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  • Saudi Arabia Allows Foreign Investors into Local IPOs, Hopes to List Aramco on Tadawul
     

    Foreign investors are now able to participate in initial public offerings (IPO) on companies listed on the Nomu (parallel) market in Saudi Arabia, according to reports based on comments from Saudi Arabia’s Capital Market Authority (CMA) chairman Mohammed El Kuwaiz. El Kuwaiz said Thursday that foreign investors can take part in company flotations when asked about the […]

     
  • Over 87,000 Business Licenses Issued to Saudi Arabia this Year – Report
     

    Saudi Arabia’s Ministry of Commerce and Investment issued over 87,000 business licenses to women in the last year as the Kingdom looks to increase female integration into the Saudi economy. The Ministry said it issued 87,575 commercial registrations for women “for businesses in various fields, including trade, manufacturing, communications, information technology, real estate, cleaning, tourism, restaurants […]

     
  • Saudi Economy Contracts as Production Cuts, Reforms Begin
     

    Saudi Arabia’s economy contracted by 1.03 percent in the second quarter of this year following a 0.5-percent contraction in the first quarter, according to reports, as participation in the OPEC oil production cut and disappointing growth in non-oil industries weighed on the economy. While the contraction in the economy is to be expected as OPEC and Russia seek […]

     
  • Saudi-based Restaurant Management Startup Raises $4m
     

    A restaurant management startup in Saudi Arabia has raised a $4m Series A investment as the Kingdom sees signs of life for new small and medium-sized enterprises (SMEs). Foodics, which is a Saudi-based company, offers an all-in-one iPad-based point of sale and restaurant management system. Foodics raised its venture funding from Saudi VC firms Raed […]

     
  • Saudi Arabia’s ‘Third Rail’ No More? Kingdom Eyes Ambitious Energy Subsidies Cuts By November 2017, Report Says
     

    Energy subsidies have long been a significant drag on the Saudi economy on numerous fronts, but as Vision 2030 reforms move ahead, Saudi Arabia is reportedly eyeing further cuts to its domestic energy subsidy program, long a third rail for Saudi domestic politics. According to a Bloomberg report, the government will aim to phase out “subsidies for gasoline and jet […]

     
  • ‘Shale Oil 2.0’: Uptick in Oil Prices Entices Shale Producers, but ‘Bumps in the Road’ Persist — Jadwa Investment
     

    The recently observed uptick in oil prices has given many US shale oil producers the opportunity to expand production, Riyadh-based Jadwa Investment said in a research note on shale production. “Latest forecasts from the Energy Information Administration (EIA) see US oil production rising by 10 percent year-on-year in 2017, and 3.3 percent in 2018. Alongside the […]

     
  • Saudi Arabia Secures Spot in 2018 World Cup in Russia
     

    Saudi Arabia has secured a trip to compete in the next World Cup in 2018 after defeating Japan 1-0 in their last AFC Round 3 Group B match on Tuesday. The World Cup in 2018 is being hosted by Russia, and matches will be played in cities across the country. According to FIFA, Saudi Arabia finished […]

     
  • Dow Chemical to Buy 15% More of Sadara to Boost Stake to 50%
     

    Dow Chemical plans to buy an additional 15 percent stake in its $20 billion joint venture with Saudi Aramco, the companies said on Monday according to reports. The U.S.-Saudi joint venture, named Sadara, aims to transform Saudi Arabia “from a consumer and importer to a global exporter,” according to Saudi Energy Minister Khalid al-Falih. U.S.-based Dow Chemical […]

     
  • Rules Issued for Small-Scale Solar Generation in Saudi Arabia
     

    Saudi Arabia has issued a regulatory framework for electricity consumers to operate their own, small-scale solar power generating systems and export unused power to the national grid, according to a Reuters report citing a government statement. The rules will come into force next July 1 and cover small photovoltaic facilities with generating capacity of no more […]

     
  • Saudi Ministry of Justice Approves New Protections for Women in Saudi Arabia
     

    The Saudi Ministry of Justice issued four important decisions and proposals to limit the abuse of women, including raising the age that a woman is allowed to marry to 17 years old, according to a report in the Middle East Monitor that cited the Saudi daily Okaz. The Ministry proposed a rule that “permission to […]

     

MUST-READS

  • Saudi Arabia sees Italy as partner of choice on green products

    Saudi Arabia regards Italy as a useful ally to help it deliver green energy and fuels - including hydrogen produced with renewable power - to Europe, the kingdom's investment minister said on Thursday. Under its multi-year energy strategy, Saudi Arabia aims to grow its production capacity for low-carbon products to diversify away from its traditional oil and gas business. However, since the market for low and zero-carbon hydrogen is still at an initial stage, the country is looking for allies who could facilitate the export of these products.

