News

Saudi Arabia’s hospitality sector is expanding quickly

Saudi Arabia welcomed 15 million tourists in the first three months of 2022 as the tourism sector witnessed a post pandemic revival.

Prior to the pandemic, Saudi Arabia transformed its tourist visa processes and opened up the countries attractions to citizens from around the world. Visitors are keen to explore Saudi Arabia and enjoy its UNESCO world heritage sites which include Al Ula...

31/05/22

Saudi Arabia’s economy is estimated to grow significantly

Saudi Arabia's economy grew by 9.6% in the first quarter of 2022 according to flash estimates by the General Authority for Statistics (Gastat).

Early figures record the highest rate of growth since 2011 driven by a 20.4% increase in the oil sector, most notably crude oil and natural gas. Conversely, non-oil activity increased the growth of the Arab world’s...

24/05/22

Turkey and Saudi Arabia enroute to revive ties after visit

Saudi Arabia`s King Salman welcomed Turkish President Tayyip Erdogan recently at the al-Salam palace in the Red Sea city of Jeddah.

It is hoped the visit will lead to the normalisation of relations after intense efforts to repair strained ties. Crown Prince Mohammed bin Salman attended the ceremony before having a one-on-one meeting with the President.

King Salman invited Erdogan to the Kingdom...

17/05/22

Saudi Arabia improves status of foreign investors

Saudi Arabia`s most recent investment law is expected to increase international business in the country by 50 percent and significantly increase the country’s non-hydrocarbon gross domestic product.

The new law treats all investment equally, therefore removing any and all commercial advantages or disadvantages of local and foreign owned business. It emphasizes the principle of competitive neutrality...

10/05/22

Saudi Arabia’s economic performance in 2021

Saudi Arabia`s economy recovered in 2021 after a difficult year with the restrictions of the pandemic as national, regional and international vaccination campaigns were rolled out and had an effect also driving export of oil.

The first quarter of 2021 witnessed Saudi Arabia’s export value and volume increase for the third consecutive quarter and reaching the highest level since the fourth quarter...

18/01/22

Saudi Arabia is breeding ground for success stories

The most recent news from Saudi Arabia suggest that the country has a lot of potential for entrepreneurs, start-ups and scale-ups from around the world. It is a breeding ground for success stories like Tamara and Opontia.

Saudi Arabia’s Tamara, one of...

05/10/21

Saudi Arabia launches Al Ula masterplan

Saudi Arabia has launched “The Journey Through Time” masterplan to develop the 200,000 year old area of Al Ula. It will be implemented in three phases with the first phase set to be completed by 2023 and the third phase set to be completed by 2035.

The large-scale project in the North-West of Saudi Arabia has the potential for public-private partnerships with a value of SAR 57 billion (USD...

28/09/21

Saudi Arabia speeds up privatisation plans with PPP

Saudi Arabia is committed and dedicated to the economic transformation program and is witnessing a lot of progress. The plan outlines and summarizes measures to elevate the participation of the private sector in areas including education, healthcare, transportation, media, water and (non-oil)...

21/09/21

Saudi Arabia’s business activity expands rapidly

The Kingdom of Saudi Arabia has seen an increase in the business activity at the fastest pace since 2017 according to the most recent figures for the first half of the year.

The Purchasing Managers Index (PMI) survey compiled by IHS Markit rose to 56.4 in May from 55.2 in April which is the highest level since January 2021.

The (business) conditions...

14/09/21

Saudi Arabia reforms sponsorship rules and limits disputes

Saudi Arabia’s sponsorship reforms have led to more job mobility and less labour disputes.

The Ministry of Human Resources & Social Development introduced the new laws at the end of 2020 and they came into effect in March 2021.

The reforms are viewed as part of Saudi Arabia’s plans...

07/09/21