Saturday, May 18
01:50
29 °c
Riyadh

Vision 2030

Saudi Arabia Unveils $100 Billion Aviation Investment Plan

Saudi Arabia is set to showcase a massive investment initiative in its aviation industry, with plans to present opportunities totaling USD 100 billion at the upcoming Third Future Aviation Forum (FAF), scheduled for May 20-22. More than half of this investment, upwards of USD 50 billion, is allocated for upgrading Saudi airports. Additionally, there is an anticipation for new aircraft...

Strategic Alliance Boosts Saudi Fintech Innovation

An innovative collaboration has been announced between the Saudi-based tech entity, Alraedah Digital Solutions, and ABHI, a prominent fintech company within the MENAP region that focuses on Earned Wage Access and Invoice Factoring. This strategic partnership is set to revolutionize financial services within Saudi Arabia.Alraedah Digital Solutions has committed to facilitating access to a $200 million fund over a three-year...

Alraedah Digital Solutions Forms Key Alliance with ABHI

Alraedah Digital Solutions, a subsidiary of the tech-focused Alraedah Digital Group, has entered into a pivotal alliance with ABHI, a fintech entity with a focus on earned wage access and invoice factoring within the MENAP region. This union signifies Alraedah's dedication to promoting financial innovation and inclusive growth within the region.Through this partnership, ABHI will benefit from Alraedah's extensive expertise...

Saudi Tadawul Embraces HKEX Expertise for Market Reforms

The ambitions of the Saudi stock exchange to become an eminent global capital marketplace have led it to take cues from industry leaders like the Hong Kong stock exchange. A high-ranking official from the Saudi Tadawul Group has indicated that the Hong Kong Exchanges and Clearing (HKEX) is a key benchmark for their reformative measures.Nayef Al-Athel, the chief sales and...

AlUla and Riyadh Air Forge Alliance to Boost Saudi Tourism

AlUla has embarked on a dynamic partnership with Riyadh Air, the kingdom's emerging premier airline that aspires to connect over 100 destinations by the year 2030. This strategic alliance was formalized at the Arabian Travel Market event in Dubai, with both parties pledging to work together to amplify AlUla's appeal and the reputation of Riyadh Air to discerning international and...

AlShubaily Town: A Visionary Oasis in Al-Khobar

"ARABIAN ALESAAR," a prominent Saudi Arabian real estate investment firm, is gearing up to unveil its grand development, "AlShubaily Town," situated in Al-Khobar, Eastern Province, with plans set for the first quarter of 2025.Spanning 900,000 square meters, the project's blueprint features a mix of residential, commercial, and leisure facilities, including eateries and the Middle East's most expansive man-made canal."AlShubaily Town"...

AviLease Enhances Air India Express Fleet with New Boeing 737-8s

AviLease has achieved a significant milestone by providing Air India Express Limited with two state-of-the-art Boeing 737-8 airplanes. These jets are the initial segment of a total of six to be supplied throughout the year 2024. Renowned for its fuel efficiency, sustainability, and cutting-edge technology, the Boeing 737-8 represents the forefront of narrow-body aviation. These initial deliveries are indicative of...

Surge in Saudi Liquidity Fuels Economic Expansion

The total liquidity within the Saudi Arabian financial system has experienced a significant upswing, amassing over SAR 2.823 trillion (approximately $753 billion) by the conclusion of March 2024. The Saudi Central Bank (SAMA) has observed that this uptick in liquidity is indicative of a substantial yearly rise of 8.3 percent, translating to an increase of SAR 215 billion.Boosting Economic Momentum...

Saudi Arabia Lauded for Exemplary Competition Law

Saudi Arabia has been commended by a United Nations body for its comprehensive legal infrastructure and robust antitrust legislation. The country was awarded the highest assessment grade in the 2023 Competition Law Systems Report by the UN Economic and Social Commission for Western Asia, elevating its status from the 'developed' category it held in 2020, as reported by the SPA.Notably,...

Saudi Liquidity Soars with Economic Fortitude

The Saudi Arabian economy demonstrated robust financial health as the liquidity levels soared by the close of March 2024, surpassing SAR 2.823 trillion. This represents an 8.3% year-on-year escalation, translating to an additional SAR 215 billion over the previous year's liquidity, which was recorded at SAR 2,608 trillion.A statistical bulletin from the Saudi Central Bank (SAMA) detailed that the broad...

