Vision 2030

The Kingdom of Saudi Arabia is poised to make a splash in the world of high fashion with the debut of Red Sea Fashion Week. The event, orchestrated by the Saudi Fashion Commission, is set to dazzle attendees from May 16 to 18, 2024, at the newly unveiled St. Regis Red Sea Resort. Opening with a spectacular inaugural show, the...

According to Marco Osnato, Chairman of the Saudi-Italian Parliamentary Friendship Committee, Italian commerce chambers and corporate entities are gearing up to set up their main operational bases in the Kingdom of Saudi Arabia. The goal of this move is to bring their varied services and expertise to the numerous sectors within the Saudi market.Osnato revealed this plan while participating in...

The non-oil sector of Saudi Arabia is poised for expansion, fueled by escalating government investments in the ambitious Vision 2030 initiatives.According to a recent analysis by S&P Global Ratings, Saudi Arabia's Vision 2030 is anticipated to attract around $1 trillion in investments over an extended period. The government alongside the Public Investment Fund (PIF) is expected to inject a portion...

Michael Mainelli, the Lord Mayor of London, has disclosed that there is a concerted push to enhance collaborations with Saudi Arabia in sectors like fintech, green finance, artificial intelligence, and space and cyber technologies.The United Kingdom and Saudi Arabia maintain a robust trade relationship. Mainelli pointed out during an interview at the World Economic Forum's special meeting in Riyadh that...

Saudi Arabia's Robust Asset Position Upheld by Prudent Fiscal Measures The steadfast commitment of the Saudi government to diversify its economy and reduce reliance on oil is expected to maintain the nation's robust asset base. Credit agency S&P Global anticipates that while funding for Vision 2030 initiatives may impact Saudi Arabia's net asset position, the Kingdom's judicious fiscal policies will...

A cohort of Saudi Arabian entrepreneurs arrived in Pakistan this past Sunday, eager to identify potential investment avenues within a multitude of sectors, signaling the prospect of multi-billion-dollar inflows to the financially constrained nation.The group, consisting of around 50 individuals from nearly 30 firms, was welcomed by Pakistan's Petroleum Minister Musadik Malik and Commerce Minister Jam Kamal Khan. The delegation's...

The Kingdom of Saudi Arabia has traditionally anchored its economic strength on its abundant oil reserves. Yet, the nation has been steering towards a more varied economic landscape, stepping away from its reliance on oil to better manage potential economic uncertainties. A landmark achievement was recorded in 2023 when Saudi Arabia reported that non-oil sectors now compose half of its...

Mohammed Al-Jadaan, Saudi Arabia's Finance Minister and the head of the Financial Sector Development Program Committee, highlighted the country's ongoing economic progression under Vision 2030. Emphasizing financial and economic reforms, Al-Jadaan conveyed optimism for a future where the financial sector is seamlessly integrated with digital and technological advancements, including artificial intelligence and big data.The Financial Sector Development Program, an integral...

In an expression of admiration for Saudi Arabia's ambitious digital transformation and mega-project developments, a senior Japanese official signaled Japan's intent to deepen ties with the Kingdom in the information technology sector.Japanese Minister for Digital Transformation Taro Kono highlighted the profound impression left on him by his visit to NEOM, a cornerstone initiative of Saudi Arabia's Vision 2030. Speaking to...

Over eighty firms from Saudi Arabia, operating in sectors such as industry, food, health, and commerce, are gearing up to display their offerings at the premiere of the Saudi National Products Exhibition. This pivotal event is set to unfold in Qatar from the 13th to the 16th of May.Integral Saudi governmental bodies are preparing to join the fray, with the...

The financial technology landscape in Saudi Arabia is approaching a pivotal milestone, aiming to establish itself as a dominant financial hub in the region. A recent study by a renowned management consultancy firm highlights the country's rapid progress in the fintech sector, driven by key initiatives like Fintech Saudi.Initiated by the Saudi Central Bank and the Saudi Capital Markets Authority...

Under the auspices of Riyadh's Ministry of Health, the King Faisal Specialist Hospital & Research Centre (KFSH&RC) is poised to play a pivotal role as a strategic partner in the upcoming Saudi American Healthcare Forum on April 25th. The forum aims to tackle the principal health challenges faced by populations in the Arab world and the United States, fostering an...

In a strategic move to secure additional funding, Neom, the ambitious urban development in Saudi Arabia, has opened its doors to hundreds of potential investors, providing them with a firsthand glimpse of the city’s progress. This initiative represents a significant step in the country’s efforts to draw in more capital for the high-profile project.During this unprecedented event, guests, including private...

Saudi Arabia's Public Investment Fund (PIF) has reached an agreement to purchase a 51 percent share in the kingdom's largest telecommunications infrastructure provider, Telecommunication Towers Company Limited (Tawal), from the Saudi Telecommunications Company (STC Group).The deal assigns Tawal an enterprise value of $5.85 billion and is a strategic move in the consolidation of telecom infrastructure assets within the country.In an...

Saudi Arabia's ambitious Neom megacity initiative recently extended its promotional efforts to China. The Neom delegation embarked on visits to Beijing, Shanghai, and Hong Kong with the aim of attracting Chinese investment into the project.Despite the absence of immediate deal announcements, participants at the events reported that the presentations offered a clearer understanding of the enigmatic development. According to one...

