Category: Economy

Saudi Industry Minister Bandar Alkhorayef met Jordanian officials to enhance mining cooperation, focusing on phosphate and potash, aligning with Vision 2030.

Saudi Arabia showcases premium dates and coffee at the 10th World Water Forum in Bali, highlighting agricultural excellence and Vision 2030 progress.

Asian shares traded mixed on Thursday with Japan’s Nikkei 225 up 1.3% while Hong Kong’s Hang Seng fell 1.6%. Oil prices declined as the dollar weakened against the yen.

GASTAT reports 3.3% rise in Saudi non-oil exports for Q1 2024, driven by re-exports and chemicals. Explore details and Vision 2030 alignment.

OIC Secretary-General Hissein Brahim Taha calls for stronger institutional frameworks to boost multilateral economic participation at COMCEC meeting in Ankara.

Saudi date companies visit Alibaba headquarters to boost exports. NCPD leads initiative, highlighting 14% export surge and Vision 2030 alignment.

The Islamic Development Bank and Mauritania signed a partnership framework agreement to support economic transformation during the Joint Annual Meetings of Arab Financial Institutions 2024 in Cairo.

Saudi Minister of Investment Khalid Al-Falih leads delegation to Sino-Gulf Cooperation Forum in Xiamen, highlighting rapid development and diverse cooperation.

The Second Mango Festival in Al-Makhwah, organized by the Ministry of Environment, Water, and Agriculture, showcases local agriculture and community collaboration.

Moody’s affirms Saudi Arabia’s A1 credit rating with a positive outlook, citing reform progress and diversification efforts under Vision 2030.

Saudi Finance Minister Al-Jadaan participated in the G7 Finance Ministers meeting in Stresa, Italy, discussing AI, debt relief, and cross-border payments.

Saudi Arabia’s fashion industry hits SAR92.3 billion, offering lucrative opportunities for entrepreneurs backed by Vision 2030 and record venture capital.

Saudi Central Bank invites public consultation on draft Internal Audit and Compliance Principles for finance companies via Istitlaa platform, aligning with Vision 2030.

The Saudi Energy Efficiency Center hosts the ESCO 2024 Forum in Riyadh, showcasing initiatives and investment opportunities in energy efficiency aligned with Vision 2030.

The ninth Saudi-Austrian Joint Committee session in Vienna on May 28, 2024, will strengthen economic ties and mutual growth across sectors.

Reef Saudi establishes 11 agricultural marketing centers across the Kingdom, enhancing fruit sector value chains and supporting Vision 2030 rural development goals.

Diriyah Company starts construction on premium office space in Diriyah Square, featuring five sustainable buildings, 39,000 sqm GLA, and amenities, advancing Vision 2030.

ROSHN Group partners with SIMAH to enhance transparency and accelerate home ownership in Saudi Arabia, supporting Vision 2030 goals.

Saudi Minister of Economy and Planning Faisal Alibrahim met with Austrian Institute of Economic Research Director Gabriel Felbermayr in Vienna to discuss global economic developments.

The Public Investment Fund (PIF) establishes Neo Space Group (NSG) to develop Saudi Arabia’s satellite and space industries, supporting Vision 2030 economic diversification.

Saudi Economy Minister Faisal Alibrahim met Austrian Minister Martin Kocher in Vienna to discuss strengthening trade and economic cooperation, reinforcing Vision 2030 ties.

Sports Boulevard Foundation doubles private real estate investment fund for the Arts District to SAR2 billion, boosting private sector participation in Riyadh’s mega project.

Saudi Arabia’s General Authority for Competition participated in the ICN annual conference in Brazil, enhancing global cooperation and supporting Vision 2030 economic goals.

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits Netherlands to enhance industrial and mining cooperation, explore investment opportunities, and strengthen bilateral trade under Vision 2030.

Saudi Arabia’s Economy Minister Faisal Alibrahim meets OFID Director General in Vienna to discuss cooperation on global development and Vision 2030 alignment.

