Category: Economy

GASTAT reports Saudi non-oil exports reached SAR27.5 billion in August 2024, up 7.4% year-on-year, highlighting progress in economic diversification under Vision 2030.

Monsha’at hosts Biban24 Forum Nov 5-9 in Riyadh, featuring 100+ speakers at Biban Talks to empower entrepreneurs and drive innovation aligned with Vision 2030.

IsDB President Dr. Muhammad Al Jasser meets IMF Managing Director Kristalina Georgieva to discuss innovative financing and the $3 trillion Islamic finance industry.

Saudi Electricity Company concludes strategic partnership in Energy Localization Forum, signing 45 agreements worth over SAR 54.7 billion to advance Vision 2030 goals.

IsDB President Dr. Muhammad Al Jasser commends ACG-World Bank dialogue to boost sustainable growth in MENA through joint financing for key sectors.

The 41st Saudi Agriculture Exhibition in Riyadh concluded with over 30,000 visitors, 370 exhibitors from 29 countries, and 12 strategic agreements signed.

Saudi Minister Faisal Alibrahim and Uzbek Deputy PM Jamshid Kuchkarov meet in Washington to discuss strengthening economic ties and Vision 2030 partnerships.

Saudi Minister of Economy Faisal Alibrahim met with World Bank Group official Sabine Bernabè in Washington to explore collaboration opportunities.

The GCC Standardization Organization and the International Electrotechnical Commission signed a memorandum of understanding and regional adoption agreement in Edinburgh, advancing Gulf standards harmonization.

The Saudi Fund for Development concluded its participation in the Multilateral Industrial Policy Forum 2024 in Riyadh, showcasing 50 years of global development impact.

Aseer’s beekeeping industry welcomes lavender honey, a premium new variety introduced by Dr. Ali Al-Shehri, priced at SAR1,000 per kilogram and aligned with Vision 2030.

The Energy Localization Forum in Riyadh concluded with 107 agreements worth SAR104 billion, advancing Saudi Arabia’s energy sector localization and Vision 2030 goals.

Saudi Arabia participated in the G20 Trade and Investment Ministerial in Brasilia, Brazil, highlighting WTO reform, women’s economic empowerment, and sustainable development.

Engineer Abdulrahman bin Saleh Al-Fageeh, Chief Executive Officer of the Saudi Basic Industries Corporation (SABIC), led a high-level delegation of Saudi business leaders to the Business 20 (B20) meetings held on October 24 and 25, 2024, in Sao Paulo, Brazil. The delegation participated under the theme “Inclusive Growth for a Sustainable Future,” representing the commercial […]

Al-Kharj’s Agricultural Experiment Station achieves saffron cultivation breakthrough using vertical farming, signaling new investment opportunities in Saudi Arabia’s agricultural sector and supporting Vision 2030 goals.

Saudi Geological Survey launches second batch of geological data packages, covering 30% of Arabian Shield, boosting mining investment and Vision 2030 goals.

Saudi Arabia’s GACA signs 15 air transport agreements at ICAN 2024 in Malaysia, boosting global connectivity and Vision 2030 goals for aviation and logistics.

Saudi Fund for Development CEO Sultan Al-Marshad participated in the 2024 IMF and World Bank annual meetings in Washington, strengthening global development partnerships.

Eng. Hani Salem Sonbol of ITFC held talks in Washington with The Gambia’s Finance Minister and Afreximbank President to boost trade finance and sustainable development.

Saudi EXIM signs three memoranda of understanding with AFC, IDB Invest, and CAF to boost non-oil exports and global competitiveness, aligning with Vision 2030.

Saudi Minister of Finance Mohammed Al-Jadaan holds press conference with IMF MD Kristalina Georgieva to convey key IMFC actions, highlighting Saudi leadership in global economic policy.

The Arab Monetary Fund and Palestinian government signed a letter of intent governing Saudi Arabia’s financial support program, ensuring transparency and economic reforms.

Saudi Minister of Finance Mohammed Al-Jadaan affirms full support for the G20 Roadmap to reform Multilateral Development Banks at the 4th FMCBG meeting in Washington.

