Vision 2030

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...

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...