The Saudi ESCO 2024 forum began in Riyadh, uniting energy efficiency providers to advance sustainable practices and support Vision 2030 goals.

DCO launches EconomiX magazine to provide insights on digital economy, AI, and upskilling. The first issue features interviews with global leaders and supports Vision 2030.

SWPC announces financial close for Juranah ISWR in Makkah, a 2 million cubic meter reservoir with private investment of SAR 1.5 billion, supporting Vision 2030.

Saudi Economy Minister Faisal Alibrahim visits Austrian Institute of Technology to discuss technology cooperation, boosting Vision 2030 innovation goals.

Saudi Exports showcases 25 tech companies under ‘Saudi Made’ pavilion at GITEX Africa 2024 in Marrakech, emphasizing service exports and economic diversification aligned with Vision 2030.

CEDA discusses Q1 2024 economic report, healthcare transformation, and Vision 2030 progress, highlighting Saudi Arabia’s resilience and diversification.

Saudi-Austrian Joint Committee meets in Vienna to enhance economic cooperation, innovation, and investment opportunities, aligning with Vision 2030.

Saudi Arabia and Austria signed a memorandum of understanding to enhance economic cooperation in trade, industry, R&D, and more, during a joint committee session in Vienna.

The Ministry of Environment, Water, and Agriculture distributes the first batch of tissue-cultured strawberry mother plants to farmers, boosting local production and food security in line with Saudi Vision 2030.

The National Debt Management Center concludes its $5 billion Sukuk issuance, attracting $20 billion in orders, reflecting strong confidence in Saudi Arabia’s economy.

Saudi Minister of Industry Bandar Alkhorayef visited Dutch companies Philips Healthcare, FrieslandCampina, and Upfield to enhance cooperation in medical devices, food processing, and sustainability.

Saudi Arabia’s Ministry of Energy participates in the inaugural meeting of the Levant Pilot Project with Jordan and Egypt, advancing the Arab common electricity market and Vision 2030 goals.

SAMA invites public feedback on draft Banking Tariff Guideline via Istitlaa platform for 15 days, aiming to enhance transparency and consumer protection in Saudi banking.

Saudi Arabia boosts gaming investment to SAR1.09 billion, aiming to become a global esports leader by 2030 through strategic initiatives and Vision 2030.

Saudi Minister of Economy Faisal Alibrahim met Italy’s Adolfo Urso to discuss industrial development and SME cooperation, advancing Vision 2030 goals.

GCC Secretary General Jasem Albudaiwi highlights the Financial and Economic Cooperation Committee’s key role in enhancing joint integration and economic growth.

The National Debt Management Center completes a SAR63.1 billion early purchase of debt instruments, issuing new Sukuk worth SAR64.1 billion to manage future maturities and support Vision 2030.

Saudi Arabia and Qatar sign a Double Taxation Avoidance Agreement in Doha, enhancing economic ties and supporting transparency in tax matters.

Saudi Minister of Finance Mohammed Aljadaan headed the Kingdom’s delegation at the 121st GCC Financial and Economic Cooperation Committee meeting in Doha.

National Livestock and Fisheries Development Program organizes visit for Saudi poultry companies to Thailand’s CPF Group to learn latest technologies and foster partnerships.

Monsha’at concludes 18-month Global Expansion Project, supporting 20 Saudi companies in the US, UK, UAE, and Singapore, resulting in four agreements and over 50 potential investors.

The Public Investment Fund (PIF) has been ranked the world’s most valuable sovereign wealth fund brand in 2024 by Brand Finance, highlighting its role in Vision 2030.

Saudi EXIM signs $500M credit facility with Macquarie and insurance framework with Allianz to finance and insure Saudi non-oil exports, supporting Vision 2030.

Saudi Minister of Industry Bandar Alkhorayef held talks with major Dutch companies to enhance industrial cooperation in vehicles, petrochemicals, and food sectors, advancing Vision 2030 goals.

Saudi Minister of Economy Faisal Alibrahim met with Italian Trade Agency President Matteo Zoppas in Rome to discuss economic and trade cooperation.

