News

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

Women in Saudi Arabia to transform family businesses

More Saudi women entering leadership positions in family businesses will inspire others according to a recent report published by KPMG.

The findings are part of the KPMG "The Power of Women in Family Business” report. It examines different perspectives of female leaders in the Kingdom of Saudi Arabia...

05/07/22

Demand and timing key to success in Saudi Arabia

Saudi Arabia’s technology sector is growing rapidly as start-ups, scale-ups and small businesses take advantage of the Kingdom’s ongoing economic reforms.

Specifically, tech start-ups and scale-ups have benefitted from numerous initiatives and the sector has witnessed the success of several national...

28/06/22

PIF generated half a million jobs in Saudi Arabia

Saudi Arabia`s Public Investment Fund (PIF) has generated over 500,000 jobs in 13 strategic sectors.

One of the central roles of the PIF is to increase economic and business opportunities in the Kingdom of Saudi Arabia. The PIF is among the world’s largest sovereign wealth funds. It currently manages assets of SAR 2.33 trillion (USD 620...

21/06/22

Saudi Green Initiative to be launched in November

Saudi Arabia will launch the Saudi Green Initiative in November as the Kingdom continues its journey towards a sustainable future.

Sustainability is at the heart of the Saudi Vision 2030 as the Kingdom intends to reach net zero by 2060. The initiatives will aim for reduction of desertification ...

14/06/22