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Saudi Arabia to add 250,000 hotel rooms, revises tourist targets

Saudi Arabia plans to add 250,000 hotel rooms by 2030 according to the Kingdom’s Ministry of Tourism, with 75,000 to be contracted to the private sector. Meanwhile, approximately 12 resorts on the Red Sea are set to open by 2025, which will boost the country`s total number of rooms to 550,000 by the end of the decade.

In October last year, The Ministry of Tourism...

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Saudi Arabia launches National Biotechnology Strategy

Saudi Arabia recently launched its National Biotechnology Strategy with the aim of cementing the Kingdoms position as the MENA leader in this vital sector.

The country will establish a state of the art biotechnology hub that will drive innovation, job creation and economic growth. As a result, the strategy will aid the Kingdoms economic diversification and targets contributions worth 3%, equivalent...

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Saudi administrative court aims to boost investor confidence

Saudi Arabia's Ministry of Justice recently announced the Kingdoms first administrative enforcement court with jurisdiction over government entities and officials in a bid to boost investor confidence.

The move follows the enactment of a civil transactions law introduced last month, which in turn was part of wider judicial reforms initiated by the government. Such reforms inend to modernise and...

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Saudi Arabia approves 2024 budget estimates SAR 1.2 trillion revenue

Saudi Arabia recently approved its 2024 state budget with estimated total revenues at SAR 1.2 trillion (USD 312.5 billion) according to the Saudi Press Agency (SPA).

The budget is aligned with the Kingdoms Vision 30 and the government has committed to continue implementing structural and economic reforms. As a result, this will further boost sustainable...

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Saudi Arabia will generate 250,000 jobs by hosting Expo 2030

Saudi Arabia is expecting to create upto 250,000 jobs following confirmation it will host Expo 2030 in Riyadh according to the Minister of Tourism.

These opportunities will successfully contribute to the National Tourism Strategy, which was launched in 2019. It is strongly aligned with Saudi Vision 30 and aims to increase gross domestic product (GDP) from 3...

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Saudi Arabia’s Northern regions have SAR 1.2 trillion in minerals

Saudi Arabia’s Northern Borders Region has SAR 1.2 trillion (USD 320 billion) worth of mineral wealth deposits, according to figures announced at a recent Investment Forum.

The Northern Border Investment Forum was a two day event held at the Ministry of Interior Employees Club, in Arar. It was organised by the Northern Borders Municipality and the Federation of Saudi Chambers...

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Saudi Arabia releases FDI statistics under new methodology

Saudi Arabia`s Ministry of Investment recently released updated statistics detailing foreign direct investment (FDI) into the Kingdom. The new methodology is preferred by the International Monetary Fund (IMF) and endorsed by the United Nations Conference on Trade and Development (UNCTAD). It analyses individual financial statements to provide highly accurate annual statistics.

The new system was...

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Saudi`s PIF announces voluntary compliance to aid transparency

Saudi Arabia`s Public Investment Fund (PIF) recently announced it would comply with the Global Investment Performance Standards (GIPS) from the Chartered Financial Analyst (CFA) Institute.

The sovereign wealth funds compliance forms part of the PIF’s governance and transparency standards that encompass all its activities and demonstrates its commitment to global best practices.

[The GIPS...

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Saudi Arabia to grant premium residency for regional HQ executives

Saudi Arabia’s Ministry of Investment is offering a premium residency to executives based at regional headquarters. The initiative is part of its ongoing efforts to enhance its business environment and is in partnership with the country’s Premium Residency Center.

The Ministry of Finance highlighted the collaborative work between the Ministry...

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Saudi fund to invest SAR 112million in Middle East startups

State owned Saudi Venture Capital (SVC) is investing SAR 112 million (USD 30 million) in a fund that will finance startups and growth-stage companies from Saudi Arabia and the Middle East.

Impact46, a Riyadh based asset management and advisory firm will manage Fund III, which aims to support the growth of the...

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