The new work permit system in Saudi Arabia has taken effect for incoming expat workers as of July 1
Saudi Arabia
Amaala
Saudi Arabia’s Red Sea Global ‘on track’ to open AMAALA, 11 resorts fuelled by ‘surging’ investor demand
The next 6 to 12 months will see “continued evolution” of Red Sea Global’s offerings, Ahmad Darwish, Group Chief Administrative Officer said
Aramco
BlackRock reportedly talking to Aramco to sell stake in pipelines business
The American investment company had acquired 49% of the entity that holds leasing rights over Aramco pipelines for $15.5bn
Dubai construction
UAE holiday dates; GCC visa ‘coming soon’; Dubai real estate record; New Saudi law – 10 things you missed this week
UAE holidays, petrol prices, visas, real estate and more top news stories this week
E-commerce
Saudi e-commerce sales via Mada cards hit record $18.5bn in Q1
E-commerce continues to grow in popularity in Saudi Arabia with transaction volume and value soaring
acquisition
Burjeel Holdings acquires PhysioTrio Physiotherapy Center in Riyadh
It will become part of Burjeel’s PhysioTherabia network in KSA; PhysioTrio is an advanced center with a strong focus on sports rehabilitation
Hajj and Umrah
Saudi Ministry of Hajj and Umrah announces fines and suspensions
Saudi Ministry cracks down on substandard Umrah housing
Cityscape
Saudi real estate: Riyadh to host Cityscape Global 2025 after $61bn success last year
Cityscape Global in Riyadh from November 17 to 20 puts Saudi real estate sector in the spotlight
Entertainment industry
EXCLUSIVE: Inside SEVEN’s $13.3bn Saudi entertainment push as global expansion is not part of the current strategy
SEVEN’s Chief Entertainment Operations Officer reveals why the kingdom’s entertainment giant is keeping its focus firmly local despite global opportunities
Gulf Cooperation Council
Unified visa for UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman launching ‘soon’ says GCC chief
The unified tourist visa for UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman is expected to be announced soon
ACWA Power
Saudi’s ACWA Power’s $1.9bn rights issue approved by shareholders
Company earmarks nearly $1.59bn for financing current and future projects and up to $380mn for mergers and acquisitions
corruption
Saudi Arabia cracks down on bribes, kickbacks, frauds, kidnapping and more
Nazaha, the Oversight and Anti-Corruption Authority, reveals a number of criminal cases in which it has taken action against offenders
Crown Prince Mohammed bin Salman
Saudi Crown Prince grants extension for study to regulate landlord-tenant relationship
The study is crucial in ensuring fairness in rental transactions for all involved parties and protecting beneficiaries from any fluctuations
General Organisation for Social Insurance
Saudi Arabia’s new Social Insurance Law takes effect from today
Maternity benefit also starts; Female subscribers, both Saudi or non-Saudi, are entitled to maternity compensation for three months on childbirth
PIF
Saudi PIF assets hit $1.15tn in 2024 as revenues jump 25 per cent to $110bn
The Public Investment Fund (PIF) of Saudi Arabia reported an 18 per cent rise in assets to $1.15tn and a 25 per cent revenue increase to $110bn
Eid Al Adha
UAE tops destination list as Saudi tourists spend $635 per card during Eid break
The growth stemmed from a preference for shorter trips, with 69 per cent of Saudi travellers choosing brief weekend getaways
F&B business
UAE homegrown burger brand Pickl opens first Saudi Arabia locations in Riyadh expansion
Pickl serves hormone-free and antibiotic-free burgers, chicken sandwiches, loaded fries and sauces at the new sites