Vision 2030

Nestled within the Al-Baha region of Saudi Arabia, the Shada Al-Ala Mountain Reserve represents a natural treasure approximately 20 kilometers to the northwest of the Al-Makhwah governorate. An integral part of the Sarawat Mountains, the reserve boasts impressive elevations reaching around 2,200 meters above sea level, with the Jibal Mussala Ibrahim peak as its zenith. Descending from the mountain's highest...

In a concerted effort to fortify economic relations, the private sectors of Saudi Arabia and Morocco have crafted a collaborative strategy aimed at bolstering cooperation and integration. This initiative followed the arrival of a delegation comprised of executives from over 100 Moroccan firms in Riyadh, eager to probe investment prospects across various industries. These sectors range from agriculture, manufacturing, and...

In an era where climate change poses significant challenges, Saudi Arabia is leading the charge in transforming its transportation infrastructure through innovative and sustainable initiatives. The Middle East and North Africa (MENA) region is experiencing a critical strain on its infrastructure due to rapid population growth, urbanization, and an expanding middle class. Saudi Arabia's proactive measures are not only tackling...

A pioneering industrial collaboration is set to elevate Saudi Arabia's standing in the global advanced technology manufacturing sector. The King Salman Energy Park (SPARK), strategically situated between Dammam and Al-Ahsa, is gearing up to house a new 20,000 square meter facility dedicated to producing critical systems. This venture is a result of an agreement with Schneider Electric, a company at...

Saudi Arabia is increasingly attracting international talent and investments, leveraging its recent visa reforms to bolster economic diversification efforts. The introduction of new Premium Residency visas has positioned the kingdom as a premier destination for both living and conducting business. With the recent announcement of five new visa categories – Special Talent, Gifted, Investor, Entrepreneur, and Real Estate Owner –...

At the World Economic Forum 2024, Faisal Al Ibrahim, the Saudi Minister of Economy and Planning, shared that the Kingdom's non-oil economy has expanded by 20% since 2016, eclipsing the growth rates of the European Union and the United States, which are at 10% and 14%, respectively. In a discussion titled MENA’s Economic Dilemma: Reforms Amid Uncertainty, Al Ibrahim underscored...

At the World Economic Forum in Davos, Saudi Arabia's Minister of Economy and Planning highlighted the importance of regional cohesion as a catalyst for economic growth. During a panel discussion, Faisal Alibrahim underscored the necessity of economic integration across Middle Eastern nations, emphasizing the region's history of overcoming adversity. Alibrahim remarked, "Even amid challenges, the Middle East consistently finds a...

The Kingdom of Saudi Arabia has undertaken a significant legal reform by introducing its inaugural Civil Code, which came into force in December 2023. This strategic move is poised to substantially reshape the nation's business domain, as indicated by insights from industry experts. With the unveiling of the Civil Code, Saudi Arabia has set a new precedent in its legal...

Red Sea Global (RSG), a prominent developer known for its regenerative tourism projects, The Red Sea and Amaala, has achieved a significant milestone by creating 21 subsidiaries by the end of 2023. This expansion underscores RSG's rapid growth and its pivotal role in fulfilling Saudi Vision 2030. The year 2023 marked a historic moment for RSG and Saudi Arabia's tourism...

In a quest for more efficient utilization of its resources, Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, conveyed the kingdom's strategic approach during the World Economic Forum in Davos. During a panel titled Investors of First Resort: Government Inc., Alibrahim articulated the identification of significant yet untapped assets and the intent to harness them in alignment with the...

During the prestigious World Economic Forum Annual Meeting of 2024 held in Davos, Switzerland, the Kingdom of Saudi Arabia and the Organisation for Economic Co-operation and Development (OECD) have entered into a Memorandum of Understanding (MoU). This agreement is set to strengthen collaboration across a spectrum of public policy areas including the economy, taxation, corporate governance, and sustainability initiatives. The...

In a significant move to bolster international cooperation, Saudi Arabia has entered into a strategic partnership with the Organisation for Economic Co-operation and Development (OECD). This alliance, forged through a Memorandum of Understanding (MoU), aims to enhance collaboration across a vast array of public policy issues, including economic growth, taxation, corporate governance, and sustainability. The agreement was formalized at the...

In an ambitious move to elevate the adventure tourism sector, the Oil Park Development Company (OPDC), funded entirely by the Public Investment Fund (PIF), has introduced an innovative tourist destination called THE RIG. This groundbreaking project, designed to transform the realm of tourism, aligns with the strategic goals of Saudi Arabia's Vision 2030, which focuses on expanding the tourism industry,...

At the prestigious World Economic Forum in Davos, Switzerland, the Saudi Data and Artificial Intelligence Authority (SDAIA) has taken the stage to exhibit its advancements in smart-city technology. This demonstration occurred at the Digital Saudi Exhibition, an event that runs parallel to the Forum from January 15 to 19. SDAIA's display includes the Smart C national platform, designed for the...

The Federation of Saudi Chambers (FSC) has recently unveiled plans to significantly enhance its network of business councils, increasing the total count to 70. This strategic initiative will expand the Federation's engagement to encompass 124 nations worldwide. Hassan Al-Huwaizi, the president of the FSC, shared the news during an engagement with leaders of Saudi Foreign Business councils. This growth is...

