Vision 2030

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...

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...