Category: Economy

Saudi Industry Minister Bandar Alkhorayef meets Singaporean institutions to discuss partnerships in advanced manufacturing, sustainable growth, and Vision 2030 alignment.

The Financial Academy celebrated 31 Saudi innovators at the FinTech Bootcamp 2024, held during the ’24 Fintech’ Conference in Riyadh, supporting Vision 2030’s fintech goals.

SAMA and CBRT signed an MoU to enhance cooperation in financial stability and technologies during the 24Fintech conference in Riyadh.

Commercial registrations in Madinah rose 8.6% in Q2 2024, with 16 sectors growing. Transport and construction lead, aligning with Saudi Vision 2030.

GAFT hosts workshop with Commercial Attaché Office in Malaysia to support Saudi public and private sectors, enhancing trade ties with East Asia and advancing Vision 2030 goals.

The 24 Fintech Conference in Riyadh announced over SAR800 million in investments, highlighting Saudi Arabia’s leadership and Vision 2030 progress.

Kafalah and Lendo sign strategic partnership to provide up to SAR250 million in guarantees, enhancing SME financing in Saudi Arabia and supporting Vision 2030 goals.

GOSI and the Insurance Authority signed an MoU to enhance cooperation on insurance products, digital transactions, and expertise exchange, aligning with Vision 2030.

The International Monetary Fund (IMF) has issued a favorable report on the Kingdom of Saudi Arabia following the conclusion of its Article IV consultations, confirming that Saudi Arabia’s financial and regulatory reform agenda has accelerated economic growth, contained inflation, and driven unemployment to its lowest levels ever recorded. The report, released via the Saudi Press […]

Elm participates as strategic partner in 24 Fintech event in Riyadh, showcasing Dhaman and Yaqeen digital solutions in line with Saudi Vision 2030.

The first Najran Dates Festival, organized by MEWA, celebrates high-quality dates, boosts the local economy, and aligns with Saudi Vision 2030 goals.

The Ministry of Sport announces a major investment opportunity in Madinah to develop a sports, commercial, hotel, and entertainment complex, boosting hospitality and Vision 2030 goals.

Ajwa and Safawi dates top sales at Madinah’s central date market during peak harvest season, boosting local economy and aligning with Vision 2030 goals.

ZATCA calls on establishments to submit August withholding tax forms by September 10, 2024, to avoid penalties and support Saudi Arabia’s Vision 2030 economic goals.

Monsha’at organizes Film Production Week in Madinah from September 8, 2024, featuring six meetings to support SMEs in the film industry and align with Vision 2030.

National Housing Company (NHC) recognized as the largest real estate developer in the GCC for 2024 by Construction Week Middle East, with sales exceeding SAR13 billion.

Eight OPEC+ nations including Saudi Arabia extend 2.2 million bpd voluntary cuts until November 2024, reinforcing market stability and compliance.

IMF lauds Saudi Housing Program for boosting economic stability, with homeownership at 64% and satisfaction over 90%, aligning with Vision 2030 goals.

The Transport General Authority endorses Jahez Group’s ‘Ubayyah’ electric vehicle fleet, advancing Saudi Arabia’s sustainability goals and Vision 2030.

The inaugural 24 Fintech Conference in Riyadh concluded with over 37,000 attendees, showcasing Saudi Arabia’s growing role as a global fintech hub and Vision 2030 progress.

Saudi Minister of Industry invites Chinese companies to invest in automotive, food, pharmaceutical, and aviation sectors during a visit to Guangzhou, boosting Vision 2030.

The Communication and Financial Knowledge Center (CFKC) organized lectures on fintech and blockchain at the 24 Fintech Conference, promoting financial literacy and innovation in Saudi Arabia.

Saudi Ports Authority (Mawani) announces 26.57% cargo tonnage growth in August 2024, reaching 30.5 million tons, reinforcing Saudi Arabia’s global logistics hub status.

The first Najran Dates Festival, organized by the Ministry of Environment, Water and Agriculture, concluded successfully, showcasing local date varieties and supporting farmers.

ZATCA announces new Fee Rules on Customs Services, waiving export fees and reducing import fees, effective October 6, 2024, to enhance trade and support Vision 2030.

