Vision 2030

The Saudi Industrial Development Fund (SIDF) is celebrating a significant milestone, having disbursed a staggering SR180 billion (approximately $48 billion) in industrial financing since its inception 50 years ago. The anniversary was marked by a special event on Monday, February 12, which included an exhibition showcasing the fund's historical journey, its profound influence on Saudi Arabia's national economy, and its...

The construction industry in Saudi Arabia is on the brink of significant growth, with expectations to surge at an average yearly rate of 4% from 2024 to 2027. This advancement is driven by deliberate efforts to diversify the economy in accordance with the nation's Vision 2030. Capitalizing on this positive trend, the esteemed Big 5 Construct Saudi returns for its...

Jeddah: SenseTime MEA, a leading AI software innovator and a Joint Venture with the Saudi Public Investment Fund (PIF), has formalized a partnership with the King Abdulaziz and His Companions Foundation for Giftedness and Creativity (Mawhiba) through a memorandum of understanding (MoU). The collaboration is set to elevate the digital prowess of talented students, positioning them to drive the Kingdom's...

The KAUST Future Forum 2024 has officially begun, hosted by the King Abdulaziz City for Science and Technology (KACST) in Riyadh's dynamic 'the Garage' startup hub. This event, orchestrated by King Abdullah University of Science and Technology (KAUST), brings together a diverse group of officials, research and innovation experts, academics, and research center representatives. Professor Tony Chan, the president of...

In a significant development for urban mobility, Emaar The Economic City, the principal developer behind King Abdullah Economic City (KAEC), has announced a vital collaboration with HopOn, a leader in the smart cities' transport services sector. The alliance is set to introduce an advanced and eco-friendly transportation system within the city. This initiative aligns with the objectives of the Saudi...

HKA, a global management consultancy with a network spanning over 45 offices, has solidified its commitment to Saudi Arabia by securing an official regional headquarters license in the nation.For over twenty years, HKA has been a fixture in the Saudi market, offering expertise from its Jeddah and Riyadh locations in risk management, conflict resolution, and legal services for capital projects...

Saudi Arabia is undergoing substantial economic changes, propelled by rising oil prices, determined diversification plans, and the pioneering Vision 2030 goals. A comprehensive report by Ken Research titled 'Saudi Arabia Macroeconomic Assessment' offers an in-depth analysis of the trends, opportunities, and challenges facing businesses and investors in this changing milieu.Key Highlights: A Glimpse into the Saudi EconomyBooming Oil Revenue: The...

Red Sea Global (RSG) has successfully sealed a financial deal worth SAR2 billion ($522 million) with Riyad Bank, setting a strategic course for the expansion of luxury hospitality in Saudi Arabia. This arrangement bolsters RSG's partnership with Kingdom Holding Company in the creation of the Four Seasons Resort, poised to be a jewel in the Red Sea's crown of tourist...

In a strategic move to bolster its international presence, NEOM, Saudi Arabia's ambitious $500 billion business and tourism initiative, has inaugurated its first United States office. The new outpost is situated in the bustling business district of Manhattan at 50 Hudson Yards, New York City. The grand opening was graced by the presence of Saudi Arabia's ambassador to the United...

In an ambitious move to strengthen its position within Saudi Arabia's defense sector, the American defense behemoth, L3Harris, is actively discussing plans to establish a regional headquarters in the Kingdom. This strategic initiative aligns with Saudi Arabia's Vision 2030, which aims to localize defense production and bolster the country's self-sufficiency in this critical industry.Adrian Kemps, an executive at L3Harris and...

Saudi Arabia is reportedly gearing up to offload additional shares in its oil colossus, Aramco, according to sources privy to the development. This strategic move aims to enhance the kingdom's financial reserves and support its broader economic diversification efforts.Banking powerhouses Citigroup, Goldman Sachs, and HSBC have been named as orchestrators of the potential share sale, which may occur in the...

Front End Limited Company, a prominent Saudi firm in the energy, mining, industrial, maritime, and logistics sectors, has forged a partnership with The Drone Centre (TDC), pioneering the use of advanced DJI drone technology in the region's oil and gas industry. This move introduces specialized payloads for drones, a regional first, and supports the objectives of the Saudi Vision 2030...

In a strategic move to bolster its finances, Saudi Arabia is preparing to release additional shares of its state-owned oil behemoth, Aramco, according to sources privy to the development. This action is set to fortify the nation's push to diversify its economy beyond the oil sector.Insiders indicate that financial titans Citigroup, Goldman Sachs, and HSBC have been appointed to manage...

At the esteemed Private Investment Fund (PIF) Private Sector Forum, Diriyah Company made its second appearance, shedding light on the Diriyah project’s development strides and the lucrative investment openings available to the private sector. This significant event was hosted at the King Abdulaziz International Conference Center in Riyadh, drawing in a diverse crowd on February 6 and 7, including investors,...

The National Development Fund (NDF) of Saudi Arabia has recently undergone a notable leadership change with the appointment of the Minister of Economy and Planning, Faisal Alibrahim, as chairman of the National Infrastructure Fund (INFRA). His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Crown Prince and Prime Minister, chaired the decision-making session.Expressing appreciation to the NDF's Board...

