Vision 2030

In a significant advancement, Saudi Arabia has ascended 10 places to secure the second position among the G20 nations in the latest rankings of the International Telecommunication Union's ICT Development Index (IDI) for 2023. This index evaluates the progress of 169 economies in information and communication technology (ICT) services. It is based on two foundational components: 'universal connectivity' and 'meaningful...

In a significant move to enhance maritime services, the Saudi Ports Authority (Mawani) has executed four major contracts at King Abdulaziz Port in Dammam. These agreements, involving over SAR one billion in private sector investments, are in partnership with Zamil Marine Services and Naghi Marine Co. The initiative aims to provide a range of maritime services across eight of Mawani's...

In a significant development for the Kingdom's ambitious economic blueprint, the National Debt Management Center (NDMC) disclosed the completion of a substantial €1 billion finance deal facilitated by the Italian Export Credit Agency (SACE). This arrangement was finalized on a Wednesday, marking a major milestone in the furtherance of trade and investment synergies between Saudi Arabia and Italy. The financing...

In a significant step aimed at enhancing trade relations between Saudi Arabia and Japan, the Saudi Export-Import (Saudi EXIM) Bank has entered into a Memorandum of Understanding (MOU) with the Japanese government's Nippon Export and Investment Insurance Company (NEXI). This agreement sets a framework for cooperation to boost the export and import of goods and services between the two nations....

The Sports Boulevard Foundation (SBF) has established a pioneering alliance with Ajdan real estate development company and Albilad Capital, unveiling a private mixed-use real estate fund of SAR 1 billion. This fund is dedicated to the development of private plots situated within the Arts District, which is part of the eight distinct zones of the Sports Boulevard project. Designed as...

In a recent collaborative effort, the Minister of Economy and Planning of Saudi Arabia, Faisal bin Fadhil Alibrahim, engaged in a strategic dialogue with Liu Zhenmin, the United Nations Under-Secretary-General for Economic and Social Affairs. The meeting focused on strengthening the partnership between Saudi Arabia and the United Nations. The discussions were centered on Saudi Arabia's unwavering dedication to accomplishing...

A group of approximately 30 officials from 20 Saudi government bodies are currently attending an intensive workshop in Vienna. The delegation is led by Dr. Majid bin Abdullah Al-Qasabi, the Minister of Commerce and Chairman of the National Competitiveness Center (NCC). Organized by the NCC in partnership with the United Nations Commission on International Trade Law (UNCITRAL), the workshop's objective...

A representative for Saudi Arabia at the COP28 summit has expressed support for the deal reached during the conference. However, the representative reiterated the country's position that addressing climate change requires the use of all available technologies to reduce emissions. The representative praised the outcome of the talks, highlighting that it demonstrates the diverse approaches that can be taken to...

HD Hyundai Vice Chairman Chung Ki-sun recently held a meeting with the Saudi Arabian Minister of Industry and Mineral Resources to discuss enhancing business cooperation between the two countries. The meeting took place at HD Hyundai Heavy Industries' headquarters in Ulsan, South Korea, and was attended by H.E. Bandar Ibrahim Alkhorayef, the Saudi Minister of Industry and Mineral Resources, and...

Saudi Arabia has witnessed a significant increase in industrial licenses granted in the third quarter, with a surge of 83.9% compared to the same period last year, according to data from the Investment Ministry. This growth is attributed to the government's efforts to enhance the competitiveness of the industrial environment, promote local content, and support domestically manufactured products. The rise...

By any measure, the recent Future Investment Initiative (FII) conference in Riyadh was a success. It attracted 6,000 guests from 90 countries and witnessed $17.9 billion in investment announcements. Now, let's take a closer look at Saudi Arabia's progress on the global business stage, with a specific focus on the tourism sector. As Vice President of Culture at the Royal...

Saudi fintech startup Jeel Pay has obtained a permit from the Saudi Central Bank (SAMA) to provide buy-now-pay-later (BNPL) solutions. This move increases the total number of companies authorized to offer BNPL activity in the Kingdom to seven, as part of SAMA's efforts to support post-paid companies. Jeel Pay is a fintech firm that has developed a solution to simplify...

