in zawya.com: The law facilitated the conduct of commercial business by canceling the issuance of sub-registrations for companies and establishments, and then sufficing with one commercial register at the Kingdom level, including all the activities of the establishment, which contributes to reducing the financial burdens on these firms.

Via Nirmal Narayanan in arabnews.com: Analysis by the Institute of Chartered Accountants in England and Wales attributes this projected growth to both the rebound in oil production cuts by  OPEC and the GCC’s ongoing diversification efforts. This comes as countries across the Gulf, including Saudi Arabia and the UAE, intensify diversification efforts, with the Kingdom’s General Authority for Statistics reporting a 4.9 percent increase in non-oil sector activity in the second quarter of 2024.

Via Nayera Abdallah in reuters.com: Egypts Prime Minister Mostafa Madbouly said on Thursday that a planned Saudi Arabian investment of $5 billion in Egypt is independent of funds the Gulf state has deposited in the countrys central bank, sending bond prices higher. The countrys sovereign dollar bonds rallied to fresh two-year highs. The 2059 maturity gained the most, rising 1.35 cents, to bid at 77.60 cents on the dollar by 1309 GMT, Tradeweb data showed.

in realestateasia.com: The residential sector started strong in 2024 by delivering 27,500 units in Riyadh and Jeddah. This increased the total stock to 1.46 million units in the capital and 891,000 units in Jeddah. As such, residential sale prices experienced a 10% year-on-year (YoY) increase in Riyadh whilst average rents grew by 9% annually. In Jeddah, the pace of growth was slightly slower, with sale prices rising by 5% and rents increasing by 4% YoY during the same period.

Via Nayera Abdallah and Nadine Awadalla in reuters.com: Saudi Crown Prince Mohammed bin Salman on Wednesday said the kingdom would not recognise Israel without a Palestinian state and strongly condemned the crimes of the Israeli occupation against the Palestinian people. The kingdom will not stop its tireless work towards the establishment of an independent Palestinian state with East Jerusalem as its capital, and we affirm that the kingdom will not establish diplomatic relations with Israel without that, the crown prince, known as MbS, said.

Via Vanessa Ghanem in alarabiya.net: Saudi Arabia is actively developing its solar power capacity through various projects. In July, the Kingdom’s Public Investment Fund (PIF) announced partnerships with China’s JinkoSolar and TCL Zhonghuan, leading producers of solar modules and silicon wafers, along with wind turbine manufacturer Envision Energy. These collaborations will introduce 30GW of solar PV manufacturing capacity – from ingots to modules – to Saudi Arabia, supporting the goal of localizing 75 percent of renewable energy components by 2030, as outlined in the National Renewable Energy Program.

Via Kabir Jhala in theartnewspaper.com: Heading up the firm’s latest location is Nour Kelani, who has been appointed to the newly created role of managing director, Christie’s Saudi Arabia. Based in the capital Riyadh, she will lead Christie’s client services for the fine art and luxury secondary business to “build on long-established clientele in the Kingdom and engage with the next generation of collectors”, according to a release.

Via Valentina Pasquali in agbi.com: A combined 27,500 units came onto the market from January to June in Saudi Arabia’s two largest cities, bringing the total residential stock to about 1.5 million units in the capital and to 891,000 in Jeddah, a new report from the real estate consultancy JLL said. Despite this, residential sales prices jumped 10 percent over a year in Riyadh, with rents growing by 9 percent. In Jeddah, prices were up 5 percent and rents up 4 percent over the first half of 2023, the report said.

Via Sabrina Valle in reuters.com: The worlds largest oil producer, Saudi Aramco (2222.SE), opens new tab, wants to become a major liquefied natural gas player, the head of its natural gas business said on Tuesday. Saudi Aramco has taken the first steps to reach a goal of becoming a major LNG player, said Abdulkarim Al-Ghamdi, an Aramco executive vice president, at the GasTech energy conference in Houston. The Saudi oil giant last year acquired from EIG Global Energy Partners LLC a minority stake in MidOcean Energy for $500 million, its first foray into LNG abroad. This month, it increased its stake to 49%.

in wamda.com: For a company to properly align itself in the Saudi market, its crucial to implement these processes successfully. We find that sometimes even local Saudis struggle to grasp these concepts. Even one misstep can be costly in the long run, so we highly recommend hiring a knowledgeable lawyer/Saudi setup partner to guide you through the process.

Via Francois Murphy in reuters.com: Saudi Arabia plans to scrap light-touch oversight of its nuclear facilities by the U.N. atomic watchdog and switch to regular safeguards by the end of this year, the kingdom said on Monday, a step the watchdog has long been calling for. Saudi Arabia has a nascent nuclear programme that it wants to expand to eventually include activities like proliferation-sensitive uranium enrichment. It is unclear where its ambitions end, since Crown Prince Mohammed bin Salman has said for years it will develop nuclear weapons if regional rival Iran does.

Via Muhammad Al Gebaly and Jaidaa Taha in reuters.com: The Egyptian cabinet said in a statement on Monday that Saudi Crown Prince Mohammed bin Salman has directed the Saudi Public Investment Fund (PIF) to pump $5 billion worth of investment money into Egypt in what it called a first stage. The statement came after Egyptian Prime Minister Mostafa Madbouly met the Saudi crown prince in Riyadh and discussed boosting bilateral relations. The statement contained no further details on when the funds are going to be invested, the nature of the investments or in how many stages the Saudi government is planning to make its investments.

in com.sa: The rate of compliance of establishments with the decision to ban work under direct sunlight this year reached 94.6 percent, according to the ministry sources. During the implementation period, the ministry, in coordination with the National Council for Occupational Safety and Health, instructed employers to organize working hours and adhere to the provisions of the decision to reduce occupational injuries and diseases.

Via Matthew Martin in yahoo.com: Alcoa Corp. will receive $1.1 billion in cash and stock in Saudi Arabian Mining Co. as part of a deal that will involve the Pittsburgh-based firm selling its stake in two metals plants in northern Saudi Arabia.  Maaden, as the Saudi firm is known, signed a deal with Alcoa to purchase its holdings in a bauxite facility and an aluminum smelter for 563 million riyals ($150 million) in cash and 3.6 billion riyals of stock in the Riyadh-based miner, according to a statement Sunday.

Via Deepthi Nair in thenationalnews.com: S&P Global Ratings has revised Saudi Arabia’s forecast to positive from stable on Friday, reflecting the kingdom’s sustained reforms momentum, strong non-oil growth outlook and economic resilience. The ratings agency said the positive outlook reflects the Saudi government’s potential to bring in more reforms and investments, contributing to the development of non-oil economy. The upgrade also reflects the country’s economic resilience against volatility stemming from the hydrocarbon sector.