  • Saudi Arabia scraps hotel licensing fees in bid to boost tourism

    Saudi Arabia decided on Wednesday to cancel fees for issuing commercial activity licenses for hotels, hotel apartments and residential resorts in the kingdom, state news agency SPA reported. The decision, effective September 4, is part of the Tourism Investment Enabler Programme that Saudi Arabia launched in March, aimed at making the kingdom a global tourism powerhouse. “This decision comes in line with the goals of the Kingdom’s Vision 2030 to make Saudi one of the most prominent tourist destinations in the world”, SPA said. SPA added that the initiative would encourage investors to put more money into the tourism sector, which would increase the industry’s contribution to gross domestic product.

  • Saudi issuing licences for new airlines

    In an interview with Al Arabiya Business, Al-Duailej revealed that work is underway to issue new licences for private airlines at Saudi airports. He highlighted that Saudia Airlines recently secured a deal to purchase 105 new aircraft, with Jeddah airport being used as a major hub for the airline in the coming years. Al-Duailej also emphasised that Saudi Arabia’s aviation strategy aims to increase passenger numbers to 300 million. The country has already established direct connections to 170 destinations out of a target of 250.

  • New Saudi campaign explores the ‘Heart of Arabia’

    The heroine of the film – a solo female traveller – is initially filled with trepidation but experiences a warm Saudi welcome as she embarks on an enigmatic quest through the country’s spectacular destinations. It also showcases a lesser-known side to Saudi – its expansive geography, diverse terrain, and human and natural wonders – from the clear turquoise waters of the Red Sea, to Aseer’s lush mountains, the vibrant cities of Riyadh and Jeddah as well as iconic UNESCO World Heritage Sites of Diriyah, Hegra and Al Balad. The wider message of the campaign is about Saudi’s extraordinary heritage, its rapid transformation into a dynamic global destination, and the endearing warmth of its people.

  • Green Jobs Surge: How Saudi Arabia’s Eco-Initiatives Create New Opportunities

    Saudi Arabia's focus on sustainability has led to a notable rise in green jobs. According to recent statistics, the green sector has grown by over 30% in the past five years. This growth is fueled by investments in renewable energy, sustainable agriculture, and eco-friendly technologies. The surge in green industry sectors is not just a trend; it's a tidal wave transforming the Saudi economy.

  • Leading KSA Fintech – Hakbah – Partners with the Saudi Institute of Internal Auditors

    akbah, the Saudi-based fintech savings platform, announces a new agreement with The Saudi Institute of Internal Auditors to enhance the development of internal auditing systems, governance, and oversight within financial technologies, at 24Fintech in Riyadh. Under this agreement, Hakbah and The Saudi Institute of Internal Auditors will exchange information and updates on professional standards and scientific references, facilitating specialised internal audit studies as well as research on relevant systems, regulations, and discussion panels.

  • US most powerful tourism market; Saudi Arabia tops in growth

    The US remains the world’s most powerful travel and tourism market, contributing a record-breaking $2.36 trillion to the nation’s economy last year, according to the World Travel & Tourism Council's (WTTC) 2024 Economic Impact Trends Report. Saudi Arabia leads the growth international tourism spending with a 91.3% jump compared to 2019, the report noted. Despite the slow return of spending from international travelers, the US keeps pole position, with almost double the economic contribution of its nearest rival.

  • Saudi Arabia, India discuss ways to bolster strategic defense cooperation

    Saudi Arabia and India recently discussed new avenues to strengthen defense cooperation at the India-Saudi Arabia Joint Committee on Defence Cooperation (JCDC) held in Riyadh. Indian ambassador Dr. Suhel Ajaz Khan told Arab News that Saudi Arabia and India are seeking to enhance defense cooperation. Khan said the sixth JCDC meeting was co-chaired by India’s Joint Secretary (Armed Forces) Amitabh Prasad and Saudi Arabia’s Deputy Minister of Defense for Strategic Affairs Maj. Gen. Salman bin Awadh Al-Harbi.

  • 7 Saudis held for publishing posts inciting communal hatred

    The Saudi security authorities have arrested seven citizens and referred them to the Public Prosecution for committing crimes threatening national unity, peace and community security, it was revealed by the Ministry of Interior. The suspects were found involved in publishing posts that incite abhorrent tribal fanaticism, hatred and animosity in society, the Saudi Press Agency reported.

  • IMF Warns Saudi Oil Revenue to Fall More Sharply This Decade

    Oil revenue will rise to 783 billion riyals ($209 billion) to make up about 26% of gross domestic product in 2026, the IMF said in a report after its annual consultations with the Saudi government. The earnings are seen dipping to 778 billion riyals in 2029, 4.1% less than earlier estimates.