Key initiatives in Saudi Arabia and China will soon be exposed to extensive promotional efforts thanks to the close partnership between the two countries, according to the Asian country’s commerce minister. Wang Wentao disclosed that both sides will work hand in hand to jointly stimulate China’s Belt and Road Initiative as well as the Kingdom’s Saudi Vision 2030, Reuters reported....

Saudi Arabia's National Debt Management Center (NDMC) has successfully secured a syndicated loan of $11 billion as part of the government's medium-term debt strategy. The loan is aimed at diversifying the Kingdom's funding sources and is structured for a 10-year term. The funding involved the collaboration of 14 international financial institutions from Asia, the Middle East, Europe, and the US,...

Saudi Arabia has been ranked among the top 20 countries in the 2023 Circular Carbon Economy Index, according to the King Abdullah Petroleum Studies and Research Center (KAPSARC). The index evaluates global progress towards achieving net-zero emissions and readiness for the circular carbon economy, with 64 nations representing 90 percent of global economic activity included in the assessment. Norway secured...

Expanding Business in Saudi Arabia: A Comprehensive Guide for Entrepreneurs As Saudi Arabia undergoes immense transformations under Vision 2030, it presents a prime opportunity for international and regional companies to expand into the kingdom. Setting up a business in Saudi Arabia involves various stages and engagement with government entities. Here's a comprehensive guide for entrepreneurs looking to establish or expand...

Sir Rocco Forte, the founder of Rocco Forte Hotels, is planning a trip to Saudi Arabia next year to explore potential hotel locations. The hotel group recently entered into a deal with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), which acquired a 49% stake in Rocco Forte Hotels. The move aligns with Saudi Arabia's ambitions to transition...

Saudi Arabia Offers 30-Year Tax Exemption to Attract Foreign Companies Saudi Arabia has introduced a 30-year tax exemption package for foreign companies establishing their regional headquarters in the kingdom. The move is part of the country's aggressive campaign to attract international investment and become the leading commercial, industrial, and investment hub in the MENA region. The tax incentive includes a...

Experts attending the UN Climate Change Conference in Dubai have shed light on the positive role played by the private sector in advancing sustainable development in Saudi Arabia. Panel discussions held at the Saudi Pavilion explored various topics including carbon removal, corporate sustainability, and domestic market mechanisms. The discussions went beyond carbon emission goals set by the Paris Agreement and...

Saudi Arabia's General Authority of Civil Aviation (GACA) has revealed plans to invest $100 million in order to further enhance the country's tourism efforts and aviation strategy. The investment aligns with Vision 2030, Saudi Arabia's long-term economic development plan. The announcement was made by Abdulaziz Al-Duailej, the president of GACA, during the 15th International Conference on Air Services Negotiations in...

A conference aimed at promoting economic opportunities for American firms in Saudi Arabia is set to take place in New Orleans. Organized by the US-Saudi Business Council and Texas-based law firm KN Legal, the event will feature speakers from Saudi Aramco, the US Export Assistance Center in New Orleans, and the Lafayette Economic Development Commission. The conference will provide valuable...

SEVEN, a subsidiary of the Public Investment Fund (PIF), has announced the opening of its fifth entertainment destination in Saudi Arabia's Aseer region. This marks a significant milestone for the region and aligns with Saudi Arabia's Vision 2030 initiative. The new entertainment destination has been strategically located between Abha and Khamis Mushait, in close proximity to Abha International Airport, with...

Saudi Arabia Raises $11 Billion Through Syndicated Loan to Fund Budget Deficit Saudi Arabia has secured a syndicated loan of $11 billion, making it the largest loan obtained by a government globally this year. The funding will be used to address the country's budget deficit amidst weaker oil revenues. The loan has a margin of 100 basis points above the...

Saudi Arabia has been selected to host the World Energy Conference in 2026, as announced by the World Energy Council (WEC). The 27th edition of this influential global conference will take place from October 26 to 29 in Riyadh. The Kingdom secured the hosting rights through a competitive bidding process involving all members of the National Committees of the Council....