Category: Economy

Saudi Arabia participates in the 48th Baghdad International Fair with 55 companies, showcasing non-oil exports and strengthening trade ties with Iraq under Vision 2030.

The Saudi National Products Expo in Kuwait concluded with over SAR300 million in deals, showcasing 60+ Saudi companies and boosting Vision 2030 non-oil exports.

ZATCA urges taxpayers to benefit from fines cancellation and penalties exemption initiative until June 30, 2025. Learn about covered fines, conditions, and how to apply.

Discover why the Tihama area of Al-Baha region is a top destination for beekeepers, producing 20% of Saudi Arabia’s honey annually with 3,000 registered apiarists.

Mawani announces five new shipping services from Hapag-Lloyd and Maersk to Jeddah, Dammam, and Jubail ports, boosting Saudi Arabia’s global logistics hub status.

Kafalah issued SAR13.9 billion in loan guarantees in 2024, supporting 5,346 SMEs with over SAR18 billion in financing, a 17% increase from 2023, advancing Saudi Vision 2030.

Saudi Arabia’s TGA published a performance index ranking the 10 largest parcel delivery companies by complaint rates after 48 million parcels were delivered in Q4 2024.

Saudi Arabia leads GCC participation in the second round of Free Trade Agreement negotiations with Indonesia in Riyadh from February 3 to 6, 2025, covering trade, investment, and digital economy.

International Saudi Coffee Exhibition in Jazan blends rain’s aroma with coffee scent, showcasing finest beans, cultural events, and investment opportunities.

Jeddah hosts the inaugural ‘Made in Pakistan 2025’ Business Exhibition and Forum from February 5-7, 2025, featuring 130+ exhibitors and boosting Saudi-Pakistani trade.

Saudi Energy Minister Prince Abdulaziz bin Salman and German Finance Minister Jörg Kukies witness ACWA Power and SEFE signing a green hydrogen MoU targeting 200,000 tons annually by 2030.

Jazan watermelon farmers expect over 15,000 tons this season, meeting high Ramadan demand and supporting Saudi food security and Vision 2030 goals.

Saudi Minister Bandar Alkhorayef declares Wa’ad Al Shamal Industrial City a global model for industrial integration, highlighting over SAR80 billion in phosphate investments and Vision 2030 alignment.

Saudi-Jordanian Business Council meeting in Amman stresses new phase of cooperation to boost trade and investment, aligning with Saudi Vision 2030 goals.

Saudi Commerce Minister Dr. Majid Al-Kassabi inaugurated the Makkah Halal Forum, highlighting the $7 trillion halal market and Vision 2030 goals for sustainable development.

Truffle markets in Saudi Arabia’s Northern Borders generate over SAR1 million in nine days, selling 7,000 kg and attracting 19,000 visitors, boosting local economy.

Saudi Minister of Economy and Planning Faisal Alibrahim met Swiss private sector leaders to discuss investment, technology, and AI cooperation during an official visit.

Japanese stocks closed higher on February 27, 2025, with the Nikkei rising 0.3% to 38,256.17 and the TOPIX gaining 0.73% to 2,736.25, per Saudi Press Agency.

The Makkah Halal Forum concluded on February 28, 2025, reaffirming Saudi Arabia’s leadership in the global halal economy and its commitment to Vision 2030.

The Saudi Fund for Development concluded its participation in the 5th Finance in Common Summit in Cape Town, showcasing over 800 projects in 100+ countries.

Saudi Finance Minister Mohammed Aljadaan concluded his participation at the G20 FMCBG meeting in Cape Town, discussing global economic challenges and Vision 2030 alignment.

ZATCA continues its optional ZAKATY service for individuals for the eighth year, enabling easy Zakat calculation and payment via app and website.

Saudi Arabia’s date production exceeds 1.9 million tons in 2024, achieving 119% self-sufficiency. Explore how this strategic crop supports food security and Ramadan traditions worldwide.

Monshaat’s SME Monitor Report reveals a 67% quarterly rise in Saudi commercial registrations in Q4 2024, reaching 1.6 million businesses, with sustainability driving SME trends.

ICIEC and ITFC sign a letter of credit insurance policy in Jeddah to enhance trade confidence and facilitate Shariah-compliant transactions across OIC member countries.

