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  • Saudi Arabia exceeds 2030 target for regional HQs

    The number of companies setting up their main regional base in the kingdom has reached 571, primarily in the industrial sector, Khalid Al Falih told Asharq Business, an Arabic-language financial portal. The Gulf state, he said, has moved beyond the HQ goals and is working to get global companies to contribute to Saudi Arabia’s economic development. The regional HQ programme is part of plans to make Riyadh one of the world’s 10 largest city economies by 2030 and increase its population to as many as 20 million. These companies will be exempt from corporate tax for 30 years, in addition to relaxed requirements for Saudisation – the programme to increase employment of Saudi nationals – and offering work permits for the spouses of company executives.

  • 2024 was the first year above 1.5C of global warming, scientists say

    The world just experienced the first full year in which global temperatures exceeded 1.5C above pre-industrial times, scientists said on Friday.
    The milestone was confirmed by the European Union's Copernicus Climate Change Service (C3S), which said climate change is pushing the planet's temperature to levels never before experienced by modern humans. "The trajectory is just incredible," C3S director Carlo Buontempo told Reuters, describing how every month in 2024 was the warmest or second-warmest for that month since records began.

  • Saudi PIF-Backed Cooling Firm Taps Citi, SNB Capital for IPO

    Saudi Tabreed District Cooling Co. is working with Citigroup Inc. and SNB Capital for a potential initial public offering in Riyadh, according to people familiar with the matter. The PIF, as the wealth fund is known, acquired a 30% stake in Saudi Tabreed in 2022. The holding was valued at about $250 million, Bloomberg News had reported at that time. The Dubai-listed National Central Cooling Co., also known as Tabreed, holds a 21.8% stake in its Saudi affiliate, according to its 2023 annual report.

  • Saudi Arabian women break into the Rally-Dakar world

    In parallel to the Rally-Dakar 2025 competition, which is being held for the sixth consecutive year in Saudi Arabia, the Arab giant has organised for the first time a training programme for promising young Saudi sportsmen and women called ‘Saudi Next Gen’, in which women such as Merryhan Albaz, an influencer, sports enthusiast and the first female mechanic in the world of motorsport, also took part.  Five pairs of drivers took part in this first edition: four male and one female. The young participants, chosen by the Saudi Automobile Federation, will enjoy a coaching session and will fight for a place in next year's Dakar Rally, which will also be held in Saudi Arabia.

  • Saudi EXIM is the Strategic Partner of the FUTURE MINERALS FORUM 2025

    The Saudi Export-Import Bank (Saudi EXIM) will participate as a strategic partner in the 4th edition of the FUTURE MINERALS FORUM 2025, organized by the Ministry of Industry and Mineral Resources. The event will take place from January 14 to 16 at the King Abdulaziz International Conference Center in Riyadh, under the theme: “Year of Impact." Saudi EXIM's partnership aims to support and empower the mining sector, and stimulate investment opportunities through active participation in panel discussions, the exhibition, and by showcasing its financing and credit solutions. These initiatives are specifically designed to enhance the global reach and growth of Saudi mining and mineral exports.

  • Saudi Crown prince and Zelenskyy discuss Ukrainian-Russian crisis in phone call

    Saudi Crown Prince and Prime Minister Mohammed bin Salman received a phone call from Ukraine’s President Volodymyr Zelenskyy on Wednesday. During the call, they discussed relations between Saudi Arabia and Ukraine. They reviewed several issues of mutual concern, as well as regional and international developments. The two leaders also discussed the latest developments on the Ukrainian-Russian crisis and the efforts being made to address them.

  • Saudi Industrial Production Index increases by 3.4% in November 2024

    The General Authority for Statistics of Saudi Arabia (GASTAT) released on Thursday the Industrial Production Index (IPI) statistics for November 2024, showing a 3.4% increase compared to the same month of the previous year.  According to the Saudi Press Agency (SPA), the IPI by main economic activities increased by 3.8% compared to the same month of the previous year, while the index of non-oil activities also increased by 2.4%.

  • How Do Products Obtain the Saudi Quality Mark?

    The Saudi Quality Mark can be obtained through several steps, starting with manufacturers and companies submitting applications electronically via the website of the Saudi Standards, Metrology, and Quality Organization (SASO). The application is then reviewed, followed by field visits and studies that are monitored regularly. Random samples are taken from production lines, and tests are conducted on them in SASO's laboratories. Upon acceptance of the application, the products are added to the license after it is issued, which can be canceled at any time. Consumers can verify the authenticity of the Saudi Quality Mark on products through "Taakkad" mobile application.

  • Lenovo and Alat Complete US$2 Billion Investment and Reach Strategic Collaboration Agreements

    The global technology powerhouse Lenovo Group Limited (HKSE: 992) (ADR: LNVGY) and Alat, a PIF company, have announced the completion of the US$2 billion investment (via three-year zero-coupon convertible bonds) alongside reaching the strategic collaboration agreements that were initially announced in May 2024. The deal has received shareholders’ approval and all regulatory approvals required for completion. Following the completion, Lenovo will establish a regional Middle East and Africa headquarters (RHQ) in Riyadh, Kingdom of Saudi Arabia (KSA), and a sustainable manufacturing facility in the Kingdom to serve customers in the region and beyond. The factory will manufacture millions of PCs and servers every year using local research and development (R&D) teams for fully end-to-end ‘Saudi Made’ products and is expected to begin production by 2026. The factory will join Lenovo’s extensive footprint of 30+ manufacturing sites around the world, spanning Argentina, Brazil, China, Germany, Hungary, India, Japan, Mexico, and the USA.  

  • Trump’s Doral Resort to Host Saudi-Backed LIV Golf in April

    Donald Trump’s resort near Miami will host the Saudi-backed LIV Golf tournament in April, according to a schedule posted Tuesday — a signal that the president-elect’s business ties to the Middle East will carry through his second term, along with concerns over conflicts of interest. The event marks the fourth straight year that LIV will come to the Trump National Doral golf club, but it will be the first time with Trump as sitting US president. LIV is bankrolled by Saudi Arabia’s sovereign wealth fund and has also hosted events at Trump Organization properties in New Jersey and Washington, DC, since its first season in 2022.

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