Saudi Minister of Economy Faisal Alibrahim met Italian Minister Giancarlo Giorgetti in Rome to discuss trade, investment, and Vision 2030 opportunities.

Tunisian Prime Minister Ahmed Al-Hachani praises Saudi ties during ACWA Power green hydrogen partnership signing, highlighting energy cooperation and Vision 2030 alignment.

Saudi Arabia partners with Alibaba to market Saudi dates globally, aiming to boost exports and support Vision 2030 economic diversification goals.

ZATCA begins accepting ATA Carnet for temporary imports at all customs points, simplifying procedures and boosting Saudi Arabia’s events sector in line with Vision 2030.

The third Global Project Management Forum opened in Riyadh under the patronage of Minister Al-Jasser, focusing on leadership, empowerment, and sustainability in project management.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met in Riyadh to extend voluntary oil production cuts, reinforcing OPEC+ efforts to stabilize markets.

Saudi Arabia’s AfDB Governor Dr. Ryadh Alkhareif led the Kingdom’s delegation to the 2024 AfDB Annual Meetings in Nairobi, highlighting $5B support for Africa.

Saudi Aramco announces secondary public offering of 1.545 billion shares, price range SAR 26.70-29.00, supporting Vision 2030 economic goals.

SAUDI EXPORTS signs MoU with Alibaba to enhance global market access for Saudi products, supporting Vision 2030 economic diversification goals.

Saudi communications and IT exports exceeded SAR6.3 billion in 2023, driven by Vision 2030 programs and support for national tech companies.

King Abdul Aziz Port in Dammam handled a record 292,612 TEUs in May 2024, surpassing its previous milestone, highlighting Saudi Arabia’s logistics excellence.

Saudi Arabia and Morocco discuss enhancing economic cooperation in mining, industry, and finance during high-level talks in Rabat, aligning with Vision 2030 goals.

Saudi Arabia’s GACA authorizes India’s Akasa Air to operate 14 weekly flights to Jeddah and 7 to Riyadh, boosting Vision 2030 connectivity and trade links.

Saudi Exports to showcase 19+ national companies at Construction Expo Africa 2024 in Kenya, boosting non-oil exports and Vision 2030 goals.

Saudi Arabia’s Ministry of Environment reveals livestock and fisheries investment opportunities worth over SAR20 billion by 2030, aligning with Vision 2030 and boosting GDP.

Saudi investors have signed a contract to establish the Saudi Logistics City in the free zone at Djibouti Port, marking the largest overseas logistics zone developed by a Saudi alliance. The agreement, announced on June 4, 2024, covers an initial phase of 120,000 square meters and extends for 92 years, providing a strategic gateway for […]

Jeddah Chamber chairman Mohammed Naghi met TUSIAD head Orhan Turan to discuss trade, technology, construction and tourism opportunities, strengthening Saudi-Turkish business ties under Vision 2030.

Director General of Ministry of Environment, Water and Agriculture in Jazan meets UN FAO delegation to discuss sustainable agriculture and rural development under Vision 2030.

The Public Investment Fund (PIF) successfully prices its inaugural sterling bond offering of 650 million GBP, oversubscribed six times, supporting Vision 2030.

President Guelleh of Djibouti meets with Saudi Chambers Federation Chairman Al-Huwaizi to strengthen economic ties, highlighting the Saudi logistics zone as a gateway to Africa.

Banque Saudi Fransi completes rebranding to BSF, reflecting commitment to Vision 2030 and next-generation banking solutions for customers.

The Saudi Central Bank (SAMA) joins the BIS mBridge project, advancing cross-border payments using wholesale CBDC technology and supporting Vision 2030.

Saudi Minister of Industry Bandar Alkhorayef visits Tangier’s automotive industry, exploring cooperation with Renault to advance Vision 2030 localization goals.

Saudi Arabia and Ethiopia sign agreement to establish a joint business council during the Ethio-Saudi Investment and Trade Forum in Addis Ababa.

