Vision 2030

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...

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...