Vision 2030

The Saudi Authority for Industrial Cities and Technology Zones, commonly known as MODON, recently published its annual review for the year 2023, shining a light on the remarkable strides made in the realm of industrial development. The report aligns with the strategic objectives set forth in Saudi Vision 2030, demonstrating considerable achievements in investment attraction, infrastructure enhancement, and the promotion...

The non-oil sector in Saudi Arabia is showing signs of robust growth, marking a significant milestone in the Kingdom's strategic push towards economic diversification. Recent data reveals a positive trajectory, indicating a shift away from the traditional dependency on oil revenue.Strong demand has been a driving force behind the surge in Saudi Arabia's non-oil business activity for March, reaching a...

Canoo Inc., a trailblazer in the advanced mobility sector, has recently unveiled that its lineup of electric vehicles (EVs) will be trialed by Red Sea Global (RSG), the mastermind behind the eco-conscious tourism hubs, The Red Sea and AMAALA.The pilot program will incorporate Canoo's Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck. These vehicles will...

The Saudi Data and Artificial Intelligence Authority (SDAIA) is at the forefront of delivering intelligent solutions and robust digital services, particularly aimed at enhancing the experience of those visiting the Two Holy Mosques during the Umrah season. This initiative is part of SDAIA's broader strategy to promote research in data and AI to improve service offerings at these religious sites,...

Amidst the global economic challenges, the business media sector has been closely monitoring the evolution of foreign direct investment (FDI) trends. The latest 2024 Kearney Foreign Direct Investment Confidence Index has brought forward a story of resilience and optimism in the investment domain, with a clear focus on markets poised for stability, innovation, and growth opportunities.The central figure in this...

In a significant move to expand its mineral sector, Saudi Arabia has launched the Mining Exploration Enablement Program, targeting international companies and explorers to join the initiative. The undertaking is set to enhance exploration, maximize the mining sector's value, and amplify surveying of untapped areas.The Kingdom's Ministry of Industry and Mineral Resources, alongside the Ministry of Investment, has opened registration...

King Abdullah University of Science and Technology (KAUST), renowned for its early embrace of artificial intelligence (AI), stands at the forefront of academic leadership in Saudi Arabia and the surrounding region. This preeminence is underpinned by its solid infrastructure, cutting-edge technologies shepherded by industry authorities, and strategic alliances with pivotal entities in both the public and private sectors.Aligning with the...

Saudi Arabia has revised its population forecasts for the ambitious Neom megacity project, aiming for a smaller number of residents by the year 2030.Originally, the plan was to have 1.5 million people take up residence in the project's advanced urban center known as 'The Line.' However, a report has indicated that this figure has been adjusted to less than 300,000...

Jeddah Islamic Port has proudly announced the arrival of the maiden vessel from Saudi container line, Folk Maritime, marking a significant milestone for the Kingdom's maritime sector. The port celebrated this key event with the crew of the ship, dubbed Sunset X, to honor the collaborative efforts of the Saudi Ports Authority (MAWANI) and Folk Maritime in escalating the Kingdom's...

Recent strategic maneuvers by the Public Investment Fund of Saudi Arabia, via its gaming arms Savvy Games Group and ESL FaceIt Group (EFG), have sparked a global dialogue about the kingdom's intentions and its potential sway over the esports landscape. Current trends in sports and leagues indicate a shift beyond geopolitical considerations. A prime example is the relocation of the...

In a significant development within the Saudi Arabian financial sector, stc pay has been officially sanctioned by the Saudi Central Bank (SAMA) to progress into its next evolutionary stage as STC Bank. An announcement from the company indicated that this move is currently in a beta phase, with access provided exclusively to a select group of customers, paving the way...

The asset management domain within Saudi Arabia has demonstrated a notable surge in activity revenues, reaching SR4.2 billion ($1.12 billion) in 2023, marking a significant 58.6 percent increase over the span of four years.Abdullah bin Ghannam, the deputy for listed companies and investment products at the Kingdom's Capital Market Authority (CMA), has shed light on the unprecedented expansion of this...

King Abdullah University of Science and Technology (KAUST) recently marked a significant stride in research and development (R&D) within Saudi Arabia by hosting the inaugural SABIC Day. The event stands as a testament to the fortified partnership between educational and industrial sectors, particularly targeting initiatives such as the circular economy, achieving carbon neutrality, and creating distinct solutions. Dr. Bob Maughon,...

The 'Saudi Vision 2030' has set an audacious goal of attracting 150 million visitors per year, and the burgeoning air transport sector in Saudi Arabia is currently one of the most talked-about developments in the industry. With innovative airlines and airports emerging, they are poised to redefine what excellence means in this space. One such example is flyadeal, a digital-first,...

Envision a future where Saudi Arabia, traditionally an oil giant, is now setting its sights on a different kind of resource: technology.They are plunging into the realm of artificial intelligence (AI) with an investment of a staggering $40 billion from their sovereign wealth fund. This bold move signifies a major commitment, as they aim to become one of the most...

