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  • Business confidence in Saudi Arabia hits two-year high as output strengthens

    The reading for the Arab world's largest economy on the Riyad Bank purchasing managers' index rose to 58.2 in January from 56.9 in December, well above the neutral 50 mark that separates growth from contraction. The reading was the second-highest recorded since September 2021, following the recent high in November, driven by an acceleration in growth of output, new orders and stocks of purchases.

  • Business confidence in Saudi Arabia hits two-year high as output strengthens

    Business confidence in the non-oil economy of Saudi Arabia hit a two-year high in January as output growth in the kingdom strengthened. The reading for the Arab world's largest economy on the Riyad Bank purchasing managers' index rose to 58.2 in January from 56.9 in December, well above the neutral 50 mark that separates growth from contraction.

  • Saudi Arabia: Saudization Requirements Announced for Select Businesses and Professions in the Jazan Region

    The Ministry of Human Resources and Social Development issued a decision implementing Saudization ratios in the Jazan region for select businesses and professions; this decision is aligned with the government’s Regional Localization program that aims to increase the participation rate of Saudi nationals in the labor market.

  • UAE slashes business fees

    The UAE’s Ministry of Industry and Advanced Technology (MoIAT) has reduced the fees for 14 main and sub services and waived the fee for one service as of January 1st, 2023. The move aligns with the objectives of the ‘’Make in the Emirates” initiative to create an attractive business environment for local and international investors and support entrepreneurship and SMEs in the industrial sector by reducing the cost of doing business in the UAE.

  • YOTEL will be the first hotel to open at Saudi Arabia’s NEOM business hub OXAGON

    The 300-key hotel will open in 2025, which means, as current plans stand, it will be the first hotel to open at OXAGON. According to YOTEL’s development team, it costs around US$148,000 per key to build a Yotel. This would mean the OXAGON hotel would cost around US$44 million to build.

  • For the UAE and others, its business as usual with Israel

    The UAE made that clear as it welcomed an Israeli delegation to Abu Dhabi this week to discuss security, energy, tourism, education, tolerance, and water security. The 20-person delegation, representing different ministries and headed by Foreign Ministry Director-General Alon Ushpiz, was in Abu Dhabi to prepare for a second Negev summit scheduled for the spring in Morocco.

  • Saudi businessman bids £2.2m to watch Ronaldo v Messi – and meet them

    The Saudi government’s entertainment arm said on Twitter that Mushref al-Ghamdi, general manager of the real estate group AqarOne, was the leader in an auction that ends on Tuesday. The “Beyond Imagination” ticket is for a match featuring a combined team from the Saudi clubs Al Nassr – who recently signed Ronaldo – and Al Hilal versus Messi’s Paris Saint-Germain.

  • Commodity Trader Olam Group Plans to List Agribusiness Unit in Saudi Arabia

    Olam Group, one of Asia’s biggest agricultural commodity traders, will pursue a primary listing for its agribusiness unit in Singapore and a potential concurrent listing in Saudi Arabia as early as the first half of 2023. The proposed initial public offering of Olam Agri in Saudi Arabia would be the first listing of a global company in the country, Olam said in a statement. Saudi Arabia and the broader Gulf region are growing markets for the commodities that Olam Agri supplies, Group Chief Executive Officer Sunny Verghese said.

  • Saudi Businessman Purchases 12 Camels Worth $32 Million

    The deal was signed in Dahana Desert, which is hosting the King Abdulaziz Camel Festival. The businessman, Abdullah Al-Nahdi, who is an investor in the pharmacies sector, purchased 12 camels that came first in the festival from their owner, businessman Mohammed bin Jakhdab Al-Qahtani. Organized by the Camel Club, King Abdulaziz Camel Festival kicked off in December and concludes in mid-January.

  • Dubai Ends Hefty Alcohol Tax in Bid to Boost Business, Tourism

    Dubai kicked off the new year by scrapping a 30% tax on alcohol sales and making liquor licenses free, in an apparent move to bolster its status as the Middle East’s leading business and tourism hub. Faced with increasing competition from Persian Gulf neighbors such as Saudi Arabia and Qatar, the government has introduced a series of rules over the past few years to make itself more attractive for foreigners to live and work.