Category: Economy

Saudi Minister of Economy and Planning Faisal Alibrahim met with Berlin Global Dialogue Chairman Professor Lars-Hendrik Röller to discuss global economic developments and cooperation.

Saudi Arabia sets Guinness World Record for largest food cluster with Jeddah project spanning 11 million sqm, targeting SAR20bn investment and 43,000 jobs by 2035.

55 Saudi companies showcase construction products under ‘Made in Saudi’ pavilion at Big 5 Global 2024 in Dubai, boosting non-oil exports and Vision 2030 goals.

ZATCA mandates customs declarations 72 hours before arrival to accelerate clearance, reduce costs, and enhance Saudi Arabia’s competitiveness as a global logistics hub.

Mawani adds Silmar Group’s IXS cargo service to Jeddah Islamic Port, boosting Saudi Arabia’s maritime connectivity and supporting Vision 2030 logistics goals.

Saudi Arabia’s Cabinet, led by Crown Prince Mohammed bin Salman, approves the 2025 state budget with SAR1.285 trillion in expenditures, aligning with Vision 2030 goals.

Saudi Arabia, Russia, and Iraq meet in Baghdad to reaffirm OPEC+ commitment to oil market stability, voluntary cuts, and compensation for overproduction.

Saudi Ministry of Finance announces FY 2025 budget with SAR1,285 billion expenditures and SAR1,184 billion revenues, targeting a SAR101 billion deficit (2.3% of GDP) while advancing Vision 2030.

Saudi Arabia and Djibouti signed a bilateral investment agreement in Riyadh to protect and promote mutual investments, enhancing economic ties and Vision 2030 goals.

HRH Crown Prince Mohammed bin Salman reaffirms Saudi Arabia’s commitment to economic diversification and financial strength following the 2025 budget announcement.

Saudi Arabia announces nine investment agreements worth over SAR35 billion at the 28th World Investment Conference in Riyadh, boosting global supply chains and Vision 2030.

AgroFood Jeddah exhibition begins December 3-5 at Jeddah Center, sponsored by the Agricultural Development Fund, showcasing agriculture and food innovations.

AgroFood Jeddah 2024 showcases latest agricultural products and technologies with exhibitors from 12 countries, sponsored by the Agricultural Development Fund.

SEDA leads 35 Saudi companies at Food Africa in Cairo, promoting Saudi food exports and African market opportunities in line with Vision 2030 goals.

The third Zakat, Tax, and Customs Conference 2024 opens in Riyadh under ZATCA, bringing global officials together to shape sustainable economic ecosystems.

ICIEC signs Service Agreement with ITFC and partners to develop a three-year business plan for the Africa-Arab Guarantee Fund, boosting Arab-African trade and investment.

ZATCA and the Egyptian Customs Authority signed a mutual recognition agreement on Authorized Economic Operator programs during the Zakat, Tax and Customs Conference in Riyadh.

Saudi Venture Capital invests in Aliph Fund I, managed by Aliph Capital, to support mid-market SMEs in Saudi Arabia and the GCC, aligning with Vision 2030.

Hail region holds SAR 72.3 billion in mineral resources, driving Saudi Vision 2030’s mining goals. Discover key details, economic impact, and future prospects.

GCC Secretary General Jasem Albudaiwi met Jordan’s Investment Minister at the First GCC-Jordan Investment Conference to boost economic ties and strategic partnerships.

Saudi Arabia and Iceland signed a double taxation avoidance agreement in Riyadh on December 4, 2024, boosting trade, investment, and Vision 2030 economic ties.

GCC Secretary-General Jasem Albudaiwi highlights deep historical ties and economic integration with Jordan at the First GCC-Jordanian Investment Conference.

Taif roses, now UNESCO-listed, drive over SAR64 million in investments, with 550 million roses harvested annually from 910+ farms in Saudi Arabia.

Saudi Minister of Finance Mohammed Al-Jadaan signs key tax and customs agreements with Croatia, Kosovo, and Kuwait at the Zakat, Tax and Customs Conference in Riyadh, boosting trade and investment.

The Saudi-French Investment Forum in Riyadh concluded with major agreements across energy, defense, and technology, strengthening bilateral ties and supporting Vision 2030.

