Vision 2030

In a recent development, Saudi Arabia has unveiled the latest stage in its strategic plan to bolster employment for its citizens within the consulting domain.The Kingdom's Ministry of Human Resources and Social Development has announced an increase in the Saudization quota for consulting roles to 40%, a 5% rise from the earlier threshold. This new directive is set to be...

In a pivotal virtual assembly, the Economic and Development Affairs Council recently scrutinized a suite of reports and pressing items on their agenda. A central topic was the Ministry of Economy and Planning's thorough briefing on both domestic and international economic progress, featuring in-depth examinations of the latest economic indicators. This briefing shed light on the anticipated trends and hurdles...

In a noteworthy collaboration, Alghanim Industries has joined forces with the Saudi Coffee Company, under the auspices of the Public Investment Fund of Saudi Arabia. This alliance aims to promote the Saudi specialty coffee brand, Jazean, and to broadcast the unique coffee culture of Saudi Arabia to an international audience. A landmark achievement in this partnership is the inauguration of...

The Kingdom of Saudi Arabia has observed a significant uptick in business registrations, marking a 12 percent increase from 2019 to 2023. The total number of commercial records has now exceeded 1.12 million, according to a high-ranking official.During a collaborative session held in Jeddah, which was aimed at addressing challenges and improving the business ecosystem within the Kingdom, Minister of...

Franklin Resources, Inc., also known as BEN, has commenced its business activities within Saudi Arabia, following the acquisition of two pivotal licenses from the nation’s financial authority, marking a significant step in its global reach.The company has been granted a 'Managing Investments and Operating Funds' license along with an 'Advising' license by the Saudi Arabian Capital Market Authority.This strategic expansion...

Saudi Arabia has recently introduced its first humanoid robot named Sara, a landmark achievement in the country's rapidly expanding technological sector. Sara embodies the capital's venture into creating sophisticated AI entities, reflecting the nation's pursuit of innovative technologies that honor cultural traditions.As a testament to how technology can align with cultural values, Sara is adorned in traditional dress to mirror...

Riyadh is gearing up for a significant event in the digital realm as it sets the stage for the 19th Internet Governance Forum (IGF), which will take place from December 15th to 19th, 2024. The illustrious King Abdulaziz International Conference Center has been chosen as the venue for this United Nations-organized annual forum. This event is renowned for congregating a...

Saudi Arabia has proudly announced the creation of Ceer, its pioneering electric vehicle (EV) brand, marking a significant milestone in the nation's journey towards sustainable innovation and economic diversification. This initiative is a testament to the Kingdom's dedication towards leading the EV sector in the Middle East.In alignment with Saudi Vision 2030, a comprehensive plan to diminish the nation's reliance...

As Saudi Arabia embarks on its ambitious economic transformation plan dubbed 'Saudi Vision 2030', it has become clear that oil revenues alone are insufficient to fund the extensive investments that the initiative demands. To propel the diversification of its economy, the Kingdom is turning to the international debt market to support its grandiose projects, including the construction of the hyper-futuristic...

Saudi Arabia has announced a substantial financial boost for investors in its mining sector, providing a package that reaches almost SR685 million ($182 million) to stimulate financial engagement in mining exploration within the nation. The Industry and Mineral Resources Ministry unveiled the initiative that is set to propel support for mining exploration endeavors in the Kingdom. In partnership with the...

The Saudi Public Investment Fund (PIF) has experienced a meteoric rise in the global hierarchy of sovereign wealth entities, propelled by a staggering 55 percent augmentation in its assets under management.Currently, the PIF's portfolio is valued at an impressive $925 billion, as reported by the Sovereign Wealth Fund Institute based in the United States, a substantial leap from $595.6 billion...

In a significant move to promote the mining sector, the Saudi Ministry of Industry and Mineral Resources, together with the Ministry of Investment, has unveiled an incentive program for mineral exploration. This initiative, with an impressive fund of SAR685 million (equivalent to $182 million), aims to attract investment into mining explorations, which is a key component of the nation's economic...

LG Electronics, a global leader in technology, has made a significant contribution to manufacturing in Riyadh, Saudi Arabia by transferring its advanced Variable Refrigerant Flow (VRF) production technology to the LG-Shaker factory. This move introduces a new chapter for the Saudi market, presenting an energy-efficient solution that meets the demands of modern infrastructure and aligns with the nation's strategic Saudi...

In a significant gathering at the Huawei Cloud Automotive Forum, part of LEAP 2024, Huawei Cloud partnered with Saudi Arabia's Ministry of Investment (MISA) and the Communications, Space & Technology Commission (CST) to explore the prospects of smart vehicle technologies and the expansion of Chinese automotive businesses into the Saudi market. The event was attended by Saudi government officials, investment...

A substantial financial boost of US$100 million has been earmarked for Saudi Arabia's technology innovation sector, thanks to a new agreement between Gulf Capital and the Saudi Research Development and Innovation Authority (RDIA). The investment is set to energize local development and attract international tech companies to the Kingdom.The collaboration was formalized in Riyadh with the signing of a Letter...

