Vision 2030

Saudi Arabia is set to channel a lower amount of capital into its oil industry than what was previously anticipated, as part of its ambitious strategy to allocate $1 trillion across various strategic sectors by 2030.An analysis by Goldman Sachs Group Inc. indicates that approximately 73% of the kingdom's total investments will be injected into non-oil sectors by the end...

Saudi Arabia is on the brink of a transformative investment journey, with plans to channel $1 trillion into a capex surge, of which 73% is allocated towards bolstering the kingdom's non-oil sectors by the year 2030, as per insights from Goldman Sachs. The financial institution also sheds light on an anticipated annual shortfall of $25 billion required for the country’s...

In a bold move towards hosting the 2034 FIFA World Cup, Saudi Arabia has announced the construction of a cutting-edge stadium, poised to be perched atop The Line at Neom, part of a colossal $500 billion tourism and innovation venture. The Neom Stadium, boasting a seating arrangement for 46,000 spectators, is a critical element of the kingdom's world cup hosting...

The groundbreaking developmental project in northwest Saudi Arabia, NEOM, recently held its first NEOM Social Responsibility Awards, a ceremony designed to recognize the exceptional contributions of its staff, various divisions, collaborators, and local communities.Nadhmi Al-Nasr, CEO of NEOM, praised the laureates, emphasizing that their dedication to social responsibility mirrors the core principles of NEOM and is in line with the...

The global consulting firm EY, previously known as Ernst & Young, has selected Saudi Arabia's capital, Riyadh, as the central point for its regional operations.Spanning the Middle East and North Africa, EY will manage an 8,000-strong workforce from 15 nations, stationed at its new premises within the King Abdullah Financial District in Riyadh, as stated in an official announcement.The choice...

The Kingdom of Saudi Arabia is setting a strategic focus on broadening its economic landscape and enhancing the development of its workforce, as articulated by the Minister of Economy and Planning, Faisal bin Fadel Al Ibrahim.These remarks were shared at the World Economic Forum's Annual Meeting of the New Champions in Dalian, China, where the minister took part in a...

The real estate sector in Saudi Arabia has experienced a remarkable upsurge since the onset of 2024, amassing over 280,000 property deals valued at more than SAR636 billion ($169.5 billion), and encompassing a combined space exceeding two billion square meters. This impressive performance has led to the sector accounting for 5.9 percent of Saudi Arabia's GDP in the last quarter...

The Ministry of Industry and Mineral Resources of Saudi Arabia has recently disclosed the results of its fifth exploration licensing round. This initiative is part of a broader strategy to boost investment in the mining sector, and this round is notable for being the most extensive in terms of area covered by the Kingdom. Discovery Arabian Mining Company, Al Masane...

During a recent dialogue session in Dalian, China, Saudi Arabia's Minister of Economy and Planning, Faisal Al Ibrahim, provided insights into the progress of the country's ambitious Vision 2030. Halfway through the implementation of this transformative agenda, the kingdom's economy is witnessing significant growth, particularly in non-oil sectors.At the 'What do we expect from future growth?' session, part of the...

Amidst strengthening economic relations between the United Kingdom and Saudi Arabia, British investors have signaled a strong interest in channeling funds into Saudi Arabia's renewable energy and sustainable infrastructure sectors. This inclination is in sync with Saudi Arabia's Vision 2030 agenda, which prioritizes the adoption of renewable and environmentally friendly energy sources for substantial environmental and sustainability initiatives.The British-Saudi Sustainable...

The legal sector in Saudi Arabia is currently at the heart of widespread anticipation, prompted by reports of a likely overhaul allowing wholly-owned foreign law firm subsidiaries to operate within the country. Such a shift could significantly alter the legal market in the region's most robust economy, potentially inviting a wave of international firms to the Gulf's most populous nation.The...

While participating in a panel entitled What do we expect from future growth in Dalian, China, the Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, highlighted the kingdom's progress toward its ambitious Vision 2030. The minister's insights were shared at the New Champions Dalian 2024 meeting, part of a World Economic Forum initiative.The minister announced that non-oil activities have grown...

Germany, Berlin: Siemens Energy has announced a significant order from Saudi Arabia, delivering leading-edge power plant technologies with a combined capacity nearing 4 gigawatts (GW). This strategic move includes a comprehensive 25-year maintenance contract for two state-of-the-art combined-cycle power plants, Taiba 2 and Qassim 2, valued at approximately USD 1.5 billion.The use of Siemens Energy's advanced gas turbines, alongside steam...

At a recent assembly in London, the British-Saudi Sustainable Infrastructure Summit, British investors showcased a high level of enthusiasm for opportunities within the Kingdom of Saudi Arabia's renewable energy sector and sustainable infrastructure. This interest is in sync with the objectives of the Kingdom's Vision 2030, which prioritizes the adoption of renewable and sustainable energy sources for substantial environmental and...

In an effort to transition towards cleaner energy sources, Saudi Arabia has made significant strides by striking a lucrative deal with Siemens Energy for the maintenance of two new gas-fired power plants. Valued at approximately $1.5 billion, the agreement spans a 25-year period and is a part of the kingdom's broader environmental goals.Siemens Energy will not only maintain these facilities...

