Vision 2030

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...

The Saudi Public Investment Fund (PIF) has recently unveiled the formation of the Neo Space Group (NSG), a company that will operate under its full ownership and serve as a powerhouse in the satellite and space industry. NSG is poised to bolster the space and satellite arena by fostering local talent and reinforcing its strategic positioning in the burgeoning space...

The Saudi Arabia Railways (SAR) has recently entered into a partnership with Procter & Gamble (P&G), a leading consumer goods producer, to facilitate the shipment of goods from the P&G factory in Dammam to clientele in Riyadh. The agreement was formalized by Eng. Badr Al-Atni, SAR's Senior Vice President of Freight, and Eng. Ahmed Banan, Chief Operating Officer of Supply...

In a groundbreaking year for Saudi Arabia's travel industry, the nation has surpassed its own predictions, leading to an ambitious upgrade in its future plans. With an eye towards 2030, Saudi Arabia has boosted its visitor target from the initial 100 million to an optimistic 150 million, as revealed by Tourism Minister Ahmed Al-Khateeb last October.Last year's figures were remarkable,...

In a strategic move that could yield approximately $10 billion, Saudi Arabia is poised to conduct a substantial share sale of its state-owned oil colossus, Aramco. Anticipated to occur by June, this event is expected to be one of the largest stock transactions in the Middle East in recent memory.The process will see a fully marketed offering taking place on...

The Kingdom of Saudi Arabia is setting the stage for a significant share sale in its state-owned energy behemoth, Aramco. Anticipated to occur as early as June, the sale is poised to be one of the largest equity offerings in the region, according to informed sources.An estimated $10 billion could be raised through the sale, a figure based on initial...

Saudi Arabia is reportedly positioning itself for a significant share sale in its oil behemoth, Aramco, potentially launching as soon as June, with the sale poised to be one of the largest in the region's history. According to two individuals privy to the matter, the transaction could generate nearly $10 billion, although they caution that the process is still being...

Two significant wind energy initiatives are set to bolster the Saudi Arabian national grid with an additional 1.1 GW of clean power. Marubeni Corporation, a prominent Japanese entity in trading and investment, has finalized terms with the Saudi Power Procurement Company (SPPC) to erect these substantial wind power installations in the Kingdom.The development of these projects is a collaboration effort...

The Saleh Kamel Lecture Series, a notable event recently inaugurated in London, serves as a beacon of knowledge on 'The Future of the Kingdom of Saudi Arabia: Economic Insights from the Middle East.' The Islamic Chamber of Commerce and Development's president, Abdullah Saleh Kamel, took this opportunity to announce their collaboration with the esteemed Adam Smith Institute, a think tank...

In a significant stride for renewable energy in the Middle East, Marubeni Corporation, a prominent Japanese trading and investment entity, has finalized an agreement with the Saudi Power Procurement Company (SPPC) to establish two substantial wind power ventures within the Kingdom of Saudi Arabia. This initiative marks a substantial collaboration with the local firm Abdulaziz Alajlan Sons for Commercial &...

Atsushi Suzuki, the lead executive of Marubeni Middle-East & Africa Power Limited, has expressed support for Saudi Arabia's decarbonization agenda, highlighting it as a pivotal element for the nation's future. This is one of the most important steps for Saudi Arabia because, as you know, Saudi Arabia has a Vision 2030 to decarbonize and for the use of sustainable energy...

In Saudi Arabia, particularly in the bustling city of Riyadh, a significant number of property owners are revitalizing their assets to capitalize on the burgeoning property market, according to industry experts.These enhancements and updates to properties are resulting in substantial increases in rental income, with a potential rise of 25 to 50 percent in areas that have seen stagnant market...

Moody's Investors Service has sustained Saudi Arabia's A1 credit rating with a positive outlook. This affirmation reflects the country's large and affluent economy, bolstered by significant hydrocarbon reserves, effective policies, and a robust government financial position inclusive of substantial foreign reserves.Despite this positive assessment, Saudi Arabia remains vulnerable to periodic downturns in oil demand and pricing. The country also faces...

The President of the UN International Civil Aviation Organization Council, Salvatore Sciacchitano, recently lauded Saudi Arabia for its influential role in the global aviation landscape.In his remarks at the third annual Future Aviation Forum (FAF 2024) held in Riyadh, he commended the unwavering support provided by the Saudi leadership to the aviation sector. The forum, which ran from May 20...

The electric vehicle (EV) sector in Saudi Arabia is on the brink of remarkable expansion, anticipated to soar to a value of US$ 53,639.1 million by 2032 from a 2023 valuation of US$ 1,215.7 million. This growth is expected to occur at a stunning compound annual growth rate (CAGR) of 52.31%.In comparison to other regions, the dynamism of the Saudi...

Saudi Arabia's flagship carrier has inked a monumental agreement for the acquisition of 105 Airbus aircraft, marking the largest transaction in the nation's aeronautical history and a significant coup for Airbus over its American competitor, Boeing.The chief of Saudia Group, the government-affiliated entity that manages Saudia airline and the budget operator Flyadeal, Ibrahim Al-Omar, unveiled the news on Monday, stating...

The skies of Saudi Arabia are slated to witness the advent of electric passenger drones before the close of the current year, as disclosed by the chief executive of Alkhobar-based Front End. The revelation came amid discussions at the Future Aviation Forum.CEO Majed Al-Ghaslan, who also chairs the company, highlighted that Front End's partnership with EHang, a Chinese pioneer in...

The National Housing Company's (NHC) Real Estate Supply Chain Forum 2024 was ceremoniously opened by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail. This significant gathering drew a host of dignitaries and representatives from both the governmental and private sectors, including global industry leaders.The two-day event aligns with the Housing Program's ambitions under the Saudi...

Mohammed Al-Jadaan, the Finance Minister of Saudi Arabia, spearheaded a delegation's visit to Beijing, partaking in strategic Saudi-Chinese discussions over the course of May 20-21. This important dialogue highlights the sustained and intense economic conversations shared by the two powerhouses.During his trip, Minister Al-Jadaan conferred with Lan Fuan, his Chinese counterpart. The financial leaders engaged in talks aimed at bolstering...

The Saudia Group, encompassing both the national carrier Saudia and its budget-friendly counterpart flyadeal, has confirmed a substantial procurement of 105 additional aircraft from the A320neo Family, produced by Airbus. This acquisition includes 12 A320neo and 93 A321neo planes, which brings the total number of Airbus aircraft on order for the Saudia Group to 144 from the A320neo series.The announcement...