News

We prepare and provide the most relevant information on the (business) ecosystem and the most recent developments in the Kingdom of Saudi Arabia under News and on Facebook, Twitter, Instagram & Co. Please click on the link and reach out to our experts and specialists to discuss your story. It would be our pleasure to share it with others!

Saudi Arabia attracting GCC companies to lucrative opportunities

Saudi Arabia is attracting an influx of companies from across the Gulf Cooperation Council (GCC) due to burgeoning prospects and transformative development sweeping through the Kingdom.

Moreover, the Saudi economy's increasing demands, from infrastructure to housing and energy, herald an imminent surge in employment opportunities,...

Read More

23/04/24

Saudi sovereign wealth fund holds SAR 3.5 trillion in assets

Saudi Arabia’s Public Investment Fund (PIF) has enjoyed a 55 percent increase in assets under management and is now valued at SAR 3.49 trillion (USD 925 billion).

According to figures from the US based industry specialist, the Sovereign Wealth Fund Institute (SWF), PIFs value has increased from SAR 2.23 trillion (USD 595.6 billion) in 2022. This climb was further bolstered by PIF’s recent increased...

Read More

09/04/24

Saudi Arabia waives customs duties to boost industrial sector

Saudi`s Ministry of Industry and Mineral Resources has announced that customs duties on selected manufacturing products will be waived from April 1.

The decision aims to help businesses with valid import licenses reduce costs therefore improving competitiveness and profitability. Furthermore, it will also allow them to invest more in their operations and expand their production capacities. On a...

Read More

25/03/24

Saudi CEO`s forecast business optimism and economic growth

Saudi Arabian Chief Executive Officers have shown unprecedented optimism for the economic growth prospects of the Kingdom over the next year.

According to a study by Price Waterhouse Coopers (PWC) a significant 89% of Saudi CEOs, are optimistic about the country’s economic growth, compared to 44% globally,...

Read More

12/03/24

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...

Read More

27/02/24

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...

Read More

13/02/24

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...

Read More

30/01/24

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...

Read More

16/01/24

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...

Read More

19/12/23

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...

Read More

05/12/23

Page Break