The Kingdom of Saudi Arabia is poised to bolster its financial sector with an expected surge in bond offerings, as revealed by the nation's investment minister during a summit in London. This anticipated growth underscores the sizable opportunities awaiting in the Kingdom's burgeoning financial market.At the UK-Saudi Sustainable Infrastructure Summit, Khalid Al-Falih highlighted that, although the business landscape in Saudi...

The National Industrial Development and Logistics Program (NIDLP) represents Saudi Arabia at the international Transport Logistics Exhibition in Shanghai, China, from June 25 to 27. The Saudi pavilion, featuring 13 key entities, is a testament to the nation's thriving transport and logistics sectors. The NIDLP's participation is geared towards showcasing the advancements within the Kingdom's logistics infrastructure across maritime, air,...

Saudi Arabia is currently rethinking some of its more visionary large-scale developments as part of its Vision 2030 plans. These include the highly anticipated Neom megacity and an expansive entertainment complex near Riyadh.Recent narratives suggest that the nation is facing financial pressures that are affecting its grand ambitions.An advisor connected to the government, preferring to remain anonymous, conveyed to the...

Siemens Energy has been awarded a significant contract worth $1.5 billion to supply key components for two state-of-the-art gas-fired power plants in Saudi Arabia. The agreement also encompasses a 25-year service period for maintenance, indicating a robust commitment to strengthening the kingdom's power generation capabilities. The power facilities in question, named Taiba 2 and Qassim 2, are poised to become...

Saudi Arabia is on track to clinch the title of the leading construction market worldwide, with substantial financial investments channeled into initiatives designed to revolutionize and broaden the scope of its economy. This development has been identified by Knight Frank, a global real estate consultancy firm.The nation's overall value of construction output is projected to soar to $181.5 billion by...

The Kingdom of Saudi Arabia's Minister of Investment, Khalid Al Falih, shared promising updates at a gathering in London, revealing significant headway in the country's ambitious Vision 2030 development strategy. Not only is the plan well underway, but it is also progressing faster than anticipated.During his address at the UK-Saudi Sustainable Infrastructure Forum, Al Falih expressed satisfaction with the current...

Saudi Arabian and British officials convened in London to discuss joint ventures in urban development, eco-friendly technology, and the financing of infrastructure. The UK-Saudi Sustainable Infrastructure Summit, which took place on June 24, saw the gathering of over 250 industrial and financial leaders from both nations, including notable participants from massive giga-projects.Following strong bilateral ties, the two countries inked an...

Saudi Arabia has revealed its ambition to construct a state-of-the-art performing arts center within the expansive Qiddiya City, situated on the periphery of Riyadh. The Qiddiya Performing Arts Centre is projected to attract over 800,000 visitors each year and will feature more than 260 annual indoor and outdoor performances across its three theaters, summing up to 3,000 seats. The Qiddiya...

Over recent years, the resilience landscape in Saudi Arabia has undergone significant transformation, influenced by global risk management trends, regional regulatory reforms, and a push for economic diversification. These developments have presented both substantial challenges and opportunities for reinforcing the nation's resilience capabilities.With the Saudi government's Vision 2030 plan, there is an emphasis on diminishing dependence on oil by nurturing...

In the aftermath of the global pandemic, Saudi Arabia has emerged as a leading destination for foreign direct investment (FDI) in the region of West Asia, with an impressive influx of $65.1 billion over a span of three years, up to and including 2023. This achievement places the Kingdom prominently among the top FDI recipients in the area. Based on...

As Saudi Arabia strides towards becoming a top international tourist destination and a pivotal regional commercial nexus, there is mounting speculation that the nation might progressively ease its prohibition on alcohol.In a move seen as testing public sentiment, the Saudi authorities permitted the launch of a liquor outlet within Riyadh's al-Sarafat diplomatic zone in February, exclusively for non-Muslim personnel of...

The Kingdom of Saudi Arabia is on the cusp of presenting the 56th International Chemistry Olympiad (IChO), a distinguished global competition, scheduled to occur in Riyadh from July 21 to July 30. This grand event will draw in more than 340 youthful scholars and over 400 academic professionals and educators in the field of chemistry from 90 nations around the...

The serene private farms nestled in the Al-Baha region are fast becoming favored tourist hotspots. One such example is Al-Hazem farm, located in Al-Mandaq Governorate, which has undergone a significant transformation to underscore the area's distinctive blend of agriculture and tourism opportunities. Owners have meticulously rejuvenated these farms with a variety of trees and picturesque, rustic cabins, strategically designed to...

Since taking the helm on June 21, 2017, Crown Prince Mohammed bin Salman has been the architect of an ambitious economic overhaul, catapulting the Saudi Arabian economy to the forefront of the G20's fastest-growing nations.As the chairman of the Council for Economic and Development Affairs, the Crown Prince has been instrumental in pioneering initiatives such as the initial public offering...

The cornerstone of Saudi Vision 2030 is the expansion and fortification of the kingdom's financial sector, with a prominent aim to heighten the role of international investors in Saudi capital markets.This discourse delves into the transformative journey of Saudi Arabia's equity market over the past five years following its integration into the MSCI Emerging Markets (EM) Index, exploring the potential...