Saudi Arabia’s Ministry of Economy and Planning and UNDP sign agreement to enhance economic and social development, supporting Vision 2030 and global cooperation.

Saudi-Chinese Business Council Forum in Beijing sees 24 agreements signed to boost economic cooperation in healthcare, biotechnology, and investment, supporting Vision 2030.

Saudi Arabia and Pakistan signed a customs cooperation agreement in Riyadh on December 4, 2024, to enhance trade facilitation and exchange expertise.

Saudi bank credit reached a record SAR2.88 trillion in October 2024, up 12.5% annually, per SAMA. The milestone supports Vision 2030 economic diversification.

Saudi Arabia’s Ministry of Economy and Planning becomes the first entity in the Kingdom to earn EFQM four-star recognition under the 2025 model, marking a global milestone in public sector excellence.

Visitors at the third Jeddah International Agriculture and Food Exhibition explore cutting-edge technologies like artificial trees and vertical farming, advancing Saudi Vision 2030 goals.

Saudi Arabia’s ZATCA and Morocco’s General Directorate of Taxes signed an MoU in Riyadh to enhance tax administration cooperation and knowledge exchange.

Monsha’at hosts Import and Export Week from December 8-12 in Riyadh, Madinah, Jeddah, and Dammam to empower SMEs and entrepreneurs in global trade.

PIF and Bpifrance Assurance Export sign a five-year MoU for up to $10 billion in financing support to PIF and its portfolio companies, boosting Saudi Vision 2030.

The National Debt Management Center and Tarmeez Capital sign an MoU to develop government-supported savings products, advancing Saudi Vision 2030’s financial goals.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman extend voluntary oil production cuts to support market stability until 2026.

OPEC+ holds 38th Ministerial Meeting, extends oil production cuts to 2026 and thanks Saudi Arabia for exceptional leadership in stabilizing global oil markets.

Saudi Capital Market Authority sets December 31, 2024, as the final deadline for the eighth FinTech Innovation Testing License review round, inviting eligible firms to apply.

Jazan City Port for Primary and Downstream Industries receives its first CMA CGM container ship, launching a new shipping line and boosting Saudi Arabia’s logistics hub status.

The Islamic Development Bank Group participated in the Africa Investment Forum Market Days 2024 in Rabat, Morocco, to drive strategic investments and economic transformation in Africa.

Saudi Minister Bandar Alkhorayef meets local and international food companies in Hail to explore cooperation opportunities in the potato sector, advancing Vision 2030 goals.

Saudi Vice Minister Khalid Al-Mudaifer outlines mining sector reforms, exploration expansion, and Vision 2030 alignment at Resourcing Tomorrow in London.

SAMA’s Data Center Facility in KAFD receives TIER IV Gold and triple sustainability certifications from the Uptime Institute, reinforcing Saudi Arabia’s Vision 2030 goals.

SAMA Governor Ayman Al-Sayari met HKMA Governor Eddie Yue in Hong Kong to deepen cooperation on monetary policy, financial innovation, and payment systems.

Saudi-Slovenian Business Forum in Riyadh on Dec 8, 2024, brings 60+ Slovenian companies to explore Vision 2030 investment opportunities and partnerships.

Saudi GAFT concludes eight-week Regional Trade Policy Course in Riyadh with WTO and King Saud University, training officials from nine Middle Eastern countries.

Saudi Arabia’s real GDP grew 2.8% in Q3 2024, driven by a 4.3% surge in non-oil activities, according to GASTAT. This reflects Vision 2030 progress.

Jeddah hosts the International Trade Fair 2024 from December 10-12, showcasing global brands in construction, machinery, textiles, and furnishings to boost Saudi trade and Vision 2030.

Al-Baha region’s fertile soil and moderate climate make it ideal for coffee cultivation, with Ministry of Environment support boosting production and aligning with Vision 2030.

Jazan’s Al-Khudeir sorghum season reflects the region’s agricultural heritage and supports its local economy, aligning with Saudi Vision 2030 goals for rural development.

Saudi-Slovenian Business Forum in Riyadh explores investment opportunities, with trade up 192% in 2023. Ministers discuss Vision 2030 and bilateral cooperation.