Japanese stocks closed higher on March 3, 2025, with the Nikkei rising 1.7% to 37,785.47 and TOPIX up 1.77% to 2,729.56, signaling broad market strength.

Mawani announces two new CMA CGM shipping services, BIGEX3 and BIGEX4, connecting Jeddah and Dammam ports to India, Oman, and Iraq, boosting trade and Vision 2030 logistics goals.

ZATCA urges taxpayers to benefit from the Cancellation of Fines and Exemption of Penalties Initiative ending June 30, 2025. Learn eligibility, conditions, and how to apply.

Jazan mangoes arrive in Saudi markets as Ramadan begins, with high demand and prices from SAR50 to SAR200 per carton. Farmers expect increased supply soon.

Saudi Arabia’s poultry meat production exceeds 1 million tons with 72% self-sufficiency. Ministry launches ‘Our Table from Our Land’ campaign for Ramadan, boosting food security and Vision 2030 goals.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to oil market stability, confirming a gradual return of 2.2 mbd voluntary adjustments from April 1, 2025.

SAMA licenses Tamara Finance to provide consumer finance and buy-now-pay-later services, bringing the total number of licensed and permitted finance companies to 65.

PIF and Goldman Sachs Asset Management sign MoU to launch private credit and public equity strategies in Saudi Arabia and the GCC, boosting Vision 2030 investment goals.

ZATCA calls on establishments to submit February withholding tax forms by March 10, 2025, via zatca.gov.sa to avoid a 1% late payment penalty per 30 days.

Saudi Arabia’s dairy sector confirms over 2.6 million tons produced, ensuring ample supply during Ramadan and advancing Vision 2030 food security goals.

Saudi Arabia’s non-profit sector exceeds SAR 100 billion in economic contribution, reaching 3.3% of GDP and advancing Vision 2030 goals two years ahead of schedule.

SME Bank launches the second phase of its agency model with Manafa, Lendo, and Tameed, targeting SAR 240 million in financing for Saudi enterprises in 2025.

AlUla’s lush oasis spans 16,579 hectares with over 3.1 million palm trees, producing 116,056 tons of dates annually. The Royal Commission for AlUla drives sustainable agriculture and heritage preservation under Saudi Vision 2030.

The Islamic Development Bank receives the DFI of the Year 2025 Award at Istanbul PPP Week, recognizing its Sharia-compliant infrastructure financing and climate leadership.

Discover how Ramadan markets in Aseer, Saudi Arabia, are driving economic opportunity and community spirit, aligning with Vision 2030 goals.

Date markets across Saudi Arabia’s Eastern Region report doubled sales this Ramadan, offering over 15 varieties from Al-Ahsa, Qatif, Qassim and Madinah.

Wareef Charity receives second-place recognition from the General Authority for Awqaf for the Alinma Wareef Endowment Fund, valued at over SAR 87 million.

Saudi Arabia’s red meat production exceeds 270,000 tons in 2023, achieving 61% self-sufficiency and advancing Vision 2030 food security goals.

Mawani and DP World launch SAR3 billion expansion of Jeddah Islamic Port’s South Container Terminal, doubling capacity to 4 million TEUs by 2026.

Around 600 multinational corporations have established regional headquarters in Saudi Arabia since 2021, driven by tax incentives and Vision 2030 reforms.

Saudi women’s labor market participation rose from 21.2% in 2017 to 35.4% in 2024, driven by Ministry of Human Resources initiatives under Vision 2030.

GASTAT reports Saudi Arabia’s real GDP grew 1.3% in 2024, with non-oil activities up 4.3% and fourth-quarter growth of 4.5%, the highest in two years.

Ministry of Commerce conducts 23,000 inspections in Makkah during Ramadan to ensure fair trade and protect Umrah performers, aligning with Vision 2030 goals.

Saudi Ports Authority (Mawani) reports an 18.25% year-on-year rise in export containers for February 2025, with cumulative throughput up 14.44% in Jan-Feb.

Saudi Arabia’s liquidity grew by SAR236.129 billion in 2024, reaching SAR2.921 trillion by year-end, according to the Saudi Central Bank’s latest bulletin.

