Category: Economy

Saudi Minister of Economy and Planning Faisal Alibrahim met with Chinese official Lu Hao in Riyadh to boost economic cooperation and discuss global development trends.

Saudi Arabia ranks 16th in the 2024 IMD World Competitiveness Yearbook, rising one spot and placing 4th among G20, highlighting Vision 2030 progress.

Kuwait’s Al-Zour refinery, fully operational at 615,000 bpd, boosts exports and regional energy cooperation, aligning with GCC goals and Vision 2030.

King Abdulaziz Port in Dammam receives 6 new quayside and gantry cranes, boosting capacity and supporting Saudi Vision 2030 logistics goals.

ZATCA reminds businesses with annual supplies over SAR40 million to file May VAT returns by June 30, 2024, to avoid fines. Submit via zatca.gov.sa or the ZATCA app.

Minister of Finance Mohammed Aljadaan led Saudi Arabia’s delegation to the 4th Saudi-Swiss Financial Dialogue in Zurich, strengthening economic ties and exploring fintech collaboration.

Saudi Arabia wraps up successful participation in G20 YEA 2024 Summit in Brazil, highlighting youth entrepreneurship and Vision 2030 achievements.

Madinah Municipality announces a 25-year investment opportunity to build a rural lodge on Al-Aqiq Valley Corniche, boosting tourism and economy in line with Vision 2030.

King Abdulaziz Port in Dammam receives three quay cranes and three rubber-tired gantry cranes, boosting capacity and aligning with Vision 2030.

Saudi Arabia’s GAFT led a delegation to the 8th Saudi-US TIFA Council meeting in Washington, aiming to boost trade and investment ties and support Vision 2030.

Mawani and Reviva sign SAR 30 million agreement to build a marine and industrial waste recycling plant at Jeddah Islamic Port, advancing Saudi Vision 2030 sustainability goals.

The Ministry of Industry and Mineral Resources issued 38,319 certificates of origin in May 2024, boosting Saudi exports and supporting Vision 2030 goals.

Kafalah program extends over SAR21.8 billion in guarantees to 5,500+ SMEs in Makkah and Madinah, enhancing services for pilgrims and advancing Vision 2030 goals.

Saudi Arabia launches a global first geographic survey for renewable energy sites, covering 850,000 sq km with 1,200 stations to boost Vision 2030.

Saudi Arabia’s non-oil exports surged by 12.4% in April 2024 compared to the same month a year earlier, according to the latest International Trade report released by the General Authority for Statistics (GASTAT). The report, published on GASTAT’s official website, highlights the Kingdom’s growing role in global trade and the continued diversification of its economy […]

UK-Saudi Sustainable Infrastructure Forum in London explores partnerships in sustainable city development and green energy, highlighting Saudi Arabia’s Vision 2030 and investment opportunities.

Saudi Arabia’s NIDLP showcases at China’s Transport Logistics Exhibition, highlighting Vision 2030 progress and signing an eco-friendly truck contract.

Saudi Exports leads 16 national companies at Transport and Logistics Exhibition 2024 in China, promoting Saudi Made and boosting non-oil exports.

British investors pledge support for Saudi renewable energy and infrastructure projects at the British-Saudi Sustainable Infrastructure Summit, deepening ties.

SFD CEO Sultan Al-Marshad participated in the OPEC Fund Development Forum in Vienna, meeting leaders from Sierra Leone, Sri Lanka, Maldives, and Somalia to boost development cooperation.

The National Debt Management Center closes June 2024 Sukuk issuance at SAR 4.414 billion, divided into three tranches, supporting Saudi Arabia’s Vision 2030 economic goals.

The Islamic Development Bank joined the 3rd OPEC Fund development forum in Vienna, emphasizing cooperation for sustainable development and Vision 2030 alignment.

Jazan City for Primary and Downstream Industries exports over 11,000 tons of pig iron to Italy, showcasing Saudi Arabia’s industrial growth and Vision 2030 progress.

Saudi EXIM Bank and OPEC Fund sign MOU to boost non-oil exports and development, supporting Saudi Vision 2030 goals for economic diversification.

