Author: Steven Sahiounie

RIYADH: Public Investment Fund-owned Savvy Games Group has signed a memorandum of understanding with international gaming commerce firm Xsolla to establish an interactive entertainment hub in Riyadh. Focusing on job creation, game development, and publishing, the partnership aims to generate 3,600 video game industry jobs in Saudi Arabia by 2030. This initiative supports the Kingdom’s Vision 2030 and is expected to create both regional and global economic opportunities for developers. As part of the agreement, Xsolla will establish a regional headquarters in Riyadh, providing product development, technology, customer support, and business development services to help developers and publishers scale their…

Qatar agreed on Monday to supply Kuwait with 3 million tonnes per annum of liquefied natural gas for 15 years

Saudi Arabia and Ethiopia are set to strengthen their economic ties with the establishment of a new business council for the 2024-2028 term, the Federation of Saudi Chambers announced. 

Saudi Arabia’s Tadawul All Share Index closed at 12,261.18 points on Monday, losing 1.46 points, or 0.01 percent.     

More than 57 international firms received licenses to relocate their regional headquarters to Saudi Arabia during the second quarter of this year

RIYADH: Two major state-owned and publicly listed companies have formed a partnership to oversee the development and management of key markets in downtown Riyadh. This collaboration marks a significant step in the city’s ongoing transformation. According to an announcement on Tadawul, Riyadh Development Co. and Riyadh Holding Co. have reached an agreement to establish a new entity. This entity will take ownership and operational control of assets within the historic Qasr Al-Hukm area. With assets valued at SR1.52 billion ($405 million), this collaboration is poised to leverage the combined expertise of the companies in real estate development and management. It promises…

UAE sovereign wealth fund Mubadala Investment Co. has acquired 100 percent ownership of UCB Pharma’s mature business in China, in partnership with CBC Group, a healthcare-focused asset manager. 

Saudi Arabia’s petrochemical sector has received a boost with the Ministry of Industry and Mineral Resources’ digital platform delivering over 100,000 tonnes of raw materials to local factories.

Kingdom’s future economic growth will be driven by rising FDI inflow and investments in public capital expenditure and private sector, says Standard Chartered

JEDDAH: Saudi Arabia’s housing sector has strengthened its international partnerships by signing five key agreements on real estate development and financing with major US companies.