Category: Economy

GCC Secretary-General Jasem Albudaiwi says GCC-UK ties rest on cooperation and shared interests as the Strategic Dialogue advances a landmark Free Trade Agreement in London.

The International Dates Council, supported by Saudi Arabia’s National Center for Palms and Dates, showcases Ajwa dates and varieties from 17 member states at SIAL Paris 2026.

Qassim Region Municipality announces 34 investment opportunities in Buraidah across six sectors, inviting private sector participation via the Furas platform.

Makkah Chamber marks World Food Day 2026, showcasing Saudi innovations in smart agriculture, date and camel milk products, and advanced food processing.

Saudi Minister Abdulrahman Alfadley launches first phase of sustainable agricultural parks, signing seven contracts worth SAR6 billion in GDP contribution over 15 years.

The Agricultural Development Fund showcases financing programs and digital services at the 43rd Saudi Agriculture Exhibition in Riyadh, strengthening food security.

Qassim’s local wheat is driving growing demand for whole-grain bread in Saudi Arabia, linking nutrition, heritage, and Vision 2030 economic goals.

IsDB Chairman Dr. Muhammad Al Jasser and Malaysian Central Bank Governor Dato’ Sri Abdul Rasheed Ghaffour met in Kuala Lumpur to strengthen strategic partnership in Islamic finance and sustainable development.

Malaysian PM Anwar Ibrahim and IsDB Chairman Dr. Muhammad Al Jasser meet in Jeddah to discuss promoting entrepreneurship, SMEs, and job creation.

Oil prices settled mixed on Monday, October 20, 2026, as Brent crude fell 0.3% to $109.55 while WTI rose 2.2% to $103.66, its highest since September 15.

Olive presses in Al-Jouf Region begin processing this season’s harvest, reinforcing Saudi Arabia’s position as a leading olive oil producer.

The Future Investment Initiative Institute postpones its 10th edition to 2027, ensuring the milestone conference meets global expectations. Registrations remain valid.

Saudi Reef hands over five beekeeping and honey production projects worth over SAR48.2 million to the Reef National Foundation, boosting food security and rural development.

Aseer Municipality has offered 25 new investment opportunities via the Furas platform across commercial, tourism, health, and industrial sectors in Saudi Arabia.

AgriServ is showcasing livestock, plant, and fisheries services at Saudi Agriculture 2026 in Riyadh, highlighting digital solutions and Vision 2030 alignment.

SAMA Governor Ayman Al-Sayari delivers Saudi Arabia’s statement to the IMFC in Bangkok, outlining resilience, reform priorities, and Vision 2030 alignment.

IsDB Chairman Dr. Muhammad Al Jasser begins a two-day official visit to Malaysia to discuss Islamic finance, private sector development, and Vision 2030-aligned cooperation.

The Jazan Chamber of Commerce and Industry report identifies logistics investment opportunities in agriculture, fisheries, and e-commerce, aligning with Saudi Vision 2030 goals.

Saudi EXIM launches Export Business Accelerator with 50 enterprises to boost non-oil exports and global competitiveness, aligning with Saudi Vision 2030 goals.

Brent crude fell 0.96% to $108.80 and WTI dropped 0.23% to $101.18 in early Asian trading after the US lifted sanctions and tariffs on Russia, SPA reports.

Saudi Reef has provided over SAR1.2 billion in support to 34,000 beneficiaries in Jazan, implementing nine agricultural projects worth SAR81.7 million.

Saudi Arabia retains presidency of the International Dates Council as member states confirm 6 million tons of annual production, about 60% of global output.

The “10 From Saudi” program selects 10 startups for an international track at HEC Paris at STATION F, accelerating their growth and European market expansion.

Saudi Arabia concludes its participation in the 2026 World Bank-IMF Annual Meetings, highlighting global economic leadership and Vision 2030 alignment.

