Vision 2030

Riyadh is set to become the epicenter for global aviation discussions during the Future Aviation Forum 2024, a prestigious three-day event poised to showcase advancements in air travel and align with Saudi Arabia's goal of reaping $100 billion from the aviation sector by 2030.Slated for May 20-22, the forum, themed "Elevating Global Connectivity," is expected to draw in over 5,000...

Ban Ki-moon, the previous head of the United Nations, has signaled a dire need for a substantial increase in climate financing. Speaking at the Boao Forum for Asia Riyadh Conference, he conveyed that to meet the global climate objectives, funding needs to grow threefold to sixfold by 2030, as per the findings of the Intergovernmental Panel on Climate Change.The discussions...

Exploring the Saudi Defense Manufacturing LandscapeUnder the expansive economic agenda detailed in Vision 2030, Saudi Arabia has made a concerted effort to diversify and develop a knowledge-intensive economy. A cornerstone of this strategic vision is the establishment of a robust local defense sector intended to bolster national security, generate skilled employment, and fuel economic progression.Central to this initiative is the...

The impending journey of Saudi Arabia's Crown Prince Mohammed bin Salman to Japan is poised to deepen the already robust economic ties between the two nations. This visit is anticipated to occur from May 20 to May 23, during which the Crown Prince will engage in discussions with Japan's Prime Minister, Fumio Kishida.Last year, the trade volume between Saudi Arabia...

The Kingdom of Saudi Arabia reported a budget shortfall of SR12.4 billion ($3.3 billion) for the initial quarter of 2024. This figure accounts for 16 percent of the yearly deficit anticipated by the Ministry of Finance. The forecasted deficit is indicative of the nation's strategic expenditure to further Vision 2030 objectives, along with its astute fiscal oversight.According to the quarterly...

Saudi Arabia is poised to redefine the Hajj pilgrimage by introducing autonomous flying taxis and drones for the upcoming religious season. This pioneering effort is designed to enhance the transportation infrastructure and streamline the pilgrimage for millions of worshippers. Aerial taxis, boasting cutting-edge self-piloting systems, are slated to operate between the sacred sites of Mecca, Medina, and other significant locations....

Saudi Arabia is set to showcase a massive investment initiative in its aviation industry, with plans to present opportunities totaling USD 100 billion at the upcoming Third Future Aviation Forum (FAF), scheduled for May 20-22. More than half of this investment, upwards of USD 50 billion, is allocated for upgrading Saudi airports. Additionally, there is an anticipation for new aircraft...

An innovative collaboration has been announced between the Saudi-based tech entity, Alraedah Digital Solutions, and ABHI, a prominent fintech company within the MENAP region that focuses on Earned Wage Access and Invoice Factoring. This strategic partnership is set to revolutionize financial services within Saudi Arabia.Alraedah Digital Solutions has committed to facilitating access to a $200 million fund over a three-year...

Alraedah Digital Solutions, a subsidiary of the tech-focused Alraedah Digital Group, has entered into a pivotal alliance with ABHI, a fintech entity with a focus on earned wage access and invoice factoring within the MENAP region. This union signifies Alraedah's dedication to promoting financial innovation and inclusive growth within the region.Through this partnership, ABHI will benefit from Alraedah's extensive expertise...

The ambitions of the Saudi stock exchange to become an eminent global capital marketplace have led it to take cues from industry leaders like the Hong Kong stock exchange. A high-ranking official from the Saudi Tadawul Group has indicated that the Hong Kong Exchanges and Clearing (HKEX) is a key benchmark for their reformative measures.Nayef Al-Athel, the chief sales and...

AlUla has embarked on a dynamic partnership with Riyadh Air, the kingdom's emerging premier airline that aspires to connect over 100 destinations by the year 2030. This strategic alliance was formalized at the Arabian Travel Market event in Dubai, with both parties pledging to work together to amplify AlUla's appeal and the reputation of Riyadh Air to discerning international and...

"ARABIAN ALESAAR," a prominent Saudi Arabian real estate investment firm, is gearing up to unveil its grand development, "AlShubaily Town," situated in Al-Khobar, Eastern Province, with plans set for the first quarter of 2025.Spanning 900,000 square meters, the project's blueprint features a mix of residential, commercial, and leisure facilities, including eateries and the Middle East's most expansive man-made canal."AlShubaily Town"...

AviLease has achieved a significant milestone by providing Air India Express Limited with two state-of-the-art Boeing 737-8 airplanes. These jets are the initial segment of a total of six to be supplied throughout the year 2024. Renowned for its fuel efficiency, sustainability, and cutting-edge technology, the Boeing 737-8 represents the forefront of narrow-body aviation. These initial deliveries are indicative of...

The total liquidity within the Saudi Arabian financial system has experienced a significant upswing, amassing over SAR 2.823 trillion (approximately $753 billion) by the conclusion of March 2024. The Saudi Central Bank (SAMA) has observed that this uptick in liquidity is indicative of a substantial yearly rise of 8.3 percent, translating to an increase of SAR 215 billion.Boosting Economic Momentum...

Saudi Arabia has been commended by a United Nations body for its comprehensive legal infrastructure and robust antitrust legislation. The country was awarded the highest assessment grade in the 2023 Competition Law Systems Report by the UN Economic and Social Commission for Western Asia, elevating its status from the 'developed' category it held in 2020, as reported by the SPA.Notably,...

