Latest news with #SR30
Saudi Gazette
2 hours ago
- Business
- Saudi Gazette
Saudi Arabia to unveil national media strategy soon, says minister
Saudi Gazette report RIYADH — Minister of Media Salman Al-Dosari confirmed on Wednesday that Saudi Arabia has not yet launched its official media sector strategy, stating that the national media strategy remains under review and will be formally announced in due course. Speaking during the government press conference in Riyadh, Al-Dosari said the Saudi media landscape is evolving from merely relaying news to creating impact, emphasizing that the sector is moving "from medium to message." He also announced that the upcoming edition of the Saudi Media Forum will be held under the patronage of King Salman bin Abdulaziz, positioning it as a national platform aligned with global media momentum and future-focused tools. '2030 is no longer a date in the future, it symbolizes limitless ambition. In Saudi Arabia, dreams aren't told, they're built. Tomorrow doesn't wait; it's accomplished today,' Al-Dosari added. Highlighting the Kingdom's humanitarian role, the minister noted that Saudi Arabia is transforming its aid initiatives into a sustainable humanitarian system. Since its inception, the King Salman Humanitarian Aid and Relief Center (KSrelief) has delivered more than SR30 billion in aid to 108 countries through over 3,500 development and relief programs. Al-Dosari also revealed that around 230,000 surgeries have been performed under Saudi Arabia's overseas voluntary medical campaigns. Meanwhile, the Saudi Program for the Development and Reconstruction of Yemen has provided over SR4.27 billion in funding for more than 265 projects across key sectors including roads, water, health, and education. Turning to technology and innovation, Al-Dosari said Saudi Arabia sees sustainable development as a transnational responsibility. 'We are crafting the algorithms of the future, turning data into decisions and artificial intelligence into development,' he noted. Saudi Arabia's digital economy reached SR495 billion in 2024, accounting for 15% of GDP and growing at an annual rate of nearly 7%. The number of tech companies listed on the Saudi stock exchange has also surged to 23 in 2024, up from just two in 2020. 'Today, we don't just consume technology, we contribute to building it with a value-driven and human-centered vision,' Al-Dosari said.
CairoScene
26-06-2025
- Business
- CairoScene
Saudi Firm Equivator Commits SR 30M to UAE Rewards Platform Related
Saudi alternative investment firm Equivator has invested SR30 million in Dubai‑headquartered Related, marking a strategic move to develop a regional loyalty and digital payments hub for MENA brands. Jun 25, 2025 Equivator, a Riyadh-based alternative investment firm, has made a strategic SAR30 million ($8 million) investment in Related, a UAE-founded company specialising in loyalty and rewards technology for retail and consumer-facing industries. This deal signals Equivator's push to strengthen its presence in fintech and digital payments across the region. Related has quickly found traction in the MENA loyalty market with its platform, designed to help brands deploy rewards and incentives across channels. The firm plans to support Related's growth by providing capital and strategic backing as it scales its technology and client base across the region. This marks Equivator's latest move to expand its fintech reach, following earlier investments in venture platforms and digital financial services. With this capital injection, Related is poised to roll out new features, deepen market penetration, and strengthen its position as a loyalty infrastructure provider across Saudi Arabia, the UAE, and beyond.