Saudi Minister Faisal Alibrahim outlines Vision 2030 human capital reforms at GCC-WBG event, emphasizing education, health, and workforce readiness.

Saudi Arabia expands Manilkara zapota cultivation in Jazan, Eastern Region, and Aseer, boosting agricultural diversity and sustainability under Vision 2030.

Reef Saudi receives the Construction Management Innovation Partnership Award from IBMAR, recognizing its sustainable rural development projects under Vision 2030.

Saudi Arabia’s NIDLP launches the enhanced Daleel platform with AI and support for seven languages, offering investors real-time data on energy, industry, mining, and logistics.

The Islamic Development Bank participated in a World Bank roundtable in Washington, with President Dr. Al-Jasser stressing data and knowledge partnerships for global development.

The Global PropTech Summit, organized by REGA, opens Sunday in Riyadh with 100+ speakers from 80 countries, showcasing real estate technology innovations.

Saudi Arabia’s real estate sector is being transformed by PropTech, with REGA integrating AI, blockchain, and IoT to boost transparency, efficiency, and Vision 2030 goals.

Saudi Arabia’s real estate price index rose 2.6% in Q3 2024, driven by commercial and residential growth, according to GASTAT data released via SPA.

Mawani announces the addition of Akkon Lines’ FES shipping service to Jeddah Islamic Seaport, linking Saudi Arabia to Türkiye and China and boosting Vision 2030 logistics goals.

Global Proptech Summit opens in Riyadh with 80 countries, highlighting Saudi Arabia’s push to become a global hub for real estate technology and Vision 2030.

Saudi Central Bank invites public feedback on draft Debt Collection Regulations for individuals via Istitlaa platform, aiming to protect rights and improve processes.

REGA launches Saudi PropTech Hub to foster real estate technology innovation, supporting Vision 2030 goals for economic diversification and technological advancement.

Third Saudi-UAE Economic Forum in Riyadh gathers 400+ investors, highlighting 25% trade growth to SAR 113bn and deepening cooperation under Vision 2030.

Saudi Arabia’s liquidity reaches a record SAR2.906 trillion by August 2024, growing 8.7% year-over-year, driven by strong demand deposits and Vision 2030 momentum.

The Islamic Development Bank participated in World Bank Group meetings with Arab ministers and governors, emphasizing economic stability, human capital, and private sector climate action.

Saudi Arabia extracts oil from Jazan jasmine flowers, marking a breakthrough in aromatic industry and advancing Vision 2030 economic diversification goals.

GASTAT publishes 2023 agricultural statistics: 1.75M tons of grain, 1.9M tons of dates, and 721K tons of greenhouse vegetables, showcasing Saudi Arabia’s agricultural progress.

Day two of the Global PropTech Summit in Riyadh showcases AI, virtual reality, and modern construction technologies, aligning with Saudi Vision 2030 goals for real estate transformation.

Monsha’at unveils Franchise Door at Biban24 Forum, boosting SME expansion and international franchising opportunities in Saudi Arabia.

AIIB and the Saudi Fund for Development sign an MoU in Washington to enhance cooperation on sustainable, resilient, and inclusive development in Asia and beyond.

Saudi Exports launches ‘Import from Saudi’ to connect global importers with Saudi exporters, boosting non-oil exports and Vision 2030 diversification goals.

Saudi Minister Faisal Alibrahim met SEB Chair Marcus Wallenberg at FII to discuss industrial and digital investment aligning with Vision 2030.

Saudi Minister of Economy and Planning Faisal Alibrahim met Morgan Stanley CEO Ted Pick at the eighth Future Investment Initiative to discuss financial markets and reforms.

The Global PropTech Summit in Riyadh concluded with a final statement urging investment in real-estate technologies, digital economy growth, and regulatory updates to support sustainable communities.

Mawani welcomes Emirates Shipping Line’s GRC service to Jeddah Islamic Port, boosting regional trade and Vision 2030 logistics goals with 2,550 TEU capacity.

Monsha’at releases a special report on Biban24 forum, highlighting 1.5 million commercial registrations, 7.7% unemployment, and over 10,000 opportunities.

Saudi Arabia and seven OPEC+ partners extend 2.2 million bpd voluntary oil production adjustments for one month until end of December 2024, per SPA.