The 15th Al-Baha Pomegranate Festival concluded with sales exceeding 60 tons, showcasing 50 farmers and 10 cottage industries, aligned with Saudi Vision 2030.

GCC-Stat reports industrial investments in GCC states reached $426 billion, with nearly 22,000 factories and 1.7 million workers, boosting non-oil growth.

IsDB Group and Gulf International Bank meet in Bangkok to expand cooperation in sukuk, Islamic capital markets, and sustainable development financing.

IsDB Group and Senegal reaffirm partnership to support economic recovery, advance development investments, and explore innovative financing solutions.

The Islamic Development Bank and TD Bank Group discuss a long-term capital markets partnership focused on sukuk issuances and expanding the IsDB’s global investor base.

The National Center for Palms and Dates leads 19+ Saudi date companies to SIAL Paris 2026, showcasing quality and boosting exports in line with Vision 2030.

The GCC and World Customs Organization signed an MoU addendum in Brussels, designating the GCC Customs Union Authority as the counterpart for customs cooperation.

Tabuk markets and shopping centers are experiencing a surge in economic activity and consumer traffic as residents prepare for Eid Al-Fitr.

Farmers in Qassim Region start planting winter vegetables as the 52-day fall transition begins on October 16, boosting food security and sustainability in Saudi Arabia.

On World Food Day, Jazan Region reinforces Saudi Arabia’s national food security through rich crop diversity, modern irrigation, and Vision 2030-aligned agricultural growth.

GACA imposed fines exceeding SAR3.8 million across 147 violations in Q1 2025 for contravening Civil Aviation Law.

The Capital Market Authority proposes reducing the minimum transaction value for Parallel Market investors from SAR40 million to SAR30 million.

The Saudi Stock Exchange Main Index (TASI) closed lower by 71.87 points at 11,706.21 points with a trading value of SAR5.4 billion.

Saudi Arabia’s FDI inflows reached SAR159 billion in 2025, up 33.5%, while FDI stock rose 8.3% to SAR1.059 trillion, official SPA figures show.

TASI closed up 83.31 points at 11,778.08 on trading value of SAR4.2 billion, with NOMU up 75.17 points at 30,610.63.

The Transport General Authority said licensed companies delivered more than 16.5 million parcels in the first 20 days of Ramadan, with a 19th-day peak of 1,036,660.

Istitlaa, the National Competitiveness Center’s public consultation platform, has opened 23 economic and development projects for feedback with 14 government agencies.

The 12th Riyadh Economic Forum concluded with 33 strategic recommendations from five studies, aiming to enhance Saudi Arabia’s national economic efficiency and support Vision 2030.

The IsDB Group and Uzbekistan signed a $202 million agricultural mechanization agreement during talks in Bangkok, advancing their strategic partnership.

Hail Region strengthens agricultural production through pomegranate cultivation, with farms producing up to 150 tons annually, supporting Saudi Vision 2030 food security goals.

Brent crude fell $1.39 to $104.67 and WTI dropped $1.02 to $94.07 as investors assessed Middle East supply risks, per Saudi Press Agency.

SAMA licensed ALANNAYA AL-YATMANIA to provide finance aggregation services, bringing the total number of licensed companies in Saudi Arabia to five.

CIBAFI participates in the World Bank Group and IMF Annual Meetings in Bangkok, strengthening Islamic finance ties and supporting Saudi Vision 2030 goals.

The Islamic Development Bank and IFAD signed a co-financing agreement in Jeddah to mobilize up to $750 million for sustainable agriculture and rural development.

The ‘Your Project’ pavilion at RIYAD 26 in Qassim connects Saudi entrepreneurs with guidance, training, and funding opportunities to develop their ideas.

IsDB Group Chairman Dr. Muhammad Al Jasser calls for economic resilience and sustainable growth in the Middle East, North Africa, Afghanistan, and Pakistan at IMF meeting in Bangkok.

