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  • Saudi Arabia surpasses 2030 investment target: Al-Falih

    Investment Minister Khalid Al-Falih said Saudi Arabia has surpassed its $3.3 trillion investment target for the base economy, originally set for completion by 2030. Investment Minister Khalid Al-Falih said Saudi Arabia has surpassed its $3.3 trillion investment target for the core economy, originally set for completion by 2030. Speaking with Bloomberg at the World Economic Forum in Davos, he said these projections were part of Vision 2030. Capital formation targets have already been exceeded, with a significant portion deployed into the base economy, the minister added. Al-Falih said the government is slowing spending to let the private sector drive growth, indicating that the Public Investment Fund (PIF) plays a key role but accounts for only 15% to 20% of total investments.

  • Saudi Arabia’s economic potential in the gaming and esports market

    Gaming in Saudi Arabia has evolved far beyond just a hobby – it has become a dynamic industry driving innovation and shaping the Kingdom's future. The gaming and esports market is projected to generate $13.3 billion by 2030 (according to Savvy Games), making it a key driver of economic diversification under Vision 2030. The National Gaming and Esports Strategy (NGES), announced in 2022, aims to create 39,000 local jobs by 2030, spanning roles from game development to event management. Saudi Arabia’s investments in state-of-the-art infrastructure and hosting of world-class tournaments position it as a global hub for esports excellence. Beyond economic potential, esports provide young Saudis with opportunities to develop critical skills in technology, media, communication, and collaboration.

  • Saudis top Qatar’s 5m tourist arrivals in 2024

    Saudis made up the largest proportion of tourists to Qatar in 2024 at nearly a quarter of arrivals, a Visit Qatar spokesperson told Arab News. The peninsular state bordering Saudi Arabia is pushing to boost its tourism numbers in the years following the FIFA World Cup 2022, which brought millions of visitors from around the world. “Visitors from Saudi Arabia remain the top source market for international visitors this year, contributing around a quarter of all arrivals,” said Dr. Buthaina Mohammed Al-Janahi, media relations and communications senior manager at Visit Qatar. More than 5 million tourists visited Qatar in 2024, officials said, with the presence of more than 1 million Saudis reflecting close ties between the neighboring countries three years after the end of a diplomatic rift.

  • Secretary Rubio’s Call with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud

    Secretary of State Marco Rubio spoke today with Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman Al Saud. The Secretary and Crown Prince discussed the strength of the U.S.-Saudi partnership in this time of momentous change. The Secretary conveyed that he looked forward to advancing shared interests in Syria, Lebanon, Gaza, and beyond. The Secretary also stressed the threats posed by Iran and its proxies. They also discussed the benefits of the U.S.-Saudi economic partnership and the opportunities to grow their economies in a variety of fields including AI. The Secretary expressed his appreciation for Saudi Arabia’s partnership and efforts to promote regional peace and stability.

  • Saudi Crown Prince congratulates Trump, talks Middle East security and economic ties

    Saudi Crown Prince Mohammed bin Salman called US President Donald Trump on Wednesday to congratulate him on his inauguration and discuss key regional issues and investment opportunities, Saudi Press Agency (SPA) reported. MBS conveyed warm regards on behalf of King Salman, expressing optimism about President Trump’s leadership and its potential to foster progress for the American people. According to SPA, the two leaders discussed Middle East security and ways to deepen cooperation on issues like combating terrorism and promoting regional stability. The Crown Prince also reiterated Saudi Arabia's commitment to expanding its economic relations with the US, specifically outlining plans for investments worth $600 billion over the next four years with potential for further growth, SPA added.

  • Saudi Bond Spree Continues as Wealth Fund Taps Dollar Market

    Saudi Arabia’s bond spree continued Wednesday as its sovereign wealth fund sold $4 billion of dollar debt. The Public Investment Fund priced notes with maturities of five years and 9 1/2 years, according to a person familiar with the matter who asked not to be identified sharing private information. The premiums above US Treasuries are respectively 95 and 110 basis points — both 30 basis points less than initial price talk. The tighter pricing occurred as orders topped $16 billion, excluding joint lead manager interest, the person said, with demand has been equally split across the two notes. The deal followed a $12 billion bond by the Saudi government earlier this month, while the PIF signed a $7 billion Islamic loan with 20 banks around the same time.

  • Saudi crown prince says kingdom intends to invest $600 billion in US during call with Trump

    The comments from Crown Prince Mohammed bin Salman, reported early Thursday by the state-run Saudi Press Agency, came in a phone call with Trump. “The crown prince affirmed the kingdom’s intention to broaden its investments and trade with the United States over the next four years, in the amount of $600 billion, and potentially beyond that,” the report said. The readout did not elaborate on where those investments and trade could be placed. The U.S. in recent years has increasingly pulled away from relying on Saudi oil exports, which once was the bedrock of their relationship for decades. Saudi sovereign wealth funds have taken large stakes in American businesses while also looking at sports as well. “The first foreign trip typically has been with the U.K. but ... I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our products,” Trump told journalists in the Oval Office. “If Saudi Arabia wanted to buy another $450 billion or $500 — we’ll up it for all the inflation — I think I’d probably go.”

  • Saudi Capital Market Brief: Rising Issuance Levels Are Just The Start

    We expect Saudi issuers to continue tapping the global and the local capital markets to finance Saudi Vision 2030. While this appears manageable in the short term, we are keeping an eye on the leverage build-up in the medium-to-long term. We still expect leverage to remain manageable in our base-case scenario, with private-sector debt to GDP staying below the 100% mark in the next 12-24 months. Saudi companies have led the show until now, but the dynamics are changing.  Saudi companies, including government-related entities, account for around two-thirds of U.S. dollar-denominated nongovernmental issuances on average over the past five years, but we expect banks to play a bigger role going forward. External leverage is building.   Saudi issuers, including the government, have raised more than $130 billion in U.S. dollar-denominated issuances over the past five years. This comes on top of the $144 billion that they raised locally in Saudi riyal during the same period, with the implementation of Saudi Vision 2030 explaining part of this flurry. While the government accounts for around 60% of these issuances, Saudi Vision 2030 has also created significant opportunities in the non-oil economy and the banking system.

  • Saudi Arabia Participates in Ministerial Meeting in New York to Back Yemeni Government

    The Saudi Development and Reconstruction Program for Yemen (SDRPY) has participated in the international ministerial meeting to support the Yemeni government, held here in conjunction with the UN Security Council meeting and co-chaired by Yemeni Prime Minister Dr. Ahmed Awad bin Mubarak and British Minister for the Middle East and North Africa Hamish Falconer. SDRPY Director of Developmental Programs Dr. Hala Alsaleh underscored that Saudi Arabia's participation in the meeting reflects its ongoing commitment to supporting Yemen across various sectors. She highlighted the Kingdom's consistent efforts to foster peace and stability in Yemen through comprehensive development initiatives led by the program.

  • Saudi National Bank Proposes 16 Million Share Buyback

    Saudi National Bank (SNB), the largest bank in Saudi Arabia by assets, has proposed the repurchase of up to 16 million treasury shares. The initiative, aimed at supporting the bank’s employees’ equity programme, highlights SNB’s commitment to empowering its workforce. The proposed buyback will be financed entirely through the bank’s internal resources, as disclosed in a statement to the Saudi stock exchange. Currently, treasury shares constitute 0.92% of the total shares designated for the equity programme. If approved, the buyback will further strengthen the programme’s foundation and align with the bank’s long-term growth strategy.