The Saudi Arabian economy demonstrated robust financial health as the liquidity levels soared by the close of March 2024, surpassing SAR 2.823 trillion. This represents an 8.3% year-on-year escalation, translating to an additional SAR 215 billion over the previous year's liquidity, which was recorded at SAR 2,608 trillion.A statistical bulletin from the Saudi Central Bank (SAMA) detailed that the broad...

The financial robustness of the Saudi economy has reached new heights, with liquidity peaking at an impressive SR2,823,745 million at the end of March 2024. This milestone represents a substantial annual growth rate of 8.3 percent, translating to an increase of over SR215 billion compared to the same period in the previous year, where figures stood at SR2,608,319 million. These...

Saudi Arabia has enhanced the scope of its electronic visa program by adding three additional countries to the list of eligible nations. Citizens from Barbados, the Commonwealth of The Bahamas, and Grenada can now effortlessly apply for their visas online or obtain them upon arrival at Saudi entry checkpoints.This initiative has raised the count of countries whose citizens can access...

The maiden venture of Red Sea Fashion Week is poised to make a splash from May 16 to 18, 2024, at the newly minted St. Regis Red Sea Resort in Saudi Arabia. The event will span three days, kicking off with a grand opening show, followed by a series of runway presentations and interactive experiences showcasing high-end fashion, jewelry, Ready-to-Wear,...

New Collaboration to Propel Saudi Arabia's Travel AmbitionsA groundbreaking collaboration has been established between HotelRunner and Alesayi Hospitality Company (AHC), with the support of the Saudi Tourism Authority (STA), aimed at revolutionizing the Saudi Arabian travel ecosystem through advanced technology, artificial intelligence, and automation.The alliance between the provider of hospitality and travel technologies and the hotel management and hospitality consulting...

The Kingdom of Saudi Arabia has taken a significant step in reinforcing its water security by transforming the Saline Water Conversion Corporation (SWCC) into the newly formed Saudi Water Authority (SWA).With newly established organizational frameworks, the SWA is poised to improve regulatory oversight, elevate service management, and drive methodological advancements in the water sector.The Saudi Cabinet's approval of this move...

Millennium Hotels and Resorts MEA is on the brink of inaugurating its first establishment in Jeddah within the current month, marking a strategic enhancement of the group’s presence in Saudi Arabia. The Millennium Jeddah boasts 252 rooms and underscores the company’s dedication to the region, coinciding with the scheduled opening of three more properties in the year 2024.Fahad Abdulrahim Kazim,...

HotelRunner, a trailblazer in hospitality and travel technologies, has joined forces with Alesayi Hospitality Company (AHC) under the auspices of the Saudi Tourism Authority (STA), signing a Memorandum of Understanding to stimulate the Kingdom of Saudi Arabia's travel ecosystem with a focus on data, AI, and automation.Under the spotlight of STA's exhibit at the Arabian Travel Market in Dubai on...

The city of Riyadh in Saudi Arabia recently became the hub for the largest entertainment industry convergence with the launch of two eagerly awaited events - the Saudi Entertainment and Amusement Expo, alongside the Saudi Light and Sound Expo.Spanning over three thrilling days, the events will immerse attendees in a world of interactive exhibits, state-of-the-art technologies, and forward-thinking insights into...

The Kingdom of Saudi Arabia's pivot towards renewable energy is anticipated to yield a substantial reduction in annual electricity expenditures, potentially saving $30 billion by the year 2030, as per a high-ranking S&P Global official. During a panel at the 2024 Saudi Arabia Capital Markets Conference in Riyadh, Sofia Bensaid, who oversees Infrastructure and Project Finance Ratings, emphasized Saudi Arabia's...

Saudi Arabia’s Vision 2030 initiative is transforming Ras al-Khair into a leading shipyard destination within the region.The Saudi government aims to magnetize top-tier shipbuilders and bulk carriers to the newly established Special Economic Zone (SEZ) situated along the Persian Gulf. This SEZ, located near Jubail, will include the sprawling King Salman International Complex for Maritime Industries and Services, anticipated to...

The national oil behemoth of Saudi Arabia, Aramco, is gearing up to distribute nearly £100bn to its shareholders, which includes the government and various sovereign wealth funds. This move comes despite a noticeable dip in profits for the company.Expected shareholder payouts for this year are projected at $124bn (£99bn), marking an increase from last year's $98bn. This decision aligns with...

A consortium of Saudi scholars has recently introduced a novel technology for producing microalgae. This advancement is poised to transform the kingdom's feed sector, which currently depends on importing roughly 13 million tonnes of feed annually.Researchers from the King Abdullah University of Science and Technology (KAUST) have engineered unique strains of Spirulina and Chlorella algae. These variants are specifically designed...

Business entities from Hong Kong and mainland China are mobilizing for significant investments in Saudi Arabia, signifying a major move towards deepening economic relationships, as conveyed by a high-ranking official.An entourage comprising 30 influential business figures from Hong Kong and China is preparing to delve into various sectors within the Kingdom, motivated by the ambitious Vision 2030 initiative set forth...

In Saudi Arabia's capital, Riyadh, a grand celebration of leisure and technology has commenced with the opening of two highly anticipated expositions - the Saudi Entertainment and Amusement (SEA) Expo and the Saudi Light and Sound (SLS) Expo. Over the span of three days, the events promise a spectacle of interactive exhibits, state-of-the-art advancements, and a glimpse into the future...