MUST-READS

• Tencent to expand cloud business in Saudi Arabia and UAE

  Tencent is planning to expand its cloud business in Saudi Arabia and the United Arab Emirates and will reportedly make "huge new investments" in data storage. The company's plans were revealed in a report by Bloomberg.

• Prominent Emirati businessman Saeed Juma Al Naboodah passes away

  Prominent Emirati businessman Saeed Juma Al Naboodah, Chairman of the Saeed and Mohammed Al Naboodah Group, and former Chairman of the Dubai Chamber of Commerce and Industry, passed away today (Wednesday, 13th March). The funeral prayer for Saeed Juma Al Naboodah will take place after the noon prayer tomorrow (Thursday). Condolences will be received for three days, starting from Thursday evening prayer and continuing until Saturday, at the designated location in the Al Khawaneej area.

• A Saudi business is leaving Arizona valley after it was targeted by the state over groundwater use

  Arizona officials said a Saudi-owned company they targeted over its use of groundwater to grow forage crops is moving its farming operation out of a valley in the Southwestern state’s rural west. Gov. Katie Hobbs and the Arizona State Land Department announced late Thursday that Fondomonte Arizona is officially no longer pumping water in the Butler Valley groundwater basin. Some residents of La Paz County had complained that the company’s pumping was threatening their wells.

• Saudi-Pakistan business forum begins with $20 billion trade target

  The Saudi-Pakistani Business Forum commenced in Riyadh on Wednesday, under the aegis of Minister of Commerce Dr. Majid Al-Qasabi. The event, orchestrated by the Federation of Saudi Chambers, witnessed the attendance of high-profile Saudi and Pakistani representatives. Fawaz bin Rafaah, acting Deputy Governor of the General Authority of Foreign Trade for Private Sector Affairs and Global Presence, highlighted the pivotal role of the private sector in bolstering trade relations. He addressed the gathering on behalf of Dr. Al-Qasabi.

• Saudi Business Center to issue two instant commercial licenses for investors

  The Saudi Business Center (SBC) has decided to issue two licenses instantly to investors and business owners, and these are municipal commercial license, and the safety license, which is to be issued by the General Directorate of Civil Defense. The center stated that the new service aims to facilitate starting and operating businesses in the Kingdom, through issuing a Commercial Municipality License service available on the center’s business platform. It also allows the business sector to request the issuance of two licenses for more than 600 commercial activities in one step.

• Saudi Business Owners Can Open Payment Accounts Remotely in the USA

  Zil US (ZilBank), a leading B2B payments platform, has announced that it will facilitate international transactions for Saudi entrepreneurs and freelancers. Through Zil US, Saudi business owners can now remotely open a US banking account without the need to be physically present in the United States. This initiative marks a significant advancement in financial connectivity, providing Saudi businesses unparalleled access to the US market.

• McDonald’s says Middle East turmoil is hurting its business

  The burger chain, reporting growing overall sales and earnings for fourth quarter, noted that the overseas tensions were weighing on the region’s sales, and the company is monitoring the evolving situation. The Middle East doesn’t make up a huge part of its overall business. McDonald’s for the most part licenses its brand to independent companies in the region, and McDonald’s said it provided some financial assistance in the form of royalty relief or deferred cash collection.

• Saudi Arabia’s non-oil business activity slows to 2-year low in Jan-PMI

  Non-oil business activity in Saudi Arabia grew at its weakest rate in two years last month, a survey showed on Monday, as a sharp slowdown in new order growth indicated weakening demand. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 55.4 in January, down from 57.5 in December, and the lowest reading since January 2022. The subindex for Output dropped to 58.1 last month, from 61.0 in December, and remained firmly in growth mode, but the pace of expansion in new orders dropped to 60.5 last month, from December's 68.3 reading, signalling a weakness in demand momentum.

• Saudi business conditions slowed to 2-year lows in January – PMI

  Business activities in Saudi Arabia have slowed to two-year lows, with increased cost pressures and softening demand affecting growth in the kingdom’s non-oil private sector, according to January’s Purchasing Managers’ Index (PMI). The Riyad Bank Saudi Arabia PMI for January dipped to 55.4 from December’s 57.5, signalling a weak improvement in the health of the country’s non-oil economy. Even though business activity levels expanded at their slowest pace since 2022, it continued to increase across sectors due to a rise in new business intakes. The rate of sales growth eased to a five-month low.

• Non-oil business activity in Saudi Arabia and UAE grew in January

  Business activity in the non-oil private sector economies of Saudi Arabia and the UAE continued to expand in January, albeit at a slower pace, amid continued growth momentum in the Arab world’s two largest economies. The seasonally adjusted Riyad Bank purchasing managers’ index ­– a crucial gauge of the kingdom’s non-oil economy – slipped to 55.4 in January, down from 57.5 in December. Though the headline PMI was at the lowest level in two years, the upturn remained strong overall and widespread across the monitored sectors, as it remained well above the neutral 50 mark that separates growth from contraction.

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