Vision 2030

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...

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...