Vision 2030

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...

Riyadh's Financial Boost: A report from Saudi Arabia's central bank indicates a noteworthy 11 percent year-on-year increase in lending, with totals reaching SR2.62 trillion ($700 billion) as of January. The expansion in lending activities is predominantly driven by a 33 percent surge in personal loans and a 67 percent rise in corporate loans, particularly emphasizing real estate and utility sectors....

Pearl Group, a prominent player in the field of polyurethane (PU) insulation and other PU-related applications, has recently achieved a significant milestone in Saudi Arabia by doubling its production capacity, signaling a robust enhancement of its operational reach and capabilities within the kingdom. This strategic move by the company substantially increases its capacity to fulfill the growing local and regional...

The Public Investment Fund (PIF) of Saudi Arabia has achieved a significant position, ranking fifth among state-owned investment entities with a total asset value surpassing $940 billion. This achievement highlights the country's dedication to diversifying its economy and making strategic investment decisions, thereby establishing the PIF as a formidable entity in the international financial arena. As per the Sovereign Wealth...

A strategic partnership has formed between Aramco Digital, the tech-forward arm of Aramco, and LTIMindtree, setting the stage for a new IT services enterprise in the Kingdom of Saudi Arabia.Under the umbrella of the Aramco Namaat Industrial Investments Program, this joint initiative is poised to drive forward the digital transformation agenda and supply IT services across the Kingdom of Saudi...

The most recent analysis of the Middle East's economic climate anticipates a deceleration in the GCC's growth pace to 2.7 percent for the current year, a reduction from the previously estimated 3.9 percent. This shift is primarily attributed to ongoing reductions in oil output.Nonetheless, the analysis suggests that the non-energy sectors are poised to propel the economies of Saudi Arabia...

The ambassador of Saudi Arabia to Korea recently addressed a prominent business forum to shed light on NEOM, a transformative city project, and the myriad investment opportunities awaiting in the kingdom, particularly for Korean investors. The event, held in Seoul, aimed to foster connections between Korean enterprises and influential figures from the international business landscape.In an event organized by a...

The Saudi Arabia Railways (SAR) has officially penned a three-year agreement with global sea shipping leader Maersk. This strategic alliance aims to amplify the volume of containers conveyed by SAR trains from King Abdulaziz Port in Dammam to the Riyadh Dry Port, marking a significant leap in transportation and logistics within the kingdom. Bashar Khalid Al-Malik, the CEO of SAR,...

With an eye towards enhancing the logistics landscape and supporting both existing and emerging businesses, Aramex, a leading player in the global logistics and transportation sector, has established its new regional office in Riyadh, the capital of Saudi Arabia. This move is strategically aligned with the Kingdom's Vision 2030 roadmap, which aims to revolutionize various economic sectors.Othman Aljeda, the Chief...

The real estate sector in Saudi Arabia is on the verge of a significant upturn as a survey reveals that high-net-worth individuals (HNWIs) from the Muslim community are looking to pour approximately $2 billion into properties in the sacred cities of Makkah and Madinah.A renowned global property consultancy's recent research, featured in their inaugural 'Destination Saudi' report, highlighted the intense...

Emirati shipping powerhouse Aramex has expanded its global footprint by establishing a new regional base in Saudi Arabia's capital, Riyadh. This strategic initiative is part of a broader move by international firms to capitalize on the Kingdom's burgeoning role as a pivotal business nexus.The official launch of Aramex's Riyadh office underscores the firm's dedication to fostering growth in the regional...

In 2023, Saudi Arabia's economy, the largest in the Arab world, saw a contraction of 0.8 percent from the previous year. This downturn was largely attributed to a significant reduction in the oil sector's performance, while in contrast, the non-oil sector experienced a 4.4 percent expansion.The oil industry witnessed a 9 percent decrease throughout the year. Conversely, the government sector...

A global logistics powerhouse, Aramex, has recently fortified its operations within Saudi Arabia by launching a new regional headquarters in Riyadh. This expansion is a strategic move to advance the logistics sector in line with the Kingdom's ambitious Vision 2030 blueprint. The establishment of this new office is expected to not only bolster Aramex's service delivery to emerging and current...

Saudi Arabia's National Transformation Program (NTP) has surpassed its foundational objectives, significantly contributing to the nation's prosperity and the realization of Vision 2030. This far-reaching economic reform initiative, inaugurated in 2016 under the guidance of Crown Prince Mohammed Bin Salman, was designed to diversify the economy, enhance the business climate, and foster employment, thereby ensuring the long-term well-being of citizens,...

The Kingdom of Saudi Arabia has reallocated an 8% stake of its premier oil establishment, Aramco, to its sovereign wealth fund, known as the Private Investment Fund (PIF). This strategic move is part of a broader initiative to revamp the nation's financial structure and invigorate capital investment to expand its economic base beyond the oil sector.Subsequent to this reallocation, the...

The conclusion of the LEAP24 International Tech Conference in Riyadh marks another milestone for the Middle East's burgeoning technological landscape. The event, now in its third installment, has seen a significant rise in attendance, attributing its success to the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of...

In a pivotal step to bolster its position as a hub of technological innovation, SAMI Advanced Electronics (SAMI-AEC) recently wrapped up a triumphant appearance at the globally recognized tech event, LEAP 2024. The company reported from Riyadh that its participation was characterized by significant agreement signings and a display of its technological capabilities. The premier event, held at the Riyadh...

The National Development Fund (NDF) has officially partnered with the World Economic Forum (WEF), aiming to join the ranks of the forum's influential members. This collaboration was formalized with a contract signed at the NDF's main office by Khalid bin Ibrahim Shareef, the NDF's Chief of Staff, and Alexandre Raffoul, the WEF's Head of Global Partner Development and member of...

The General Directorate of Passports in Saudi Arabia has introduced a new digital document for international guests during the LEAP 2024 tech event, held from March 4th to 7th at the Riyadh International Convention and Exhibition Center. This innovative service is among the various digital and technical solutions offered to citizens, residents, and tourists to improve their access to services...

The National Technology Development Program (NTDP) in collaboration with the Ministry of Communications and Information Technology (MCIT), the Saudi Data and AI Authority (SDAIA), and King Abdullah University of Science and Technology (KAUST), has unveiled a strategic initiative known as AIM. This initiative is a significant step towards building an integrated artificial intelligence (AI) innovation network in Saudi Arabia, in...