Latest news with #Shareek
Arab News
15-07-2025
- Business
- Arab News
Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation
RIYADH: Saudi Arabia's private sector is set to gain a boost in AI-driven innovation and data capabilities through a new agreement aimed at accelerating digital transformation across key industries. The new deal, signed between the Saudi Data and Artificial Intelligence Authority and the Private Sector Partnership Reinforcement Program, known as Shareek, aims to conduct comprehensive market studies and coordinate with relevant authorities, according to an official statement. The memorandum of understanding also includes a mandate to develop AI-aligned business models and provide technical consultation services to private sector entities participating in the Shareek program. This comes as the Gulf's largest economy positions itself as a global AI hub under its Vision 2030 strategy, which targets $135.2 billion in economic value from the technology by the end of the decade. The same roadmap aims to raise the private sector's contribution to gross domestic product to 65 percent by 2030, signaling a shift toward tech-led diversification away from oil dependency. In a post on X, SDAIA stated that the MoU also seeks to 'develop investment opportunities in cooperation with relevant authorities' and to 'develop business models for both parties, in accordance with established procedures.' It added that the agreement will also focus on 'identifying and prioritizing investment opportunities and providing specialized technical consultations,' as well as 'sharing investment opportunities with the sector and relevant authorities to join the Private Sector Partnership Reinforcement Program – Shareek.' Launched in 2021, Shareek is a flagship public-private partnership program aiming to unlock SR5 trillion ($1.33 trillion) in investments by 2030. It supports large Saudi companies in accelerating growth and driving economic development. Its collaboration with SDAIA highlights its role in advancing large-scale digital transformation. The development comes as the Kingdom expands its global tech alliances, with SDAIA signing an MoU with Advanced Micro Devices, or AMD, on the sidelines of the Saudi-US Investment Forum in Riyadh in May to strengthen the AI ecosystem. The agreement aims to develop specialized AI data centers powered by AMD technologies, supporting the Kingdom's efforts to build a robust digital infrastructure. These developments come as Saudi Arabia's global AI standing continues to rise, with the Kingdom ranking third worldwide in the OECD AI Policy Observatory in December, behind only the US and the UK.
Asharq Al-Awsat
02-06-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Opens Direct Communication Channel with Businesses to Overcome Investment Hurdles
Asharq Al-Awsat learned that Saudi Arabia's Ministry of Investment is launching a new service to strengthen its relationship with national businesses by providing them with direct access to a suite of investment-related services. The initiative will assign each company a dedicated relationship manager, who will serve as the main point of contact to streamline access to government programs and services. These include the Strategic Investor initiative, the enhanced services program 'Meyza,' the Alignment Platform, and various services offered by government entities at the Business Center. The move is part of the Kingdom's broader effort to create a more dynamic and investor-friendly environment as outlined in the National Investment Strategy, launched in 2021 by Prince Mohammed bin Salman, Crown Prince and Prime Minister. The strategy targets more than SAR 12 trillion ($3.2 trillion) in investments into the local economy by 2030. This includes SAR 5 trillion through the Shareek program, SAR 3 trillion in local investments by the Public Investment Fund, and SAR 4 trillion in contributions from domestic and international companies operating under the strategy's framework. The ministry has notified private sector companies that the new service will also serve as a platform to receive feedback, suggestions, and observations regarding regulations, business procedures, and related challenges. Additionally, businesses will receive invitations to take part in relevant events organized by the Ministry. The initiative reflects the Ministry's responsibility to manage Saudi Arabia's investment environment, provide facilitation and support for investors, and elevate the competitiveness of the Kingdom's economy. Efforts focus on expanding operational scope, boosting competitiveness, and removing barriers that hinder business performance. In the first quarter of 2025, the ministry reported significant progress, including the issuance of 44 regional headquarters licenses, resolution of 38 investor-related challenges, and the processing of over 1,000 investor visa services. More than 55,000 digital services were also delivered through the Ministry's website. In parallel with these operational upgrades, the ministry is actively pursuing legislative and regulatory reforms to foster a secure and competitive investment climate. One major development has been the establishment of the Saudi Investment Promotion Authority, which coordinates public and private efforts to position the Kingdom as a leading global investment destination. Recent legal reforms include the implementation of new executive regulations for the commercial registry system. Under these changes, businesses now operate under a single commercial license for all their activities across the Kingdom, eliminating the need for sub-licenses and reducing financial burdens. Additionally, new regulations for commercial names aim to streamline the name reservation and registration process, enhance their value, and ensure proper legal protection. The Ministry of Commerce has also introduced a mechanism to allow existing businesses to regularize their trade names in line with the updated regulations.
CairoScene
22-03-2025
- Business
- CairoScene
USD 1.06B Logistics Hub to Be Built in Riyadh's Falcon City
The new logistics zone follows a deal between Saudi Logistics Services (SAL) and Sela Co. A new logistics zone worth SAR 4 billion (USD 1.06 billion) is set to be developed within Falcon City in northern Riyadh, following a deal between Saudi Logistics Services (SAL) and Sela Co. The project aims to reinforce Saudi Arabia's position as a global logistics hub by introducing advanced supply chain infrastructure, Class A warehouses, and multimodal transport links. Spanning 1.5 million square metres, the logistics zone will be strategically located near King Khalid International Airport, major highways, and railway networks, ensuring efficient movement of goods both locally and regionally. The project is backed by the Private Sector Partnership Program (Shareek) and aligns with Saudi Arabia's Vision 2030 goal of investing over SAR 1 trillion into the logistics sector. Falcon City itself covers 14.4 million square metres, designed to attract global companies with key developments such as the Riyadh Exhibition and Convention Center, an aviation runway, and an aircraft maintenance hub. Additionally, the site will feature economic, commercial, residential, hospitality, and entertainment districts, along with a dedicated outlet mall.
