Vision 2030

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...

The prestigious King Faisal Specialist Hospital & Research Centre (KFSH&RC) has recently been honored with five research grants as part of an initiative aimed at reactivating and upgrading existing laboratories. This initiative is steered by the Research, Development and Innovation Authority with a goal to energize local research efforts, forge a significant economic impact, and support the Kingdom's Vision 2030...

In the dynamic realm of science and innovation, Saudi Arabian women are making landmark achievements, supported by robust educational and professional groundwork. Tailored educational opportunities for women and partnerships with renowned global entities have greatly enhanced their capacity to contribute significantly to societal progress and humanity, especially within the fast-paced world of tech and artificial intelligence.The Technical and Vocational Training...

Saudia, Saudi Arabia's esteemed national airline, has once again been honored with the highest accolade in the Kingdom, leading the YouGov Best Brand Rankings for the third year in a row with an impressive score of 59.4. The YouGov evaluation employs a robust index score that gauges a brand's overall health. This is computed by averaging various metrics such as...

Saudi Arabia is in the midst of an ambitious economic transformation, with the burgeoning space industry taking center stage as a key driver for innovation and investment. The global space economy, currently on a trajectory to reach a staggering $1 trillion in value, saw the Saudi space industry contribute a significant $400 million in revenue in 2022. Forecasts suggest this...

As the financial world approaches the challenges and opportunities of 2024, the flux of global economics is poised to make headlines once again. Prevailing uncertainties concern the potential for a U.S. recession, the true state of inflation, the likelihood of loosened monetary policies, and the economic implications of geopolitical strains.Adding to the intrigue, 2024 is slated to become a landmark...

The Saudi Ministry of Finance has introduced a pivotal initiative through the release of the Kingdom of Saudi Arabia Green Financing Framework. This move is set to propel the nation closer to sustainability and the ambitious goal of net zero emissions, employing the principles of the Circular Carbon Economy model. The framework is designed to exhibit to investors and participants...

Saudi Arabia's Mobily Tops Telecom Sector Growth in 2024Mobily, the renowned telecommunication enterprise in Saudi Arabia, has been recognized by Brand Finance, a leading marketing consultancy, as the most rapidly expanding entity in the Middle East telecom sector for the year 2024. The assessment highlighted a significant growth in the company's value, with a reported increase of approximately 18 percent...

accesso Horizon is set to redefine visitor interactions at 21 pioneering entertainment venues across Saudi Arabia, as part of the nation's broader Saudi Vision 2030 initiative. This follows an announcement by accesso Technology Group, a global leader in technology solutions for attractions and venues, about their new partnership with Saudi Entertainment Ventures (SEVEN), a company backed by the Saudi Arabia...

The real estate domain in Saudi Arabia is experiencing an unprecedented surge, aligned with the nation's ambitious Vision 2030 reforms, which are revolutionizing the economy. A forthcoming comprehensive study, brought forth by Quality Media Press, is set to delve into the massive housing expansion, the rise of colossal projects like NEOM, and the sector's boost from substantial government investments.Launched by...

The London Metal Exchange (LME) is set to augment its global network by adding the coastal city of Jeddah, Saudi Arabia, as a significant delivery point for copper and zinc. Traditionally, the exchange's primary locations are in areas of high consumption or key trading centers such as Rotterdam.Matthew Chamberlain, the exchange's chief executive, has identified Saudi Arabia as "an increasingly...

The Kingdom of Saudi Arabia has introduced the latest version of its strategic framework aimed at improving e-government services and fostering digital innovation. The Digital Transformation Index (DTI) for 2024 has been launched with the goal of strengthening public sector adherence to tech-related policies and boosting the quality of services provided to users, thereby reinforcing Saudi Arabia's leadership on the...

With sights set on becoming a global tourism leader, Saudi Arabia is targeting a place among the top 10 nations in the tourism sector this year, as announced by the minister responsible for tourism.At the Manafea Forum held in Madinah, Ahmed Al-Khateeb disclosed that the Kingdom possesses all the necessary elements to reach this ambitious goal. This was confirmed in...

In a groundbreaking move, Outlier Ventures, in collaboration with Saudi Arabia's National Technology Development Program (NTDP), is preparing to inaugurate the first deep tech Web3 accelerator program in Riyadh, set to commence in 2024. The partnership, which has been formalized through a Memorandum of Understanding, is strategically poised to stimulate the growth of the Kingdom's Web3 sector, complementing the objectives...

Saudi Arabia witnessed a modest enhancement in its non-oil export sector at the start of the year, with a 0.8 percent rise in January compared to the same period the year prior. As per the General Authority for Statistics, the non-oil sector's value, inclusive of re-exports, hit SR24 billion, or approximately $6.40 billion.Further insights reveal that non-oil trade made up...