SPPC signs PPAs for three solar projects totaling 5,500 MW with ACWA Power, Badeel, and Aramco Power, advancing Saudi Arabia’s renewable energy goals.

Saudi Minister Faisal Alibrahim met Malaysian Minister Rafizi Ramli to discuss enhancing economic ties on the sidelines of AMNC24 in Dalian, China.

Aramco and Sempra sign a non-binding agreement for a 20-year LNG offtake and potential 25% equity in Port Arthur LNG Phase 2, advancing Saudi Arabia’s global energy strategy.

Saudi Fashion Commission hosts a virtual meeting on entrepreneurship and SMEs, featuring expert speakers and covering key business growth topics.

NIDLP CEO Eng. Suliman Al-Mazroua met Saudi Ambassador to China Abdulrahman bin Ahmed Al-Harbi at Transport Logistic China 2024, discussing Saudi Arabia’s logistics advancements under Vision 2030.

Saudi Arabia, led by GAFT deputy governor, participated in the GCC-US Trade and Investment Dialogue and SelectUSA Investment Summit, strengthening economic ties.

SOCPA announces the second Accounting Solutions Hackathon, inviting professionals to innovate in accounting and auditing. Registration open until September 1.

MODON expands logistics spaces in Saudi industrial cities to over 4.8 million sqm, showcasing investment opportunities at Transport Logistics Shanghai.

The Saudi Electricity Company announces the completion of a strategic electrical interconnection project linking central and southern regions, enhancing grid reliability and supporting Vision 2030.

Saudi non-oil exports to China surpassed SAR 176 billion over five years, driven by chemicals and metals, reflecting Vision 2030 diversification goals.

Saudi Arabia’s trade surplus reached a record SAR41.411 billion in April 2024, driven by strong exports and Vision 2030 diversification efforts.

The Capital Market Authority’s 2023 report highlights record foreign investment, regulatory reforms, and global rankings, supporting Saudi Vision 2030.

Saudi Minister of Communications meets with U.S. Deputy Secretary of State to enhance digital economy, innovation, and research partnership under Vision 2030.

NIDLP’s 2023 annual report ‘Renewed Horizons’ highlights SAR345 billion GDP contribution, 74% non-oil export growth, and key projects advancing Saudi Vision 2030.

Aramco signs definitive agreements to acquire a 10% equity interest in HORSE Powertrain Limited, a new global powertrain company formed by Renault Group and Geely, advancing lower-carbon mobility solutions.

GCC Secretary General Jasem Albudaiwi affirms the GCC economy’s strength and its ability to face challenges, highlighting robust US trade ties and Vision 2030 alignment.

The Islamic Development Bank approves $368.98 million for education, health, and energy projects in Türkiye, Turkmenistan, and Suriname.

GASTAT reports Saudi Arabia’s overall unemployment rate stable at 3.5% in Q1 2024, with Saudi unemployment at 7.6% and rising female participation.

ZATCA extends the Cancellation of Fines and Exemption of Financial Penalties Initiative until 31 December 2024, offering relief to taxpayers and supporting economic recovery in Saudi Arabia.

Mawani launches CBS shipping service linking Jeddah Islamic Port with China and Egypt, boosting Saudi Arabia’s global trade connectivity and Vision 2030 goals.

Saudi Arabia’s GFSA completes awarding of 235,000 tons of imported wheat for 2024, ensuring food security and strategic reserves.

Imam Turki bin Abdullah Royal Nature Reserve launches beekeeping season with 85 beekeepers and over 17,000 hives producing premium honey varieties.

Saudi Ministry of Commerce begins imposing direct fines on companies failing to submit financial statements, with penalties from SAR4,000 to SAR20,000. A move to enhance transparency under Vision 2030.

Saudi Stock Exchange main index closes at 11606.09 points, down 52.44, with trading value SAR6.3 billion. NOMU also declines. Read full report.

Time and savings deposits in Saudi banks reach all-time high of SAR889.558 billion, reflecting 23.4% annual growth and Vision 2030 progress.

