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  • Cybersecurity market seen to rise 13% in Saudi Arabia: PwC official

    Samer Omar, PwC Middle East Cybersecurity & Digital Trust Leader, said Saudi Arabia's cybersecurity market is estimated at SAR 13-14 billion, of which 31% is dominated by the government & public sector and the remaining 69% by the private sector, as outlined in a 2024 report by the National Cybersecurity Authority (NCA). The market is expected to grow at a compound annual growth rate (CAGR) of 11-13% over the next five years, driven by the continued investments and accelerated technological developments, Omar said in an interview with Argaam on the sidelines of LEAP 2025 Conference.

  • Saudi Arabia eyes $1 trillion infrastructure boost by 2030

    Saudi Arabia plans to invest nearly $1 trillion in infrastructure projects by 2030 to accelerate economic diversification and boost private-sector participation, Minister of Economy and Planning Faisal Al Ibrahim announced. Speaking at the Public Investment Fund (PIF) Private Sector Forum in Riyadh, Al Ibrahim said the Kingdom’s non-oil sector is set for significant expansion by 2026, fueled by investments in key industries. He highlighted the PIF’s pivotal role in shaping the economy, establishing strategic companies, and fostering new industries that drive long-term growth.

  • BYD Energy Storage Secures World’s Largest Energy Storage Contracts with Saudi Electricity Company

    BYD Energy Storage has signed a landmark agreement with Saudi Electricity Company for the development of energy storage projects with a total capacity of 12.5 GWh, marking the largest energy storage contracts in the world to date. Combined with the previously delivered 2.6 GWh project, the collaboration now amounts to 15.1 GWh of energy storage capacity, reinforcing their commitment to advancing Saudi Arabia’s renewable energy sector. The agreement is a significant step towards Saudi Arabia’s Vision 2030 goals, aiming to enhance the country’s energy infrastructure and accelerate the transition to renewables. The projects will be deployed across five sites, fully integrating with Saudi Arabia’s power transmission network to ensure grid stability, manage peak energy demand, and support the growing adoption of renewable energy sources.

  • US, Ukrainian officials head to Saudi Arabia as talks loom on ending Russia’s war

    A Ukrainian delegation has arrived in Saudi Arabia for meetings in preparation for a possible visit by President Volodymyr Zelenskyy, a Ukrainian minister said Sunday, at a time of intense speculation over planned U.S.-Russia talks in the kingdom to end Moscow’s war on its neighbor. It also comes as a top U.S. envoy revealed that he and a fellow negotiator appointed by U.S. President Donald Trump were heading to Saudi Arabia. Ukrainian Economy Minister Yulia Svyrydenko, who also serves as first deputy prime minister, didn’t clarify whether there is a link between Zelenskyy’s possible trip and the previously announced U.S.-Russia talks. In a Facebook post, she said that the Ukrainian delegation’s focus is on strengthening economic ties, as Kyiv “prepares to sign important economic agreements with countries in the region.”

  • Saudi Arabia seeks to mediate between Trump and Iran on new nuclear deal

    Saudi Arabia is open to mediating between the Trump administration and Iran in pursuit of a new deal to limit Tehran’s nuclear program, CNN has learned. The kingdom is concerned that Iran may be more inclined to pursue a nuclear weapon now that its regional proxies – long viewed as a deterrent against Israeli attacks – have been significantly weakened. Saudi Arabia hopes to leverage its close ties with President Donald Trump to provide Iran with a diplomatic bridge to the White House. It is unclear whether Saudi Arabia has made a formal offer, but the move underscores Riyadh’s desire to build on its improved relations with its former foe and secure a seat at the negotiating table for a potential new deal.

  • Saudi Arabia vows full support to Lebanon’s actions to safeguard citizens’ security

    Saudi Arabia expressed on Sunday its full support for the measures taken by the Lebanese government to safeguard the security of its citizens and respond decisively to the attack on the United Nations Interim Force in Lebanon (UNIFIL). In a statement, the Ministry of Foreign Affairs reiterated its confidence in the actions taken by President Joseph Aoun and Prime Minister Nawaf Salam, as well as in the efforts of the Lebanese Army to ensure security and stability. The outgoing deputy force commander of the UNIFIL was injured on Friday after a convoy taking peacekeepers to Beirut airport was "violently attacked", UNIFIL said. It said in a statement that the convoy was taking peacekeepers to Beirut airport when it was targeted and one of its vehicles set on fire.

  • Saudi defense minister, Pentagon chief discuss Saudi-US defense cooperation

    Saudi Arabia’s Defense Minister Prince Khalid bin Salman said on Sunday that he spoke to US Secretary of Defense Pete Hegseth on Saudi-US relations. In a post on X, Prince Khalid said during the call, the officials “explored ways to strengthen strategic defense cooperation,” and “discussed efforts to advance international peace and security.” Prince Khalid said he congratulated Hegseth, the chief of Pentagon, on his new role as part of the administration under US President Donald Trump. Pentagon Press Secretary John Ullyot said in a statement that during the introductory call, both officials reaffirmed “the critical defense partnership between the United States and the Kingdom of Saudi Arabia.”

  • Readout of Secretary of Defense Pete Hegseth’s Call With Saudi Minister of Defense, His Royal Highness Khalid bin Salman

    Secretary of Defense Pete Hegseth and Saudi Minister of Defense Khalid bin Salman held an introductory call today to reaffirm the critical defense partnership between the United States and the Kingdom of Saudi Arabia. The Secretary welcomed Saudi Arabia's contributions to regional security and encouraged continued collaboration on shared challenges. They agreed to remain in touch and coordinate closely on areas of mutual interest.

  • Saudi Arabia’s PIF Expands Tourism Investments Beyond Riyadh

    In July 2023, PIF established the Saudi Tourism Investment Company, known as Asfar, to spearhead the development of new tourism projects across various cities. Asfar’s mandate includes creating attractive destinations featuring hospitality venues, tourist attractions, retail outlets, and food and beverage establishments throughout the country. Furthering this initiative, PIF launched Adeera in December 2024, a hotel management company dedicated to developing indigenous Saudi hotel brands. Adeera’s goal is to construct new hotels and implement training programs for Saudi nationals, contributing to the Kingdom’s ambition of attracting 150 million tourists annually.

  • Saudi nationals make up 70% of Red Sea Global workforce: top official

    Saudi Arabia’s multi-project developer Red Sea Global currently employs 70 percent of its workforce from the local population, according to the firm’s group chief financial officer. Speaking at the PIF’s Private Sector Forum in Riyadh on Feb.13, Martin Greenslade said that the Kingdom’s leisure tourism industry witnessed substantial growth in recent years, as the country welcomed 17.5 million tourists in 2024, representing a rise of 656 percent compared to 2019. These developments align with Saudi Arabia’s National Tourism Strategy, which aims to attract 150 million tourists by the end of this decade.