Vision 2030

Saudi Arabia is set to eliminate fees for customs services related to exports and reduce import service fees to 0.15% of the goods’ value. This change, effective from October 6, aims to streamline trade processes and bolster business activities. The Zakat, Tax, and Customs Authority (ZATCA) introduced a new fee structure, including an SR15 ($4) charge for customs declaration on...

Samer Al-Kharashi, Director of the UNWTO Regional Office for the Middle East, emphasized Saudi Arabia’s pivotal role in advancing regional tourism and promoting sustainability. In an interview, Al-Kharashi highlighted Saudi Arabia’s commitment to economic growth through tourism, noting the Kingdom’s hosting of the UNWTO office. He pointed out that the Middle East saw a significant increase in international tourist arrivals,...

Saudi Arabia's non-oil sector expanded by 4.9% in the second quarter of 2024, spurred by growth in financial and insurance sectors, according to the General Authority for Statistics. Financial, insurance, and business services saw a 7.1% increase compared to the previous year. The non-oil sector also grew by 2.1% from the previous quarter, showcasing the Kingdom's push to diversify its...

Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has introduced new customs regulations, including fee waivers for certain services and revised import rules. The updated Fee Rules on Customs Services will take effect on October 6. Key changes include waiving fees for all export customs services and reducing import service fees through a new calculation method. Import service fees will...

Saudi Arabia’s Real Estate General Authority (REGA) will host the first Global PropTech Summit in Riyadh this October. Under the patronage of Minister of Municipalities and Housing, Majed Al Hogail, and with the National Housing Company (NHC) as a strategic partner, the event will gather key figures from the real estate and property technology sectors. This includes industry experts, investment...

Saudi Arabia Sees Investment Boom in Construction; Egypt Leads in Licenses Saudi Arabia's construction permits dominated investment licenses in Q2 2024, with 737 issued, making up 27% of the total. This marks a 32.1% increase from the previous year, driven by Vision 2030 projects like NEOM and the Red Sea Project. The Kingdom aims to boost foreign direct investment to...

The International Monetary Fund (IMF) has published a favorable report on Saudi Arabia after concluding Article IV consultations. The report highlights that Saudi Arabia’s financial and regulatory reforms have spurred economic growth, curbed inflation, and reduced unemployment to record lows. It commends the Kingdom's ongoing economic transformation and diversification efforts under Vision 2030. The IMF praised Saudi Arabia’s macroeconomic policies...

Saudi Arabia is set to observe a four-day holiday for some workers and students in celebration of the 94th National Day, as reported by local media. The Kingdom's National Day, which falls on September 23rd, will this year extend the weekend for many, with an additional day off on Sunday, September 22nd, according to the Ministry of Education's calendar. This...

Saudi Arabia has eliminated hospitality license fees to boost tourism and attract investments, effective September 4. As part of its broader Tourism Investment Enabler Program, Saudi Arabia has announced the removal of fees for commercial activity licenses in the hospitality industry, including hotels, hotel apartments, and residential resorts. This initiative is aligned with the Kingdom's Vision 2030, aiming to diversify...

The International Monetary Fund (IMF) has projected that Saudi Arabia's current account balance might weaken due to falling oil prices and substantial investment-related imports. Last year, the kingdom's current account surplus dropped sharply to 3.2% of GDP, driven by reduced exports and strong growth in investment-related imports, according to the IMF. However, a record services balance surplus, including a 38%...

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 has announced the opening of a new office in Riyadh, marking a significant investment in Saudi Arabia and the Middle East. This move aligns with the Kingdom's Vision 2030, focusing on modernization and infrastructure development. CEO Amit Mathradas emphasized Nintex's commitment to aiding Saudi Arabia's digital transformation and investing in local talent. The new office is strategically located 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...