The Public Investment Fund (PIF) alongside the Saudi Telecommunications Company (stc Group) has disclosed the completion of a definitive agreement that will see PIF take control of a 51% share in Telecommunication Towers Company Limited (TAWAL), previously held by stc Group. TAWAL, a leader in the telecommunications infrastructure market in Saudi Arabia and the region, is valued at an impressive...

Date: May 21-22, 2024Location: Riyadh, KSAAs the hub of financial innovation, Riyadh is set to host Finovex Saudi Arabia 2024, a flagship event in the banking sector, scheduled for May 21-22. Themed Fulfilling Vision 2030 - Kingdom Banking’s Pinnacle - Transforming Finance for a Thriving Saudi Arabia, the summit aims to bring together forward-thinkers and leaders in the quest to...

The Kingdom of Saudi Arabia is making swift advances in the localization of its automotive sector, a key component of the government's Vision 2030 blueprint. A leading official has highlighted the significant strides being made towards nurturing domestic manufacturing of vehicles and components.During a seminar organized by the Saudi-American Business Council, Aftab Ahmed, a top adviser at the National Center...

Amid the towering skylines of Riyadh, Jeddah, and Dammam that epitomize Saudi Arabia's economic prowess, a transformative story of decentralized growth is unfolding. This narrative, diverging from the historical concentration of progress in urban areas, is now shining a spotlight on the nation's smaller towns and regional municipalities, drawing keen interest from investors, entrepreneurs, and government policy shapers.Such a pivot...

The Kingdom of Saudi Arabia is on track to fulfill its ambitious objective of reaching 130 gigawatts in renewable energy capacity by the year 2030, provided that it continues to fortify its green initiatives and secure their rigorous execution, as indicated by a recent analysis. A study by analytics firm GlobalData reveals that Saudi Arabia's renewable energy sector is picking...

In the heart of Saudi Arabia, a significant shift is underway within the mining sector, which is set to become an instrumental component of the country's economic diversification strategy as part of Vision 2030. The Kingdom's vast mineral resources, valued at approximately SAR 9.4 trillion ($2.5 trillion), are being eyed as an alternate revenue source to complement the traditional oil...

The Business Continuity Institute (BCI) has recently announced the establishment of a new chapter in Saudi Arabia, aimed at strengthening the business continuity and resilience sector in the region.Comprising a dedicated committee, the BCI Saudi Arabia Chapter includes the following individuals:Atiq Bajwa - LeaderMohamed Abuelqroush - Vice-LeaderDavid Bollaert - Committee MemberDarrshan Manukulasooriya - Committee MemberAsma Alsobhi - Committee MemberIbrahim Alhamdan...

The Kingdom of Saudi Arabia is taking bold strides towards sustainable solutions within the transport sector, with electric vehicles (EVs) taking center stage. This shift is a signal of impending transformation within the Middle East's approach to mobility. The crucial question is: are EVs on the brink of becoming an everyday reality?Last year, the unveiling of Saudi Arabia's inaugural automotive...

The landscape of transportation in the Middle East is on the brink of a revolution, with electric vehicles (EVs) at the forefront, particularly in Saudi Arabia. The Kingdom is actively engaging in the transition to more sustainable solutions, leading to speculation about when EVs will become commonplace in our everyday lives.With the introduction of Ceer, Saudi Arabia's first automotive brand...

The metaverse, characterized by virtual and augmented reality, is poised to dismantle traditional geographical limitations, ushering in an era of heightened collaboration and connectivity. Its influence will be substantial, reshaping everything from work and leisure to commerce and living.As a commercial entity, the metaverse will soon offer companies and consumers a novel platform for interaction. In the Middle East, it's...

The metaverse, an expansive virtual realm enriched by virtual and augmented reality, is poised to erase physical boundaries, paving the way for unparalleled collaboration and interconnectivity. This digital universe is expected to reshape various aspects of daily life, from work and leisure to shopping and travel.More than just a social space, the metaverse is predicted to evolve into a vital...

The metaverse, a virtual realm enhanced by augmented and virtual reality, is set to break down geographical constraints and elevate collaboration and connectivity to new heights. It is not only reshaping the way we work, live, and play but is also emerging as a commercial arena for businesses and consumers alike.Particularly in the Middle East, the metaverse holds the promise...

Saudi Arabia's economy has reached a new milestone with its non-oil sector revenues hitting an unprecedented $453 billion.The nation's economic diversification efforts have paid off, with the non-oil sector now accounting for half of the country's gross domestic product (GDP) in 2023, according to the Saudi ministry of economy and planning.Growth in exports, investments, and consumer spending have been the...

Experts in the economic sphere are signaling a bright future for Saudi Arabia's investment environment, driven by its robust equity and debt markets. Prominent individuals from the kingdom's sector of the investment bank J.P. Morgan, the financial news service Bloomberg, and Saudi tourism finance entity ASFAR have highlighted the transformative effects of the Vision 2030 plan for economic diversification. The...

Saudi Arabia has become a magnet for investors and partners looking to support startups and entrepreneurs, thanks to its robust economy, strategic location, and robust governmental encouragement.The nation boasts one of the most significant expenditures on technology in the Middle East and North Africa, amounting to roughly 2.5 times that of its closest regional competitor, with continued growth each year.Management...