News

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

Saudi attracts 184 foreign company headquarters in 2024

Saudi Arabia has attracted a record 184 foreign companies to relocate their regional headquarters to the Kingdom in the first half of 2024, according to the Ministry of Investment of Saudi Arabia.

Further analysis of the figures reveal that the first quarter of 2024 saw an exceptional tally of 127 companies secure licenses to establish their regional offices within Saudi Arabia. The second quarter...

03/09/24

Saudi Arabia introduces unified investment law amid further reform

Saudi Arabia recently unveiled a transformative update to its investment law, introducing a unified framework designed to offer investors unparalleled transparency, flexibility and confidence. This landmark reform, part of the Vision 2030 and National Investment Strategy initiatives, is set to revolutionize the investment and regulatory landscape in the Kingdom.

The updated law signifies a major...

20/08/24

Saudi Arabia permits 100% foreign owned businesses

Saudi Arabia is paving the way for unprecedented international investment with its groundbreaking policy allowing 100% foreign ownership across most business sectors. This progressive move is set to attract a wave of global capital and entrepreneurial talent.

At the recent Saudi-Korean Business Forum held in Seoul, South Korea, the Saudi Minister for Commerce highlighted how [Saudi Arabia's Vision...

06/08/24

Saudi Arabia to dominate world's construction market

Saudi Arabia is poised to become the world’s largest construction market as the Kingdom pours vast resources into projects aimed at diversifying the economy. The London based real estate consultancy group Knight Frank recently reported the country’s total construction output value is forecast to reach SAR 679 (USD 181.5 billion) by the end of 2028, up almost 30% from 2023.

It is predicted that...

23/07/24

Saudi women hold over 1,700 key posts in employment market

Saudi women leaders amounted to 1,707 thanks to the leadership training and guidance initiative by the Ministry of Human Resources and Social Development under the Vision 2030.

Importantly, the figure exceeded the target of 1,000 according to a recent report released by the Ministry. Further statistics revealed that the total number of women to benefit...

09/07/24