In a strategic move to strengthen economic ties, Saudi Arabia and Pakistan have inked a memorandum of understanding focused on enhancing their small and medium-sized enterprise (SME) sectors. This collaboration is designed to augment the global market competitiveness of both countries. The Small and Medium Enterprises General Authority (Monshaat) of Saudi Arabia and the Small and Medium Enterprises Development Authority...

In a landmark move, Saudi Arabia's Ministry of Environment, Water and Agriculture has orchestrated a pioneering agreement to export locally grown agricultural produce to the Netherlands and other European markets. This initiative is seen as a major leap in bolstering the Kingdom's presence in the global agricultural export arena. Focused on enhancing the marketing reach of Saudi agricultural products and...

The Madinah Chamber recently hosted an esteemed visit from the French Consul General in Jeddah, Mohammed Nehad, who was accompanied by a team of delegates. They were greeted by Mazen Rajab, the Chairman of the Board, along with other distinguished board members. Their gathering centered on probing potential avenues for investment within the Madinah region, particularly zeroing in on initiatives...

In an ambitious move to elevate its presence in the healthcare market, Saudi Arabia, through the Saudi Export Development Authority (Saudi Exports), is set to participate in the Arab Health Exhibition 2024. The event, taking place in Dubai from the end of January to the beginning of February, will serve as a platform for 17 premier Saudi companies to display...

The 12th Jeddah International Travel and Tourism Exhibition (JTTX) commenced this Sunday at the Jeddah Superdome, marking a three-day event anticipated to draw significant attention in the travel and tourism sector. With participation from over 200 entities, both local and international, the exhibition features a diverse mix of sectors, including travel agencies, airlines, hotel chains, and resorts. As a hub...

The realm of human resources in Saudi Arabia has witnessed substantial expansion throughout 2023, with the government-backed online Qiwa platform having a marked impact. Over 10 million people have reaped the benefits of its digital offerings. Launched by the Saudi Ministry of Human Resources and Social Development, Qiwa has become an integral component in the nation's employment market, automating operations...

Saudi Arabia has taken a significant stride in strengthening its position as a leader in biotechnology in the Middle East. As the largest regional market for pharmaceuticals and vaccines, the Kingdom has been proactive in its strategic investments within the biotech sector. Its unique genetic diversity and environmental conditions create a fertile ground for complex biotech studies and research. There...

In Riyadh, the business community has noted an impressive expansion in the entrepreneurial sector, a development attributed to the synergistic efforts of both public and private entities. The Social Development Bank Forum for Entrepreneurship and Modern Business Practices, a gathering held at the King Abdul Aziz International Conference Center, brought together an extensive network of 85 speakers, 30 international organizations,...

In a significant move to bolster community-driven businesses within the Kingdom, Saudi Arabia's Ministry of Energy has forged a partnership with the Saudi National Bank (SNB). This collaboration is set to launch a social entrepreneurship accelerator program designed to elevate local enterprises in the energy field. The initiative is crafted to nurture and convert burgeoning ideas and small businesses into...

On a significant day for the global real estate industry, the Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, initiated the third Real Estate Future Forum in Riyadh. The forum operates under the insightful theme "The Power of Flexibility: Building a Sustainable and Flourishing Real Estate Future" and boasts participation from over 85 nations with 300 speakers...

The highly anticipated World Defense Show 2024 is poised to unfold from February 4th to 8th, under the prestigious auspices of King Salman bin Abdulaziz Al-Saud. This event will convene at the Riyadh International Convention & Exhibition Center, where the Saudi Arabian Military Industries (SAMI) will emerge as the predominant exhibitor, commanding attention with a sprawling 3000 square meter pavilion....

In a recent convergence of economic minds, the Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, engaged in discussions with Germany's State Secretary for Economic, Finance and European Affairs, Jorg Kukies. The dialogue centered on the pressing issues shaping the global economic landscape and potential areas of shared interest where Saudi Arabia and Germany could enhance their cooperation. This important...

At a recent economic forum in Riyadh, the private sectors of Saudi Arabia and Morocco have set forth a collaborative program and an array of initiatives aimed at enhancing the economic cooperation and integration between the two countries. The efforts include the initiation of direct maritime transportation links, the creation of a bilateral investment fund, aiding Saudi companies in penetrating...

The final quarter of 2023 witnessed a 16 percent surge in Saudi businesses preparing for growth, a direct outcome of private sector reforms that have been fostering innovation within the Kingdom. Recent data from the Ministry of Commerce highlighted that 2,811 entities reshaped their organizational frameworks to scale up operations, an increase from 2,423 entities at the end of the...

Leading global law practices have acknowledged their belief in the equitable resolution of conflicts within the Saudi Arabian legal framework, as shared by an industry specialist. At the inaugural Riyadh Construction Disputes Seminar, John Quinn, chairman and founding partner of Quinn Emanuel, praised the Kingdom's reliable rule of law and the proficiency of its judiciary. Organized by Quinn Emanuel Urquhart...