Category: Economy

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef highlights mining sector growth and investment opportunities during Brazil visit.

Saudi Minister Bandar Alkhorayef concluded an official visit to Chile, strengthening cooperation in mining, industry, and trade, focusing on lithium, copper, and iron ore.

Monsha’at will launch E-commerce Week with over 40 public and private entities to support entrepreneurs and SMEs across Saudi Arabia, aligning with Vision 2030 goals.

The Buraidah Date Festival begins its annual season, boosting the Qassim region’s economy and highlighting Saudi Arabia’s leadership in the global date industry.

Al-Jouf ranks fifth in Saudi fig production with 874 tons annually, contributing to the Kingdom’s 28,000-ton yield and Vision 2030 food security goals.

ZATCA urges taxpayers to benefit from the Cancellation of Fines and Exemption of Penalties Initiative before it ends on December 31, 2024. Learn how to comply and save.

Saudi Arabia achieves complete self-sufficiency in fig production, with annual output exceeding 28,000 tons, according to the Ministry of Environment, Water and Agriculture.

Bahrain’s Ministry of Industry and Commerce opens registration for Saudi businesses in the Takamul in-country value program, boosting regional economic integration.

Saudi Industry Minister Bandar Alkhorayef praises cooperation with Bahrain on Takamul program, enhancing local content and economic integration.

The International Islamic Trade Finance Corporation provides a US$10 million trade finance line to Uganda Development Bank to support industrialization and job creation.

Saudi Minister Bandar Alkhorayef launches the 3rd edition of the ‘1K Mile’ entrepreneurship program, celebrating 2nd edition successes and advancing Vision 2030 goals.

ROSHN Group launches sales for 1,251 new homes in SEDRA Phase 4, expanding its flagship Riyadh community with modern amenities and green spaces.

Indonesia’s GDP grew 5.05% in Q2 2024, beating forecasts, driven by household consumption and investment. Explore implications for Saudi-Indonesian ties and Vision 2030.

The fourth Shaqra Pepper Festival attracted over 70,000 visitors, featuring workshops on pepper cultivation and processing to boost food security and Vision 2030 goals.

Tabuk’s 1.58 million grapevines produce over 43,750 tons annually, supplying local markets with premium varieties and supporting Saudi Vision 2030.

ZATCA calls on business taxpayers to file Withholding Tax returns for July by August 11, 2024, via zatca.gov.sa to avoid fines and ensure compliance.

Jazan’s fig industry thrives with over 498,000 trees yielding 2,000 tons annually, boosting the local economy and aligning with Saudi Vision 2030.

Ministry of Industry and Mineral Resources hosts webinar for Canadian and Australian firms, showcasing mining investment opportunities in Jabal Sayid and Al-Hajjar.

Mawani and AlJeri sign SAR160 million agreements to establish logistics zones at Jeddah Islamic Port and King Abdulaziz Port in Dammam, boosting trade and Vision 2030 goals.

The International Islamic Trade Finance Corporation (ITFC) signs a $50 million financing agreement with the Industrial Development Bank of Türkiye to support earthquake-affected regions.

Saudi Arabia’s inflation rate remained steady at 1.5% in July 2024, reflecting economic stability and effective policies, per GASTAT.

Saudi Arabia’s Buraidah Dates Carnival exports to over 100 countries, boosting non-oil revenues and supporting Vision 2030 goals.

SAMA’s reserve assets grew 5.5% year-on-year to SAR1.754 trillion by Q2 2024, driven by strong foreign securities and deposits, reflecting Saudi financial stability.

Buraidah Dates Carnival in Qassim sees peak trading as second quarter of harvest season begins, featuring over 50 date varieties and boosting Saudi Vision 2030 goals.

ICIEC and Saudi EXIM Bank expand partnership to boost trade across OIC countries, reducing export risks and enhancing Saudi Arabia’s trade leadership.

The International Islamic Trade Finance Corporation signs a $100 million financing agreement with Türkiye’s Development and Investment Bank to support agriculture, food security, renewable energy, and infrastructure.

