Vision 2030

Following the announcement of a secondary share offering poised to garner upwards of $11.2 billion, the value of Saudi Aramco's shares witnessed a notable uptick on the first day of trading thereafter.Opening at SAR27.95 per share, a slight dip from the previous session's close at SAR28.3, the shares quickly rebounded, reaching SAR28.35 by mid-morning. The offering itself was priced at...

The prominent oil company Saudi Arabian Oil Co, known as Saudi Aramco, has recently reported that a substantial portion of its newest share offering has been acquired by international investors, amassing an impressive US$11.2 billion.According to Aramco, The majority of the shares constituting the institutional tranche of the offering was allocated to investors located outside of the Kingdom, with trading...

MSA Nova has forged a strategic memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) aimed at empowering the startup landscape in Saudi Arabia. This alliance is poised to introduce joint investment ventures and create robust startup accelerator programs.The ambition of MSA Nova is to catalyze the expansion of nascent enterprises and advance technological innovation, aligning...

Saudi Arabia is poised for a major expansion in entertainment amenities, as the Ministry of Investment has partnered with Nowaar Entertainment to establish a series of new entertainment and water-themed parks, with the first anticipated to welcome visitors in Riyadh by 2025.Together with the General Entertainment Authority, the Ministry of Investment (MISA) formalized an arrangement on a recent Sunday with...

The oil behemoth Saudi Aramco has made an announcement that its recent share sale was primarily purchased by international investors, generating a substantial $11.2 billion in the process. This secondary share offering is expected to significantly reinforce the financial standing of Saudi Arabia in the short term, as the kingdom embarks on the construction of ambitious developments, including lavish resorts...

International investors have played a significant role in Saudi Aramco's recent secondary share offering, which is poised to infuse $11.2 billion into the oil behemoth's coffers. This influx of capital is expected to catalyze the funding of expansive projects within Saudi Arabia, such as the construction of resorts and stadiums, which are integral to the country's transformation plan aimed at...

Saudi Arabia Takes the Helm in Worldwide Construction Endeavors - With a staggering $1.5 trillion worth of projects yet to be awarded, Saudi Arabia has surged ahead as the foremost initiator of construction ventures as of the first quarter, a study by a prominent real estate services firm indicates.The Kingdom has clinched a 39 percent slice of the Middle East...

In a recent development from Riyadh, the prominent oil company Saudi Aramco has announced the successful sale of shares, with a substantial portion being acquired by investors beyond Saudi Arabia's borders, amounting to an impressive $11.2 billion capital raise.Before the commencement of trading on the Saudi exchange, Aramco revealed that the institutional tranche of the share offering was predominantly secured...

The latest figures from the General Authority for Statistics (GASTAT) indicate a complex yet promising economic situation in Saudi Arabia for the first quarter of 2024. The real Gross Domestic Product (GDP) has experienced a slight decline of 1.7% on an annual basis, while showing an encouraging seasonally adjusted increase of 1.4% from the previous quarter. Scrutinizing the details of...

The Saudi Ministry of Tourism has made a notable appearance at the 46th Annual NYU International Hospitality Investment Conference, where it cast a spotlight on the Kingdom's rapid development and the vast investment opportunities within its burgeoning tourism sector. This gathering served as an ideal backdrop for Saudi Arabia to exhibit its transformative aspirations of becoming a world-leading tourism hub,...

Leading the Gulf Cooperation Council in automobile sales and securing a position amongst the world's top 20 automotive markets, Saudi Arabia's car industry is on a significant upward trajectory.With 93,300 cars imported in 2023, the Kingdom has seen a substantial climb from the 66,900 vehicles brought in the previous year. This information was shared by Hamoud Al-Harbi, representative for the...

The financial technology landscape in Saudi Arabia is experiencing a significant boost, with the country attracting a surge of activity from fintech firms. Fortis, originating from the UAE, is introducing a comprehensive suite of services including point of sale, customer relationship management, order management, and payment solutions aimed at bolstering small and medium-sized enterprises within the Kingdom.In a recent dialogue,...

The recent disposition of shares by Saudi Arabia's state-owned oil behemoth, Saudi Aramco, culminated in an $11.2 billion capital influx, though falling short of the potential maximum. The sale's intent to captivate a global investment audience was evident in the international promotional efforts spearheaded by CEO Amin Nasser, which encompassed major financial hubs such as London and New York.Following the...

The 46th Annual NYU International Hospitality Investment Conference recently became the stage for Saudi Arabia’s Ministry of Tourism to highlight the significant progress in its tourism sector and the enticing investment openings this growth presents. As Saudi Arabia endeavors to transition into a premier global tourism destination, the conference was a prime opportunity to demonstrate its advancements and commitment to...

LONDON — Saudi Arabia is on the brink of amassing upwards of $11.2 billion by offloading Aramco shares to finance the kingdom's expenditure initiatives. This influx of capital comes despite the state-owned oil behemoth setting the stock price at the lower spectrum of the anticipated range, as announced by the company on Friday.The share pricing was the outcome of an...

