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  • Saudi Artisanal Co. launches to boost handicrafts sector 

    The Saudi Artisanal Co. has commenced operations in the Kingdom with a mission to promote the nation’s cultural heritage, and boost the economy, through the design and production of high-quality, innovative and modern products. With the global handicraft market expected to surpass SR5 trillion ($1.3 trillion) and the domestic industry projected to reach SR5 billion by 2028, the company aims to service 15 percent of the market, while also nurturing the growth of small- and medium-sized enterprises within the sector. Amid Saudi Arabia’s ambitious plan to welcome 150 million tourists by 2030, Husameddin Almadani, CEO of the firm, emphasized the company’s role in this pursuit.

  • Iranian Umrah pilgrims start arriving on Tuesday after a hiatus of 8 years

    Iranian pilgrims will start arriving in Saudi Arabia on Tuesday, Dec. 19, to perform Umrah after a hiatus of eight years. This was announced by Abbas Hosseini, head of Iran’s Hajj and Pilgrimage Organization.

    Addressing a press conference in Tehran on Tuesday, Hosseini said that there will be 550 pilgrims in the first batch. “The pilgrims will head to the House of God in Makkah on Dec. 19. The pilgrims will stay 10 days in Saudi Arabia, five days of which in Makkah and five days in Madinah,” the Islamic Republic of Iran News Agency (IRNA) reported, quoting him as saying.

  • Saudi Arabia’s 30-Year Tax Relief: A Strategic Incentive for Regional Headquarters

    Under Saudi Arabia’s new policy, foreign companies that set up their regional headquarters in the kingdom are eligible for a generous 30-year withholding tax. This tax incentive aims to encourage foreign companies to establish a strong presence (regional headquarters) in Saudi Arabia, leveraging its strategic geographical location, investment hub and robust infrastructure for regional operations.

  • Saudi Economy Shrinks 4.4% In Third Quarter On Plunge In Oil Sector

    The country’s oil activities plunged by 17% year-on-year in the quarter, while non-oil and government activities rose by 3.5% and 1.9%, respectively, in the quarter, according to the General Authority for Statistics (GASTAT).

  • Ma’aden and Ivanhoe Electric start exploration activities in Saudi Arabia

    Ivanhoe Electric Inc. and the Saudi Arabian firm Ma’aden have officially begun exploration activities in Saudi Arabia through their 50/50 joint venture company. The joint venture, established earlier this year, aims to explore approximately 48,500 km2 of the underexplored Arabian Shield, focusing on discovering copper, gold, silver and other electric metals. Ivanhoe Electric will operate during the exploration phase, with Ma’aden set to assume operatorship if an economically viable deposit is identified for further development.

  • Saudi Arabia’s Acwa Power seeks development partners to invest in Africa projects

    Saudi Arabia's Acwa Power is working on a “recipe” to finance sustainable infrastructure projects in Africa, given the continent's opportunities and risks, its chief executive has said. The Riyadh-based company is looking for the best development institutions to work with local governments on the continent and foster dialogue with private investors while ensuring that "proper” guarantees are in place for the investments, Marco Arcelli told The National. “Africa, to me, is very interesting as a case because the most successful developer built 1.5 to 2 gigawatts in 15 years. So, the whole continent is quite fragmented and slow in development,” he said ahead of the Cop28 climate conference in Dubai.

  • Saudi start-up Riyadh Air unveils network co-operation pact with Turkish Airlines

    Saudi Arabian start-up carrier Riyadh Air has provisionally agreed to enter a strategic co-operation with Turkish Airlines. The agreement is set to include codeshare and interline operations between Riyadh and Istanbul, and the deal will also cover “points beyond”, the Saudi carrier says. “Guests of both airlines will be able to take full advantage of each carrier’s worldwide network,” it states.

  • Saudi Arabia studies graphite, rare earths trading platform – minister

    Saudi Arabia is exploring the potential launch of a new commodity trading platform for battery materials, including graphite and rare earths, its vice minister of industry and mineral resources said. Riyadh's efforts to build an economy that is not dependent on oil include a shift towards mining the country's untapped mineral resources - worth about $1.33 trillion - including copper, lithium, phosphate and gold, but also investing in overseas assets.

  • US compels Saudi fund to exit Altman-backed AI chip startup

    The Biden administration has forced a Saudi Aramco-backed venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, Bloomberg News reported on Thursday. Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence (AI) algorithms, raised $25 million in 2022.

  • As Saudi Arabia wins bid for 2030 World Expo, a new book lifts the lid on the Kingdom’s push to be a key art world player

    Saudi Arabia boosted its cultural and diplomatic credentials yesterday (28 November) by winning the bid to host the Expo 2030 world fair, beating Italy and South Korea in a landslide vote during a closed-door meeting in Paris. The victory is the latest move to rebrand a state considered isolationist and ultra conservative until only a decade ago, which also has a concerning record on human rights.