News

Saudi banking outlook upgraded to positive amid economic growth

Saudi Arabia’s banking system has been upgraded from stable to positive by Moody’s Investors Service. This upturn is based on robust oil prices, an ambitious reform agenda and increased economic growth. The organisation also highlighted the Kingdom’s business confidence and government spending as...

20/06/23

Saudi consumers prefer local e-commerce platforms

Saudi Arabia’s retail sector is eyeing significant growth on the back of its e-commerce market.

In a recent report, leading global management consulting firm Kearney and Saudi consulting company Mukatafa noted that 74% of online shoppers in the Kingdom are expected to migrate from global to local platforms.

Saudi Arabia’s e-commerce market is valued at...

07/06/23

Saudi Arabia rapidly advancing as global logistics hub

Saudi Arabia has increased its position in the World Bank’s Global Logistics Performance Index (LPI) by a substantial 17 places.

The LPI is an interactive benchmarking tool created by the World Bank to assist countries in identifying the challenges and opportunities they face in their performance on trade logistics. It allows for comparisons...

23/05/23

Saudi Arabias Monsha`at Authority supporting entrepreneurs

Saudi Arabia’s support of small and medium enterprises (SMEs) is transforming the Kingdom’s economy and attracting international entrepreneurs.

The Kingdoms Small and Medium Enterprises General Authority (Monsha’at) has developed pioneering initiatives related to the Saudi Vision 2030. As a result, there are currently over 1.14 million operational SMEs...

09/05/23

Saudi Central Bank approves two new Fintech companies

Saudi Arabian Central Bank (SAMA) recently approved two new FinTech companies bringing the total number of regulated companies in the Kingdom of Saudi Arabia to 38.

The two new enterprises - Lean Technologies and Mod5r - will provide open banking solutions and will operate under SAMAs Regulatory Sandbox, part of the Financial Sector Development Program (FSDP). The...

27/09/22

Saudi Arabia launches Rua Al Madinah Project

Saudi Arabia recently unveiled the Rua Al-Madinah masterplan - a mega real estate development near the Grand Mosque.

The project will be developed by the Rua Al-Madinah Holding Company, a Public Investment Fund (PIF) affiliate that specialises in development, operation and real estate investment. The blueprint forms an important part of the PIF’s efforts...

20/09/22

Demand for tourism services in Saudi Arabia soars

Saudi Arabia has witnessed demand for tourism services increase 108% according to a recent Business Traveler report.

Consequently, the value of tourism services reached SAR 4.1 billion (USD 1.1 billion) during the first half of 2022, accounting for spending across domestic, foreign and local visitors.

The report noted that the individual...

13/09/22

Saudi Arabia reports budget surplus from oil revenues

Saudi Arabia’s economy is predicted to grow at 7.6% this year according to the International Monetary Fund’s (IMF) World Economic Outlook 2022 report.

Its estimates for Saudi Arabia contradict the global outlook and suggest the highest growth rate among world economies. The IMF also increased its expectations for the Saudi Arabian economy in 2023.

In...

06/09/22

More investment in local industry under NIDLP

Saudi Arabia`s National Industrial Development and Logistics Program (NIDLP) invested SAR 378 billion (USD 100 billion) in local industry projects according to its 2021 report.

The program was introduced in 2019 with the aim to transform the country into a leading industrial power and a global logistics platform. It focuses on four main sectors, namely industry, energy, mining and logistics in order...

30/08/22

Saudi Arabia’s spending on health and education up

Saudi Arabia has increased its expenditure in the health and education sectors in the first half of 2022 according to recent figures published by the government.

These sectors account for 39% of total budget spending and equal SAR 197.9 billion (USD 52.6 billion) out of a total of SAR 512.9 billion (USD 136.8 billion) respectively.

The education sector amounted...

23/08/22