The commercial landscape in Saudi Arabia is witnessing a notable transformation as women entrepreneurs begin to play a pivotal role. Their emergence is not only addressing unemployment challenges but also enhancing the country's brand on a global stage.In this progressive shift, Saudi women are increasingly making autonomous decisions about their careers and becoming key economic contributors. The government's Saudi Vision...

The Saudi Public Investment Fund (PIF) is on a trajectory to amass an astounding $1 trillion by 2025, further cementing its status as a pivotal force in worldwide investments, with a keen focus on groundbreaking technological sectors. Under the stewardship of Crown Prince Mohammed Bin Salman, the PIF ranks as the world's fifth-largest Sovereign Wealth Fund, boasting $926 billion in...

The Public Investment Fund (PIF) of Saudi Arabia has set an ambitious target to expand its portfolio to a staggering 1 trillion dollars by 2025. In a strategic move, the nation recently augmented PIF's coffers with a $164 billion stake from Aramco, catapulting it to become the Middle East's second-largest fund.Challenging PIF's dominance is the Kuwait Investment Authority, currently the...

Saudi Arabia is poised to significantly enhance its higher education landscape by welcoming international academic institutions to establish branches within the nation. This move will provide Saudi students with access to world-class education programs locally.Recent agreements have been struck with the University of Wollongong from Australia, and American entities Arizona State University and Cintana Education, which are set to initiate...

Saudi Arabia's Transformation: A Non-Oil Economic SurgeSaudi Arabia, traditionally known for its pivotal role in the global oil market, has achieved a significant milestone in economic diversification. In 2023, the Kingdom's non-oil revenues reached a historic high, accounting for half of its Gross Domestic Product (GDP). The non-oil sector's robust performance, valued at 1.7 trillion Saudi Riyals (about 453 billion...

Saudi Arabia is poised to potentially double its hotel room inventory over the coming decade to cater to the increasing number of pilgrims and tourists, a leading industry executive suggests.Elie Maalouf, the Chief Executive Officer of IHG Hotels and Resorts, highlighted in a discussion that the current lodging capacity in Saudi Arabia is not adequate to accommodate the burgeoning demand...

In the wake of Vision 2030, Saudi Arabia's higher education system is experiencing a significant transformation to better meet the demands of the job market, according to a recent analysis by Colliers. The report from the global professional services firm indicates that the Kingdom's ambitious economic diversification and Saudization initiatives are reshaping employment opportunities, particularly in sectors like artificial intelligence,...

During the illustrious MIPIM 2024 gathering in Cannes, France, a prominent event for global property development leaders, the New Murabba Development Company made a significant impact with its forward-thinking plan for urban transformation. They announced their preparedness to forge partnerships with international investors.At the helm, New Murabba CEO Michael Dyke emphasized the wealth of investment possibilities for those looking to...

S&P Global Ratings, a leading international rating agency, has reasserted its confidence in Saudi Arabia's financial health, maintaining the nation's sovereign credit ratings at 'A/A-1' with a Stable Outlook.The endorsement comes on the heels of Saudi Arabia's intensive efforts to reshape its economy and society. The Kingdom's ambitious reform initiatives have been instrumental in bolstering economic fortitude and are expected...

The esteemed international agency for credit assessment, S&P Global Rating, has recently reaffirmed the sovereign credit ratings for Saudi Arabia, maintaining them at 'A/A-1' with a Stable Outlook. This confirmation reflects the kingdom's persistent efforts in advancing its economic and social reform initiatives, which are expected to bolster economic fortitude and foster the growth of non-oil sector revenues and development....

In 2023, Saudi Arabia's economy underwent a noteworthy transformation, with the non-oil segment achieving a historic feat by accounting for half of the nation's real GDP. An analysis by the Ministry of Economy and Planning, based on data from the General Authority for Statistics, revealed that this expansion was fueled by vibrant investment, consumer expenditure, and exports. This leap in...

Saudi Arabian financial institutions are poised to potentially issue an unprecedented volume of bonds this year as a liquidity challenge intensifies, with the nation's grand economic reform plans under the spotlight.Analysts project that the demand for funds to fuel Vision 2030 – the ambitious blueprint to diversify the kingdom's oil-dependent economy – could see banks issuing bonds in excess of...

The Saudi Ministry of Finance, in collaboration with the National Debt Management Center, has recently concluded the second round of its government sukuk savings program, witnessing an impressive turnout. The initiative successfully secured commitments exceeding SAR 959 million from a participant base of 37,000 individuals. This round of savings bonds, which concluded on March 5, offered an attractive annual return...

The tech industry in Riyadh is on the cusp of a transformative injection of funds with the announcement of a $100 million investment initiative. This substantial financial commitment stems from a pact between the esteemed private equity entity Gulf Capital and the Research Development and Innovation Authority (RDIA) of Saudi Arabia.Allocated over a forthcoming five-year period, this investment is slated...

The General Real Estate Authority (REGA) is marking its presence at the prestigious MIPIM real estate exhibition currently underway in Cannes, which commenced on March 12 and will conclude on March 15.During this four-day event, REGA's display booth is dedicated to presenting the real estate regulations and key organizational measures of the sector. The authority's spokesperson, Tayseer Al Mufarrej, expressed...