Saudi Arabia’s Ministry of Finance showcases its accrual accounting transition to Oman, strengthening regional cooperation and Vision 2030 financial reforms.

Saudi Build and Saudi Elenex open November 4-7 at RICEC in Riyadh, drawing 600 companies from 31 countries as Saudi construction drives Vision 2030 growth.

SPPC starts qualification for four battery energy storage projects totaling 8000 MWh, advancing Saudi Arabia’s renewable energy and Vision 2030 goals.

Saudi-Turkish Business Forum in Istanbul concludes with 10 cooperation agreements, boosting trade ties and investment opportunities under Vision 2030.

Saudi Arabia maintains global leadership in date exports and production, with exports exceeding SAR1.463 billion in 2023 and production surpassing 1.9 million tons.

Eastern Region Youth Business Council delegation meets Saudi Ambassador to Qatar to explore investment opportunities and strengthen Saudi-Qatari economic ties.

Mawani launches Red Sea Express with MSC, linking Jeddah Islamic Port to Türkiye, Jordan, and Saudi Arabia, boosting trade and Vision 2030 logistics goals.

The Federation of Saudi Chambers launches a first-of-its-kind legal initiative to promote investment awareness between Saudi Arabia and Portugal under Vision 2030.

The National Housing Company wins the Impactful Economic Transformation award at the Global Procurement & Supply Chain Awards, highlighting Saudi Vision 2030 progress.

Saudi Arabia’s potato production rose 47% in 2023 to over 621,750 tons, reaching 86% self-sufficiency as the Kingdom advances food security under Vision 2030.

Deputy Minister of Municipalities and Housing Ehab Ghazi Al-Hashani inaugurated the 34th Saudi Build Exhibition in Riyadh, featuring 600+ exhibitors from 31 countries.

The International Islamic Trade Finance Corporation (ITFC) launches the second phase of the AfTIAS 2.0 Program in Mauritania, aiming to boost textile exports and empower SMEs.

Biban24, Saudi Arabia’s flagship entrepreneurship forum, opens in Riyadh with over 1,350 exhibitors and 10,000 investment opportunities for entrepreneurs.

IsDB announces $4.7 billion in 2024 development funding, tripling 2020 contributions, at COMCEC session in Istanbul. Chairman Dr. Al Jasser highlights digital inclusion.

Saudi Ministry of Industry awards six mining exploration licenses to local and international firms, advancing SAR9.3 trillion mineral wealth under Vision 2030.

ZATCA calls on establishments to submit October withholding tax forms by November 10, 2024, to avoid penalties. Learn about compliance and support channels.

Saudi Exports leads 15 national companies at the China International Import Expo in Shanghai, showcasing ‘Made in Saudi’ products and expanding non-oil exports.

Saudi Arabia’s Najran region achieves a groundbreaking rice cultivation success using modern irrigation, boosting food security and aligning with Vision 2030 goals.

Saudi Arabia’s delegation led by Majid Al-Kassabi concluded its participation in the 40th COMCEC session in Istanbul, advancing intra-OIC trade and Vision 2030 goals.

Biban24 forum in Riyadh showcases Saudi Arabia’s entrepreneurial ecosystem with 250+ speakers, 1,350 exhibitors, and 10,000 investment opportunities.

Saudi Ports Authority (Mawani) reports 8.26% cargo growth in October 2024, reaching 27 million tons. Outbound containers up 14%, inbound up 10%, supporting Vision 2030 logistics goals.

Monsha’at signs MoU with SME Corp Malaysia at Biban24 Forum in Riyadh to boost SME cooperation, knowledge transfer, and market access for entrepreneurs.

The Islamic Development Bank Group signs two major agreements with Türkiye to boost sustainable development, green finance, and regional connectivity, including a $100 million financing line and a €246.4 million railway commitment.

Monsha’at signs MoU with Bahrain’s Tamkeen at Biban24 Forum to boost SME cooperation, focusing on franchise exchange, training, and investment.

Saudi Premium Residency Center awards Entrepreneur Residency to 38 entrepreneurs from 14 nationalities at Biban24 Forum, advancing Vision 2030 talent goals.