ITFC signs Master Murabaha Agreement with Mutual Trust Bank in Dhaka to enhance trade finance for SMEs in Bangladesh, supporting private sector growth and Vision 2030.

The Public Investment Fund establishes Al Waha Duty-Free Company, the first Saudi-owned travel retailer, to boost tourism and capture passenger spending in line with Vision 2030.

Ramadan Nights Markets in Madinah, organized by Al-Ahyaa Centers Association and Madinah Municipality, support 35+ families with traditional products and live events.

Sports Boulevard Foundation will present Riyadh’s 135 km urban regeneration mega-project at MIPIM 2025, showcasing $1.47 billion in investment opportunities aligned with Vision 2030.

Saudi Aramco CEO Amin Nasser urges a balanced global energy transition at CERAWeek 2025, warning of a $6-8 trillion annual investment gap and a ‘fast track to dystopia’.

Saudi Arabia’s Ministry of Industry and Mineral Resources opens pre-qualification for its 9th exploration licensing round across three mineral belts spanning 24,946 km.

Prince Saud bin Naif receives Saudi-Korean Business Council Chairman Fahd Al-Walan in Dammam to discuss investment opportunities and Vision 2030 alignment.

Saudi Arabia’s tomato production exceeded 691,875 tons in 2023, achieving 76% self-sufficiency. The Ministry of Environment, Water, and Agriculture highlights food security progress.

Saudi Arabia reaches 87% potato self-sufficiency with 621,751 tons produced in 2023, advancing food security and Vision 2030 goals, per the Ministry of Environment, Water, and Agriculture.

ITFC wins two Islamic Finance News Deal of the Year awards for 2024, recognizing $604 million financing for Egypt’s EGPC and $30 million facility for Tajikistan.

Ehsan platform signs MoUs with ASEEL, ARAT Capital, Safqah, and Abyan Capital to enable Zakat payments from investments via digital apps, advancing Saudi Arabia’s Vision 2030.

SDRPY’s livelihood support initiative in Yemen has created over 13,000 jobs, empowering communities and boosting food security across agriculture, fisheries, and livestock.

The Islamic Corporation for the Development of the Private Sector provides $25 million in Islamic financing to Uzbekistan with Asian Alliance Bank to boost SMEs and private-sector growth.

Saudi bank credit reaches record SAR3,005,946 million by end of January 2025, up 15% annually, according to Saudi Central Bank data, supporting Vision 2030.

REGA participated in MIPIM in Cannes to showcase Saudi real estate regulations and investment opportunities, aligning with Vision 2030’s economic diversification goals.

The Universal Postal Union and Islamic Development Bank Institute met in Jeddah to explore cooperation in digital postal Islamic financial services, boosting financial inclusion.

Saudi Arabia achieves 98% self-sufficiency in watermelon production, with over 613,632 tons in 2023. MEWA promotes local watermelons for Ramadan hydration and nutrition.

S&P Global upgrades Saudi Arabia’s credit rating to A+ with stable outlook, citing economic diversification and Vision 2030 progress. Learn more about the implications.

SOCPA CEO Dr. Ahmed Abdullah Al-Meghames participated in the IFAC Board meeting in New York, highlighting Saudi Arabia’s global leadership in accounting and auditing.

Saudi Arabia’s grape production exceeds 122,000 tons in 2023, reaching 66% self-sufficiency. Learn how this supports food security and Vision 2030.

New Murabba showcases its strategic vision and investment potential at MIPIM 2025, reinforcing Saudi Arabia’s economic diversification and Vision 2030 goals.

The Council of Economic and Development Affairs held a virtual meeting to review economic reports, budget performance, and Vision 2030 progress, highlighting a 21% increase in non-oil revenues.

Federation of Saudi Chambers President meets Vietnamese Ambassador to enhance economic ties, discussing trade and a joint business council.

Saudi Arabia’s annual inflation rate remained steady at 2% in February 2025, one of the lowest among G20 countries, reflecting economic stability and Vision 2030 progress.

AlUla’s orange harvest concludes as Ramadan begins, with citrus fruits becoming essential on iftar and suhoor tables. Learn about the region’s thriving citrus industry.