Hail’s markets see heavy activity as families prepare for the new school year, boosting local economy and aligning with Vision 2030 goals.

Riyadh will host the inaugural 24 Fintech Conference from September 3-5, 2024, at the Riyadh Front Exhibition & Conference Center, supporting Saudi Vision 2030.

Sukkari dates lead sales at the Buraidah Dates Carnival in Qassim, Saudi Arabia, drawing strong demand from local and international traders, reflecting Vision 2030 goals.

The National Centre for Palms and Dates provides 80 jobs at the Buraidah Dates Carnival, leveraging electronics to enhance efficiency and support Saudi youth.

The Unaizah International Dates Season auction yard receives 63 varieties of dates daily, organized by the Ministry of Environment, Water and Agriculture and supervised by the National Centre for Palms and Dates.

Saudi Arabia launches Jadarat, a unified national employment platform, to empower talent and streamline job matching, supporting Vision 2030 goals.

The National Center for Palms and Dates launches ‘Dates Seasons,’ a cultural and economic event across Saudi date-producing cities, enhancing the value of Saudi dates.

Saudi EXIM Bank announces a 128% surge in credit facilities for H1 2024, extending SAR16.31 billion to support non-oil exports and Vision 2030 goals.

The Islamic Development Bank announces a $135 million financing package for the Upper Atbara Dam Complex in Sudan, boosting water and energy infrastructure.

The Buraidah Dates Carnival in Qassim has generated over SAR78 million in sales, with 9,976 tons sold and 170,000 visitors, boosting Saudi Arabia’s date industry and Vision 2030 goals.

Saudi Ministry of Investment launches Investor Confidence Survey for H2 2024 to gauge sentiment and improve business climate in line with Vision 2030.

The Local Content and Government Procurement Authority will host the second Local Content Forum in Riyadh from November 20-22, 2024, under the theme ‘Partnerships for Sustainable Development.’

The 2024 Madinah Dates Season has begun, featuring auctions from over 29,000 farms, cultural events, and AI hackathon, aligning with Saudi Vision 2030 goals.

PIF’s 2023 annual report shows assets under management grew 29% to SAR2.871 trillion, with an 8.7% average annual shareholder return, driving Vision 2030.

The Ministry of Environment, Water, and Agriculture launches four investment bids for integrated agricultural cities in Makkah, including a wild seedling lab, to boost food security and Vision 2030 goals.

The Ministry of Environment, Water, and Agriculture announces four investment opportunities for integrated agricultural cities and a wild seedling facility in Makkah.

Aseer’s ferks peaches surge in popularity this August, boosting local economy and aligning with Saudi Vision 2030 goals for agricultural diversification.

The Federation of Saudi Chambers and Uruguay Exporters Association signed an MoU to establish a Joint Business Council, boosting trade and investment ties under Vision 2030.

The Cultural Development Fund signs agreements with five local banks to launch the Kingdom’s first-ever financing solution for cultural enterprises, boosting Vision 2030.

The Unaizah International Dates Season Auction, supervised by Saudi authorities, reports increased date supplies from local farms, boosting economic growth and Vision 2030 goals.

Estidamah and the Saudi Coffee Company sign a strategic partnership to enhance coffee production, sustainability, and innovation in line with Saudi Vision 2030.

ZATCA calls on businesses with annual supplies over SAR40 million to file July VAT returns by August 31, 2024, via its website or app to avoid penalties.

The Chairman of the Royal Commission for Jubail and Yanbu (RCJY), Eng. Khaled Al-Salem, has awarded the National Coffee Company for Industry a certificate confirming its fulfillment of the eligibility criteria set by the Special Economic Cities and Zones Authority (ECZA). This makes the National Coffee Company, owned by Saudi Coffee Company, the first enterprise […]

The National Debt Management Center announces the closure of August 2024 sukuk issuance under the Saudi Arabian Government SAR-denominated Sukuk Program, totaling SAR 6.018 billion.

