The Saudi Ministry of Economy and Planning and Spain’s Ministry of Economy, Trade, and Business have formalized a new agreement to bolster economic relations between the two nations. The memorandum of understanding (MoU) was signed on Wednesday by Saudi Minister of Economy and Planning Faisal Alibrahim and the visiting Spanish Minister of Economy, Trade, and...
Emirates Stallions Group (ESG) has announced a significant expansion of its operations in the Gulf Cooperation Council (GCC) through a 16-year agreement for the usufruct rights of 13 000 square meters of warehouse space in Saudi Arabia. This acquisition was disclosed in a press release and involves two warehouse facilities with areas of 7 448...
CIMC Modular Building Systems (MBS), a globally recognized leader in modular construction, has secured a significant contract to build the Earth Riyadh Hotel in Saudi Arabia. This project marks CIMC MBS’s first entry into the hospitality industry within the region, highlighting the company’s commitment to promoting innovative and sustainable construction practices. With its renowned modular...
Saudi Arabia has signed agreements with the United States worth more than $300 billion, as confirmed by Crown Prince Mohammed bin Salman during the Saudi-US Investment Forum held in Riyadh. This significant move underscores the Kingdom’s ongoing efforts to enhance its economic partnerships and investments. Credit: Fortune At the forum, Uber CEO Dara Khosrowshahi highlighted...
Elon Musk, the billionaire tech entrepreneur and CEO of SpaceX, announced on Tuesday that Saudi Arabia has approved the use of his satellite internet service, Starlink, for aviation and maritime sectors. He expressed gratitude to the Kingdom for this approval during the Saudi-US Investment Forum, which coincided with a visit led by the White House....
Uber CEO Dara Khosrowshahi announced on Tuesday that the company plans to launch self-driving vehicles in Saudi Arabia this year. He indicated that Uber is in discussions with partners in the autonomous driving sector and several ministries in the Kingdom to bring this technology to the local market. During a panel discussion at the Saudi-US...
Hassana Investment Company has signed a Memorandum of Understanding (MoU) with Franklin Templeton, amounting to $150 million, aimed at boosting the private credit market in Saudi Arabia. This agreement is particularly significant as it seeks to expand access to alternative financing for mid-sized companies, which constitute almost half of the country’s employment yet receive less...
US chip maker Nvidia has announced a partnership with Saudi Arabia’s AI startup Humain, which is backed by the country’s sovereign wealth fund. As part of this collaboration, Nvidia will ship 18 000 AI chips to Saudi Arabia to support the development of a new data center project. This partnership was unveiled during a recent...
Saudi Arabia’s Crown Prince Mohammed bin Salman welcomed Elon Musk at the royal court in Riyadh. This meeting took place just ahead of the upcoming Saudi-US Investment Forum, which aims to strengthen economic ties between the two countries. The forum is expected to focus on various sectors, including technology and renewable energy, reflecting the interests...
Saudi Arabian budget airline flynas is planning to raise up to 4.1 billion riyals, equivalent to $1.1 billion, through an initial public offering (IPO) in Riyadh. This announcement was made by the airline on Monday and signifies a significant move in the aviation sector, as it marks the first IPO of a Gulf airline in...