Vision 2030

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...

In the journey towards the fulfillment of Vision 2030, Saudi Arabia is experiencing a fierce competition for skilled professionals. The CEO of the Saudi mining conglomerate Ma'aden, Robert Wilt, indicated in an interview that the corporation is highly dedicated to the development and care of its team, aiming to become the employer of preference within the nation. Wilt emphasized the...

In a strategic move that supports Saudi Arabia's industrial ambitions, HIMA Group, a leading independent provider of safety-related automation solutions, has inaugurated its first establishment in the Kingdom. This development is in line with the country's forward-looking Saudi Vision 2030 and is poised to reinforce initiatives within the industrial domain, especially those propelled by Aramco's In-Kingdom Total Value Add (IKTVA)...

With 40% of its populace being expatriates, Saudi Arabia is reinforcing its efforts to draw in talent and investments by extending its Premium Residency Program with five novel visa categories. These new offerings aim to attract real estate owners, entrepreneurs, and individuals boasting unique talents, aligning with the nation's economic diversification goals. As the largest economy in the Middle East,...

The upcoming World Economic Forum (WEF) Annual Meeting in Davos, taking place from January 15 to 19, 2024, has chosen "Rebuilding Trust" as its central theme. This reflects a global imperative to restore faith in international institutions amid fluctuating geopolitical landscapes. Representing Saudi Arabia, a high-ranking delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan is poised to...

In a significant milestone, Saudi Arabia has emerged as the leader in venture capital (VC) investments within the Middle East and North Africa (MENA) for the year 2023. Data from MAGNiTT, a venture data platform focused on the MENA region, highlights this momentous achievement. These strides in economic expansion are in alignment with Saudi Vision 2030, a strategic framework aimed...

In a significant development within Saudi Arabia's business media sector, the Saudi Electricity Company (SEC) along with its affiliate National Electricity Transmission (NET), have formalized two key agreements with Emaar, The Economic City (EEC). These agreements are clear indicators of the Kingdom's economic upswing and its swift industrial progress, which is in tandem with the escalating demand for electrical energy....

Saudi Arabia has emerged as the premier destination for venture capital investment within the Middle East and North Africa (MENA) region, according to the latest figures released by a MENA-based venture data platform. The Kingdom has, for the first time, claimed the top spot in the amount of venture capital funding received in 2023. This significant milestone underscores the transformative...

Microsoft has recently made a significant leadership change by naming Turki Badhris as the President of Microsoft Arabia. In this role, Badhris is set to guide Microsoft's operations within Saudi Arabia, aligning with the national Vision 2030 to expedite the country's digital transformation. With a presence encompassing three local offices, a workforce exceeding 200 individuals, and an extensive network of...