Retail Online retail sales in Saudi Arabia to double, report says Ecommerce in Saudi Arabia’s retail sector is likely to double between 2020 and 2025, with annual compound growth of 15 percent a year, a government report has revealed. “As the second-highest venture capital-funded sector in Saudi Arabia, ecommerce is booming,” the report by the Small and Medium Enterprises Authority said. Venture capital funding in ecommerce […] September 9, 2024
Tourism Saudi Arabia scraps hotel licence fees to draw investment Saudi Arabia has removed licensing fees for hotels and resorts in a further effort to increase tourism and improve the kingdom’s investment environment. The Ministry of Tourism and Ministry of Municipalities and Housing said they would ask hotel establishments to reapply for operating licences online. The decision applies to hotels, hotel apartments and residential resorts. […] September 6, 2024
Banking & Finance PIF spending to hit $70bn a year early, says IMF Saudi Arabia’s Public Investment Fund will raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according to an International Monetary Fund official. PIF’s governor Yasir Al-Rumayyan told a Saudi investment summit in February that the sovereign wealth fund would increase its annual capital spending from around $50 billion a […] September 6, 2024
Aviation Virgin Atlantic confirms partnership with Riyadh Air Virgin Atlantic has signed a partnership with Riyadh Air, which will start when the new Saudi national carrier launches next year. Riyadh Air has been expected to announce cooperation agreements with other operators. A statement said the partnership would open new destinations in Saudi Arabia and beyond, and would include Virgin’s London-Riyadh route, but gave […] September 5, 2024
Finance Saudi Arabia cuts more red tape to tempt foreign investors Saudi Arabia is simplifying its registration process for foreign investors as part of its strategy to attract more international companies. The government approved a revamp of its investment law last month, aiming to reassure overseas investors that they would be on a level playing field with Saudi nationals. The reforms come into effect in January […] September 4, 2024
Logistics Jeddah port gets London Metal Exchange approval for storage The London Metal Exchange has added Saudi Arabia’s Jeddah Islamic Port to its list of locations for the storage of copper and zinc, though no warehouse has been approved yet. “The listing of Jeddah will become active as a delivery point three months after the approval of the first warehouse company in that location,” a […] September 2, 2024
Agriculture Tenders open for Saudi Arabia fish farm Saudi Arabia has opened a tender for a fish farm on its north-eastern coast as its government tries to encourage more healthy eating and shore up food security. The aquaponics project to cultivate fish and plants in a four-hectare area in the Jubail governorate has a bidding deadline of November 27, the ministry of environment, […] August 30, 2024
Economy Saudi Arabia sets up new business park in Riyadh Saudi Arabia launched a new business park in Riyadh this week, backed by more than SAR1 billion ($270,000) in funding, in an effort to stimulate foreign investment and local job creation. The Boulevard Business Park is located in Riyadh’s Boulevard district which was recently host to the first e-sports ‘World Cup’, adding 60,000 square metres […] August 29, 2024
Banking & Finance $200m fund for Gulf startups launched by Saudi investors A group of Saudi family offices and investors have launched a SAR750 million ($200 million) Gulf-focused startup investment fund called Waad. The fund brings together Saudi investor Yaser AlGhamdi, who is the new fund’s CEO, the AlMajed family office, which owns the Al Majdiah Group, and the AlMisfer family office, which owns the Saudi Real […] August 28, 2024
Banking & Finance PIF expands $15bn credit facility to 23 banks Saudi Arabia’s Public Investment Fund (PIF) has renewed a $15 billion credit facility with 23 global and regional banks for up to five years. Lower government oil revenues have put pressure on PIF’s funding of the country’s vast development projects, estimated to be worth $1.25 trillion. The sovereign wealth fund has $978 billion assets under […] August 28, 2024
Analysis Employment Recruitment portals try to ease logjam in Saudi labour market Saudi Arabia presents a golden opportunity for recruitment platforms that seek to match multitudes of job seekers with a plethora of employers looking to hire, labour market specialists say. There are around 168 Public Investment Fund companies working on the $1.25 trillion Vision 2030 economic diversification programme, as well as foreign companies setting up offices […] August 26, 2024
