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  • Saudi Arabia’s FDI Inflows Drop, Setting Up Tough Fourth Quarter

    FDI inflows dropped 8% quarter-on-quarter to 18 billion riyals ($4.8 billion) in the three months through September and were also down from a year ago, according to data released Monday by the Saudi General Authority for Statistics. The tally brings inflows to $14.5 billion for the first nine months of 2024. That’s below year-ago levels and just half way to reaching the government’s target of $29 billion in 2024. To meet that goal, Saudi Arabia would need one of its biggest quarterly hauls ever for foreign investment. Saudi Arabia aims to quadruple FDI inflows to $100 billion by 2030 as it seeks to share some of the financial burden of spending on its economic diversification plan. Crown Prince Mohammed Bin Salman’s government also sees foreign expertise as critical to training the local population in new industries like technology and minerals exploration and catalyzing growth in those sectors.

  • Rock art in Saudi Arabia’s Harrat is testament to ancient life, cultural exchange

    The Harrat region, south of Tabuk, is a treasure trove of ancient history, boasting a remarkable collection of rock art that provides a fascinating glimpse into past civilizations, according to the Saudi Press Agency report. The rugged volcanic landscape served as a canvas for ancient inhabitants, who expressed their beliefs, experiences, and social interactions through intricate engravings and paintings. Depictions of hunting scenes, made using simple tools, offer a window into the daily lives of the early inhabitants of these areas, the SPA report noted. Rock art also provides a record of the fauna that once lived in the region, including oryx, gazelles, and even tigers.

  • Saudi Arabia’s $800B investment to build human connections

    During an interview at The Phocuswright Conference, Hazim Al-Hazmi, president of Americas & Europe markets for the Saudi Tourism Authority, discussed the importance of authentic experiences and Saudi's ambitious plans with Siew Hoon Yeoh, founder of WIT and editorial director, Northstar Travel Group Asia. Key projects include infrastructural developments, new airports and hotels and focusing on the Red Sea as a top sun and sea destination. “This year, we launched four resorts that were announced, two, three years ago. Next year, we have 16 more that will be operational and bookable,” he said. Al-Hazmi highlighted the importance of “authenticity and personalization” in creating unique travel experiences and the need to improve storytelling.

  • Saudi Arabia strongly condemns Israeli settlers for storming Al-Aqsa Mosque courtyards

    Saudi Arabia strongly condemned on Sunday Israeli settlers for storming the courtyards of Al-Aqsa Mosque in Jerusalem. In a statement, the Ministry of Foreign Affairs expressed Saudi Arabia's strongest condemnation of the storming of Al-Aqsa Mosque courtyards by Israeli settlers, carried out under the protection of police and occupation forces. The ministry reiterated its denunciation of the continued blatant violations of international law and the repeated brutal attacks on the sanctity of Al-Aqsa Mosque.

  • Giga-projects fueling real estate boom in Saudi Arabia

    “Saudi Arabia’s policy reforms and investment under Vision 2030 have transformed the Kingdom’s real estate landscape, making it one of the most dynamic markets in the region,” said Tarek Lotfy, president of Mercer in India, Middle East, and Africa, in an interview with Arab News. He emphasized that these reforms have accelerated the sector by aligning with broader initiatives to increase homeownership, improve livability, and attract foreign investments. This has been achieved through eased ownership regulations and the creation of Special Economic Zones. According to Sally Menassa, partner at Arthur D. Little Middle East, these reforms have included “easing foreign ownership restrictions, enhancing transparency in real estate transactions, introducing incentives for green building practices, and establishing a national framework for smart city development.”

  • Number of factories in Saudi Arabia crosses 12,000: Alkhorayef

    The number of factories in Saudi Arabia has surpassed 12,000, reflecting significant investments driven by strong demand and stability, particularly in local content, Minister of Industry and Mineral Resources Bandar Alkhorayef said. In an interview with Al Ekhbariya, Alkhorayef emphasized that Saudi factories are highly competitive, leveraging advanced technology and automation, along with adopting the Fourth Industrial Revolution.

  • Saudi Arabia’s final IPO for 2024 – AlMoosa Health – rakes in 408.7% retail over-subscription

    Saudi Arabia's stock market has closed 2024 on a high, going by the response the final offering has garnered. The retail subscription for AlMoosa Health pulled in 395,986 investors subscribing at SR127 a share - and generating a retail tranche oversubscription of a substantial 408.71%. The total retail demand came to SR1.4 billion. The retail tranche had 2.66 million shares, or 20% of the total offer size. This is the second IPO from a Saudi healthcare company this year. (The Dr. Soliman Abdel Kader Fakeeh Hospital Co. was the earlier one.)

  • Al-Sharaa Says Saudi Arabia Has Major Role In Syria’s Future

    Al-Sharaa is Syria’s de facto leader until March 1, when Syria’s different factions are set to hold a political dialogue to determine the country’s political future and establish a transitional government that brings the divided country together. There, he said, Hayat Tahrir Al-Sham will dissolve after years of being the country’s most dominant militant group that held a strategic enclave in the country’s northwest. He also expressed hope that the administration of US president-elect Donald Trump would lift sanctions on his country after Bashar Assad’s ouster.

  • Saudi Arabia’s Absher Platform Reaches 28 Million Digital Identities Milestone

    The Absher platform serves as a comprehensive digital gateway, enabling users to access various Ministry of Interior services through three main channels: Absher Individuals, Absher Business, and Absher Government. Users can interact with more than 500 government and private entities through the unified national access portal known as “Nafath.” The platform has evolved from its original focus on passport and civil status services to become an integral part of Saudi Arabia’s Vision 2030 digital transformation strategy. Operational data reveals that the Absher platform processed over 605,000 daily operations during the past year, demonstrating the system’s robust performance and widespread adoption. The Ministry of Interior has implemented advanced technical solutions to optimize service procedures and enhance user experiences. The improvements include AI-powered verification systems and cloud-based infrastructure that ensures 24/7 availability.

  • Saudi Arabia leave it late to down Yemen in Gulf Cup

    Saudi Arabia came back in dramatic fashion to defeat Yemen 3-2 on Wednesday to keep their hopes of advancing to the semifinals of the 26th edition of the Arabian Gulf Cup very much alive. After losing to Bahrain in the opening match of Group B, the Green Falcons needed the victory and got it — but only just. Amazingly, Yemen, ranked 99 places below their neighbors at 158 in the world, were two goals ahead by the half hour at the Sulaibikhat Stadium in Kuwait. The first came in the eighth minute. Abdulwasea Al-Matari was given plenty of space to cross from the left for Harwan Al-Zubaidi to arrive at the middle of the six yard box just before Ali Al-Bulaihi to send a header into the net. It was Yemen’s first goal against Saudi Arabia in eight Gulf Cup games