Vision 2030

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...

LTIMindtree has inked a deal with the digital and technology arm of Aramco, known as Aramco Digital, to set up a novel IT services entity within Saudi Arabia. This venture is poised to be a beacon of innovation, showcasing groundbreaking digital services and advanced industry 4.0 integration. The initiative is in line with the Kingdom's Vision 2030, aiming to generate...

IBM is gearing up to enhance its presence in the Middle East with a substantial investment aimed at fostering innovation in line with Saudi Arabia's long-term goals. Riyadh, Saudi Arabia: A global powerhouse in hybrid cloud, AI, and consulting services, IBM has unveiled plans to pour more than $200 million into a new state-of-the-art IBM Software Lab in Riyadh, the...

IBM, a global frontrunner in hybrid cloud services, artificial intelligence (AI), and consulting, has revealed its intention to channel over $200 million into the establishment of a new IBM Software Lab in Riyadh, the capital of Saudi Arabia. This move is a testament to IBM's pledge to bolster its presence in the region and aligns with Saudi Arabia's ambitious Vision...

Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has announced the launch of an innovative initiative designed to accelerate the nation's rapidly expanding tourism industry. The Tourism Investment Enabler Program (TIEP) is set to create a hospitable and financially attractive climate for both local and global investors, establishing Saudi Arabia as a prominent player on the world tourism stage with a...

The sovereign wealth funds of Saudi Arabia and Bahrain have penned a Memorandum of Understanding (MoU) to amplify cooperation and investment across pivotal sectors.This pact is designed to broaden collaborative efforts and pave the way for new and lucrative investment ventures in Bahrain, as announced by the Public Investment Fund (PIF) of Saudi Arabia and Mumtalakat, the investment arm of...

In a significant move to enhance Riyadh's housing landscape, the National Housing Company (NHC) has joined forces with Talaat Moustafa Group—Saudi Arabia (TMG) to announce the commencement of the Banan City Project. This initiative was set in motion under the auspices of Majid bin Abdullah Al-Hagail, the Minister of Municipal and Rural Affairs and Housing. The inauguration ceremony was graced...

A strategic alliance has been forged between Aramco Digital, the tech-driven arm of Aramco, and LTIMindtree, a leader in digital solutions and technology consulting, to establish a new IT services firm within Saudi Arabia. The upcoming enterprise is set to embody innovation through cutting-edge digital services and advanced systems integration for industry 4.0. This initiative aligns with the nation's ambitious...

The Kingdom of Saudi Arabia has set a new precedent in the global travel sector by successfully attracting a record number of 100 million tourists, earning praise from the Arab Tourism Organization (ATO). This accomplishment positions Saudi Arabia as an exemplar in the international tourism landscape.The ATO acknowledged the strategic efforts of the Saudi Ministry of Tourism in leveraging the...

The Saudi-Brazilian Business Forum, a pivotal event that brought together 150 investors from varied economic sectors of Saudi Arabia and Brazil, was conducted recently. The forum served as a platform to bolster the robust economic ties between the two nations, which have been nurtured over 55 years, and currently boast a trade volume of approximately $8 billion. In his address,...

Riyadh, Saudi Arabia – Atos has announced its intent to establish a state-of-the-art Sports Technology Centre of Excellence. This hub is set to open its doors within the new Atos MENA headquarters in Riyadh during the second quarter of 2024.The disclosure, made during the LEAP 2024 event, indicates that the Centre of Excellence will draw upon Atos’ extensive experience in...

In 2022, Saudi Arabia allocated $5.1 billion to research and development, marking a significant 32.7% increase from the $3.9 billion invested in the previous year.A historic memorandum of understanding was inked between Britain and Saudi Arabia, aimed at fortifying the science and technology research connections between the two nations. This strategic move is set to unlock the potential for Saudi...

Saudi Arabian Airlines, colloquially known as SAUDIA, has proudly announced its participation in the third iteration of the LEAP tech conference. This prestigious event is taking place from the 4th to the 7th of March, 2024, at the Riyadh International Convention and Exhibition Center.At the forefront of SAUDIA's exhibition is its array of digital advancements, signaling a transformative phase in...

The Saudi Arabian government is channeling a significant segment of its $3.3 trillion investment, earmarked for the economic overhaul envisaged in Vision 2030, into developing the nation's human capabilities. The Minister of Investment underscored the critical nature of this endeavor, highlighting education as a fundamental investment sector.During a prominent event in Riyadh dedicated to the Human Capability Initiative, he emphasized...

Anticipation is building in Saudi Arabia as the Tourism Development Fund (TDF) and New Murabba Development Co. join forces, paving the way for increased financing and investment initiatives in the Kingdom's ambitious new downtown project. The collaboration, cemented with a memorandum of understanding (MoU), is set to propel the nation's socio-economic advancement with the development of New Murabba, located to...

In the Kingdom of Saudi Arabia, the labor market is experiencing a surge of activity, with a significant majority of employers set to bolster their teams. A recently released report indicates that a substantial 69% of companies in the region are preparing to expand their workforce during the current year.The findings, disclosed by a prominent recruitment agency in its annual...

Riyadh, KSA: A recent study by PwC has unveiled a strong sense of assurance among Saudi Arabian CEOs regarding the economic upswing of the Kingdom, with anticipation surpassing that seen on a global scale, as well as within the Middle East and Gulf Cooperation Council (GCC) regions. The Kingdom's gross domestic product (GDP) soared past the US$1 trillion milestone in...

The Saudi Ports Authority, also known as Mawani, recently held a ceremony to acknowledge the accomplishment of critical financial targets set by the Expenditure & Projects Efficiency Authority. The event recognized the outstanding contributions of various individuals who played a pivotal role in achieving these objectives. At the ceremony, which featured Mawani's President, Omar Hariri, and the CEO of the...

The Ministry of Energy in Saudi Arabia has heralded a significant stride in the nation's energy sector with the successful introduction of Euro 5 standard clean diesel and gasoline across its markets, marking a departure from earlier fuel types. These advanced fuels are designed to be compatible with all modes of transportation, and are part of the Kingdom's ambition to...

The fintech sector in Saudi Arabia is undergoing a significant evolution, driven by the country's strategic Vision 2030 objectives and an increasing demand for digital financial services. A detailed analysis by Ken Research predicts a robust growth for this sector, with an expected compound annual growth rate (CAGR) of 12.5% over the next five years. This expansion offers a wealth...