Vision 2030

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...

The Saudi Arabian wealth fund has recently fortified its investment portfolio with a significant acquisition of shares from one of the world's leading oil companies. With the completion of an 8% share transfer from state ownership to the Public Investment Fund's (PIF) fully owned subsidiaries, the nation's direct stake in Saudi Aramco now stands at 82.186%. This strategic move is...

During the recent LEAP technology conference held in Saudi Arabia, a staggering $11.9 billion was committed to investments across various sectors. The kingdom’s bold initiative to transform into a leading global technology hub was evident with the emphasis on artificial intelligence (AI) and cloud services receiving a substantial portion of the financial commitments as the event concluded.The conference, which took...

The business landscape in the United Arab Emirates is witnessing a significant development as Saudi Arabia's Crown Prince has authorized the transfer of an additional 8% stake in the national oil behemoth, Saudi Aramco, to the nation's principal sovereign wealth fund. Valued at approximately $160 billion, this move is part of a broader strategy to diversify the kingdom's economy beyond...

Saudi Arabia has made a significant move by allocating a stake worth $163 billion from its national oil company, Aramco, to the country's sovereign wealth fund, known as the Public Investment Fund (PIF). This action is part of a strategic effort to amplify the fund's capacity to support initiatives aimed at rejuvenating the nation's economy.This latest allocation represents an 8...

In a significant move by Saudi Arabia, an 8% stake in the state oil company, Aramco, was transferred to the nation's Public Investment Fund (PIF), marking a strategic repositioning of assets designed to strengthen the sovereign wealth fund. This transfer comes in anticipation of a potential public offering in Aramco and is valued at approximately $163.6 billion, based on Aramco's...

Hewlett Packard Enterprise (HPE) made a significant announcement at the LEAP 2024 conference in Riyadh, revealing the launch of its 'SAUDI MADE' HPE servers. The announcement was timed with the opening of HPE's new production facility within the capital, signaling a significant boost for the local tech manufacturing sector.In a strategic partnership with Alfanar, the tech giant will produce thousands...

At the prestigious LEAP 2024 technology conference, Faisal bin Fadhil Alibrahim, the Saudi Minister of Economy and Planning, inaugurated the 'Data Saudi' platform amidst a gathering of industry leaders and experts from over 180 nations. The platform's debut marked a significant milestone in the nation's push towards digital transformation and economic transparency. The Data Saudi platform first appeared in a...

The Saudi Ports Authority, Mawani, has introduced a groundbreaking initiative, the Port Community System (PCS), under the integrated logistics program 'Logisti'. This ambitious project is set to offer over 250 electronic services at Mawani's Saudi ports, positioning the Kingdom squarely on the international logistics service map.Omar Hariri, the President of Mawani, announced that the PCS demonstrates the authority's commitment to...

RIYADH, KSA:– Reinforcing its commitment to Saudi Arabia's burgeoning technology sector, SAP has escalated its regional presence with the launch of a pioneering SAP Innovation Hub and the imminent inauguration of an SAP Experience Center in Khobar. Additionally, the esteemed SAP Academy of Engineering program, in partnership with the Ministry of Communications and Information Technology (MCIT), has been extended through...

In a strategic move that aligns with Saudi Arabia's Vision 2030, Zain Group has expanded its digital footprint by officially inaugurating ZainTECH's operations in Riyadh. ZainTECH, the integrated digital solutions arm of Zain Group, is now poised to offer a comprehensive suite of ICT transformational solutions to both the enterprise and government sectors in the region.The unveiling of ZainTECH's Riyadh...

Saudi Arabia is on a mission to transform its tourism industry into a major economic pillar. With the aim of securing up to $80 billion in private sector investments by 2030, the kingdom is working to diversify its economy.As part of its strategic plan, known as Vision 2030, the nation aspires to draw in 150 million travelers within the next...