News

Saudi Arabia to dominate world's construction market

Saudi Arabia is poised to become the world’s largest construction market as the Kingdom pours vast resources into projects aimed at diversifying the economy. The London based real estate consultancy group Knight Frank recently reported the country’s total construction output value is forecast to reach SAR 679 (USD 181.5 billion) by the end of 2028, up almost 30% from 2023.

It is predicted that...

23/07/24

Saudi women hold over 1,700 key posts in employment market

Saudi women leaders amounted to 1,707 thanks to the leadership training and guidance initiative by the Ministry of Human Resources and Social Development under the Vision 2030.

Importantly, the figure exceeded the target of 1,000 according to a recent report released by the Ministry. Further statistics revealed that the total number of women to benefit...

09/07/24

Saudi Arabia’s PIF launches company to enter space sector

Saudi Arabia’s space and satellite sector is set to receive a strategic boost with the Kingdom’s wealth fund establishing the Neo Space Group.

The wholly owned Public Investment Fund (PIF) company aspires to become a national champion in the sector by developing local capabilities and boosting its strategic position within the growing global space economy....

25/06/24

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...

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...

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...

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,...

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...

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...

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,...

12/03/24