Islamic Development Bank President Dr. Muhammad Al-Jasser visits the BAKAD ring-road project in Kazakhstan, highlighting the IsDB’s role in financing infrastructure and boosting regional connectivity.

Saudi Industry Minister Bandar Alkhorayef met with Foton Motor in Guangzhou to discuss localizing bus, truck, and light-transport manufacturing in the Kingdom, supporting Vision 2030.

The Al-Ahsa Chamber extends the first Allumi Al-Hassawi agricultural exhibition until September 10 due to high demand, showcasing local heritage and Vision 2030 goals.

ITFC CEO Eng. Hani Salem Sonbol meets Egypt’s Finance Minister Ahmed Kouchouk to discuss economic reforms and sustainable development.

Minister of Municipalities and Housing Majed Al-Hogail attended an investment forum in Al-Baha, showcasing projects and engaging with entrepreneurs to boost regional development.

GASTAT reports Saudi Arabia’s non-oil activities grew 4.9% in Q2 2024, reflecting Vision 2030 economic diversification success.

Saudi Arabia participates in the first round of GCC-Indonesia Free Trade Agreement negotiations in Jakarta, aiming to boost trade and investment ties.

The National Labor Observatory (NLO) reports that Saudi Arabia’s private sector workforce grew to 11.5 million in August, with increased citizen employment.

Eng. Hani Salem Sonbol, CEO of ITFC, met Egypt’s Minister of Supply and Internal Trade to discuss food security and economic stability through trade financing.

Saudi Arabia’s GAFT led the first round of GCC-Indonesia FTA negotiations in Jakarta, aiming to boost trade and align with Vision 2030 economic goals.

Saudi Reef launches Rural Development and Rural Tourism business incubators to empower entrepreneurs, supporting Vision 2030 goals for rural prosperity and economic diversification.

SEC achieves 43% improvement in 2024 ESG rating by S&P, score rises to 50, highlighting commitment to sustainability and Vision 2030 goals.

IsDBI completes financial mapping project in Kazakhstan with AIFC, releasing report on Islamic finance opportunities and action plan for growth.

The Saudi Fund for Development signs a $55 million loan with The Bahamas to expand North Eleuthera International Airport, boosting tourism and creating jobs.

Under the patronage of King Salman, Riyadh hosts the 8th Future Investment Initiative from October 29-31, 2024, focusing on investment for a sustainable future.

Saudi Arabia’s liquidity reaches historic SAR2.898 trillion in Q2 2024, up 9% year-on-year, per SAMA. This supports Vision 2030 economic growth.

DMDF 2024 Forum in Riyadh concludes with key outcomes to enhance Saudi financial markets, attract foreign investment, and support Vision 2030 goals.

GASTAT releases July 2024 Industrial Production Index, showing 1.6% growth driven by manufacturing and utilities, highlighting Saudi Arabia’s economic diversification.

ZATCA reminds businesses to file excise tax returns for July and August by September 15, 2024, via zatca.gov.sa to avoid a 5% penalty. Learn more about compliance.

Saudi Minister of Commerce Majid Al-Kassabi attended the Buraidah Dates Carnival in Qassim, highlighting the event’s economic significance and alignment with Vision 2030.

Ministry of Environment oversees 48 agreements for inland fish farming, offering investment opportunities to boost aquaculture and food security in Saudi Arabia.

Folk Maritime, a PIF company, launches India Red Sea Service connecting Jeddah Islamic Port with Mundra and Nhava Sheva, boosting Saudi-India trade and Vision 2030 logistics goals.

Saudi Arabia participates in the STARTUP 20 Summit in São Paulo, Brazil, led by Prince Fahd bin Mansour, with NEOM as strategic sponsor, to boost innovation and entrepreneurship.

Jeddah Chamber of Commerce hosts Indian food delegation to explore joint investments, enhancing Saudi-Indian trade and Vision 2030 economic diversification.

Saudi Arabia participates in Global Fishery Forum 2024 in Russia, promoting aquaculture exports and seeking new markets for Saudi seafood products.

