Vision 2030

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...

The Kingdom of Saudi Arabia has proudly positioned itself at the forefront of venture capital investment within the Middle East and North Africa (MENA) for the year 2023. This significant stride in economic progress aligns seamlessly with the nation’s ambitious Vision 2030 goals. A report highlighted by the Saudi Press Agency, leveraging data from the MENA-specific venture data platform MAGNiTT,...

Riyadh's Industrial Ambitions: A Leap into Advanced Manufacturing As Saudi Arabia embarks on a transformative journey to enhance its industrial sector, the nation is set to integrate innovative manufacturing techniques, positioning it as a central pillar of economic growth. Leading industry expert Karim Shariff, who heads the advanced manufacturing services practice in the Middle East for Bain & Co., highlighted...

The Kingdom of Saudi Arabia (KSA) is on the verge of a significant development in its financial sector, with plans to open its inaugural financial center, which aims to elevate financial efficiency and accounting performance through the adoption of unified accounting standards. This strategic move was announced by Abdul Aziz Al-Furaih, the chairman of the Ministry of Finance's Steering Committee,...

The Saudi Arabian realm of educational technology, or EduTech, has emerged as a vibrant and lucrative arena for investment. With a strategic focus on integrating technology within educational frameworks, the Saudi government has been spearheading various initiatives to bolster the growth of EduTech. Investors—both from within the Kingdom and beyond—are discovering a plethora of prospects within Saudi Arabia's burgeoning EduTech...

The Saudi Real Estate Refinance Company (SRC), which operates under the umbrella of the country's sovereign wealth fund, the Public Investment Fund (PIF), has announced the expansion of its refinancing pact with the world-leading Islamic bank in terms of mortgage assets, Alrajhi Bank. The deal has been augmented by an additional SAR 5.8 billion (approximately $1.54 billion). This expansion takes...

In recent developments, the non-oil sector of Saudi Arabia has shown significant growth, driven by a surge in new orders, marking the quickest pace in half a year. This progression aligns with the kingdom's strategic efforts to diversify its economy beyond its traditional oil-based revenue streams. The headline Riyad Bank Purchasing Managers' Index (PMI) indicated a consistent reading of 57.5...

Riyadh's Ambitious Energy Projects: A Push for Sustainability The Saudi Power Procurement Company (SPPC) has initiated a call for tenders for the construction of four independent power plants. These facilities are poised to contribute a substantial 7,200 megawatts to the nation's electricity supply. Strategically located, two plants named Rumah1 and Rumah2 will be established in the central region, while Nairyah1...

Anticipations for Saudi Arabia's economy remain upbeat for the coming year, driven by a surge in consumer spending and robust non-oil sector activities. Predictions suggest the nation's gross domestic product (GDP) will grow by 4.4% in 2024, despite a downturn in oil revenue. This growth is largely attributed to the initiatives under Saudi Vision 2030, which are bolstering the non-oil...

During a recent announcement, Abdul Aziz Al-Furaih, chairman of the Steering Committee at the Saudi Ministry of Finance, disclosed plans for the launch of Saudi Arabia's inaugural financial center. This center is designed to operate under a unified system, incorporating standardized norms, policies, and guidelines across the board. The initiative is anticipated to bolster the efficiency of the government's financial...

In Saudi Arabia, the private education sector is emerging as a significant area for investment, driven by its potential for substantial growth. A detailed analysis by a prominent real estate and investment agency has brought to light the burgeoning opportunities in this market. The country is home to the largest number of school-age children within the Gulf Cooperation Council, with...

The Saudi Arabian private school sector is poised for significant growth, offering investors attractive opportunities, as reported by industry expert Colliers. The Kingdom, which boasts the largest school-age population in the Gulf Cooperation Council (GCC) with nearly 7.5 million children and around 6 million students enrolled, presents substantial potential for the expansion of private educational institutions. Currently, only a modest...