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  • Saudi growth sources changing as private sector focuses on diversification: Alibrahim

    In a program on CNBC Arabia, Alibrahim elaborated on how the expansion of non-oil activities was previously limited to specific sectors but has now diversified to include emerging sources such as financial services, communications, tourism, and other sectors.   The Public Investment Fund (PIF) and the National Development Fund (NDF) are currently functioning independently of government support, and support for these funds is anticipated to diminish in the future, the minister said.   Alibrahim highlighted that the private sector's contribution to the GDP was less than 40% before the implementation of Vision 2030, and it currently stands at the mid-40%, aiming to achieve 65%.

  • Saudi Arabia’s private sector employees surge to 10.92 million

    Saudi Arabia has witnessed a significant surge in the total number of workers in the private sector. A recent report by the National Labor Observatory (NLO) revealed that, in December 2023, Saudi Arabia’s private sector recorded a surge in the total number of workers in the private sector, reaching a total of 10.92 million workers. This indicates a steady and growing attraction to employment opportunities within the private sector

  • PGA Tour seeks extension on commercial deal with Saudis, private investors

    The PGA Tour believes it has made enough progress with the Saudi backers of LIV Golf to extend their negotiations into next year for a new commercial deal that would include a U.S. investment group and the European tour. Commissioner Jay Monahan sent a memo to players on Sunday afternoon, just seven hours before the deadline to finalize the deal that was set in the June 6 framework agreement. The PGA Tour board unanimously agreed three weeks ago to negotiate exclusively with Strategic Sports Group, a consortium of American-based professional sports teams owners led by Fenway Sports Group.

  • Populous unveils innovative esports arena at Qiddiya in Saudi Arabia

    Stadium specialist Populous has released new concept images of its state-of-the-art esports arena at Qiddiya in Saudi Arabia. The Populous-designed esports arena is part of Qiddiya City’s gaming and esports district. It will offer the largest combined amount of video screens of any esports arena in the world, as well as 4D haptic seats.

    The 5,155-seat arena will be able to adapt to multiple experiences and events. Populous has carried out sightline studies to provide the best views in the main auditorium.

  • Saudi Arabia issues VAT warning: ‘Pay now or face fines’

    Saudi Arabia has told businesses to pay outstanding VAT by end of the year or face fines. The Zakat, Tax and Customs Authority (ZATCA) has urged commercial establishments that have to pay value-added tax (VAT) and whose annual revenues on goods and services exceed SR40m ($10.7m) to submit VAT statements for November by December 31.
    ZATCA urged these establishments to submit their tax statements online or to pay via ZATCA smartphone application promptly, in order to avoid a fine of a minimum of 5 per cent and a maximum of 25 per cent of the tax value owed.

  • Saudi FinTech innovator Nearpay secures $14m in Series A funding

    The company recently announced the successful closure of a $14 million Series A funding round. This crucial financial backing was led by Sanabil Investments, a subsidiary of the Public Investment Fund (“PIF”). Notably, the round also saw contributions from stc’s Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures, and Arzan Ventures. This investment marks a significant leap forward for Nearpay, underscoring its influence in reshaping the payment landscape.

  • The Role of Financial Development in Private Sector Growth in Saudi Arabia

    Saudi Vision 2030 (SV2030), the masterplan for the socioeconomic development of the Kingdom, places considerable emphasis on the development of the private sector in the diversification of the economy. This plan aims to have the private sector account for 65% of the total GDP of the Kingdom by 2030. As part of SV2030, the Financial Sector Development Program (FSDP), a program for the realization of targets and initiatives, was launched, aiming to enable and support financial institutions to promote the development of the private sector. Against this backdrop, we investigate the role of financial development (FD) in personal economic growth. We conduct a multivariate cointegration analysis using data from almost half a century in the extended production function framework.

  • Why Saudi Arabia and private equity have landed stakes in Heathrow

    At the end of last month, Spanish infrastructure group Ferrovial announced it would sell its remaining 25 per cent stake in Heathrow to Saudi Arabia’s PIF and French buyout group Ardian for £2.4bn. But the deal has also raised the prospect that the two new shareholders could increase their stakes further. As part of the terms of Heathrow’s ownership structure, the other shareholders, including Canadian and Australian pension funds, the Qatar Investment Authority and the China Investment Corporation, have the right to sell their stakes to the PIF and Ardian at the same price.

  • Al-Rajhi: 600,000 Saudis take up jobs in private sector since 2019

    Al-Rajhi discussed the ministry’s major achievements during the year 2023, including an increase of 600000 in the number of Saudis working in the private sector up from 1.7 million in 2019 to 2.3 million this year, and these included 361000 Saudis who had never entered the labor market. The minister noted that women’s participation in the labor market has increased from 17 percent to 35.3 percent, exceeding the set Vision 2030 target of 30 percent. He stressed that the ministry is working to implement the directives of Crown Prince and Prime Minister Mohammed bin Salman to raise the target of women’s participation in the labor market to 40 percent during the coming period

  • Al-Rajhi: 600,000 Saudis take up jobs in private sector since 2019

    Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi said that a total of 600000 Saudi men and women have entered the private sector to take up jobs since 2019. “Saudi women’s participation in the employment market has crossed 35 percent in 2023,” he said while addressing a dialogue session on “The Budget within the Framework of Services Development” on the sidelines of the 2023 Budget Forum following the approval of the state’s general budget by the Council of Ministers held in Riyadh on Thursday.