GCC Secretary General Jasem Albudaiwi meets with Eng. Mohammad Al Shabrami to discuss the GCC Railway Project, highlighting its role in boosting regional connectivity and Vision 2030.

Madinah date sales surge to over SAR7.7 million in a week due to pilgrim influx and harvest season, reflecting Saudi Arabia’s agricultural strength.

National Labor Observatory reports over 11.3 million private sector workers in May 2024, with 2.35 million Saudis employed. Saudi labor market shows strong growth.

The Saudi Fund for Development signs its first development loan agreement with El Salvador, providing $83 million for a water treatment and biogas power project.

The Ministry of Environment, Water, and Agriculture, in partnership with the FAO, held a training course in Jazan on organic fertilizer production to enhance sustainable agriculture and food security.

Saudi CMA invites public consultation on draft amendments to share buyback and treasury share sale rules, aiming to enhance market flexibility and align with global practices.

Aramco has set the final price for its secondary public offering at SAR27.25 per share, offering 1.545 billion shares. Learn about the details and impact.

Reef Saudi invested SAR 86 million in 16 projects in 2023 to boost sustainable fish production, support fishermen, and align with Vision 2030 goals.

The International Islamic Trade Finance Corporation (ITFC) allocated $3.808 billion to the energy sector in 2023, representing 55% of its total trade finance approvals, prioritizing IsDB and OIC member countries.

GASTAT reports Saudi Arabia’s non-oil activities grew 3.4% year-on-year in Q1 2024, contributing 50% of GDP, advancing Vision 2030 economic diversification.

Saudi Aramco discloses shareholder structure after allocating 1.545 billion shares, with government retaining 97.62% and international investors holding 0.73%.

Saudi Ports Authority (Mawani) reports 8.09% rise in cargo tonnage for May 2024, highlighting progress toward Vision 2030 logistics hub goals.

The Ministry of Commerce conducts over 12,765 inspections in Madinah to ensure market stability and pilgrims’ wellbeing during Hajj season.

SAMA reports 13% growth in Saudi finance companies’ assets to SAR 64.2 billion in 2023, highlighting sector strength and Vision 2030 progress.

The Islamic Development Bank signs a $150 million financing agreement for the Rogun Hydroelectric Power Station in Tajikistan, boosting clean energy and regional cooperation.

Canadian Embassy delegation visits Jazan Chamber to discuss economic, industrial, and agricultural investment opportunities, aligning with Saudi Vision 2030.

Prince Fahd bin Mansour leads Saudi delegation to G20 YEA Summit in Brazil, showcasing Kingdom’s entrepreneurial achievements and Vision 2030 goals.

The Social Development Bank participates in the G20 Young Entrepreneurs’ Alliance Summit in Brazil, highlighting Saudi Arabia’s entrepreneurial achievements and Vision 2030 alignment.

Saudi Aramco completes secondary public offering of 1.545 billion shares at SAR 27.25, enhancing liquidity and broadening its investor base.

Saudi Arabia participated in the 3rd TNC Ministerial Meeting on the OIC Trade Preferential System in Istanbul, reaffirming its commitment to boosting intra-OIC trade and Vision 2030 goals.

The Saudi Export Development Authority’s ‘Made in Saudi’ program receives bronze at the MMA SMARTIES International Awards for its digital marketing campaign.

The Capital Market Authority invites feedback on draft amendments to Investment Funds Regulations, aiming to boost the asset management industry and debt market.

ZATCA calls on individuals to pay zakat through Zakaty app, a digital service offering secure payments, asset calculations, and direct benefit to social security recipients.

Saudi EXIM participated in TXF Global 2024, highlighting $12B in credit facilities, plans to exceed $20B annually by 2030, and signed MoUs with Greece and Sweden to boost non-oil exports.

Dr. Majid Al-Qasabi represents Saudi Arabia at UNCTAD’s 60th anniversary, highlighting e-commerce growth and Vision 2030 alignment in Geneva.

The Arab League and Japan are organizing the 5th Japan-Arab Economic Forum in Tokyo from July 9-11, 2024, to strengthen economic ties and support Saudi Vision 2030.