Vision 2030

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...

With the inauguration of its regional headquarters, global consulting giant Alvarez & Marsal (A&M) is bringing its trademark unbiased, action-focused approach to the Saudi Arabian market. The company's managing director in the Middle East, James Dervin, conveyed A&M's commitment to fostering growth and transformation within this dynamic marketplace. Dervin shed light on the company's straightforward strategy in Saudi Arabia, which...

Saudi Arabian and Chinese dignitaries are convening in Beijing for pivotal discussions aimed at propelling international economic expansion. The gatherings, scheduled for May 20-21, are bringing together a host of significant figures including Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, and the newly appointed Vice Minister of Finance, Abdulmuhsen Al-Khalaf, alongside other prominent officials from Saudi financial institutions.Representatives from several...

The Kingdom of Saudi Arabia is actively enhancing its e-commerce landscape to become more alluring for both local and international enterprises, with projections estimating the market's value could hit $44 billion by the end of the decade.As a pivotal component of the National Transformation Program, bolstering e-commerce aligns with the broader objectives of the country's ambitious 'Vision 2030'.The strategic initiative...

Saudi Awwal Bank has secured the prestigious 'Best Bank Award 2024 in Saudi Arabia' from Global Finance for an impressive fifth consecutive year. The accolade is a nod to the bank's commitment to innovative services and its dedication to elevating customer banking experiences.A panel of esteemed financial specialists, taking into account factors such as growth in assets, profitability, customer service...

On May 19, 2024, the Saudi Arabian delegation, led by Finance Minister Mohammed Aljadaan, is set to engage in pivotal discussions during the Saudi-Chinese meetings scheduled for May 20-21 in Beijing. This delegation, comprising key financial and economic leaders, aims to further solidify the collaborative ties between the two nations. The entourage includes Abdulmuhsen Alkhalaf, the Vice Minister of Finance,...

In an effort to enhance job prospects for its citizens, Saudi Arabia has initiated a significant localization plan for the consultancy sector. The Ministry of Human Resources and Social Development has declared that by March 2024, consultancy firms must ensure that 40 percent of their workforce are Saudi nationals. All roles within the sector, including financial advisors, business consultants, cybersecurity...

Dar Al-Hekma University in Jeddah has successfully concluded its third conference titled "Creativity, Technology, and Sustainability," with the endorsement of the Ministry of Communications and Information Technology. The two-day conference, which took place on May 15-16, attracted a diverse group of professionals, including academics, industry experts, and international dignitaries, to discuss topics that align with the objectives of Saudi Arabia’s...

With the endorsement of Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh Region, the metropolis is set to welcome the anticipated International Exhibition for Nonprofit Sector (IENA 2024), under the banner of 'Effective Partnerships for Sustainable Development.' The exhibition, which opens its doors on May 26 in Riyadh, is poised to become a pivotal event for the sector....

Four innovative minds from the Masaei Women's Charitable Association have recently soared to success at the International Invention, Innovation, and Technology Exhibition (ITEX) in Malaysia. Their creative contributions to the realm of technology and invention garnered them an impressive haul of two gold and two silver medals, signaling a momentous occasion for Saudi intellectual accomplishments.Among the victorious inventors were Taif...

Saudi Arabia's aviation industry is witnessing a robust ascent, injecting $21 billion into the nation's economic framework in 2023, thereby enhancing its stature as an international center for tourism. The General Authority for Civil Aviation (GACA) has indicated that the aviation sector is not only soaring on its own but also propelling growth in other pivotal economic segments, with tourism...

The Kingdom of Saudi Arabia's General Authority of Civil Aviation (GACA) is poised to present its first-ever 2024 State of Aviation Report at the upcoming Future Aviation Forum (FAF 2024) in Riyadh. The report is expected to shed light on the pivotal role the aviation industry plays in propelling the nation's economic progress and in fulfilling the aims of Vision...

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...