The Kingdom of Saudi Arabia is set to bolster its economic plans by garnering in excess of $11.2 billion through the sale of additional shares in its oil colossus, Aramco. Announced on a recent Friday, this move is aimed at injecting capital into the country's expansive spending initiatives.Offered at $7.27 per share, the pricing aligns with the anticipated range's lower...

Saudi Aramco, the titan of the oil industry, has announced the closing price for its secondary share sale at 27.25 Saudi riyals per share, which is on the modest side of the anticipated range, enabling the company to accumulate $11.2 billion in capital.The share offering, which encompasses over 1.54 billion shares or roughly 0.64% of Aramco's total issued shares, was...

In a significant move within the business media sector, Saudi Arabia is on track to accumulate in excess of $11.2 billion through the secondary offering of shares in the state-owned petroleum titan, Aramco. The shares have been priced at the lower spectrum, at 27.25 riyals ($7.27) per share, according to sources acquainted with the situation. At present, Aramco has withheld...

Goldman Sachs has distinguished itself as the pioneering Wall Street financial institution to align with Saudi Arabia's Regional Headquarters (RHQ) policy, acquiring a permit to establish its central Middle Eastern hub in Riyadh. With the kingdom's recent policy, enacted from January 1, 2024, firms are mandated to set up a regional office in Saudi Arabia, staffing a minimum of 15...

LinkedIn, the preeminent professional networking platform with an extensive global presence, has reported new insights on the evolving Saudi workforce, which showcases over 9 million members from the kingdom. The comprehensive data illustrates the country's accelerated growth and adaption to the rising artificial intelligence (AI) sector, aligning with the ambitious goals of Saudi Vision 2030. Saudi Arabia's Position as a...

In the first quarter of 2024, the portfolios of real estate loans provided by Saudi banks exhibited significant growth, reaching SR800.5 billion, which is a 13 percent increase year-on-year according to data from the Saudi Central Bank (SAMA). Retail loans dominated this sector, accounting for 78 percent, while corporate loans comprised the remaining 22 percent.Individual loan growth was reported at...

The Saudi Ministry of Tourism recently took part in the 46th Annual NYU International Hospitality Investment Conference, where it cast a spotlight on the Kingdom's outstanding advances and the vast investment potentials within its burgeoning tourism sector.The conference served as an ideal platform for Saudi Arabia to exhibit its transformative aspirations to become a top-tier global tourism hub while diversifying...

The Saudi Ministry of Tourism has made a significant appearance at the 46th Annual NYU International Hospitality Investment Conference, showcasing the substantial growth and investment prospects within its rapidly advancing tourism sector. The event serves as an exceptional stage for Saudi Arabia to exhibit its ambitious drive to emerge as a dominant global tourism destination while broadening its economic horizons.In...

According to Patrick Chalhoub, the president of the leading Middle Eastern luxury retailer Chalhoub Group, Saudi Arabia presents an unparalleled opportunity in the realm of upscale commerce. With a burgeoning population predominantly under the age of 30, and effective government strategies, the kingdom offers promising conditions for sustained growth in the sector.Chalhoub cautions against the temptation to expand too rapidly,...

The NEOM Board of Directors has announced the creation of Magna, a high-end coastal destination designed to elevate the standards of sustainable luxury travel. Nestled along the pristine Gulf of Aqaba, Magna is part of NEOM's initiative to foster regional sustainable tourism and includes the debut of twelve premier destinations: Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum, Zardun, Xaynor, Elanan, Gidori,...

Baheej Tourism Development Company, a collaborative venture comprising ASFAR, a Saudi tourism investment firm held by the Public Investment Fund (PIF), and the Tamimi-AWN Alliance, has recently disclosed its plans for revitalizing the waterfront district of the Royal Commission at Yanbu. The initiative's preliminary foray into the Yanbu region will encompass an expansive 85,000 square meters and is poised to...

NEOM, Kingdom of Saudi Arabia – The NEOM Board of Directors has announced the creation of Magna, a new benchmark in the arena of luxury lifestyle destinations. Nestled along the Gulf of Aqaba, Magna is part of NEOM's commitment to environmentally friendly tourism and includes the previously introduced high-end destinations such as Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum, Zardun, Xaynor,...

Boosting foreign direct investment (FDI) is crucial for Saudi Arabia's diversification from an oil-based economy, as outlined in Vision 2030, which aims to increase FDI to $100 billion or 5.9% of GDP by 2030. FDI inflows were $29 billion in 2016 when the initiative was launched. The anticipated growth in FDI is expected to propel new industries such as artificial...

With the allure of substantial housing benefits, complimentary workspaces, and the prospect of forming partnerships with the government, startup founders are increasingly eyeing Saudi Arabia as the ideal locale for their budding artificial intelligence enterprises.DXwand, an AI startup from Cairo that specializes in automated customer service solutions, is now operating from Riyadh, capitalizing on the Saudi government's generosity. SambaNova, a...

The Saudi Ports Authority, known as Mawani, has revealed the formation of a new partnership with France's Port of Marseille Fos. A memorandum of understanding (MoU) has been signed to foster advancements in various areas including the progression towards intelligent port networks. This measure is poised to elevate global commerce, bolster maritime ecology, and advance initiatives for environmentally-friendly ports. This...