Tag: Saudi Business

Saudi Arabia To Invest More Than $20 Billion In Its Military Industry Over Next Decade

February 20, 2021

Saudi Arabia will invest more than $20 billion in its domestic military industry over the next decade as part of aggressive plans to boost local military spending, the head of the kingdom’s military industry regulator said on Saturday. The Gulf state wants to develop and manufacture more weapons and military systems domestically, aiming to spend … More Saudi Arabia To Invest More Than $20 Billion In Its Military Industry Over Next Decade

Saudi Arabia Eyes Dubai’s Crown With HQ Ultimatum

February 17, 2021

Saudi Arabia has ratcheted up the stakes in an intensifying competition with neighbouring for foreign talent and money. From 2024, the Saudi government will stop giving state contracts and commercial institution that base their Middle East hubs in any country in the region, the Saudi finance minister told Reuters. The measure is the latest attempt … More Saudi Arabia Eyes Dubai’s Crown With HQ Ultimatum

Saudi Arabia Won’t Work With Foreign Firms Without Regional HQ From 2024

February 16, 2021

Saudi Arabia will no longer sign contracts with foreign companies which do not have a regional headquarters in the kingdom after 2023, state news agency, SPA, reported on Monday, citing official source. The policy, which comes into effect on Jan1. 2024, is designed to encourage foreign firms to open a permanent, in – country regional … More Saudi Arabia Won’t Work With Foreign Firms Without Regional HQ From 2024

BUSINESS | Saudi Arabia To Provide 60,000 Free Wi-Fi Points

November 17, 2020

At least 60,000 free Wi-Fi hotspots will be provided in public location across Saudi Arabia as part of a Communication and Information Technology Commission (CITC) initiative. Hospitals, malls, public parks and the Two Holy Mosques will be among locations to get free Wi-Fi access, the Saudi Press Agency reported on Sunday. The initiative includes free … More BUSINESS | Saudi Arabia To Provide 60,000 Free Wi-Fi Points

BUSINESS | Saudi Arabia’s PIF Invest $1.3 Billion In India’s Reliance Retail

November 6, 2020

MILAN – – Saudi Arabia’s Public Investment Fund said Thursday it will invest approximately $1.3 billion for a 2.04 percent stake in Indian conglomerate Reliance Industries’ retail arm, RRVL. The investment will further strengthen PIF’s presence in India’s dynamic economic and promising retail market segment, said a statement. The investment in RRVL follows an earlier … More BUSINESS | Saudi Arabia’s PIF Invest $1.3 Billion In India’s Reliance Retail

BUSINESS | Aramco Chief Wins Energy Executive Of The Year Award

October 13, 2020

RIYADH | SAUDI ARABIA – Saudi Aramco’s president and CEO, Amin Nasser, had been named energy executive of the year by a panel of international industry leaders. The 60-year-old business chief was selected for the Energy Intelligence 2020 Award by a committee of top executives. Nasser will be officially presented with the prestigious award during … More BUSINESS | Aramco Chief Wins Energy Executive Of The Year Award

BUSINESS | UNWTO Launches AlUla Framework For Community Development

October 9, 2020

The World Tourism Organization (UNWTO) has launched the ‘AlUla Framework for Inclusive Community Development Through Tourism’, with a set of transformative tourism practices sustaining live hoods in local communities. Tourism Ministers of the G20 nations have committed to stepping up their efforts to place sustainability and inclusion at the heart of tourism recovery and future … More BUSINESS | UNWTO Launches AlUla Framework For Community Development

BUSINESS | Saudi Non – Oil Sector Sees Growth 1st Time In 7 Months

October 6, 2020

RIYADH | SAUDI ARABIA – An international survey revealed that the non – oil private sector in Saudi Arabia returned to growth last September for the first time in seventh months, amid an increase in demand after easing the general lockdown measures. ‘Business activity in the Saudi Arabia non-oil private sector ticked up in September, … More BUSINESS | Saudi Non – Oil Sector Sees Growth 1st Time In 7 Months

NEWS ALERT | Saudi Business Leaders Urges Boycott Of Goods From ‘Hostile’ Turkey

October 5, 2020

RIYADH| SAUDI ARABIA – The Head of Saudi Arabia’s Chambers of Commerce has called for a boycott of Turkish products amid merchants’ reports that animosity between Ankara and Riyadh is hindering the flow of goods between the two regional powers. Saudi Arabia and Turkey have been at odds for some years over foreign policy and … More NEWS ALERT | Saudi Business Leaders Urges Boycott Of Goods From ‘Hostile’ Turkey

BUSINESS | Saudi Arabia Brings In Lower Property Tax To Boost Sector

October 3, 2020

Properly deals in Saudi Arabia have been exempted from a 15 percent value – added (VAT) as the government moves to support the real estate sector. Instead a new 5 percent tax will be applied to deals as the Kingdom seeks to boost an economy that has been hit hard by the impact of the … More BUSINESS | Saudi Arabia Brings In Lower Property Tax To Boost Sector