In the Kingdom of Saudi Arabia, the business landscape has experienced a dramatic increase in commercial registrations, with figures reaching 104,000 in the first quarter of 2024. This represents a 59 percent surge compared to the prior year, as per the latest governmental figures.Previously, the first quarter of 2023 saw the Ministry of Commerce issue 65,363 permits. The significant growth...

In March, Saudi Arabia's non-oil private sector exhibited a robust growth surge, reaching a peak in output not seen in the past six months, as indicated by the nation's Purchasing Managers' Index (PMI). The PMI for the Kingdom registered at 57, marking a slight dip from February's 57.2, based on data released by the Riyad Bank Saudi Arabia PMI report...

March witnessed a robust expansion in Saudi Arabia's non-oil business activities, with the sector's output hitting a six-month peak. This surge is an indicator of the kingdom's progressive strides towards the ambitious targets of its Vision 2030 blueprint.The non-oil domain has notably contributed to the nation's GDP, accounting for half of it for the first time ever - a historic...

In a significant move towards reducing its reliance on oil, Saudi Arabia has reached a pivotal point as its non-oil sector now comprises half of the country's GDP for the first time. This achievement was reported in government statistics unveiled last month, highlighting a real GDP growth in non-oil industries of approximately 4.4%, which translates to a valuation of around...

In an insightful exchange, Mohammed Al Naimi, CEO of ACT Group, delves into how Saudi Arabia's Vision 2030 is reshaping the industrial sector. Al Naimi underscores the initiative's significant role in driving the sector forward and aiding the nation's shift towards economic diversification, moving away from a reliance on hydrocarbons. He also touches upon the transforming labor market, with national...

The Saudi Ministry of Investment and Endava, a global technology services provider renowned for its engineering excellence and client-centric approach, have entered into a Memorandum of Understanding (MoU) to advance the digital capabilities within Saudi Arabia. This strategic move is in sync with the objectives outlined in Saudi Vision 2030, aiming to transform the Kingdom into a digitally-forward nation.Through this...

Saudia, Saudi Arabia's flagship airline, has introduced an enticing offer for international passengers transiting through the country. In a limited-time promotion, travelers can secure a stopover visa while arranging their flight bookings, granting them permission to discover the nation for leisure, business, or spiritual endeavors. This visa, valid for a 96-hour period, is a collaborative effort with the Saudi Ministry...

Riyadh's Ascendancy in Fintech: The 2024 Summit Spotlight Riyadh, a burgeoning financial hub within the MENA region, is set to host the esteemed Fintech Revolution Summit on the 29th and 30th of April, 2024. This prominent event will assemble over 500 experts from the banking and financial services (BFSI) sector, along with fintech luminaries, to explore and discuss advancements in...

Informatica, a leading enterprise in the realm of cloud data management, has initiated the Intelligent Data Management Cloud™ (IDMC) in Saudi Arabia, marking a first for the nation. This includes the strategic placement of a new Point of Delivery (PoD) in Riyadh, signifying the company's dedication to support local, scalable, cloud-first data management initiatives. This development enhances Informatica's influence in...

The Saudi Human Resources Development Fund has made a substantial investment of approximately SAR 8.7 billion ($2.3 billion) in the previous year into various initiatives that include training, advising, and empowering. The objective behind this investment is to enhance the prowess of private sector entities, augment the employment rate of Saudi nationals, and promote job longevity.As part of the Kingdom's...

A study by the market research entity YouGov has revealed that a majority of individuals residing in Saudi Arabia, amounting to 54%, are actively seeking profitable investment avenues for their funds.The burgeoning fintech industry and the digital transformation of the banking system have opened up new prospects for Saudi consumers. These individuals are now more inclined to enhance their financial...

Dolce & Gabbana has unveiled an ambitious expansion plan in the Middle East, with a sharp focus on taking advantage of the burgeoning market opportunities in Saudi Arabia.At the heart of this expansion is the launch of a new flagship store in Riyadh, Saudi Arabia's capital and commercial nucleus. In a strategic move, the luxury fashion brand is entering into...

Emerging as a beacon of scientific research and innovation, the King Abdullah University of Science and Technology (KAUST) has developed a network of 12 distinct research centers, as reported by the national news agency. These centers are becoming critical in the quest to broaden the Saudi economy, in line with the strategic Saudi Vision 2030 initiative. Established in 2009, KAUST...

According to a recent study, the allure of smart, interconnected urban environments could significantly enhance the contentment of their residents. A Mastercard assessment brings to light the synergies between human aspirations and the forward march of technology in shaping the metropolises of tomorrow in the Middle East. By the midpoint of the century, urban dwellers are expected to constitute two-thirds...

Saudi Arabia is taking a significant stride towards fulfilling its Vision 2030 with the launch of the Integrated Maritime Service (IMS) at King Abdul Aziz Port. The initiative is a key part of the country's plan to evolve into a diversified, innovative economy, and establish itself as a leading investment hub. A pivotal element of this transformation is the enhancement...