Canadian Ambassador Jean-Philippe Linteau met with Abha Chamber of Commerce to discuss investment opportunities in Asir’s tourism and mining sectors, aligning with Vision 2030.

The Ministry of Industry and Mineral Resources issued 31,887 certificates of origin in June 2024, boosting Saudi exports and supporting Vision 2030 economic diversification.

Ministry of Environment, Water, and Agriculture announces investment opportunity to build coffee city in Al-Baha, targeting 300,000 coffee trees to support Vision 2030.

Jazan City Port Basic and Transformative Industries signs three contracts worth over SAR 315 million to boost logistics, attract investment, and support Vision 2030.

Ministry of Commerce reports 78% growth in commercial registrations in Q2 2024, with 121,000 new registrations, highlighting Vision 2030 progress.

National Labor Observatory reports total private-sector workers reached 11,409,348 in June, with 2.34 million Saudi citizens employed, highlighting Vision 2030 progress.

Saudi Minister Majid Al-Hogail witnesses the launch of the Türkiye-Saudi Arabia Construction Forum in Istanbul, aiming to strengthen partnerships and boost Vision 2030.

The System of the Ministry of Industry and Mineral Resources launches the “Expand Globally” campaign to boost non-oil exports and support Vision 2030.

Federation of Saudi Chambers Chairman Hassan Al-Huwaizi met with Iraqi-Saudi Parliamentary Friendship Committee Chairman Sheikh Shaalan Al-Karim to boost economic ties and investment.

Saudi Arabia’s Ministry of Industry and Mineral Resources launches program to connect industrial enterprises with 30+ research centers, boosting innovation and Vision 2030 goals.

Saudi Reef program supports 3,284 farmers in the rainfed crop sector with SAR 36 million, boosting production by 22% since 2020 and aiming for 208,000 tons by 2026.

Saudi Arabia’s Ministry of Environment launches Cooperative Insurance Initiative to prevent plant pests and animal diseases, boosting agricultural sustainability and Vision 2030 goals.

Saudi Arabia leads MENA in venture capital funding for H1 2024 with $412 million deployed, capturing 54% of regional capital, according to SVC report.

Diriyah Company signs SAR7.8bn ($2bn) contract with ESEC and CSCEC to develop northern Diriyah, boosting Vision 2030 tourism and economic goals.

The General Authority of Foreign Trade approves the formation of joint Saudi-foreign business councils with Canada, Nigeria, and Indonesia for the 1445-1449 term.

GCC Secretary-General Jasem Albudaiwi announces agreement with UK to proceed with free trade negotiations, aiming to sign the deal by the end of 2024.

The Islamic Development Bank finances a 200MW solar and 500MW battery storage project in Uzbekistan, sponsored by Saudi company Aqua Power, advancing renewable energy.

The Ministry of Finance and NDMC appoint five financial institutions as primary dealers for government debt instruments, expanding the program to 15 dealers and supporting Vision 2030.

Arab League Secretary General Ahmed Aboul Gheit urges expanded Arab-Japanese partnership at the fifth Japan-Arab Economic Forum in Tokyo, highlighting trade growth and new collaboration areas.

Saudi ports handled 9.16% more tonnage in June 2024, reaching 27.6 million tons, with container exports and imports rising significantly.

The Environment Fund announces voluntary compliance with GIPS® from CFA Institute, enhancing transparency and aligning with Vision 2030 goals for sustainable investment.

The Saudi Food and Drug Authority now allows importers to obtain shipment conformity certificates from the destination country, streamlining cosmetic imports and supporting Vision 2030.

Saudi-Thai Investment Forum in Riyadh announces opening of Thailand BOI office and 11 agreements, boosting trade and Vision 2030 ties.

The Saudi Central Bank (SAMA) launches Naqd, a digital platform enabling government agencies to securely manage accounts and transactions, advancing Vision 2030.

Ministry of Environment launches five agricultural projects in Al-Baha to boost self-sufficiency and food security, aligning with Saudi Vision 2030.

