Vision 2030

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...

Riyadh, the thriving capital of Saudi Arabia, is not only the country's largest metropolis but also a pivotal cultural and financial hub. Encompassing an area exceeding 1,500 square kilometers, Riyadh is a city that boasts year-round major sporting events, including high-profile boxing matches and Formula 1 races, positioning it as a city of international repute.The city's skyline, punctuated by towering...

The Development Authority of the Madinah Region extends an invitation to all visitors and pilgrims who have successfully completed their Hajj journey to immerse themselves in the historical grandeur and attractions that Madinah has to offer, along with a range of delightful activities. Under the patronage of Madinah Governor Prince Salman bin Sultan bin Abdulaziz, the official tourism platform known...

Saudi Arabia's Ascension in Global Debt Issuance signals a pivotal shift in economic strategies, as the kingdom's market size is notably smaller compared to China's, being approximately just 6.25% of the Asian giant's economy. The kingdom is ambitiously redefining its business landscape with the aim of becoming a formidable global commercial hub by the year 2030.Recent figures have highlighted a...

In a significant shift within the emerging markets, Saudi Arabia has overtaken China as the leading issuer of international debt, a position held by Beijing for more than a decade. This change underscores a dynamic shift in global borrowing practices and points towards the kingdom's aggressive funding strategy for its ambitious Vision 2030 plan.Recent figures show that Saudi Arabia has...

In an effort to reduce its dependency on petroleum, the Kingdom of Saudi Arabia (KSA) is now setting its sights on the metals sector, which is anticipated to elevate domestic nickel usage and underwrite global mining ventures. This move aligns with substantial investments in industries that are intensive users of nickel.Recognizing mining as a critical sector for its future, Saudi...

Thierry Rayer recently unveiled the 'Universæ Analysis' methodology, a novel approach for dissecting and interpreting artworks and historical landmarks. This technique strives to uncover the concealed layers and map out the historical and cultural threads that intertwine globally. We apply Universæ Analysis to masterpieces from Da Vinci, Brancusi, Kandinsky, and key cultural landmarks. Through a blend of biology, geometry, mathematics,...

RIYADH: Making strides in its economic diversification initiatives, Saudi Arabia has climbed to the 16th position in the World Competitiveness Index 2024, marking an improvement from its previous ranking. A report by a prominent Switzerland-based management institute indicates the Kingdom's jump from 24th in 2022 and 32nd in 2021, crediting the rise to its Vision 2030 agenda, which has bolstered...

Spanning over 14 centuries, Saudi Arabia's pivotal role in Islamic pilgrimage has drawn countless faithful to its revered cities of Makkah and Medina. The yearly Hajj and the continuous Umrah pilgrimages are not just spiritual journeys but are also instrumental to the nation's economic vitality.The influx of pilgrims translates to an impressive financial boost, with religious tourism injecting approximately $12...

Employees at Saudi state-supported firms have experienced unexpected budget reductions in recent times, with the onset of these austerity measures traceable to the first quarter of 2024. The impact has been widespread, touching various industries including the media and the nation's ambitious giga projects. This led to a significant slash in departmental budgets, job layoffs, and a concerted effort to...

The Kingdom of Saudi Arabia is poised to be at the forefront of scientific inquiry as it prepares to host the Asian Physics Olympiad in 2025, a major academic event attracting the brightest minds from across Asia. The Olympiad, which will welcome participants from 27 nations, is set to underscore the Kingdom's leading role in the realms of science and...

The Saudi Minister of State for Foreign Affairs, who also serves as a Member of the Cabinet and the Envoy for Climate Affairs, Adel Al-Jubeir, recently took part in a stimulating dialogue at the FII PRIORITY Rio de Janeiro Summit. This summit is a hallmark event organized by the Future Investment Initiative Institute, focusing on investment and international cooperation. While...

The National Competitiveness Center's Chairman and Saudi Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, was present at the 60th-anniversary festivities of the UN Trade and Development Organization (UNCTAD) held in Geneva. This landmark event, under the theme 'Charting a New Development Course in a Changing World', saw the attendance of UN Secretary-General António Guterres along with distinguished government officials...

Renowned Swiss banking institution Edmond de Rothschild Group is poised to broaden its reach within Saudi Arabia by inaugurating a new office and establishing a funding platform dedicated to infrastructure projects, as announced by the bank.The initiative is anticipated to contribute to Saudi Arabia's ambitious Vision 2030 blueprint, which is designed to diversify the nation's economy beyond its traditional reliance...

In a warm appeal to global investors, the Tourism Minister of Saudi Arabia, Ahmed Al-Khateeb, has made a compelling case for investment in the Kingdom's rapidly expanding tourism industry. Addressing attendees at the Future Investment Initiative Institute's Priority Rio de Janeiro Summit, Al-Khateeb shed light on the significant growth prospects powered by the nation's strategic economic reform program, Vision 2030.While...

Anticipated to advance at a compound annual growth rate (CAGR) of 7.5 percent from 2023 to 2028, Saudi Arabia's hospitality sector is gearing up for significant growth. This trajectory aligns with the average for the Gulf Cooperation Council (GCC) and is largely attributed to government initiatives as part of the Vision 2030 strategy, as indicated in recent analysis. An investment...

The Diriyah Company has established an agreement with the Royal Institution of Chartered Surveyors (RICS) to advance the training and nurturing of Saudi professionals. The memorandum, which outlines a mutual understanding, is set to facilitate the sharing of knowledge and create a robust framework for learning, emphasizing RICS's esteemed standards in the realm of the built environment.Jerry Inzerillo, the Chief...

LTIMindtree, a prominent global player in technology consulting and digital solutions, has proudly announced the launch of its new regional headquarters in Riyadh, the capital city of Saudi Arabia. This key development is part of the company's strategic expansion in the Kingdom of Saudi Arabia (KSA) and the Middle East at large.The establishment of the Riyadh headquarters is in strategic...

LTIMindtree, a renowned entity in the technology consulting and digital solutions realm, has proudly announced the launch of its new regional headquarters in the vibrant capital of Saudi Arabia, Riyadh. This significant move is part of the company's broader expansion efforts within the Kingdom of Saudi Arabia (KSA) and the Middle East.The strategic establishment of the Riyadh headquarters aligns seamlessly...

The UAE-based telecommunications giant e& has revealed its expansion plans within Saudi Arabia, which include the establishment of a new contact centre expected to generate approximately 1,500 job opportunities.In a strategic move that aligns with Saudi Arabia's Vision 2030, e& has announced the inauguration of its new Contact and Customer Experience Centre in Riyadh. This development aims to revolutionize customer...