Saudi Arabia’s National Debt Management Center concludes September 2024 Sukuk issuance, allocating SAR 2.603 billion across six tranches to support Vision 2030.

The Ministry of Industry and Mineral Resources introduces a customs exemption service for experimental production via the Senaei platform, boosting industrial competitiveness and Vision 2030 goals.

Ministry of Commerce spokesperson Abdulrahman Al-Hussein outlines five key benefits of Saudi Arabia’s new commercial registry system, including a unified registry, abolition of sub-registries, and greater regional flexibility.

The seventh annual Dates Festival in Al-Baha showcases over 45 date varieties, supports farmers, and boosts tourism, aligning with Saudi Vision 2030 goals.

GASTAT reports 14.6% rise in container traffic at Saudi ports in 2023, highlighting Kingdom’s growing role as global logistics hub under Vision 2030.

The Ministry of Environment, Water, and Agriculture (MEWA) is overseeing the central dates market auctions in the Madinah Region, promoting the yield from local farmers and displaying over 28 local date varieties as part of the Madinah Dates Season. The initiative underscores Saudi Arabia’s commitment to agricultural excellence, food security, and economic diversification, with MEWA’s […]

The fifth Saudi Maritime and Logistics Congress opened in Dammam under the patronage of Minister Eng. Saleh Al-Jasser, highlighting Saudi Arabia’s ambition to become a global logistics hub and advancing Vision 2030 goals.

SAUDI EXPORTS and Al Nahdi Medical Company sign MoU to promote Saudi-made health products, launching ‘Saudi-Made’ shelves in pharmacies to support Vision 2030.

Italian business association representing 7,000 companies announces plans to expand investments in Saudi Arabia and collaborate under Vision 2030 during Saudi-Italian Business Forum.

Saudi EXIM Bank hosted a GARP meeting in Riyadh to discuss financial risk management best practices, highlighting Saudi Arabia’s commitment to Vision 2030.

SAMA cuts Repo rate to 5.50% and Reverse Repo to 5.00% to preserve monetary stability and support Vision 2030 economic growth.

The Agricultural Development Fund board approves over SAR2 billion in loans to boost food security, support farmers, and advance Saudi Vision 2030 goals.

Saudi Deputy Minister of Finance for International Relations Khalid Bawazier led the Kingdom’s delegation at the 72nd GCC Deputy Ministers of Finance Committee meeting in Doha.

The AlUla Dates Auction enters its second week, offering farmers a platform to showcase premium dates and compete for cash prizes. The event supports Saudi Vision 2030 goals to boost date exports.

Saudi Arabia launches Industrial Beacons program to empower factories with Fourth Industrial Revolution technologies and qualify them for the WEF’s Global Lighthouse Network.

Saudi Arabia’s industrial investments jump 54% to SAR 1.5 trillion in 2024, driven by expatriate fee waiver and Vision 2030 reforms, boosting jobs and exports.

The Saudi Fashion Commission launched its annual report in London, showcasing investment opportunities and trends in the Kingdom’s fashion sector.

Saudi Arabia achieves 4th place globally in Digital Services Index, supported by National Housing Company’s digital platforms, advancing Vision 2030 goals.

Jeddah Chamber of Commerce and Industry concludes the 2nd International Franchise Opportunities Exhibition (IFOE) 2024, showcasing investment opportunities in Saudi Arabia’s growing franchise sector.

Discover Anbara dates from Madinah: a rare, luxurious variety with distinctive taste. Learn about grades, cultivation, and Vision 2030 alignment.

The Camel Avenue Festival in Taif generated over SAR30 million in sales, boosting the local economy and supporting Saudi Vision 2030 goals.

Saudi Arabia’s transport and logistics sector achieves top global rankings in road quality and container handling, advancing Vision 2030 goals.

The Digital Cooperation Organization launches the Digital Economy Navigator to assess digital maturity across 50 countries, promoting inclusive growth and bridging global digital gaps.

Federation of Saudi Chambers marks 78 years of service, highlighting SAR61bn in investment opportunities, 105 trade deals, and Vision 2030 alignment.

President Adama Barrow of The Gambia met with SFD CEO Sultan Al-Marshad in Makkah to discuss development projects and cooperation, highlighting Saudi Arabia’s support.