Madinah’s central date market sees economic boom during rhutab harvest, with 29,000 palm farms and Ministry oversight aligning with Saudi Vision 2030 goals.

Saudi Minister of Industry Bandar Alkhorayef announces over 100 incentives and enablers for industrial and mining investors during Shareek workshop in Riyadh.

The second edition of the MachinEdge Forum and Exhibition was inaugurated in Beijing on July 16, 2024, promoting over 50 investment opportunities in Saudi Arabia’s machinery and equipment sector.

Saudi Minister of Economy Faisal Alibrahim delivers keynote at UN HLPF 2024, highlighting Vision 2030 and $180bn Saudi Green Initiative for sustainable development.

The Saudi Ministry of Justice reports over 210,000 real estate transactions via its digital platform in H1 2024, enhancing transparency and supporting Vision 2030.

Saudi delegation visits Airbus facility in Hamburg following Saudia Group’s largest aircraft deal, reinforcing Vision 2030 and aviation sector growth.

Saudi Central Bank reports 197 million POS transactions worth SAR11.99 billion in a week, highlighting digital payment growth and economic vitality.

ACWA Power completes sale of 35% stake in Uzbek wind projects to China Southern Power Grid International, advancing renewable energy in Central Asia.

AlMadinah AlMunawarah Chamber Chairman Mazen Rajab meets Kazakh Ambassador Madiyar Menilbekov to boost trade relations and commercial exchange between Saudi Arabia and Kazakhstan.

The General Authority for Military Industries (GAMI) will participate in Farnborough International Airshow 2024, showcasing Saudi Arabia’s military industry progress and Vision 2030 goals.

30Export and Almarai sign SAR60 million MoU to enhance global purchasing power of Saudi products, supporting Vision 2030 non-oil export goals.

Saudi Institute of Internal Auditors participates as diamond sponsor at 2024 IIA conference in Washington, showcasing Saudi expertise and Vision 2035.

Saudi Minister of Economy and Planning Faisal Alibrahim met with World Bank President Ajay Banga to discuss economic challenges and enhanced cooperation.

King Abdulaziz Port in Dammam receives 15 RTG cranes to enhance commercial traffic and support Saudi Arabia’s Vision 2030 logistics hub goals.

Saudi Minister Majid Al-Hogail launches Damanat’s first guarantee product for off-plan developers to boost housing supply and support Vision 2030 goals.

Saudia Group signs deal with Lilium to purchase 100 eVTOL jets, advancing Saudi Arabia’s sustainable air mobility and Vision 2030 goals.

The Social Development Bank provided SAR4.6 billion in funding in H1 2024, benefiting 70,000 citizens and supporting SMEs, freelancers, and social financing across Saudi Arabia.

Saudi farmer Mohammad Al-Shaer transforms organic waste into valuable worm compost, boosting sustainable agriculture in Al-Baha and supporting Vision 2030 goals.

The National Housing Company (NHC) and China State Construction Engineering Corporation (CSCEC) sign an agreement to build 20,000 housing units across Saudi Arabia, supporting Vision 2030.

Saudi Arabia’s Housing Program 2023 report shows homeownership reached 63.74%, surpassing the 63% target, with over 96,000 families supported.

Saudi Minister of Economy and Planning Faisal Alibrahim met with IMF Managing Director Kristalina Georgieva in Washington, D.C., to discuss global growth and enhance collaboration.

The Capital Market Authority confirms the Saudi financial market’s operating systems remained secure and unaffected by the global IT outage, ensuring full readiness for trading.

Saudi Arabia achieves 68% self-sufficiency in mango production, with 89,500 tons annually. Jazan leads with 60,000 tons. Learn more about the Harvest Season campaign.

Saudi Arabia launches its largest mineralized belts, offering five exploration licenses to global investors, advancing Vision 2030 mining goals.

ZATCA calls on Saudi commercial establishments to file VAT statements for June and Q2 2024 by July 31, 2024, to avoid penalties. Learn how to comply.

Saudi Real Estate General Authority emphasizes proper contract documentation to protect rights, reduce disputes, and support Vision 2030 goals for a transparent market.