Dr. Zaid Al-Ghareeb highlights Saudi Arabia’s record-breaking solar, wind, and clean hydrogen achievements at the 25th WPC Energy Congress in Riyadh, emphasizing leadership and resilience.

The IEA warns global diesel supplies will remain tight until 2027, impacting inflation and economic activity. Saudi Arabia remains a key stabilizing force in energy markets.

Local lemon cultivation in Al-Jouf Region strengthens Saudi Arabia’s crop diversification, food security, and Vision 2030 goals with affordable, high-quality produce.

GCC Secretary-General Jasem Albudaiwi highlights Gulf economic resilience and diversification at the IMF MENAP meeting in Bangkok, stressing integration and partnerships.

Saudi Arabia announces 2030 targets of 50% renewable and 50% gas power generation at the 25th WPC Energy Congress in Riyadh, emphasizing supply security and efficiency.

Experts at the 25th WPC Energy Congress in Riyadh discuss social priorities, workforce development, and human capital in the global energy transition.

GCC Secretary-General Jasem Albudaiwi affirms growing Gulf-China economic ties and banking integration at Bangkok meeting with People’s Bank of China Governor.

GCC Secretary-General Jasem Albudaiwi emphasizes expanding trade, logistics, and tech partnerships with Asian economies at the GCC-Asia Economic Forum in Bangkok.

Saudi Arabia imposes five-year anti-dumping duties of 15.8% to 38.7% on Chinese aluminum can lids to protect local manufacturers, aligning with Vision 2030.

Riyadh Municipality has introduced 2025 investment opportunities through the FURAS platform, covering over 20 sites and more than 175,000 square meters.

The IMF extended Mohammed Aljadaan’s term as Chair of its International Monetary and Financial Committee until January 2028, after his original three-year term.

A panel at the 25th WPC Energy Congress in Riyadh discussed how AI technologies improve decision-making and efficiency in the energy sector.

The 15th Saudi-Swiss Joint Economic Committee session boosts cooperation in healthcare, biotechnology, infrastructure, finance, and mining, aligning with Vision 2030.

Governor of Riyadh Region Prince Faisal bin Bandar bin Abdulaziz opened the 12th Riyadh Economic Forum on behalf of King Salman.

The Roads General Authority said the Saudi Road Code recommends allocating 5% of parking spaces along commercial roads for electric vehicles, equipped with charging points.

Al-Madinah Al-Munawwarah Chamber received Uzbekistan’s Consul General Sirojiddin Shamsutdinov to discuss trade and investment opportunities.

ICIEC, a member of the IsDB Group, provides €500 million in insurance coverage to Benin, securing long-term funding for key development projects under Vision 2060.

The 25th World Petroleum Congress in Riyadh emphasized sustainable investment decisions, market stability, and Saudi Arabia’s role in global energy security.

The IsDB Group and IFSB have signed a Strategic Collaboration Framework in Jeddah to strengthen Islamic finance regulation, financial inclusion, and sustainable growth.

GCC Secretary-General Jasem Albudaiwi met IFC Vice President Imad Najib Fakhoury in Bangkok to discuss economic cooperation and development initiatives.

SAMA licenses Trafileks Company to conduct money changing activities in Saudi Arabia, bringing the total number of licensed money changers in the Kingdom to 64.

The IMF extends Saudi Finance Minister Mohammed Aljadaan’s term as IMFC Chair until January 2028, recognizing the Kingdom’s role in fostering global economic consensus.

GCC Secretary-General Jasem Albudaiwi met BIS General Manager Pablo Hernández de Cos in Bangkok to discuss economic issues of common interest.

GCC Secretary-General Jasem Albudaiwi met Egypt’s Foreign Minister Badr Abdelatty in Bangkok to discuss economic cooperation, investment and regional stability.

The 25th WPC Energy Congress in Riyadh highlighted Saudi Arabia’s leading role in shaping the global energy future through technology, talent, and Vision 2030.