Saudi Minister of Economy Faisal Alibrahim met Argentina’s Luis Caputo at the Summit of the Future to discuss economic cooperation and Vision 2030 alignment.

Saudi Arabia’s local honey producers showcase their finest products at the Reef Valley exhibition in Diriyah, highlighting the Kingdom’s thriving apiculture sector and commitment to rural development.

Richard Attias, CEO of the FII Institute, briefed media in New York on the 8th annual conference in Riyadh, Oct 29-31, featuring 520+ speakers and 450 media outlets.

Saudi Arabia transforms its logistics sector under Vision 2030, climbing global rankings and hosting the Global Logistics Forum to redefine trade connectivity.

Riyadh hosts Cityscape Global from Nov 11-14, 2024, showcasing global real estate innovation and investment, aligning with Saudi Vision 2030.

Saudi Arabia’s non-oil exports increased by 19.2% in July 2024, reaching SAR25.4 billion, per GASTAT. This growth supports Vision 2030 economic diversification.

The Digital Cooperation Organization and the League of Arab States signed an MoU to accelerate digital transformation and economic development in the Arab region.

Saudi Power Procurement Company releases RFQ for Round 6 of National Renewable Energy Program, featuring 4500 MW of solar and wind projects across the Kingdom.

Saudi Minister Faisal Alibrahim met US Chamber of Commerce officials to discuss investment opportunities under Vision 2030, enhancing economic ties.

Saudi Arabia implements ATA Carnet system, issuing first carnet to Richemont. This facilitates temporary imports, boosting exhibitions and Vision 2030 goals.

Comoros Minister of Finance Ibrahim Mohamed Abdourazak visited ICIEC in Jeddah to discuss investment support and economic growth opportunities.

The Zakat, Tax and Customs Authority (ZATCA) is participating in the 2024 FIATA World Congress in Panama, showcasing Saudi Arabia’s logistics and customs services and the Saudi Authorized Economic Operator Program.

Saudi Vice Minister of Finance Abdulmuhsen Alkhalaf participated in the AIIB annual meetings in Samarkand, urging investment in carbon capture and food security projects.

Saudi Arabia achieves record poultry meat production of 558 million kg in H1 2024, a 9% increase, advancing food security and Vision 2030 goals.

MEWA emphasizes soilless organic agriculture to tackle environmental issues and boost output. Learn how Saudi Arabia is expanding this sustainable farming method.

MAWANI launches FEM1 shipping service at Jeddah Islamic Port to boost trade connectivity with China, Malaysia, and Türkiye, advancing Vision 2030 logistics goals.

Saudi-Georgian Business Forum in Tbilisi sees signing of trade agreements, with over 200 companies participating to boost bilateral trade and investment.

ZATCA and NCP launch EOI and RFQ phase for developing and operating customs warehouses at 38 ports and land crossings, advancing Saudi Vision 2030 logistics goals.

Saudi investors propose investment funds to develop Egypt’s tourist destinations, enhancing bilateral economic ties and aligning with Vision 2030 goals.

The Saudi SME Loan Guarantee Program (Kafalah) receives two prestigious international awards for innovation in SME finance at the SME Finance Forum in São Paulo.

Saudi Minister of Finance Mohammed Aljadaan and Qatari Minister of Finance Ali bin Ahmed Al Kuwari signed a MoU in Doha to enhance financial cooperation and economic growth.

Saudi Minister of Finance Mohammed Aljadaan led the Kingdom’s delegation to the 122nd GCC Financial and Economic Cooperation Committee meeting in Doha, Qatar, discussing economic diversification and cooperation.

The 13th National Pomegranate Festival in Al-Baha showcases how pomegranate farming boosts food security and economic growth, aligning with Saudi Vision 2030.

Dr. Ryadh Alkhareif leads second IMFC Deputies Meeting in Washington, advancing global economic cooperation and Saudi Arabia’s Vision 2030 goals.

The Coastal Highway in Jazan, spanning 112.5 km, enhances tourism, economic development, and connectivity, supporting Saudi Vision 2030 goals.