News

Saudi Central Bank approves two new Fintech companies

Saudi Arabian Central Bank (SAMA) recently approved two new FinTech companies bringing the total number of regulated companies in the Kingdom of Saudi Arabia to 38.

The two new enterprises - Lean Technologies and Mod5r - will provide open banking solutions and will operate under SAMAs Regulatory Sandbox, part of the Financial Sector Development Program (FSDP). The...

27/09/22

Saudi Arabia launches Rua Al Madinah Project

Saudi Arabia recently unveiled the Rua Al-Madinah masterplan - a mega real estate development near the Grand Mosque.

The project will be developed by the Rua Al-Madinah Holding Company, a Public Investment Fund (PIF) affiliate that specialises in development, operation and real estate investment. The blueprint forms an important part of the PIF’s efforts...

20/09/22

Demand for tourism services in Saudi Arabia soars

Saudi Arabia has witnessed demand for tourism services increase 108% according to a recent Business Traveler report.

Consequently, the value of tourism services reached SAR 4.1 billion (USD 1.1 billion) during the first half of 2022, accounting for spending across domestic, foreign and local visitors.

The report noted that the individual...

13/09/22

Saudi Arabia reports budget surplus from oil revenues

Saudi Arabia’s economy is predicted to grow at 7.6% this year according to the International Monetary Fund’s (IMF) World Economic Outlook 2022 report.

Its estimates for Saudi Arabia contradict the global outlook and suggest the highest growth rate among world economies. The IMF also increased its expectations for the Saudi Arabian economy in 2023.

In...

06/09/22

More investment in local industry under NIDLP

Saudi Arabia`s National Industrial Development and Logistics Program (NIDLP) invested SAR 378 billion (USD 100 billion) in local industry projects according to its 2021 report.

The program was introduced in 2019 with the aim to transform the country into a leading industrial power and a global logistics platform. It focuses on four main sectors, namely industry, energy, mining and logistics in order...

30/08/22

Saudi Arabia’s spending on health and education up

Saudi Arabia has increased its expenditure in the health and education sectors in the first half of 2022 according to recent figures published by the government.

These sectors account for 39% of total budget spending and equal SAR 197.9 billion (USD 52.6 billion) out of a total of SAR 512.9 billion (USD 136.8 billion) respectively.

The education sector amounted...

23/08/22

Saudi Arabia’s logistics sector is reaching out to the world

Saudi Arabia`s Ministry of Transport is developing the logistics sector to support the Vision 2030 program of social and economic reform.

Diversifying the economy away from hydrocarbons is an important pillar of the Vision 2030 and transforming the country into a logistics hub is a key strategy. As a result, Saudi Arabia’s policies are focused on moving...

16/08/22

Artificial intelligence to be top contributor in MENA

Artificial intelligence (AI) is estimated to contribute SAR 1.2 trillion (USD 320 billion) to the economic growth in the Middle East and North Africa (MENA) region by 2030.

The figures were derived from a Google report titled “The Future of AI in the MENA region”. It provides an in-depth analysis of developments in AI over the next decade, with a specific focus on Saudi Arabia,...

09/08/22

Interest of foreign investors booms in Saudi Arabia

Saudi Arabia’s Ministry of Investment (MISA) facilitated over 100 investment contracts valued at SAR 15 billion (USD 4 billion) in the first quarter of 2022.

The investments will create over 5,800 new jobs across all sectors of the Saudi Arabian economy as the country’s National Investment Strategy and policies...

02/08/22

Public Investment Fund doubles down on gaming sector

Saudi Arabia’s Public Investment Fund (PIF) is doubling down on the gaming sector, making its fourth investment this year.

As part of the country’s economic diversification strategy in line with Vision 2030, it is investing SAR 3.8 billion (USD 1.0 billion) in Swedish video game maker Embracer. The investment is made through the Savvy Gaming Group, which...

26/07/22