Business

RIYADH: A new business visa for investors has been announced by Saudi Arabia as part of the Kingdom’s drive to attract foreign funding into the economy.  The “visiting investor” visa is being launched by Saudi Arabia’s Ministry of Investment, which worked closely with the Kingdom’s Foreign Affairs department to develop the new permit. 

RIYADH: Saudi Arabia’s real gross domestic product grew by 3.8 percent year over year in the first quarter of 2023, primarily driven by expansion in non-oil activities, according to a report released by the General Authority for Statistics.    The GASTAT report noted that the Kingdom’s non-oil activities expanded by 5.4 percent in the first three months of 2023 compared to the same period a year ago.    However, the Kingdom’s real GDP decreased by 1.4 percent in the first quarter of 2023 compared to the last quarter of the previous year. 

RIYADH: A national real estate funding strategy for Qatar is needed to boost the sector, according to proposals put forward at a dedicated event held in the country.  The Ministry of Municipality announced the recommendations following the Qatar Real Estate Forum, which saw the participation of 1,500 leaders, decision-makers, and executives from across the world. 

RIYADH: Saudi Arabia’s Public Investment Fund-owned football club Newcastle United has extended its sleeve sponsorship agreement with the e-commerce platform Noon. According to a press release, the logo of Saudi-based Noon will continue to be displayed on the sleeve of Newcastle’s first-team kit across all competitions.  Newcastle United has been owned by a consortium led by Saudi Arabia’s sovereign wealth fund since 2021, with PIF holding 80 percent of the club’s shares, while RB Sports & Media and PCP Capital Partners hold a 10 percent stake each. 

RIYADH: Turkish decor group Serdur has finalized an agreement with Dubai-based real estate developer Andalusia Courtyard to establish an office in the UAE and a $10 million factory in Saudi Arabia.   The strategic partnership with Andalusia Courtyard will pave the way for the Turkish group’s expansion into the Middle East, with a primary focus on the UAE and Saudi markets.  

RIYADH: Developmental work is fast gaining pace at Saudi Arabia’s futuristic city NEOM as the giga-project finalized contracts worth SR21 billion ($5.6 billion) to build the first phase of residential communities for the workforce. In one of the world’s largest public-private partnership deals for social infrastructure, NEOM signed up some of the leading Saudi developers to build 10 communities across the smart city that will accommodate an additional 95,000 occupants upon completion of the first phase. 

DAMMAM: More than 100 companies from 35 countries descended on the Dhahran Expo for an under-the-sea experience during the International Conference and Exhibition of Algae from June 4-6. The event, organized in conjunction with the International Fisheries Exhibition — known as SIMEC — played host to 16 workshops in a dedicated interactive space where seafood was offered to visitors, videos were on display, and experts were on hand to discuss everything related to algae and fish.