Vision 2030

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...

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,...