Giga-projects Red Sea Global to open Thuwal island resort in weeks Saudi giga-project Red Sea Global will open hotels at a second site within weeks and more at a third location will open next year, the luxury resort developer said this week. The company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will open a private island called Thuwal just north of Jeddah, followed by […] August 23, 2024
Giga-projects Five Saudi banks to finance cultural development fund Five Saudi banks have agreed to provide financing for a new arts fund managed by Saudi Arabia’s Cultural Development Fund, which has been leading government support for the arts since 2021. The agreement with Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi, Arab National Bank and Bank Aljazira will provide support to private sector projects in […] August 22, 2024
Infrastructure Riyadh metro to open this year, Saudi minister says Riyadh’s delayed metro system will officially open later this year, the Saudi minister of transport said this week, as the kingdom’s rapidly expanding capital wrestles with crippling traffic congestion. “The Royal Commission for Riyadh has said it will open this year,” Saleh Al-Jasser, the transport minister, said in an interview with Saudi-owned Al Arabiya TV. […] August 22, 2024
Giga-projects Saudi infrastructure provider signs on for The Rig giga-project Saudi adventure tourism project The Rig has contracted a local company to develop the infrastructure for one of the kingdom’s more outlandish giga-projects. The Public Investment Fund (PIF) company said International Maritime Industries (IMI) had formally agreed to provide maritime logistics and infrastructure for the project, which has an ambitious target date of 2027. The […] August 21, 2024
Markets Saudi forex assets fall but US Treasury holdings rise Saudi Arabia’s net foreign assets fell by $15.2 billion month on month in July, but the kingdom’s US Treasuries holdings shot up by another $4 billion in June, new data showed this week. The Saudi central bank’s net foreign assets decreased from SAR1.67 trillion ($445.3 bn) in June to SAR1.613 trillion in July, preliminary data […] August 16, 2024
Transport Driverless cars for Saudi officials by next year Saudi Arabia has launched a project for driverless cars which could result in government agencies using them as early as next year. The government is installing smart communication devices along roadways that interact with autonomous vehicles, the official Saudi Press Agency said, announcing a new Saudi Road Code. “These devices provide real-time road condition data, […] August 16, 2024
Tourism Tourist spending in Saudi Arabia hit new high in 2023 Around 27 million international tourists spent SAR141 billion riyals ($37.6 billion) in Saudi Arabia in 2023, the highest figure yet. The international spending, published on X by the ministry of tourism, was a 44 percent rise on 2022 and compares to the previous high of SAR103.4 billion spent by 17.5 million inbound tourists in 2019, […] August 15, 2024
Energy Saudi Arabia signs IAEA protocol as nuclear plans advance Saudi Arabia has inched closer to obtaining US help to develop a nuclear energy programme by signing a protocol that ensures the International Atomic Energy Agency (IAEA) has legal rights to operate inside the kingdom. However an agreement to the inspection of nuclear facilities by the Vienna-based supervisory body, including a protocol that would allow […] August 9, 2024
Tourism ‘Space balloon’ to launch from Saudi Arabia Spain’s Halo Space said this week that Saudi Arabia will be one of the regular launch sites for its commercial near-space balloon project, giving a boost to ambitious Saudi tourism plans. An unmanned test flight will take place in the second half of September from a location in the Al-Aflaj oasis 330km south of Riyadh, […] August 9, 2024
Business of Sport Investor bids invited for six Saudi football teams Saudi Arabia this week opened bids for six football teams as part of its new drive to monetise the kingdom’s sport sector and raise its foreign direct investment numbers. Local and international investors are invited to bid for Al-Okhdood, Al-Orouba and Al-Kholoud – all in Saudi Arabia’s top Pro League – as well as Al-Zulfi, […] August 8, 2024
Employment Improved labour laws benefit Saudi workers Saudi Arabia has enacted amendments to its labour laws to establish more clarity on hiring and firing and improve employee rights. The regulations, which cabinet approved on August 6, will “enhance job stability, protect the rights of all parties involved in employment contracts and increase job opportunities for Saudi citizens”, the state-owned Saudi Press Agency […] August 8, 2024
