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  • Charting Saudi Arabia’s Rise as an SMEs Hub

    Earlier this year, the Kingdom ranked third in the 2023-2024 Global Entrepreneurship Monitor report. Meanwhile, its National Entrepreneurship Context Index score has increased from 5.0 in 2019 to 6.3 in 2023, reflecting its progress in fostering a vibrant entrepreneurial ecosystem that drives economic growth. Crucially, the National Investment Strategy (NIS) has been established, as part of the Kingdom’s transformation plan, to drive the growth and diversification of the national economy. NIS aims to increase the private sector's contribution to GDP to 65%, raising the contribution of Foreign Direct Investment (FDI) to GDP to 5.7%, by 2030.

  • Car-centric Saudi to open first part of Riyadh Metro

    All six lines are expected to be operating by January 5, the statement said. "The network has been developed to transport over 3.6 million passengers at maximum capacity and operates on a fully automated (driverless) metro system," the statement said. Services will be provided by 183 trains with 448 carriages manufactured by Siemens of Germany, Bombardier of Canada and Alstom of France, the statement said, adding that they feature "a modern and unified design" by French firm Avant Premiere.

  • Flat6Labs invests in 10 Saudi startups, includes them in Riyadh Seed Programme

    MENA’s seed and early-stage VC Flat6Labs has invested in 10 Saudi-based startups for the fourth cycle of the Riyadh Seed Programme, spanning various sectors such as transportation, e-commerce, logistics, cybersecurity, SaaS, consumer tech, and talent acquisition. The startups include CAMION, Colada, Devsy, dPhish, Hollat, Mrrha, Fezlee, Cyberni, Units, and Zofa, bringing the total number of Flat6Labs' Startup Seed Fund portfolio in Saudi Arabia to 41 since its inception in 2023. Each startup has received $133,000 in cash.

  • Riyadh Metro to begin partial operations next Wednesday: Report

    Saudi Arabia's capital is gearing up for the partial official launch of the Riyadh Metro next Wednesday, November 27, according to a report by Al Eqtisadiah daily. The first phase will include operations on three lines, with the remaining three lines scheduled to open in mid-December. The Riyadh Metro, touted as the world’s longest driverless metro system, aims to provide alternative transportation to reduce reliance on vehicles and support Riyadh’s transformation into a hub for trade and business as part of the Kingdom’s economic diversification plans. Al Eqtisadiah reported that solar panels installed at stations and depots will generate 20% of the energy required for key electrical systems. This sustainability feature is part of a broader effort to make the project environmentally friendly and energy-efficient.

  • Saudi Arabia dipping its toes into cricket might be the start of something big

    The auction marks Saudi Arabia's first major play in cricket, though the foundations have been laid gradually. Prince Mishal bin Saud Al-Saud, chairman of the Saudi Arabia Cricket Federation (SACF), was pictured with BCCI secretary Jay Shah at the opening match of IPL 2023, while state-backed Saudi companies have signed lucrative sponsorship deals in the past. Visit Saudi, the state tourism arm, and Aramco, the state-owned oil giant, have both been prominent IPL sponsors. Aramco has also signed a long-term agreement as a "premier partner" of the ICC, including securing naming rights for match awards at World Cups. This year Rajasthan Royals wore the logo of Neom, a futuristic city being built on the Saudi coast, on their shirts.

  • Citi gets license for regional headquarters in Saudi Arabia, memo shows

    U.S. bank Citigroup (C.N), opens new tab has received approval to establish its regional headquarters in Saudi Arabia's Riyadh, according to an internal memo seen by Reuters on Friday. Riyadh has been looking to attract more companies to set up their regional headquarters in the kingdom by offering tax breaks as Crown Prince Mohammed bin Salman looks to wean the economy off oil by attracting foreign investment. Saudi Arabia's new rules also mandate foreign firms to have regional headquarters in the kingdom or risk losing hundreds of billions of dollars in lucrative government contracts.

  • Riyadh Metro to begin partial operations next Wednesday: Report

    Saudi Arabia's capital is gearing up for the partial official launch of the Riyadh Metro next Wednesday, November 27, according to a report by Al Eqtisadiah daily. The first phase will include operations on three lines, with the remaining three lines scheduled to open in mid-December. The Riyadh Metro, touted as the world’s longest driverless metro system, aims to provide alternative transportation to reduce reliance on vehicles and support Riyadh’s transformation into a hub for trade and business as part of the Kingdom’s economic diversification plans. Al Eqtisadiah reported that solar panels installed at stations and depots will generate 20% of the energy required for key electrical systems. This sustainability feature is part of a broader effort to make the project environmentally friendly and energy-efficient.

  • Neom CEO departs as Saudi Arabia scales back mega-projects

    Reuters reported in May that the $925bn PIF was weighing a reorganisation, aiming to sharpen its focus on investments that have a higher chance of success. Saudi Arabia, the world’s top oil exporter, is still heavily reliant on hydrocarbon revenues, and low oil prices and production have dented state coffers. Aiman al-Mudaifer was named as acting CEO of Neom. He has been the head of the Local Real Estate Division at PIF since 2018 and has a deep understanding of Neom and its projects, Neom’s statement said.

  • Saudi crown prince receives medical team that performed world’s first fully robotic heart transplant

    Saudi Crown Prince Mohammed bin Salman on Wednesday received the Saudi medical team that successfully performed the world’s first fully robotic heart transplant. The transplant was performed at Riyadh’s King Faisal Specialist Hospital and Research Centre in September on a 16-year-old patient suffering from end-stage heart failure. The crown prince congratulated the medical team and the leadership of the hospital on the historic achievement, praising the efforts of Saudi personnel and their ability to innovate and achieve a global precedent in the medical field.

  • Saudi crown prince meets with global leaders including Pakistani PM, Jordanian counterpart

    Saudi Crown Prince Mohammed bin Salman met with Prime Minister Shehbaz Sharif of Pakistan on Tuesday, Saudi Press Agency reported. The prime minister and his accompanying delegation are in the Kingdom to attend the Future Investment Initiative conference. During the conference, Sharif shared with attendees his government was looking forward to forging new partnerships in artificial intelligence (AI), education and health.