Vision 2030

Saudi Arabia has announced the cancellation of fees for commercial activity licenses for hotels, hotel apartments, and residential resorts. This move, reported by the state news agency SPA, is effective from September 4. This decision is part of the Tourism Investment Enabler Program, launched in March, which aims to position Saudi Arabia as a global tourism leader. The initiative supports...

Hakbah, a leading Saudi fintech savings platform, has partnered with national insurance company Tawuniya to fill a critical gap in the insurance market. Announced at 24Fintech in Riyadh, this partnership aims to provide consumers with enhanced financial security and peace of mind, addressing concerns about future uncertainties. Key benefits include comprehensive insurance coverage, improved financial security, and alignment with Saudi...

Saudi Arabia, the world's largest crude oil exporter, benefits from remarkably low production costs, around $10 per barrel. This is significant as 75% of its fiscal revenue comes from oil. However, major expenditure projects under Vision 2030 are pushing the fiscal breakeven oil price higher, widening the kingdom's deficit. The International Monetary Fund (IMF) forecasted the breakeven oil price at...

The International Monetary Fund (IMF) recently issued a favorable report on Saudi Arabia, following the Article IV consultations. The report highlighted that Saudi Arabia's financial and regulatory reforms have accelerated economic growth, controlled inflation, and reduced unemployment to historic lows. The IMF praised the country's efforts to diversify its economy under the Saudi Vision 2030 initiative. The report commended Saudi...

IMF Acknowledges Saudi Arabia’s Economic Progress and Vision 2030 Achievements The International Monetary Fund (IMF) has concluded its 2024 review of Saudi Arabia, commending the nation’s strides in economic transformation under Vision 2030. During the consultation on July 31, the IMF assessed Saudi Arabia’s economic and policy developments, noting significant progress in modernization and diversification. While the overall GDP contracted...

The International Monetary Fund (IMF) recently released a positive report on Saudi Arabia after concluding Article IV consultations. The report commended Saudi Arabia's financial and regulatory reforms for accelerating economic growth, controlling inflation, and significantly reducing unemployment. The IMF highlighted the success of Saudi Vision 2030 in diversifying the economy and boosting non-oil activities. Employment rates have surpassed pre-Covid levels,...

Huawei Cloud is leading technological advancements with innovative solutions tailored for Saudi Arabia and the Middle East. At the Huawei Cloud Summit Saudi Arabia 2024, the company unveiled significant AI initiatives to boost the nation's digital transformation and support its Vision 2030 goals. Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service, highlighted AI's critical role in transforming...

The International Monetary Fund (IMF) recently concluded its 2023 Article IV consultations with Saudi Arabia, highlighting significant progress in the Kingdom's economic transformation under Vision 2030. The IMF noted that fiscal adjustments have allowed for the reprioritization of investments, enhancing modernization and diversification efforts. Despite geopolitical stability, Saudi Arabia's economy faced a 0.8% growth contraction in 2023 due to oil...

The International Monetary Fund (IMF) has commended Saudi Arabia for its significant progress in structural reforms, urging the kingdom to continue its efforts despite oil price fluctuations. Following its annual consultation with Saudi Arabia, the IMF highlighted the country's successful shift towards a more diversified economy, driven by the Vision 2030 initiative. This ambitious plan aims to reduce dependence on...

Saudi Arabia's public cloud services market is projected to grow at a 23.4% CAGR, reaching $3.9 billion by 2027, according to the International Data Corporation. To support the kingdom's Vision 2030 economic reform strategy, Huawei Cloud has introduced new AI initiatives. These initiatives, announced at the Huawei Cloud Summit Saudi Arabia 2024, position Huawei Cloud as a significant player in...

Nintex, a leader in process intelligence and automation, has inaugurated a new office in Riyadh, marking a significant investment in Saudi Arabia and the Middle East. Nintex's platform is widely used by over 10,000 organizations worldwide to enhance digital transformation by managing, automating, and optimizing business processes. This expansion aligns with Saudi Arabia's Vision 2030, focusing on modernization and technological...

The Saudi Ministry of Investment has unveiled updated rules to facilitate foreign investment in Saudi Arabia. These new regulations are designed to attract global investors by simplifying the investment process and fostering a more welcoming environment. The ministry noted that the revised guidelines will remove the necessity for numerous licenses and prior approvals, and will also significantly cut down on...

Saudi Arabia is set to enhance economic ties with Eastern Europe through a new regional business council, aiming to unlock investment opportunities. The Federation of Saudi Chambers has announced the council for the 2024-2028 term. Hashem Al-Zahrani will chair the council, with Marwan Al-Mutlaq and Abdullah Al-Bassami serving as vice-chairmen. This initiative aligns with the Kingdom’s Vision 2030 to expand...

China and Saudi Arabia to Boost Cooperation in New Energy As Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, visits China and Singapore with an economic delegation, Chinese experts highlight the focus on enhancing collaboration in vehicle, automation, and technology sectors. This visit aims to foster mutual growth in sustainable development and economic diversification. Analysts note...

