Vision 2030

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...

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...