GCC Secretary-General Jasem Mohamed Albudaiwi met IMF Arab Group representative Dr. Mohamed Ahmed Maait in Bangkok.

Saudi Competitiveness and Business Center launches online store verification via Tawakkalna app, boosting consumer protection and e-commerce transparency in the Kingdom.

The Saudi Ministry of Finance concluded its participation in the Q1 meeting of the International Public Sector Accounting Standards Board in Washington DC.

The IsDB and Benin signed co-financing agreements for a road project and an agricultural project, with €326.06 million in IsDB funding.

IsDB Group Chairman Dr. Muhammad Al Jasser meets Nigeria’s Finance Minister Taiwo Oyedele, approving six projects in agriculture, energy, health, infrastructure, and climate.

Saudi Energy is participating in the 25th World Petroleum Congress hosted by Saudi Arabia from October 11 to 15, 2026, as a National Energy Partner.

ZATCA conducted over 59,000 inspection visits across Saudi Arabia in Q3 2026, targeting retail, gold and tobacco shops to strengthen tax compliance and fairness.

The Islamic Development Bank Institute and Universal Postal Union launch Prosper MSMEs to expand e-commerce and Islamic digital financial services across eight member countries.

Minister of Finance Mohammed Aljadaan leads Saudi Arabia’s delegation to the 2026 IMF-World Bank Annual Meetings in Bangkok, highlighting Vision 2030 and global economic leadership.

At the 25th WPC Energy Congress in Riyadh, Saudi officials highlighted Vision 2030’s economic transformation, with FDI reaching SAR1.1 trillion and private sector driving 75% of investment.

The Islamic Development Bank and Thailand deepen cooperation in education, community resilience, and economic empowerment, highlighting 30 projects and 635 scholarships since 1985.

The International Dates Council will hold its sixth session on October 18 in Muscat, Oman, reviewing its 2026 report, strategic plan, and electing new board members.

FII Institute launches THINK report on transforming business with AI, examining how enterprises can turn investment into value through governance and workforce development.

Saudi Ministry of Energy hosts IEF17 and seventh JODI Heads meeting in Riyadh, advancing global energy security, data transparency, and Vision 2030 goals.

Prince Faisal bin Bandar to inaugurate the 12th Riyadh Economic Forum, discussing smart agriculture and knowledge localization under King Salman’s patronage.

GCC Secretary-General Jasem Albudaiwi stresses economic unity, Customs Union, and Common Market as key to competitiveness and sustainable development at Manama meeting.

Dr. Muhammad Al Jasser will lead the IsDB delegation to the 2026 World Bank Group and IMF Annual Meetings in Bangkok, focusing on economic stability and development.

Date curing in Qassim Region preserves crop quality and extends shelf life, supporting Saudi Arabia’s agricultural excellence and Vision 2030 goals.

The Oil Sustainability Program signs MoU with Saudi Readymix to develop NovusCrete concrete technologies, advancing sustainable construction in line with Vision 2030.

The Islamic Development Bank Group launches its 2026-2030 partnership strategy for Indonesia with $2.56 billion in indicative financing to support sustainable development.

Saudi EXIM has surpassed SAR150 billion in credit facilities, boosting non-oil exports and supporting Vision 2030 economic diversification goals.

Al-Baha farmers begin harvesting pomegranates from around 750,000 trees, producing over 10,000 tons, coinciding with the 15th Pomegranate Festival.

The Friday market in Riyadh Al-Khabra, Qassim Region, supports local vendors and preserves Saudi heritage, aligning with Vision 2030 goals for economic and cultural growth.

FII Institute and Arthur D. Little launch report identifying five EV financing gaps, calling for better mechanisms to accelerate global adoption.

Saudi Minister of Commerce Majid Al-Kassabi participates in the 71st GCC Commercial Cooperation Committee meeting to advance regional trade and Vision 2030.