The Islamic Development Bank Institute opens nominations for the 2025 IsDB Prize for Impactful Achievement in Islamic Economics, offering $200,000 in awards for development solutions.

Najran Region exports products to over 25 countries and holds mineral wealth valued at SAR145 billion, driving Saudi Arabia’s industrial and mining growth under Vision 2030.

Mayor of Makkah Musad Abdulaziz Aldaood met with entrepreneurs and investors to discuss sustainable investment opportunities in municipal services, aligning with Saudi Vision 2030.

ZATCA emphasizes taxpayer compliance to foster fair competition and enhance Saudi Arabia’s economic appeal, aligning with Vision 2030 goals for diversification.

TAQEEM calls on precious metal and gemstone valuers in Saudi Arabia to rectify their status by July 1, 2025, and join the authority by July 1, 2026, to continue working in the Kingdom.

Farmers in Al-Aqiq Governorate start date harvest, with 135,000 palms producing 40 tons annually. The seventh Date Festival promotes production and supports Vision 2030.

The Financial Academy will host the Debt Markets and Financial Derivatives 2024 Forum on September 8 in Riyadh, themed ‘Unlocking Growth Opportunities’, to discuss financial sector trends.

The Saudi Food and Drug Authority hosted a workshop in Riyadh to support entrepreneurs and new businesses in the cosmetics industry, highlighting 154 standards and Vision 2030 alignment.

The National Development Fund appoints Northern Trust as custodian for assets exceeding SAR60 billion, enhancing financial efficiency and Vision 2030 goals.

Ministry of Environment announces investment opportunities for indoor farming and a lavender and citrus city in Aseer, boosting food security and Vision 2030 goals.

IsDB President Dr. Muhammad Al-Jasser met with Maldives Monetary Authority Governor Dr. Ahmed Munawar in Jeddah to discuss Islamic finance cooperation and review development projects.

Prince Saud bin Mishaal bin Abdulaziz inaugurates Maersk’s SAR 1.3 billion logistics zone at Jeddah Islamic Port, boosting Saudi Arabia’s global logistics hub status.

GASTAT reports Saudi Arabia’s non-oil exports rose 10.5% in Q2 2024, highlighting progress in economic diversification under Vision 2030.

First pilot vessels under new support contracts arrive at Jeddah Islamic Port. Saudi flag raised in ceremony attended by Mawani Chairman, enhancing port operations.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), has launched a series of initiatives to support and facilitate trade in the Republic of the Maldives, utilizing insurance and financing solutions worth $130 million for the purchase of strategic commodities and €50 million […]

SRC and King Street Capital Management sign MoU in New York to enhance Saudi Arabia’s secondary real-estate finance market, supporting Vision 2030 housing goals.

The second annual Agricultural Products Festival in Tayma Governorate features 30 exhibitors showcasing fruits, vegetables, and processed goods, supporting Saudi Vision 2030 goals.

The eighth Women’s Economic Forum will be held in Dammam on November 19-20 under the patronage of Prince Saud bin Naif bin Abdulaziz, focusing on empowering women leaders and boosting small enterprises.

The Saudi Real Estate Refinance Company and US BlackRock signed an MoU in New York to develop Saudi Arabia’s real estate finance market and enhance capital market participation.

Saudi Coffee Company Academy concludes six-day training in Aseer, empowering 1,000+ farmers with best agricultural practices to boost coffee production and sustainability.

Saudi Arabia’s annual grape production exceeds 110,500 tons with 58% self-sufficiency, as the Tabuk region leads nationally with 46,939 tons, MEWA reports.

AgriServ announces four agricultural and livestock investment opportunities in Al-Baha, supporting Vision 2030 food security goals. Contracts available via Furas platform.

NCA report reveals Saudi Arabia’s cybersecurity market reached SAR13.3 billion in 2023, with strong GDP contribution and 32% women in workforce.

SIDF opens registration for the third Industrial Hackathon, offering over SAR 1.4 million in prizes to develop solutions for national factories.

Saudi Minister of Municipalities and Housing Majed Al-Hogail concluded a U.S. visit, witnessing the signing of five agreements and MoUs in real estate development and financing.

