Vision 2030

Saudi Arabia has been actively working to reduce its reliance on oil revenues. To achieve this, Crown Prince Mohammed bin Salman introduced the Vision 2030 initiative in April 2016. According to the Vision 2030 annual report, 87% of the 1,064 initiatives are either completed or underway. One of the most ambitious projects under Vision 2030 is NEOM, featuring The Line,...

Saudi Arabia's non-oil GDP is set to grow by up to 6% by the end of the decade, driven by Vision 2030 initiatives, according to S&P Global. This growth comes from a stronger focus on consumer spending in tourism and construction, solidifying the non-oil economy's role in the Kingdom’s diversification strategy. By 2030, the oil sector’s GDP share is expected...

Saudi Arabia continues to invest heavily in Neom, its ambitious desert megacity. The country's Vision 2030 projects have now surpassed $1.3 trillion in value, according to Bloomberg. Since launching Vision 2030, Saudi Arabia has funneled $1.3 trillion into real estate and infrastructure, with a 4% increase in project volume over the past year, as reported by Knight Frank. A significant...

The Saudi Water Partnership Company (SWPC) plays a crucial role in Saudi Arabia’s water sector, striving to meet growing water demands through sustainable and innovative solutions. Their efforts align with the national Vision 2030 goals, focusing on water security and sustainability. SWPC aims to expand water infrastructure, attract private investment through Public-Private Partnerships (PPP), and integrate renewable energy into desalination...

Saudi Arabia is embarking on a $3.3 billion sports complex project through a partnership between Alpha Jossor Investments and the UK-based Blockchain Sports Ecosystem. This collaboration aims to establish a major athletic hub in the Middle East and North Africa, leveraging advanced technology and attracting significant investment in sports and entertainment. The complex will feature a high-tech football academy and...

Saudi Arabia is aiming to enhance its collaboration with Asia in research, development, and innovation, particularly looking to China for advancements in technology and the automotive industry. This initiative is part of the Vision 2030 economic diversification plan, which includes mining as a key sector. Saudi Arabia's mineral wealth is valued at $2.5 trillion, and the country sees potential in...

Saudi Arabia's Rising Influence in Global Financial Markets Saudi Arabia is positioning itself as a key player in global fixed income and debt markets, driven by its ambitious Vision 2030 initiative. This transformation is fueled by extensive construction projects and infrastructure development, necessitating diversified financial strategies and effective risk management. At the Debt Markets and Derivatives Forum 2024 in Riyadh,...

Saudi Arabia's non-oil sector grew by 4.9% year-on-year in Q2 2024, driven by significant gains in the financial and insurance sectors, as reported by the General Authority for Statistics (GASTAT). The financial, insurance, and business services sectors saw a notable increase of 7.1% compared to the same period last year. This growth is part of the Kingdom's broader efforts to...

PayerMax, a prominent global payment solutions provider, has been awarded the Payment Technical Service Provider (PTSP) certification by Saudi Payments, under the auspices of the Saudi Central Bank (SAMA). This certification authorizes PayerMax to extend its payment gateway services to merchants across Saudi Arabia. This achievement permits PayerMax to fully integrate into Saudi Arabia’s financial system. Recently, the company became...

Saudi Arabia's Minister of Investment, Khalid al-Falih, addressed skepticism about the country's economic diversification plan at the Ambrosetti Forum in Italy. He emphasized Riyadh's commitment to Vision 2030, which aims to reduce dependence on oil and attract over $3 trillion in domestic financial flows and $100 billion in foreign investment annually by 2030. Al-Falih noted that despite initial doubts, Saudi...

Tokyo-based Medident has partnered with Riyadh's Web Arabia to enhance Saudi Arabia’s healthcare sector by integrating Japanese standards. This collaboration, formalized through a Memorandum of Understanding (MoU), aims to leverage advanced medical technologies and improve healthcare management in Saudi hospitals, with a focus on digital training for healthcare professionals. The MoU, led by CEO Dr. TOMITA Daisuke, also prioritizes preventive...

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...