The Kingdom of Saudi Arabia has taken a prominent role in the recent five-day assembly of the World Economic Forum, highlighting its strategic contributions on the global stage. As conveyed to the Saudi Press Agency, Princess Reema bint Bandar, Saudi Arabia’s ambassador to the United States, emphasized that the Kingdom’s proactive involvement in international dialogues is a direct reflection of...

In an effort to draw in foreign expertise and capital, Saudi Arabia has announced the launch of five innovative residency programs set to commence in 2024. These schemes are tailored to attract professionals from various fields including real estate, sports, and healthcare. The upcoming premium residency categories are: Exceptional Efficiency Residency Talent Residency Business Investor Residency Entrepreneur Residency Property Owner...

The ensemble of foreign business councils in Saudi Arabia has recently grown to encompass 70 councils, following the establishment of 30 new entities. This expansion was announced by the president of the Federation of Saudi Chambers at a recent gathering at their headquarters. The president, Hassan Al-Huwaizi, indicated that this enlargement is set to bolster the Kingdom's commercial and investment...

The Saudi capital is grappling with a significant real estate shortage, particularly in the housing market, as the demand for residences surpasses the rate at which new properties are being developed. This deficit is intensifying rental costs and is anticipated to worsen with the expected population influx following the implementation of the Regional Headquarters (RHQ) policy. Industry specialists predict that...

In Davos, the World Economic Forum (WEF) of 2024 stands as a prominent stage for a distinguished group from Saudi Arabia. This high-level assembly, consisting of key government figures and industry leaders, is utilizing the event to discuss pivotal themes, such as economic resilience, the security of sustainable resources, and innovations that prioritize human well-being. Strategic Alliances and Vision 2030...

In an influential gathering with the leaders of Saudi Foreign Business councils, Hassan bin Mujab Al-Huwaizi, who helms the Federation of Saudi Chambers, disclosed an ambitious development initiative. This initiative is strategically designed to enhance the influence and input of business councils in realizing the objectives set out by Saudi Arabia's Vision 2030. Furthermore, it aspires to forge robust trade...

The Dubai-based Gulf Islamic Investments Group (GII), recognized for its adherence to Shariah investment principles, has recently expanded its portfolio by securing a minority share in Abeer Medical Company, a prominent healthcare provider in Saudi Arabia. The substantial investment of $160 million underscores GII's strategic growth and diversification efforts. This move is in sync with Saudi Arabia’s broader economic aspirations,...

As the world undergoes significant economic and political transformations, Saudi Arabia is poised to take a prominent position at the upcoming World Economic Forum (WEF) Annual Meeting 2024 in the Swiss town of Davos. The kingdom's delegation, led by Foreign Affairs Minister Prince Faisal Bin Farhan, will participate from January 15-19, 2024, emphasizing the theme "Rebuilding Trust." The team features...

The Eastern Province Municipality in Saudi Arabia has announced a significant development initiative, introducing 238 varied investment opportunities for both permanent and temporary projects throughout the region. These investment prospects, highlighted by the Saudi Press Agency, require specialized technical proposals and demonstrable expertise to assure the quality and successful execution of the initiatives and to confirm the capability of investors...

In the heart of the cultural oasis of AlUla, a vibrant Citrus Festival is making waves by empowering local farmers to exhibit and commercialize their varied harvests. The festival has become a platform not just for celebration but also for promotion, with social media marketing playing a pivotal role in highlighting the farmers' offerings. This tactic has sparked considerable interest...

In Saudi Arabia, the third quarter of 2023 has seen a significant 18 percent year-on-year growth in credit facilities available to micro, small, and medium enterprises (MSMEs). The central bank of the Kingdom, SAMA, has reported that loans to this pivotal sector reached SR268.57 billion ($71.61 billion) by October 2023, marking an increase from SR228.03 billion in the previous year....

In a statement to the media, the Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, shed light on the Kingdom's active engagement at the 2024 World Economic Forum (WEF) in Davos, Switzerland. The minister emphasized Saudi Arabia's commitment to tackling pressing global issues, particularly in the spheres of supply chain management and capacity enhancement. Alkhorayef pointed out that...

Ali Al-Ghamdi, CEO of the Saudi National Center for Environmental Compliance, recently underscored the nation's commitment to revolutionizing its mining sector. As part of a broader economic strategy, Saudi Arabia is on a quest to sit at the forefront of environmentally responsible mining by integrating advanced green technologies. This initiative aligns with the Kingdom's strategic Vision 2030, which aims to...

The annual gathering of global leaders and influencers at the World Economic Forum in Davos will feature a notable contribution from the Royal Commission for AlUla (RCU) as part of the Saudi Arabian delegation. The RCU will be displaying a pavilion dedicated to the economic ambitions of the AlUla Governorate, aligning with the broader objectives of Saudi Arabia's Vision 2030....

The Saudi Data and Artificial Intelligence Authority (SDAIA) is set to convene the Kingdom of Saudi Arabia's first-ever Global Smart City Forum. Scheduled for February 12-13, this event will be held at the Arena Riyadh Venue for Exhibitions, where 80 renowned speakers from over 40 nations will participate in comprehensive discussions on the future of urban living. Dr. Abdullah bin...