MUST-READS

The No 1 problem in a family business? ‘Not business, but family’
Family-run enterprises account for more than 85 percent of Gulf companies and contribute about 80 percent of non-oil GDP, according to consultancy PwC. In the UAE, these businesses contribute more than 40 percent of Dubai’s GDP and employ over 70 percent of the private-sector workforce, according to the Ministry of Economy. Last year a surge in initial public offerings on Mena stock exchanges was predominantly led by government entities, but IPO momentum is now shifting toward the private sector. Listing is seen as a way to professionalise family-run companies, but Kanoo argued that it does not fundamentally change family dynamics. If founders list 10 percent of their enterprise, they still own 90 percent, he pointed out.
Macron hosts Saudi business leaders to strengthen investments
French President Emmanuel Macron held an expanded discussion session on Saturday with a group of Saudi and French business leaders to develop and expand mutual investments between the two countries. The meeting, held at the Élysée Palace in Paris, was attended by the visiting Saudi Minister of Investment, Eng. Khalid Al-Falih. The session included the participation of 23 CEOs representing Saudi companies, with discussions focusing on strengthening Saudi-French collaboration in key sectors such as technology, energy transition, and tourism.
Preserving the Past, Building the Future: Saudi Arabia’s cultural heritage and business synergy
In the Quality of Life Program 2023 annual report, Saudi Crown Prince Mohammed bin Salman said that the Kingdom is striving to cultivate a deep sense of pride in the nation and actively contribute to global development and progress, across economic, environmental, cultural, and intellectual dimensions. The report further revealed that in 2023, the Ministry of Culture targeted 108,010 employees in the Saudi cultural sector, but recorded 216,878 workers during the year, reflecting an achievement rate of 201 percent.
Gulf States See Trump as Ally They Can Do Business With
“Obviously, we worked with President Trump before, so we know him and we can find a way to work with him very well,” the Saudi foreign minister, Prince Faisal bin Farhan, told CNN last week during the kingdom’s annual investment forum nicknamed “Davos in the Desert.” During his last presidency, Mr. Trump fostered personal relationships with Gulf leaders, offered strong defense support for their countries while steering away from criticizing their human rights records. This time around, the Gulf states will likely look to the new Trump administration for help in ending the devastating war in the Middle East, firm security guarantees and American investment as they try to diversify the region’s economic base away from almost total reliance on energy.
Revealed: The Arabian Business 100 Most Admired Companies for 2024
This year, we’re spotlighting a wide range of companies, from industry titans to trailblazing disruptors. Take, for instance, The Giving Movement – a brand pioneering sustainable fashion and reshaping the industry’s approach to eco-consciousness. Emirates Airline, a true titan in global aviation, which continues to set new benchmarks, while Neom, Saudi Arabia’s visionary city of the future, stands set to redefine urban living as we know it. The list also features the giants of construction, finance, and technology, such as Emaar, known for its skyline-shaping developments, and e&, whose tech-driven solutions are propelling digital transformation across the region.
Lucid’s boss on sputtering EV market, Elon, and doing business in Saudi Arabia
I didn’t go out and try to seek Saudi money specifically. But I needed billions of dollars. And to get that, we needed a proof point, because there was a whole phalanx of EV startups just trying to ride the coattails of Tesla’s market cap. So we partnered with McLaren and we developed the most advanced electric motorsport battery pack. And guess what happened? Saudi Arabia said we’d like to host a Grand Prix event for electric motorsport. That Saudi race was the first race where our battery pack featured and that was the proof point for the Saudis. So these talks were happening with His Excellency, Yasir [Al-Rumayyan], in the summer of 2018. He’s quite an accomplished racing driver, and I decided that none of my test drivers were driving our cars fast enough to impress. So I took him out. I think I scared the devil out of him, flat out around the block. And they were in.
SBC Concludes Participation in the Saudi-South African Business Forum
The Saudi Business Center (SBC) has concluded its participation in the Saudi-South African Business Forum, which was held yesterday here by the National Competitiveness Center, the Federation of Saudi Chambers of Commerce, and the Department of Trade, Industry and Competition of the Republic of South Africa. SBC participated in the event to raise awareness about the services provided by government partners to the business sector, and to facilitate the initiation and conduct of business in Saudi Arabia.
Saudi businessmen sign 27 memorandums of understanding with Pakistan valued at $2 billion
In a televised speech, Sharif hailed the memorandums and said he hoped they would soon be translated into agreements, adding that his government will do its best to facilitate Saudi investments in the country. Sharif also thanked Saudi Arabia for helping Pakistan reach an agreement to receive a $7 billion bailout from the International Monetary Fund.
Saudi business delegation lands in Pakistan for $2b investment talks
A high-level Saudi delegation, headed by Khalid bin Abdulaziz Al-Falih, the Kingdom’s Investment Minister, arrived in Islamabad on Wednesday for a three-day visit aimed at finalising $2 billion in business-to-business (B2B) investment proposals.
UAE to focus on business and tech in US state visit
While acknowledging security concerns are a constant in the region, the UAE is fully focused on an “economy-first, prosperity-first” agenda, Dr. Anwar Gargash, diplomatic adviser to UAE President Sheikh Mohamed bin Zayed, told reporters during a briefing in Dubai on Thursday.
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