Surge in Saudi Economy Liquidity Marks Strong Growth

The financial robustness of the Saudi economy has reached new heights, with liquidity peaking at an impressive SR2,823,745 million at the end of March 2024. This milestone represents a substantial annual growth rate of 8.3 percent, translating to an increase of over SR215 billion compared to the same period in the previous year, where figures stood at SR2,608,319 million. These...

Saudi Arabia Expands E-Visa Access to More Countries

Saudi Arabia has enhanced the scope of its electronic visa program by adding three additional countries to the list of eligible nations. Citizens from Barbados, the Commonwealth of The Bahamas, and Grenada can now effortlessly apply for their visas online or obtain them upon arrival at Saudi entry checkpoints.This initiative has raised the count of countries whose citizens can access...

Red Sea Fashion Week 2024 Elevates Saudi Style

The maiden venture of Red Sea Fashion Week is poised to make a splash from May 16 to 18, 2024, at the newly minted St. Regis Red Sea Resort in Saudi Arabia. The event will span three days, kicking off with a grand opening show, followed by a series of runway presentations and interactive experiences showcasing high-end fashion, jewelry, Ready-to-Wear,...

Pioneering Alliance Elevates Saudi Arabia’s Travel Industry

New Collaboration to Propel Saudi Arabia's Travel AmbitionsA groundbreaking collaboration has been established between HotelRunner and Alesayi Hospitality Company (AHC), with the support of the Saudi Tourism Authority (STA), aimed at revolutionizing the Saudi Arabian travel ecosystem through advanced technology, artificial intelligence, and automation.The alliance between the provider of hospitality and travel technologies and the hotel management and hospitality consulting...

Saudi Arabia Elevates Water Security with New Authority

The Kingdom of Saudi Arabia has taken a significant step in reinforcing its water security by transforming the Saline Water Conversion Corporation (SWCC) into the newly formed Saudi Water Authority (SWA).With newly established organizational frameworks, the SWA is poised to improve regulatory oversight, elevate service management, and drive methodological advancements in the water sector.The Saudi Cabinet's approval of this move...

Millennium Hotels Amplifies Saudi Presence with Jeddah Launch

Millennium Hotels and Resorts MEA is on the brink of inaugurating its first establishment in Jeddah within the current month, marking a strategic enhancement of the group’s presence in Saudi Arabia. The Millennium Jeddah boasts 252 rooms and underscores the company’s dedication to the region, coinciding with the scheduled opening of three more properties in the year 2024.Fahad Abdulrahim Kazim,...

Strategic Alliance Boosts Saudi Tourism Innovation

HotelRunner, a trailblazer in hospitality and travel technologies, has joined forces with Alesayi Hospitality Company (AHC) under the auspices of the Saudi Tourism Authority (STA), signing a Memorandum of Understanding to stimulate the Kingdom of Saudi Arabia's travel ecosystem with a focus on data, AI, and automation.Under the spotlight of STA's exhibit at the Arabian Travel Market in Dubai on...

Riyadh’s Grand Entertainment Industry Showcase

The city of Riyadh in Saudi Arabia recently became the hub for the largest entertainment industry convergence with the launch of two eagerly awaited events - the Saudi Entertainment and Amusement Expo, alongside the Saudi Light and Sound Expo.Spanning over three thrilling days, the events will immerse attendees in a world of interactive exhibits, state-of-the-art technologies, and forward-thinking insights into...

Saudi Arabia’s Renewable Energy Drive to Cut Costs by $30B

The Kingdom of Saudi Arabia's pivot towards renewable energy is anticipated to yield a substantial reduction in annual electricity expenditures, potentially saving $30 billion by the year 2030, as per a high-ranking S&P Global official. During a panel at the 2024 Saudi Arabia Capital Markets Conference in Riyadh, Sofia Bensaid, who oversees Infrastructure and Project Finance Ratings, emphasized Saudi Arabia's...

Saudi Arabia’s Ambitious Maritime Hub Transformation

Saudi Arabia’s Vision 2030 initiative is transforming Ras al-Khair into a leading shipyard destination within the region.The Saudi government aims to magnetize top-tier shipbuilders and bulk carriers to the newly established Special Economic Zone (SEZ) situated along the Persian Gulf. This SEZ, located near Jubail, will include the sprawling King Salman International Complex for Maritime Industries and Services, anticipated to...