Monsha’at’s Q3 2024 SME Monitor report reveals 135,909 new commercial registrations in Saudi Arabia, with strong participation from women and youth, highlighting Vision 2030 progress.

SAMA announces the launch of Samsung Pay in Saudi Arabia through mada, enhancing digital payments and financial inclusion in line with Vision 2030.

Saudi Arabia and the EU held a two-day roundtable in Riyadh to strengthen trade ties, reduce barriers, and explore new investment cooperation under Vision 2030.

Saudi Ports Authority reports 4.29% year-on-year rise in cargo throughput for November 2024, with container exports up 23% and vehicle imports up 11.82%.

Minister of Municipalities and Housing approves 1.5 million sqm industrial city in Dammam, boosting Vision 2030 economic diversification and private-sector investment.

A French trade delegation explored investment opportunities in smart cities, green energy, AI, and cybersecurity at the Asharqia Chamber in Dammam, highlighting growing Saudi-French economic ties.

Saudi Arabia and the UK held a high-level business roundtable in Riyadh to boost investment in finance, clean energy, healthcare, and Vision 2030 mega-projects.

GASTAT reports Saudi Arabia’s Industrial Production Index rose 5% in October 2024, driven by oil, non-oil and mining activity growth aligned with Vision 2030.

Abdulaziz Alfuraih inaugurates IPSASB meetings in Riyadh, highlighting Saudi Arabia’s leadership in public sector accounting, transparency, and sustainability standards.

Saudi Ministry of Economy and Planning conducts national workshop with OECD experts for 30 government entities to boost collaboration and share Vision 2030 achievements.

Saudi Arabia and the EU concluded a trade roundtable in Riyadh, reaffirming commitment to deepening ties across all fields and boosting trade volume to $52 billion.

Turkish exporters explore Saudi market opportunities at Riyadh forum, aiming to boost trade and partnerships across 10 sectors, aligning with Vision 2030.

Mawani launches JRS shipping service by Global Feeder Shipping at Jeddah Islamic Port, linking Saudi Arabia to India, Egypt, and Oman to boost trade and Vision 2030 goals.

Saudi Arabia’s liquidity grows by over SAR247 billion year-on-year, reaching SAR2,936 billion by October 2024, reflecting 9.2% growth and strong economic foundations.

Saudi Ambassador Dr. Abdullah Al-Bussairy met Algerian Minister Mohammed Boukhari in Algiers to boost trade and investment, aligning with Saudi Vision 2030 goals.

Saudi Arabia’s GAFT led the GCC delegation at the first round of GCC-Japan FTA negotiations in Riyadh, advancing trade ties and Vision 2030 goals.

New Murabba, a PIF company, concluded its Platinum Partner participation at MIPIM Asia Summit 2024 in Hong Kong, showcasing investment opportunities and Vision 2030 alignment.

Saudi Arabia hosts IMS24 in Riyadh from Dec 15-17, 2024, bringing global event leaders to explore investment in the G20’s fastest-growing MICE sector.

World Trade Expo 2024 kicks off at Jeddah Exhibition and Events Center, attracting global decision-makers to explore partnerships and investment in Saudi Arabia’s booming market.

Saudi Arabia’s SGI Talks highlight how innovative finance, public-private partnerships, and platforms like GCOM and RVCMC are accelerating climate action and empowering everyday investors.

Saudi Arabia launches an integrated agricultural city in Taif, covering over 30 million square meters, to boost food security and Vision 2030 goals.

Saudi Arabia’s Public Investment Fund completes acquisition of approximately 15% stake in Heathrow Airport’s holding company, reinforcing Vision 2030 global investment strategy.

Saudi Arabia and the UK reaffirm commitment to strengthen economic partnership and increase bilateral trade to £30bn by 2030, following Prime Minister Keir Starmer’s visit to Riyadh.

Monsha’at wraps up Export and Import Week with 26 public and private entities, engaging over 1,729 entrepreneurs across Riyadh, Madinah, Jeddah, and Al-Khobar.

Saudi farmers in Qassim successfully cultivate strawberries and other berries using hydroponics, reducing imports and advancing food security under Vision 2030.

