News

Saudi Arabia’s Northern regions have SAR 1.2 trillion in minerals

Saudi Arabia’s Northern Borders Region has SAR 1.2 trillion (USD 320 billion) worth of mineral wealth deposits, according to figures announced at a recent Investment Forum.

The Northern Border Investment Forum was a two day event held at the Ministry of Interior Employees Club, in Arar. It was organised by the Northern Borders Municipality and the Federation of Saudi Chambers...

05/12/23

Saudi Arabia releases FDI statistics under new methodology

Saudi Arabia`s Ministry of Investment recently released updated statistics detailing foreign direct investment (FDI) into the Kingdom. The new methodology is preferred by the International Monetary Fund (IMF) and endorsed by the United Nations Conference on Trade and Development (UNCTAD). It analyses individual financial statements to provide highly accurate annual statistics.

The new system was...

21/11/23

Saudi`s PIF announces voluntary compliance to aid transparency

Saudi Arabia`s Public Investment Fund (PIF) recently announced it would comply with the Global Investment Performance Standards (GIPS) from the Chartered Financial Analyst (CFA) Institute.

The sovereign wealth funds compliance forms part of the PIF’s governance and transparency standards that encompass all its activities and demonstrates its commitment to global best practices.

[The GIPS...

07/11/23

Saudi Arabia to grant premium residency for regional HQ executives

Saudi Arabia’s Ministry of Investment is offering a premium residency to executives based at regional headquarters. The initiative is part of its ongoing efforts to enhance its business environment and is in partnership with the country’s Premium Residency Center.

The Ministry of Finance highlighted the collaborative work between the Ministry...

24/10/23

Saudi fund to invest SAR 112million in Middle East startups

State owned Saudi Venture Capital (SVC) is investing SAR 112 million (USD 30 million) in a fund that will finance startups and growth-stage companies from Saudi Arabia and the Middle East.

Impact46, a Riyadh based asset management and advisory firm will manage Fund III, which aims to support the growth of the...

10/10/23

Saudi and UK Ministers discuss trade and cultural co-operation

Saudi ministers recently discussed enhancing co-operation in trade and cultural sectors with their United Kingdom (UK) counterparts on the sidelines of the GCC Ministers of Trade and Industry meeting in Muscat, Oman.

The two sides looked at ways of strengthening their trade partnership and potential areas of investment...

26/09/23

BSUS Congratulates KSA on Saudi National Day 2023

Business StartUp Saudi Arabia would like to congratulate the Kingdom of Saudi Arabia and its people on the occasion of Saudi National Day 2023!

On this day in 1932, the Sultanate of Najd and the Kingdom of Hijaz united to officially become the Kingdom of Saudi Arabia.

The Saudi National Day holiday is a one day holiday that applies...

23/09/23

Saudi tourism revenues reach SAR 37 billion amid travel boom

Saudi Arabia recorded tourist revenue of SAR 37 billion (almost USD 10 billion) as the sector witnessed a massive surplus due to an unprecedented travel boom in the Kingdom.

According to figures released by the Ministry of Tourism, Saudi Arabia welcomed 7.8 million visitors in the first quarter of this year. This figure was the highest globally recorded quarterly performance,...

12/09/23

Saudi Arabia’s largest solar project receives SAR 8.3 billion

Saudi Arabia`s National Development Fund (NDF) recently announced its participation in financing the largest renewable energy project in the country.

The Shuaiba project is a partnership between Saudi Aramco, Badil Company and ACWA Power to establish the largest solar photovoltaic (PV) power plant in the kingdom. PV is the process of converting light into electricity...

29/08/23

Saudi Arabia records 13% surge in non-oil revenues in Q2

Saudi Arabia posted revenues of SAR 314.9 billion (USD 83.9 billion) in the second quarter of 2023 according to data from the Saudi Ministry of Finance.

Encouragingly, the second quarter saw a 13% surge in non oil revenue to SAR 135 billion) USD 36 billion) from SAR 120 billion (USD 32 billion) previously. Oil revenue totaled SAR 179 billion (USD 32 billion) the ministry’s quarterly budget performance...

15/08/23