Virgin Atlantic is set to launch new routes from London Heathrow to Riyadh, Saudi Arabia, and Accra, Ghana, in summer 2025. Tickets will be available starting September 12, 2024. The daily service to Riyadh's King Khalid International Airport is designed to support the growth anticipated from Saudi Vision 2030. Forecasts suggest a 24% increase in air travel between the UK...

In a rapidly growing economy, organizational stability is crucial. Business continuity has become vital in Saudi Arabia, driven by the Vision 2030 initiative aimed at diversifying the economy beyond oil. This article explores the growing importance of business continuity in the Kingdom, the challenges faced, and future prospects. Impact of Vision 2030 on Business Continuity Vision 2030 has introduced new...

Saudi Arabia is intensifying its focus on domestic investment, resulting in higher requirements for foreign investors aiming to operate in the kingdom. The Public Investment Fund (PIF), Saudi Arabia's $925 billion sovereign wealth fund, reported a 29% increase in assets to 2.87 trillion Saudi riyals ($765.2 billion) in 2023. This growth was driven significantly by local investments. Domestic infrastructure and...

The economic landscape has been continually evolving through the centuries, and today we stand on the brink of another significant transformation. The business media sector is closely observing as international trade takes strides towards digitization.An in-depth discussion with experts Sean Bowey, Head of Product at SAB, and Neil Shonhard, CEO of MonetaGo, sheds light on the digital advancements within Saudi...

The Saudi Electricity Company (SEC) has exhibited a substantial financial growth in both the first half and the second quarter of 2024. The company's revenues have witnessed a significant uplift of 15.5% year-over-year, reaching SAR38.2 billion in the first half of the year, while the net profit has experienced a 16.6% ascent to SAR5.2 billion. The second quarter continued this...

In line with its economic diversification ambitions encapsulated in Vision 2030, Saudi Arabia has made a significant stride in the global sports arena by initiating the sale of six professional football clubs. Interested parties, both within the kingdom and internationally, are invited to present their offers by September 19. The teams up for acquisition include top-tier league clubs Al-Okhdood, Al-Orouba,...

Saudi Arabia is on a mission to strengthen its technology talent pool, driven by the grand aspirations of its Vision 2030 initiative. At the forefront of this transformation are the highly skilled engineers responsible for bringing the nation's ambitious infrastructural and mega-projects to life. Historically, these engineering roles have been predominantly filled by expatriates, attracted by lucrative salaries and the...

In a move set to revolutionize the Kingdom's industrial and mining landscape, the Ministry of Industry and Mineral Resources has unveiled innovative initiatives aimed at strengthening the non-profit sector's role in these fields. This strategic plan is in sync with both the National Industrial Strategy and the transformative Saudi Vision 2030, and it intends to significantly bolster the sector's impact....

The Jazan region, recognized for its verdant landscapes and optimal agricultural conditions, has successfully harnessed these attributes to become a key player in the farming sector. Among the variety of crops produced, figs have notably stood out, becoming a symbol of the region's agricultural prowess. The Ministry of Environment, Water, and Agriculture (MEWA) has highlighted the significance of this fruit,...

The Kingdom of Saudi Arabia is witnessing a remarkable increase in the number of women joining the labor market, a change spurred by better access to education, lower birth rates, and a shift towards a more inclusive society.This upward trend has allowed the nation to surpass the gender participation objectives set in its ambitious Vision 2030 reform plan, as per...

Riyadh is poised to become a hub for financial technology innovation as it prepares to host the inaugural 24 Fintech Conference. This pivotal event will convene experts and stakeholders in the financial technology arena from September 3 to 5 at the Riyadh Front Exhibition & Conference Center. The event is being spearheaded by a coalition of authoritative organizations, including the...

The Buraidah Dates Carnival, a prime marketing event in the Qassim Region, is facilitated by the Ministry of Environment, Water, and Agriculture and managed by the National Center for Palms and Dates. This event stands as a significant commercial hub, drawing in over a thousand vehicles each day, brimming with tons of dates ready for sale and distribution. These dates,...

The Kingdom of Saudi Arabia has unveiled a set of new legislations aimed at enhancing transparency and streamlining the investment process within its borders. This strategic move is intended to draw in additional foreign investment and bolster the country's economic diversification in line with its Vision 2030 plan.The Council of Ministers has ratified a revamped investment framework that bolsters investor...

Faisal Sultan, Lucid Middle East's Vice President and Managing Director, has expressed confidence in Saudi Arabia's potential to become a top player in the global automotive industry, particularly in the production of electric vehicles (EVs).The nation has set an ambitious target to manufacture 500,000 electric vehicles each year by 2030, which is part of a substantial $50 billion investment in...

The insurance industry in Saudi Arabia has experienced a remarkable 25 percent surge in profits during the first half of 2024, with earnings reaching SR2.2 billion ($585 million) in comparison to the previous year's figures.According to data sourced from financial markets, Bupa Arabia has taken the lead in the sector, garnering 35 percent of the total net income for the...

In the initial quarter of 2024, Saudi Arabia experienced a surge in the construction industry, with the value of contracts awarded amplifying by 79% to hit SR118.8 billion ($31.65 billion). This leap represents the second highest recorded figure since the peak of SR147.1 billion in Q3 2015, showing a robust 35% increase from the preceding quarter in 2023.The impetus behind...