Najran’s farmers embrace sustainable agriculture and coffee cultivation, driving economic growth and supporting Saudi Arabia’s Vision 2030 food security goals.

The Madinah Investment Forum opens tomorrow, presenting over 200 investment opportunities worth SAR57 billion across key sectors, aligning with Saudi Vision 2030.

Saudi Minister Abdulrahman Alfadley inaugurates Yanbu Grain Handling Terminal with over 3 million tons annual capacity, boosting food security and Vision 2030 goals.

Over 2.25 million individuals registered on Saudi Arabia’s freelance platform by September 2024, contributing SAR72.5 billion to GDP, per Future Work report.

Mawani launches Milaha’s MRX shipping service at Jeddah Islamic Port, linking Saudi Arabia with India, UAE, Egypt, and Jordan to boost trade and Vision 2030 goals.

Saudi Central Bank licenses Majd Saudi Payments to provide e-wallet solutions, bringing licensed payment service providers in Saudi Arabia to 26. This supports financial inclusion and Vision 2030.

The National Debt Management Center closes its December 2024 SAR-denominated sukuk issuance at SAR11.598 billion, with four tranches maturing between 2027 and 2034.

The Federation of Saudi Chambers initiates the first Saudi-Kuwaiti Business Council to boost economic cooperation, investment, and trade ties between the two nations.

Saudi Arabia’s Ministry of Industry extends bidding deadline to January 21, 2025, for exploration licenses in first mineralized belts valued at SAR9.3 trillion.

Saudi Minister of Economy Faisal Alibrahim met Chinese Ambassador Chang Hua to discuss economic, investment, and trade relations, reinforcing Vision 2030 goals.

Saudi Arabia’s non-profit sector revenue reached SAR54.4 billion in 2023, a 33% increase, per GASTAT’s latest bulletin, highlighting Vision 2030 progress.

Saudi Arabia’s Council of Economic and Development Affairs convened virtually to review economic reports, Vision 2030 progress, and key indicators, reaffirming the Kingdom’s resilience.

Deputy Minister Eng. Khalil bin Ibrahim bin Salamah participates in Muscat workshop to strengthen Saudi-Omani industrial integration, boosting trade and supply chains.

ZATCA determines selection criteria for Wave 19 of the E-invoicing Integration Phase, covering taxpayers with VAT revenues above SAR 1.75 million and setting a September 30, 2025 deadline.

Al-Hariq Governorate hosts the Ninth Citrus Festival from January 1-10, 2025, showcasing over 20 citrus varieties from 350 farms and 94,000 trees, supporting Saudi food security and Vision 2030.

The Investment Opportunities Exhibition in Commercial Transport and Communications launched at Umm Al-Qura University in Makkah, showcasing opportunities aligned with Vision 2030.

GASTAT releases 2023 Food Security Statistics Bulletin, revealing dates at 119% self-sufficiency and shrimp at 147%, highlighting Saudi Arabia’s agricultural progress.

Saudi Export Development Authority organizes a services export tour in Oman from Dec 29-31, 2024, showcasing Saudi logistics, IT, consulting, and medical services.

Saudi and Qatari officials co-chaired a roundtable in Riyadh to discuss investment partnerships across communications, IT, banking, industry, mining, tourism, and more.

GASTAT’s 2023 Comprehensive Economic Survey reveals Saudi Arabia’s business sector generated SAR5,292 billion in operating revenues, with SAR867.8 billion in capital investment.

ZATCA extends its Cancellation of Fines and Exemption of Penalties Initiative to June 30, 2025, offering taxpayers more time to comply and benefit from waived penalties.

Japan’s Nikkei fell 0.96% to 39,894.54 as investors took profits after a near-20% annual rally. TOPIX declined 0.6% to 2,784.92. SPA reports.

Saudi Arabia Railways begins operational tests for a new freight track outside Al-Ahsa’s urban area, set to start operations on January 28, 2025, boosting logistics and safety.

Governor of the Northern Border Region Prince Faisal bin Khalid congratulates Saudi beekeeper Satam Alshammari on winning the Gold Shield at the Paris International Honey Awards.