Saudi Arabia’s ports advance in Lloyd’s List global rankings, with Jeddah Islamic Port, King Abdullah Port, and King Abdulaziz Port among top 100 container handlers.

Federation of Saudi Chambers announces the Saudi-Ethiopian Business Council to enhance trade and investment, aligning with Vision 2030 goals for economic diversification.

ICIEC welcomes Togo as its 50th member state, expanding its Shariah-compliant insurance services and reinforcing economic ties among OIC nations.

IsDBI and INCEIF University rebrand ISRA journal to IJIFSD, integrating Islamic finance with sustainable development to support global goals and Vision 2030.

Recent rainfall revitalizes Al-Baha’s agriculture, boosting crop production and aligning with Saudi Vision 2030 goals for sustainability and food security.

Federation of Saudi Chambers establishes Saudi Business Council with Eastern European Countries to boost trade and investment under Vision 2030.

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef met Singapore’s Dr. Tan See Leng to discuss investment opportunities and industrial cooperation.

WEQAA partners with FAO to launch Farmer Field Schools across Saudi Arabia, empowering farmers to combat Red Palm Weevil and enhance agricultural sustainability.

The Islamic Development Bank and Saudi Fund for Development signed an MoU to enhance joint financing, capacity building, and trilateral cooperation for sustainable development.

Saudi Arabia leads preparatory economic committee meeting in Cairo for the 114th Arab Economic and Social Council session, focusing on initiatives for the 2025 Arab Summit.

Saudi EXIM, AMIC, and ATTM sign SAR50 million credit facility to boost titanium sponge exports, supporting Vision 2030 non-oil export goals.

Saudi Minister Bandar Alkhorayef met Singapore’s Tan See Leng to discuss investment opportunities, highlighting strategic location and resources.

Saudi Arabia’s non-oil trade surplus with GCC countries reached SAR 6.776 billion in Q2 2024, a 600% annual increase, driven by exports to the UAE and Bahrain.

SAMA authorizes XSquare, NeotTek, and MoneyMoon to test Open Banking and P2P lending in its regulatory sandbox, advancing Saudi FinTech and Vision 2030.

SAMA announces second release of Open Banking Framework, focusing on Payment Initiation Service to boost fintech and enhance consumer experience in Saudi Arabia.

First edition of 24 Fintech conference in Riyadh aims to strengthen global financial system, hosted by SAMA, CMA, and IA, aligning with Saudi Vision 2030.

Shrimp fishing season opens in Jazan, Saudi Arabia, with 120 vessels setting sail. The seven-month season boosts the economy and supports Vision 2030 goals.

SAMA partners with Samsung to launch Samsung Pay in Saudi Arabia during Q4 2024, advancing digital payments and Vision 2030’s financial sector goals.

STC Bank, Saudi Arabia’s first digital bank, partners with 24 Fintech as Founding Partner, underscoring the Kingdom’s leadership in financial innovation and Vision 2030.

Minister of Finance Mohammed Al-Jadaan inaugurated the 24 Fintech conference in Riyadh, highlighting Saudi Arabia’s progress in financial technology under Vision 2030.

EXPRO will host the first Expenditure Efficiency Forum in Riyadh on November 11-12, 2024, bringing together experts to discuss optimizing government spending.

The Unaizah International Dates Season Auction showcases high-quality Sukkari and other date varieties, supported by the Ministry of Environment, Water, and Agriculture.

Saudi Ministers of Commerce and Communications met entrepreneurs at 24 Fintech to discuss fintech innovation and Vision 2030 alignment, emphasizing youth and AI.

Jazan’s livestock sector, with over 3.9 million animals, is vital to Saudi Arabia’s food security. The Ministry of Environment, Water, and Agriculture supports farmers through programs like Reef, enhancing productivity and sustainability.

IsDB President Dr. Muhammad Al Jasser met with AIFC Governor Renat Bekturov to discuss expanding Islamic finance in Kazakhstan, focusing on Sukuk and green finance.