News

Saudi Arabia and Italy strengthen ties with 26 economic agreements

Saudi Arabia and Italy have signed 26 memoranda of understanding (MoUs) aimed at deepening bilateral cooperation across key sectors such as construction, renewable energy, advanced technologies, and cultural exchange. The agreements were formalized during a high-level Saudi-Italian roundtable meeting in Al Ula, attended by government ministers, CEOs, industry...

04/02/25

Saudi Tech sector drives surge in business registrations

Saudi Arabia recorded a remarkable 67% increase in commercial business registrations in the fourth quarter of 2024, with technology-driven companies leading the surge.

Over 160,000 new business registrations were issued during this period, bringing the total number of active commercial entities in the kingdom to over 1.6 million, according to the latest data from the Saudi Ministry of Commerce.

Notable...

21/01/25

Saudi Arabia extends deadline for mineral exploration bids

Saudi Arabia has extended the deadline for submitting proposals for exploration licenses in its largest mineralised belts.

The Ministry of Industry and Mineral Resources confirmed the update and highlighted the need to ensure a thorough and competitive process for the country’s critical mining projects. As a result, the extension allows qualified bidders more...

07/01/25

Saudi Arabia and France sign energy linked MoU

Saudi Arabia and France have entered into a landmark agreement aimed at strengthening bilateral cooperation in the energy sector. The arrangement features a strong emphasis on technologies that address climate change, including carbon capture and hydrogen production.

As a result, the Kingdom’s Minister of Energy and the French Minister of Europe and Foreign Affairs signed a comprehensive memorandum...

10/12/24

Saudi based Swedish companies aim to increase investments

Saudi Arabian based Swedish companies intend to boost their investments in the Kingdom over the next year according to a recent report from Business Sweden.

Sweden's is Saudi Arabias largest trading partner in the Middle East and North Africa (MENA), with trade volumes increasing by 72% since 2018. This robust trade relationship is highlighted at key events like the Saudi-Swedish Joint Committee...

26/11/24

Saudi Cabinet approves strategic framework to enhance FDI

Saudi Arabias government cabinet has approved a comprehensive national framework designed to stimulate foreign direct investment (FDI). The strategic move lays foundations for increased economic collaboration with global businesses and international organisations. It further aligns with the Kingdom’s long term Vision 2030 objectives, which prioritise economic...

12/11/24

Saudi Arabia to launch SAR 45 billion worth of water projects

Saudi Water Partnership Company (SWPC) has announced plans to initiate 18 new water projects valued at SAR 45 billion (USD 12 billion) throughout Saudi Arabia over the next three years. This initiative is part of the Kingdom’s broader commitment to enhancing water infrastructure and sustainability.

Within the next 12 months, SWPC expects to award contracts for eight of these projects, totalling...

29/10/24

Saudi Arabia's non-oil exports experience significant growth

Saudi Arabia witnessed a remarkable 19% surge in non-oil exports in July 2024 reaching SAR 25.4 billion (USD 6.77 billion), up from SAR 21.3 billion (USD 5.68 billion) in the same month last year.

Such growth reflects a broader trend in the Kingdom's economic diversification efforts. Notably, non-oil exports—excluding re-exports—rose by 6.5%, while the value of re-exported goods soared by an...

15/10/24

Saudi Arabias Recycling Initiative aims to be world leader

Saudi Arabia is poised to become a leader in waste management with a bold recycling strategy announced by the Ministry of Environment. The plan aims to recycle up to 95% of the Kingdoms waste by 2040, contributing approximately SAR 120 billion (USD 32 billion) togross domestic product (GDP) and creating over 100,000 jobs.

This comprehensive initiative targets the recycling of 100 million tonnes...

01/10/24

Saudi’s ZATCA implements major customs fee reforms

Saudi Arabia's Zakat, Tax, and Customs Authority (ZATCA) recently announced it will eliminate all fees associated with export-related customs services and reduce import service fees to just 0.15% of the goods’ value.

The new regulations introduce a fixed SAR 15 (USD 4) fee for customs declaration processing of individual shipments from online stores valued up to SAR 1,000 (USD 266). Under the...

17/09/24