Arab News
18-03-2025
- Business
- Arab News
$1.06bn deal signed to launch new logistics zone in Riyadh's Falcon City
RIYADH: A new SR4 billion ($1.06 billion) logistics zone will be created within Falcon City in northern Riyadh, after a deal between Saudi firms SAL and Sela Co. The development will provide integrated infrastructure combining Class A warehouses, multimodal connectivity, and smart logistics technologies to enhance supply chain efficiency and facilitate the faster movement of goods locally and regionally. The deal, which aims to strengthen the Kingdom's position as a global logistics hub, is backed by the Private Sector Partnership Program, also known as Shareek. The agreement comes as the Kingdom plans to invest more than SR1 trillion in the logistics sector by 2030, with the number of facilities already up by 267 percent since 2021. Commenting on the Falcon City deal, Omar bin Talal Hariri, CEO of SAL, said: 'The SAL Logistics Zone is not just a development project — it is a model for the future of integrated logistics services. 'We are leveraging technology and sustainability to create an advanced operational environment that attracts investment and supports the Kingdom's economic growth.' The partnership for the 1.5 million sq. meter logistics zone was signed in Riyadh in the presence of Minister of Transport and Logistics Services Saleh Al-Jasser, Minister of Investment Khalid Al-Falih, and CEO of the Shareek Program Center Abdulaziz bin Abdulrahman Al-Arifi, along with senior officials, investors, and business leaders. The zone will serve as a comprehensive hub catering to the increasing demand for custom-designed warehouses. 'Falcon City is more than just a development project; it is an integrated economic destination aimed at providing a modern business environment that supports multiple industries,' Rakan Al-Harthy, managing director of Sela, said. He further emphasized that the partnership with SAL Logistics Services will facilitate the establishment of state-of-the-art facilities that cater to local and international companies and enhance business and investment flow. This logistics zone significantly enhances the company's capabilities due to its strategic location near King Khalid International Airport, major highways, and railway networks. Falcon City spans 14.4 million sq. meters and will feature the Riyadh Exhibition and Convention Center, as well as a modern logistics zone designed to attract major global companies, an aviation runway, and an aircraft maintenance hub. The development also includes economic, commercial, and residential zones, as well as hospitality and entertainment areas and an outlet mall. This strategic partnership directly supports Saudi Vision 2030 by enhancing logistics connectivity, stimulating local and international investments, and developing modern infrastructure to attract businesses and investors. It also reinforces the Kingdom's role in regional and international trade, driving sustainable economic growth and positioning the country as a leading logistics powerhouse.
Arab News
19-02-2025
- Business
- Arab News
Saudi Arabia shortlists 30 firms for 22 quarry licenses in Eastern Province, Tabuk
JEDDAH: Saudi Arabia has shortlisted 30 companies for 22 mining licenses to extract sand and gravel in the Eastern Province and Tabuk, advancing its mining sector expansion and economic diversification. The Ministry of Industry and Mineral Resources said the permits cover Northwest Salwa Western Complex, Al-Masna Crushers Complex, and South Wadi Amq Complex. The process, which received 49 applications, marks another step in Saudi Arabia's push to develop mining as a third pillar of its industrial base, alongside oil and petrochemicals, with efforts ongoing to tap into the Kingdom's estimated $2.5 trillion of mineral wealth. In the Eastern Province, three companies — Saleh Abdul Aziz Al Rashid and Sons Co., Sana Al Sharqiya Contracting Co., and Asas Al Muasim Contracting Co. — have been prequalified for sand extraction at Northwest Salwa Western Complex. For gravel mining at Al-Masna Crushers Complex, northeast of Hafar Al-Batin, the contenders include Saleh Abdul Aziz Al Rashid and Sons Co., Sana Al Sharqiya Contracting Co., and Al-Yamamah Co. for Commercial Works and Contracting. Meanwhile, 24 companies will compete for gravel extraction rights at South Wadi Amq Complex in Tabuk, including Tabuk Modern Contracting Co., Mega Co., and Suleiman bin Saleh Al Muhailib Mining Co. In December, the Taadeen platform introduced a competitive bidding process to secure a stable domestic supply of essential construction materials. A month earlier, the ministry awarded 11 mining exploration permits covering 850 sq. km across Riyadh, Makkah, and Asir, with one national company and five alliances of 10 local and international firms securing rights. The ministry stressed that these efforts are crucial to maximizing the value of Saudi Arabia's mineral resources and establishing mining as a key pillar of the Kingdom's economic future. The news of the shortlist came in the same week as it was announced nearly SR29 billion ($7.7 billion) in investments is being directed toward the city of Wa'ad Al-Shamal as it aims to become a major hub for the Kingdom's mining industry. The vast majority of the funding — SR28 billion — is for the launch of Ma'aden's Phosphate 3 project, backed by the Shareek program. This initiative is set to increase Saudi Arabia's phosphate production capacity to 9 million tonnes annually, building upon the existing Phosphate 1 and Phosphate 2 projects, which each produce 3 million tonnes.