Aramco’s Increased Shareholder Payout Amid Economic Reforms

The national oil behemoth of Saudi Arabia, Aramco, is gearing up to distribute nearly £100bn to its shareholders, which includes the government and various sovereign wealth funds. This move comes despite a noticeable dip in profits for the company.Expected shareholder payouts for this year are projected at $124bn (£99bn), marking an increase from last year's $98bn. This decision aligns with...

Saudi Experts Develop Algae-Based Feed Technology

A consortium of Saudi scholars has recently introduced a novel technology for producing microalgae. This advancement is poised to transform the kingdom's feed sector, which currently depends on importing roughly 13 million tonnes of feed annually.Researchers from the King Abdullah University of Science and Technology (KAUST) have engineered unique strains of Spirulina and Chlorella algae. These variants are specifically designed...

Hong Kong and Chinese Firms Set to Boost Saudi Investments

Business entities from Hong Kong and mainland China are mobilizing for significant investments in Saudi Arabia, signifying a major move towards deepening economic relationships, as conveyed by a high-ranking official.An entourage comprising 30 influential business figures from Hong Kong and China is preparing to delve into various sectors within the Kingdom, motivated by the ambitious Vision 2030 initiative set forth...

Riyadh’s Grand Entertainment Expos Ignite Industry Buzz

In Saudi Arabia's capital, Riyadh, a grand celebration of leisure and technology has commenced with the opening of two highly anticipated expositions - the Saudi Entertainment and Amusement (SEA) Expo and the Saudi Light and Sound (SLS) Expo. Over the span of three days, the events promise a spectacle of interactive exhibits, state-of-the-art advancements, and a glimpse into the future...

Saudi Arabia Launches Red Sea Fashion Week

The Kingdom of Saudi Arabia is poised to make a splash in the world of high fashion with the debut of Red Sea Fashion Week. The event, orchestrated by the Saudi Fashion Commission, is set to dazzle attendees from May 16 to 18, 2024, at the newly unveiled St. Regis Red Sea Resort. Opening with a spectacular inaugural show, the...

Italian Business Expansion into Saudi Arabia on the Horizon

According to Marco Osnato, Chairman of the Saudi-Italian Parliamentary Friendship Committee, Italian commerce chambers and corporate entities are gearing up to set up their main operational bases in the Kingdom of Saudi Arabia. The goal of this move is to bring their varied services and expertise to the numerous sectors within the Saudi market.Osnato revealed this plan while participating in...

Navigating Saudi Arabia’s Economic Transformation

The non-oil sector of Saudi Arabia is poised for expansion, fueled by escalating government investments in the ambitious Vision 2030 initiatives.According to a recent analysis by S&P Global Ratings, Saudi Arabia's Vision 2030 is anticipated to attract around $1 trillion in investments over an extended period. The government alongside the Public Investment Fund (PIF) is expected to inject a portion...

Strengthening Ties: UK and Saudi Arabia Forge Ahead in Green Finance

Michael Mainelli, the Lord Mayor of London, has disclosed that there is a concerted push to enhance collaborations with Saudi Arabia in sectors like fintech, green finance, artificial intelligence, and space and cyber technologies.The United Kingdom and Saudi Arabia maintain a robust trade relationship. Mainelli pointed out during an interview at the World Economic Forum's special meeting in Riyadh that...

Saudi Arabia’s Resilient Financial Outlook Amid Economic Reform

Saudi Arabia's Robust Asset Position Upheld by Prudent Fiscal Measures The steadfast commitment of the Saudi government to diversify its economy and reduce reliance on oil is expected to maintain the nation's robust asset base. Credit agency S&P Global anticipates that while funding for Vision 2030 initiatives may impact Saudi Arabia's net asset position, the Kingdom's judicious fiscal policies will...

Saudi Business Contingent Explores Ventures in Pakistan

A cohort of Saudi Arabian entrepreneurs arrived in Pakistan this past Sunday, eager to identify potential investment avenues within a multitude of sectors, signaling the prospect of multi-billion-dollar inflows to the financially constrained nation.The group, consisting of around 50 individuals from nearly 30 firms, was welcomed by Pakistan's Petroleum Minister Musadik Malik and Commerce Minister Jam Kamal Khan. The delegation's...