News

Saudi tourism revenues reach SAR 37 billion amid travel boom

Saudi Arabia recorded tourist revenue of SAR 37 billion (almost USD 10 billion) as the sector witnessed a massive surplus due to an unprecedented travel boom in the Kingdom.

According to figures released by the Ministry of Tourism, Saudi Arabia welcomed 7.8 million visitors in the first quarter of this year. This figure was the highest globally recorded quarterly performance,...

12/09/23

Saudi Arabia’s largest solar project receives SAR 8.3 billion

Saudi Arabia`s National Development Fund (NDF) recently announced its participation in financing the largest renewable energy project in the country.

The Shuaiba project is a partnership between Saudi Aramco, Badil Company and ACWA Power to establish the largest solar photovoltaic (PV) power plant in the kingdom. PV is the process of converting light into electricity...

29/08/23

Saudi Arabia records 13% surge in non-oil revenues in Q2

Saudi Arabia posted revenues of SAR 314.9 billion (USD 83.9 billion) in the second quarter of 2023 according to data from the Saudi Ministry of Finance.

Encouragingly, the second quarter saw a 13% surge in non oil revenue to SAR 135 billion) USD 36 billion) from SAR 120 billion (USD 32 billion) previously. Oil revenue totaled SAR 179 billion (USD 32 billion) the ministry’s quarterly budget performance...

15/08/23

Saudi Arabia`s mega projects generating employment

Saudi Arabia’s economic diversification has turned the Kingdom into a hub for employment opportunities.

Over the past five years the country has launched several massive construction projects, including Neom (which will feature The Line, Trojena, Oxagon and Sindalah), Al Ula Heritage Site, Red Sea Project, Amaala, Qiddiya, Ad Diriyah and King Salmon Park.

The huge developments are in line with...

01/08/23

Saudi Arabia attracting increased investment following reforms

Saudi Arabia’s business sector witnessed an increase in commercial company registers during the second quarter of the year.

A total of 56,363 licences were issued across the period according to data from the Saudi Ministry of Commerce. The wholesale and retail industry led the way with 19,804 registrations or 34 percent of all commercial registers...

18/07/23

Saudi Arabia and Oman agree MoUs at Riyadh food show

Saudi Arabia and The Sultanate of Oman have signed multiple contracts and memoranda of understandings (MOUs) at the recent Saudi Food Show. The agreements reflect the strengthening of economic and investment ties between Riyadh and Muscat.

At the event, the Saudi Investment Ministry hosted a senior delegation from Oman, culminating in the signature of 13 MoUs...

04/07/23

Saudi banking outlook upgraded to positive amid economic growth

Saudi Arabia’s banking system has been upgraded from stable to positive by Moody’s Investors Service. This upturn is based on robust oil prices, an ambitious reform agenda and increased economic growth. The organisation also highlighted the Kingdom’s business confidence and government spending as...

20/06/23

Saudi consumers prefer local e-commerce platforms

Saudi Arabia’s retail sector is eyeing significant growth on the back of its e-commerce market.

In a recent report, leading global management consulting firm Kearney and Saudi consulting company Mukatafa noted that 74% of online shoppers in the Kingdom are expected to migrate from global to local platforms.

Saudi Arabia’s e-commerce market is valued at...

07/06/23

Saudi Arabia rapidly advancing as global logistics hub

Saudi Arabia has increased its position in the World Bank’s Global Logistics Performance Index (LPI) by a substantial 17 places.

The LPI is an interactive benchmarking tool created by the World Bank to assist countries in identifying the challenges and opportunities they face in their performance on trade logistics. It allows for comparisons...

23/05/23

Saudi Arabias Monsha`at Authority supporting entrepreneurs

Saudi Arabia’s support of small and medium enterprises (SMEs) is transforming the Kingdom’s economy and attracting international entrepreneurs.

The Kingdoms Small and Medium Enterprises General Authority (Monsha’at) has developed pioneering initiatives related to the Saudi Vision 2030. As a result, there are currently over 1.14 million operational SMEs...

09/05/23