league champion, enters the season on shaky ground after suffering a heavy 4-1 defeat to fierce rivals Al Hilal in the Diriyah Super Cup final. This was followed by the resignation of club president Ibrahim Al-Muhaideb on Tuesday, less than two months after he was elected.