The Quality of Life Program participates in Biban24 Forum in Riyadh to promote investment opportunities for entrepreneurs and support Vision 2030 goals.

Korean Minister of SMEs and Startups Oh Young-ju commends Biban24 Forum for advancing Saudi Arabia’s startup ecosystem under Vision 2030, highlighting global innovation trends.

Saudi Aramco is strategic sponsor of Biban24 forum, organized by Monsha’at in Riyadh, to support SMEs and entrepreneurship, aligning with Saudi Vision 2030.

Riyadh, November 6, 2024 — The Saudi Electricity Company (SEC) announced an 18% year-on-year increase in net profit for the third quarter of 2024, reaching SAR6.9 billion, according to a press release issued today. The company also reported a 19% rise in revenues to SAR28.3 billion for the quarter, underscoring its strong financial performance and […]

Monsha’at and Malaysia’s Pernas sign agreement at Biban24 to enhance franchise sector collaboration, training, and brand expansion, supporting Saudi Vision 2030.

Saudi Reef showcases rural entrepreneurship initiatives at Biban24, launching incubators for rural development and tourism to empower small farmers and align with Vision 2030.

Specialists at Biban24 Forum commend Saudi Arabia’s rise to third globally in entrepreneurship, highlighting women’s participation and AI’s role in sustainable growth.

SME Bank launches Educational Sector Financing Program at Biban24 to support SMEs in education with tailored financial solutions, aligning with Saudi Vision 2030.

Saudi Venture Capital invests $20 million in Booster Fund IV managed by BECO Capital to support early-stage startups in Saudi Arabia and the Gulf, advancing Vision 2030.

Saudi National Livestock and Fisheries Development Program participates in the 7th China International Import Expo in Shanghai, leading 10 companies to boost non-oil exports and trade ties.

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim met with Estonia’s Minister of Economy and Industry Erkki Keldo to discuss trade, investment, and global economic developments.

The Roads General Authority (RGA) presented its road sector strategy at Biban 24, focusing on safety, quality, and investment opportunities, aligning with Vision 2030.

The Human Capability Development Program participates in Biban24 to foster innovation and entrepreneurship among Saudi youth, aligning with Vision 2030 goals.

The Social Development Bank signed strategic agreements at Biban 24 to support entrepreneurs and innovators across industry, health, and fintech, advancing Saudi Vision 2030.

Day three of Saudi Build Exhibition highlights AI, automation, and smart materials driving Vision 2030’s sustainable construction transformation in the Kingdom.

Discover how the Biban24 Forum’s Innovative Products Area in Riyadh showcases 3D printing, AI, robotics, and more, empowering entrepreneurs and aligning with Vision 2030.

Saudi Arabia’s National GEM Report 2024-2023 reveals 42% of adults plan to start businesses within three years, the highest entrepreneurial intention in eight years.

Estonia’s Economy and Industry Minister Erkki Keldo outlined a three-pillar entrepreneurship framework at Riyadh’s Biban 24 Forum, highlighting capital, talent and tech.

Farmers in Al-Jouf begin olive pressing season, supplying local markets and competing in the Al-Jouf International Olive Festival, supporting Vision 2030 goals.

The Farmers’ Market at the AlUla Dates Festival boosts local farmers and artisans, aligning with Saudi Vision 2030. Learn about its economic impact and significance.

Saudi EXIM and Glencore sign a $300 million credit facility to expand Saudi mineral exports to over 156 markets, advancing Vision 2030 and global trade.

SPPC announces winning bidders for Rumah-1, Rumah-2, Al-Nairyah-1, and Al-Nairyah-2 IPP projects, adding 7,200 MW to Saudi Arabia’s energy mix by 2030.

The Islamic Development Bank Group signs a €246.4 million financing agreement with Türkiye to modernize the 660-kilometer Middle East Turkiye Eastern Railway line, boosting trade and sustainability.

Monsha’at and Google launch SMB Lab at Biban 24 to empower over 100 Saudi SMBs with AI-powered digital marketing tools, supporting Vision 2030 goals.

Saudi Central Bank hosts FSB Regional Consultative Group for MENA in Riyadh, discussing AI, financial vulnerabilities, and Vision 2030 alignment.