News

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Saudi and IBM developing AI in several Arabic dialects

Saudi Arabia and IBM have joined hands to pioneer a transformative project - a generative AI programme designed to embrace the rich tapestry of Arabic dialects.

This innovative venture, spearheaded by the Saudi Data and Artificial Intelligence Authority (SDAIA), promises to revolutionise communication in the Arab world.

The cornerstone of this collaboration is the integration of SDAIA's Arabic...

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04/06/24

Saudi Arabia to welcome European Chamber of Commerce

Saudi Arabia will see the first European Chamber of Commerce in the Gulf region open in Riyadh, according to the EU’s special representative for the Gulf region.

The inaugural European Chamber of Commerce is a pioneering venture poised to redefine Saudi Arabia's economic landscape. This landmark development promises to catalyse robust partnerships between Saudi and European enterprises, fostering...

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21/05/24

Saudi Arabia's non-oil activity increasing in line with Vision 30

Saudi Arabia's non-oil business activity grew at a steady rate in April according to a recently published survey with domestic demand driving output.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) stood at 57.0 in April, the same as March and well above the 50.0 mark denoting expansion in activity. The Output subindex was recorded...

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07/05/24

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,...

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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...

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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...

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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,...

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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...

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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...

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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...

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30/01/24

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