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  • Saudi artist lands prestigious, UK museum-sponsored contemporary art prize

    Saudi artist Ajlan Gharem on Wednesday won the sixth edition of the prestigious Jameel Prize, a leading award for contemporary art and design inspired by Islamic tradition.

  • StanChart to add bankers in sustainable finance, capital markets in Saudi Arabia

    Standard Chartered (STAN.L) is looking to add bankers to focus on sustainable finance, project finance and capital markets in Saudi Arabia, a market it sees will become a "front-runner" for its regional business in coming years, a senior executive said. Standard Chartered this year began offering banking services through its branch in Saudi Arabia with a team of 25 people after it was granted a banking licence in 2019.

  • Saudi HR tech startup Scalers raises $533,000 in seed round

    Scalers identifies Saudis with potential talent in sales and business development, trains them in best practices via world-class instructors, then connects them to employers both within and outside its network. The funds will be used to expand the team, allowing Scalers to increase the number of Saudis it can train, the number of hiring businesses it can support, and the breadth of training subjects it offers.

  • GII to Buy Health Company as Part of $1 Billion Saudi Expansion

    GII, as the firm is known, plans to buy a stake in a Saudi health-care company for around $600 million, co-founder Mohammed Alhassan said in an interview, declining to give specific details. The goal is plow around $1 billion into the kingdom over the next year to 18 months, with investments also targeted at logistics and cloud kitchens. “We go where the money is and where the deals are,” Alhassan said. “We have a lot of faith in Saudi.”

  • Saudi auto loans fall in second quarter amid chip shortage

    Banks in the Kingdom lent SR15.53 billion ($4.14 billion) to consumers to buy vehicles in the three months to the end of June. This was down 0.5 percent in the past year and 1.9 percent lower than the prior quarter, according to data from the Saudi Central Bank (SAMA).

  • Lucid to start manufacturing electric cars in Saudi Arabia in 2024

    The electric-vehicle maker Lucid Group Inc. unveiled plans to start manufacturing its cars in Saudi Arabia in 2024. The EV giant has submitted a request for Saudi model Certificate of Accreditation. This was announced by Saud Al-Askar, deputy governor of the Saudi Standards, Metrology and Quality Organization (SASO). The Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, owns a majority stake in Lucid, whose shares are traded on the US NASDAQ Stock Market last month.

  • Gates’s Firm Buys Part of Saudi Billionaire’s Four Seasons Stake

    Bill Gates’s investment firm will pay Saudi Arabian billionaire Prince Alwaleed bin Talal $2.2 billion to raise its stake in Four Seasons Holding Co. Cascade Investment LLC will buy a 23.75% stake from Kingdom Holding Co, valuing the business at a $10 billion enterprise value. As part of the all-cash deal, Cascade’s stake will increase to 71.25%.

  • Strategic Partnership to Export Saudi Non-Oil Products

    In a move set to boost Saudi Arabia’s non-oil exports, the Saudi Export-Import Bank (EXIM) signed an agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), to launch a special insurance product that helps Saudi banks provide more credit facilities for the export of Saudi non-oil products, and enable them to increase their ability to enhance letter of credit received from foreign banks for the benefit of Saudi exporters.

  • Clinicy, the startup that wants to save over $580 million in Saudi health losses

    Among Saudi Arabia’s ambitious goals to transform its economy is to invest in the development of its healthcare industry – and a local health technology startup is taking advantage of it. Clinicy provides a healthcare management system for bookings, appointments, and patient communication, and claims to be the only startup to offer the proprietary digital platform.

  • Saudi Arabia Forges Partnerships to Establish Local Aerospace Industry

    Saudi regulatory authorities announced their approval of joint ventures in the aviation structure manufacturing sector, which will seek to establish the first local industry for aviation structures in the Kingdom. The General Authority for Competition announced its approval of two joint projects for the manufacture of aviation metal structures and metal castings products in Saudi Arabia, bringing the total number of joint projects approved by the Authority to 10 since the beginning of 2021.