Vision 2030

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...

In a decisive move to expand its global investment footprint, the Public Investment Fund (PIF) of Saudi Arabia has emerged as the most active sovereign wealth fund (SWF) of the year. The PIF has directed substantial funds into a diverse portfolio of deals, demonstrating a 33% increase from the previous year, according to an industry report from Global SWF. Recording...

The Saudi Ministry of Sports has opened doors for global investors to engage in the kingdom’s sports clubs, signaling a significant move towards the enhancement of the sector. In collaboration with the National Center for Privatization, the Ministry initiated the second phase of its investment and privatization strategy for sports clubs on Sunday. This initiative, championed by Crown Prince and...

In a year of robust financial activities, Saudi Arabia's Public Investment Fund (PIF) emerged as a major player, accounting for roughly 25% of the nearly $124 billion spent by sovereign wealth funds globally in 2023, as per a recent report released at the onset of the year. The PIF's staggering expenditure of $31.5 billion last year is highlighted in a...

The Saudi Real Estate Refinancing Company (SRC), a subsidiary of the Public Investment Fund established in 2017, has made a significant impact on Saudi Arabia's housing finance market by injecting over SR50 billion (approximately $13 billion). This influx is intended to rejuvenate the nation's real estate sector and contribute to achieving the ambitious target of 70% home ownership set by...

In a significant development for Saudi Arabia's residential real estate financing, the Public Investment Fund's subsidiary, the Saudi Real Estate Refinancing Co. (SRC), has injected an impressive SR50 billion (approximately $13 billion) into the market. Founded in 2017, SRC's mandate is to enhance market liquidity and offer capital and risk management solutions to bolster the housing finance sector. With an...

In an era of transformation, the travel industry of Saudi Arabia has surpassed its initial forecasts, leading to an upward revision of the country's Vision 2030 goals. The Kingdom, which originally aimed to attract 100 million visits by the end of the decade, has set a new target of 150 million visitors. This adjustment reflects the country's significant growth in...

The Kingdom of Saudi Arabia has achieved a historic economic milestone, with its gross domestic product (GDP) exceeding the $1 trillion mark for the first time since the nation's establishment 91 years ago. This monumental growth positions the country among an elite group of 19 global economies to have reached such a valuation. Launched by the Saudi monarchy in 2016,...

On a pivotal day in December, Gulf International Bank – Saudi Arabia (GIB KSA) made a landmark entry into the capital market by raising SAR 1.5 billion. This inaugural transaction was part of a 10NC5 Tier 2 Sukuk issuance under the bank's newly established SAR 3 billion Tier 2 Sukuk program. The initiation of the bank's Sukuk program is a...

In a move poised to revolutionize telecommunications within Saudi Arabia, Aramco Digital and Intel have disclosed their plans to establish a trailblazing Open Radio Access Networks (Open RAN) hub—the first of its kind in the Kingdom. This initiative is set to spur innovation, propel technological advancements, and significantly contribute to the nation's digital transformation journey. The collaborative effort between the...

In a recent global assessment by the International Telecommunication Union (ITU), Saudi Arabia has achieved a significant milestone in the field of information and communication technology (ICT), securing the second position among G20 countries in the 2023 index. Scoring an impressive 94.9 points, the Kingdom has ascended 10 places since the previous year, surpassing the worldwide average score of 72.8....

In a recent report, Saudi Arabia's crude oil exports reached a four-month peak, with a daily volume of 6.3 million barrels in October. This surge represents a significant 9.44 percent increase from the prior month, according to data from the Joint Organizations Data Initiative. This rise in exports accounts for 70.44 percent of the nation's total production, the highest share...

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...