Vision 2030

Marhaba Blockchain Information Systems (MRHB), a trailblazer in web3 infrastructure from Saudi Arabia, has announced a strategic partnership with the country's esteemed Digital Economy Centre (DEC). The alliance focuses on the development and implementation of Distributed Ledger Technology (DLT) and Artificial Intelligence (AI), initiatives that align with the technological ambitions of Vision 2030.Innovative Initiatives AheadMRHB's founder, Naquib Mohammed, has expressed...

Saudi Arabia's Finance Minister Mohammed Al Jadaan revealed at the Saudi Capital Markets Forum that the nation's non-oil economic growth is anticipated to exceed 5% in the coming years. This projection is marginally lower than the previously estimated 6% but is still poised to surpass regional growth rates this year."If you look at the non-oil GDP, it is growing at...

The Kingdom of Saudi Arabia has reaffirmed its leadership in the realm of digital governance, securing the highest rank in the Government Electronic and Mobile Service (GEMS) maturity index for 2023, as reported by the UN Economic and Social Commission for Western Asia (ESCWA). This marks the second consecutive year the Kingdom has accomplished this noteworthy achievement, with an outstanding...

The Kingdom of Saudi Arabia has embarked on an ambitious journey to transform its economy and society through Vision 2030, a strategic plan that underscores the significance of research and development (R&D) spearheaded by the nation's universities. These educational institutions are evolving beyond their traditional roles to become powerhouses of pioneering research that align with the Kingdom's lofty aspirations.A testament...

The Kingdom of Saudi Arabia anticipates its non-oil economic sectors to sustain a growth rate above 5 percent in the upcoming years, as shared by Finance Minister Mohammed Al Jadaan. This projection is a slight modification from the formerly anticipated 6 percent growth rate.Speaking at the Saudi Capital Markets Forum in Riyadh, Al Jadaan highlighted that the Kingdom's non-oil Gross...

A high-ranking team from Saudi Arabia's civil aviation sector, led by Abdulaziz Al-Duailej, the President of the General Authority of Civil Aviation, is set to embark on an important international journey. This tour will span several key global locations, including Singapore, China, and the United States, from February 19 to February 29.The delegation's mission is to engage in dialogues concerning...

The landscape of Saudi Arabia's business media is transforming, with the nation putting a strong emphasis on nurturing an environment conducive to entrepreneurial ventures, particularly within the technology domain. This shift is part of the broader Vision 2030 initiative. A prominent gathering in the Middle East is set to convene industry frontrunners to delve into sector-specific trends, confronting the media,...

The foundation for Bahri Logistics Center, a project of the National Shipping Company of Saudi Arabia (Bahri), was officially set at the Jeddah Islamic Port. A press statement by the Saudi Ports Authority (Mawani) disclosed that the facility will span an impressive 95,436 square meters and be operated by Bahri, featuring a range of storage solutions, including temperature-controlled zones, handling...

A specialized team from Saudi Arabia's civil aviation authority is set to embark on a series of diplomatic missions spanning three influential nations – Singapore, China, and the United States. From February 19 to 29, 2024, the group, led by Abdulaziz Al-Duailej, the head of the General Authority of Civil Aviation, will be engaging in high-level discussions focused on enhancing...

The KAUST Future Forum 2024 recently wrapped up, marking the end of a series of sessions focused on fostering partnerships in research, technology, and entrepreneurship. The forum featured prominent figures from various sectors who engaged in dynamic discussions about the future of science and technology.One of the pivotal discussions was steered by Abdulraheem Al-Gahmdi, Director of KAUST Academy, and included...

The Saudi Export Development Authority, known as Saudi Exports, is set to make its mark at the 9th Iraq International Energy Exhibition and Conference taking place in Baghdad from February 12-14. With the backing of the Prime Minister of the Republic of Iraq, Mohammed Shia' Al-Sudani, and the Iraqi Ministry of Electricity, the event is poised to be a significant...

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...