Arab News
21-04-2025
- Business
- Arab News
PepsiCo opens regional headquarters in Riyadh, unveils $8m R&D center
RIYADH: Global beverage giant PepsiCo has opened its new Middle East regional headquarters in Riyadh's King Abdullah Financial District, reinforcing the company's long-term commitment to the region. Spanning 2,800 sq. m, the state-of-the-art facility will accommodate more than 150 employees and serve as a central hub for PepsiCo's operations across the Middle East. 'Our new RHQ in Riyadh signals our firm and long-term commitment to this region's future and its people – through job creation, agricultural partnerships, social impact and environmental stewardship,' said Ahmed El-Sheikh, president and general manager for Middle East, North Africa, and Pakistan Foods. The inauguration ceremony drew attendance from top PepsiCo executives, including Chairman and CEO Ramon Laguarta, alongside senior Saudi officials and business leaders. As part of its regional growth strategy, PepsiCo also announced plans to launch a new research and development center in the Kingdom, with an investment of SR30 million ($7.99 million). The R&D hub will focus on innovation in product development and packaging tailored to regional preferences. The facility will feature a culinary lab and an immersive sensory studio designed to refine products in alignment with local consumer tastes. In addition to serving as a business and innovation center, the Riyadh headquarters will also house PepsiCo's flagship social impact programs, including Tamakani and MENA Innovates, both aimed at empowering youth and fostering sustainable innovation. PepsiCo has invested over SR9 billion in Saudi Arabia over the past eight years. In 2023 alone, the company allocated SR199 million to expand its Dammam manufacturing facility. Today, PepsiCo operates across 86 locations in the Kingdom and employs nearly 9,000 people through direct operations and its franchise network.
Zawya
07-04-2025
- Business
- Zawya
Foreign investors free to own real estate outside Makkah, Madinah
Saudi Arabia's Ministry of Investment has announced that foreign investors will be permitted to own and sell real estate outside Makkah and Madinah for the purpose of carrying out their investment activities, reported the Saudi Gazette. For this, the ministry has cited some conditions for foreign investors to obtain permission to engage in such business. Most notable among these conditions is that the property is located outside the boundaries of these holy cities and that the purpose of selling the real estate is not for commercial speculation, which refers to buying and selling assets such as stocks, commodities, or real estate with the expectation of profiting from price fluctuations, stated the report citing the ministry. As per a recent report, foreign investor firms are required to obtain the ministry's approval to own real estate in terms of personal residences, industrial facility headquarters, company administrative headquarters, residential facilities for employees, and warehouses. The ministry pointed out that there will be no financial fee for this service, and that the service is provided by the ministry to beneficiaries through the ministry's e-services portal within five business days. The only documents required will be the municipality's building permit or a letter of approval from the municipality, or a statement indicating the type of use of the land to be acquired issued by an official authority, and a copy of the deed to be acquired. Real estate development establishments seeking to implement a real estate project or sell it are required to submit a report from an engineering office accredited by the Saudi Council of Engineers detailing the total cost of the project, as well as a copy of the deed to be acquired or sold, said the Saudi Gazette report. The project cost must be no less than SR30 million for land and construction, and must be located outside the boundaries of Makkah and Madinah stated the report. The establishment must also commit to utilise the land to be acquired within five years, it added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
06-04-2025
- Business
- Trade Arabia
Foreign investors free to own real estate outside Makkah, Madinah
Saudi Arabia's Ministry of Investment has announced that foreign investors will be permitted to own and sell real estate outside Makkah and Madinah for the purpose of carrying out their investment activities, reported the Saudi Gazette. For this, the ministry has cited some conditions for foreign investors to obtain permission to engage in such business. Most notable among these conditions is that the property is located outside the boundaries of these holy cities and that the purpose of selling the real estate is not for commercial speculation, which refers to buying and selling assets such as stocks, commodities, or real estate with the expectation of profiting from price fluctuations, stated the report citing the ministry. As per a recent report, foreign investor firms are required to obtain the ministry's approval to own real estate in terms of personal residences, industrial facility headquarters, company administrative headquarters, residential facilities for employees, and warehouses. The ministry pointed out that there will be no financial fee for this service, and that the service is provided by the ministry to beneficiaries through the ministry's e-services portal within five business days. The only documents required will be the municipality's building permit or a letter of approval from the municipality, or a statement indicating the type of use of the land to be acquired issued by an official authority, and a copy of the deed to be acquired. Real estate development establishments seeking to implement a real estate project or sell it are required to submit a report from an engineering office accredited by the Saudi Council of Engineers detailing the total cost of the project, as well as a copy of the deed to be acquired or sold, said the Saudi Gazette report. The project cost must be no less than SR30 million for land and construction, and must be located outside the boundaries of Makkah and Madinah stated the report. The establishment must also commit to utilise the land to be acquired within five years, it added.