Saudi Arabia’s mining sector hits 2,401 valid licenses by end of 2024, driven by building materials quarries and exploration, supporting Vision 2030 economic diversification.

Saudi Arabia’s fig production exceeded 28,159 tons in 2023, reaching 107% self-sufficiency and advancing food security under Vision 2030, per the Ministry of Environment, Water and Agriculture.

Mawani adds MSC’s ‘Clanga’ shipping service to Jubail Commercial Port, linking Saudi Arabia with Singapore, Shanghai, and Colombo to boost trade and logistics.

SAL and Sela sign SAR4 billion agreement to establish a logistics zone in Falcons City north of Riyadh, supporting Saudi Vision 2030 and global trade.

The National Debt Management Center closes the March 2025 SAR-denominated Sukuk issuance at SAR2.64 billion, supporting Vision 2030 and local debt market growth.

The National Housing Company begins construction of a SAR271 million power substation and electrical lines at Sadayem Destination in Jeddah, enhancing infrastructure for over 8,000 homes.

Ministry of Industry awards exploration licenses to local and global companies for Kingdom’s first mineralized belts at Jabal Sayid and Al-Hajjar, covering 4,788 sq km.

The Islamic Corporation for the Development of the Private Sector (ICD) hosted Uzbekistan’s AgroBank and SmartBank to discuss Islamic banking, financing, and sukuk issuance.

Japanese stocks ended mixed on March 19, 2025, with Nikkei down 0.25% and TOPIX up 0.45%. SPA reports on implications for Saudi Arabia and Vision 2030.

Al-Baha’s unique agriculture enriches Ramadan iftar and suhoor tables across Saudi Arabia, supporting local economy and Vision 2030 goals.

Saudi Arabia reaches complete self-sufficiency in table egg production with over 8 billion eggs in 2024, boosting food security and Vision 2030 goals.

Saudi Arabia’s CMA launches public consultation on draft rules for debt instruments crowdfunding, aiming to expand financing sources and align with Vision 2030.

ZATCA calls on commercial establishments with revenues over SAR40 million to submit February 2025 VAT statements by March 31, 2025, via its website or app.

Jeddah’s sweets markets experience a business surge as Eid Al-Fitr approaches, with shoppers buying chocolates and traditional confections. Retailers offer luxury packaging and home delivery.

SAMA licenses ALANNAYA AL-YATMANIA to provide finance aggregation services, bringing the total to five licensed providers in Saudi Arabia. This move supports financial inclusion and Vision 2030.

Saudi Arabia’s Ministry of Industry and Mineral Resources will showcase industrial transformation, sign global agreements, and promote investment at Hannover Messe 2025.

Saudi Aramco completes acquisition of 50% stake in Blue Hydrogen Industrial Gases Company, advancing hydrogen production and Vision 2030 goals.

Saudi Arabia’s Ministry of Investment launches new incentives and premium services to attract foreign investment and develop the mining sector, supporting Vision 2030.

Jeddah’s men’s clothing markets surge ahead of Eid Al-Fitr with competitive offers on thobes, shumaghs, and agals, reflecting Saudi Arabia’s vibrant retail sector and Vision 2030 goals.

Social Development Bank’s Q1 2025 financing exceeds SAR1.7 billion, benefiting 20,000+ citizens and enterprises, advancing Saudi Vision 2030 goals.

Commercial activity flourishes in Saudi Arabia’s Northern Borders Region as shoppers prepare for Eid Al-Fitr. Authorities ensure a safe, well-regulated retail environment.

Mawani adds Jeddah-Port Sudan Express by CULines at Jeddah Islamic Port, boosting Saudi Arabia’s role as a global logistics hub connecting three continents.

Saudi Arabia’s Capital Market Authority invites public feedback on a draft to enhance governance of Special Purpose Entities and simplify procedures, supporting sukuk market growth.

GASTAT reports Saudi Arabia’s total unemployment rate fell to 3.5% in Q4 2024, with Saudi national unemployment at 7% and female participation rising to 36%.

Saudi Food and Drug Authority reports a record 82% increase in licensed factories and warehouses in 2024, spanning food, pharma, cosmetics, devices, and feed sectors.