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  • Saudi Arabia announces Labor Law amendments to improve work environment
     

    The Ministry of Human Resources and Social Development said the new amendments encompass 38 articles, deleting seven articles, and adding two new articles to the Labor Law. The new amendments will be effective after 180 days from the date of their publication in the official Gazette.

     
  • Chinese Language Instruction in KSA
    • August 6,2024
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    During Saudi Crown Prince Mohammed bin Salman’s State Visit to China in February 2019 Saudi Arabia and China agreed to include the Chinese language as a curriculum at all stages of education in schools and universities across the Kingdom.

     
  • FIFA World Cup 2034 to feature 11 new stadiums (out of 15)
     

    The Fédération Internationale de Football Association (FIFA) has unveiled details of Saudi Arabia’s bid to host the largest-ever edition of the FIFA World Cup held in a single country. The official bid, under the slogan “Growing. Together”, outlines Saudi Arabia’s extensive plans and infrastructure projects.

     
  • Saudi AI startup Intelmatix closes $20m funding round
     

    Founded in 2021 by a group of MIT graduates led by Anas Alfaris, Almaha Almalki and Ahmad Alabdulkareem, Intelmatix provides both public and private sectors with accessible AI and advanced analytics that delivers technologies to improve operations, productivity, growth, and sustainability.

     
  • Saudi’s Health Sector Transformation Program
     

    In 2023, the Saudi government spent $50.4 billion on healthcare and social development, accounting for 16.96% of the annual government budget. This expenditure was second only to the education sector.

     
  • IMG expands partnership with Saudi Pro League and Saudi Arabian Football Federation
     

    The Saudi Pro League (SPL) and Saudi Arabian Football Federation (SAFF) have announced a new five-year production partnership with IMG, a global sports, events, and representation company, for the Roshn Saudi League (RSL), King’s Cup, and Saudi Super Cup, starting from the 2024-25 season.

     
  • With transfer season underway Saudi Professional League evolves strategy
     

    The SPL has shifted from last year’s extensive talent acquisition—where 97 players were signed—to a more strategic approach this season. The Saudi transfer window opened on July 18 and will close on September 2, aligning with European leagues. This change indicates a focus on filling specific gaps and enhancing overall team quality rather than a […]

     
  • KSA sets air traffic records
     

    Saudi Arabia has witnessed remarkable growth in its air traffic during the first half of 2024, according to the General Authority of Civil Aviation (GACA). The Kingdom has reported a significant growth in passenger traffic, flights, air cargo, and connectivity.

     
  • Aquaculture in KSA
     

    Saudi Arabia’s aquaculture sector has witnessed remarkable growth in recent years, with production increasing by 400% between 2015 and 2022. This rapid expansion can be attributed, in part, to a concerted effort from public and private stakeholders to bolster food security in the region, improve economic diversification, and reduce overreliance on food imports.

     
  • NASA Signs US, Saudi Arabia Agreement for Civil Aeronautics, Space Collaboration
     

    The United States and Saudi Arabia signed a framework agreement that opens new possibilities for cooperation with NASA in areas such as space science, exploration, aeronautics, space operations, education, and Earth science. NASA Administrator Bill Nelson signed on behalf of the U.S., and CEO of the Saudi Space Agency Mohammed bin Saud Al-Tamimi signed on behalf […]

     

MUST-READS

  • 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.

  • 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.

  • Private sector employee can do two jobs in Saudi Arabia

    Earlier this year, the Ministry of Human Resources unveiled an authentication plan via its Qiwa platform obligating private sector institutions to document 20 per cent of their employees’ contracts in the first quarter of 2023, 50 per cent in the second half, and 80 per cent in the third quarter.
    The plan is designed to preserve rights of parties to the contractual relationship, provide a stable labour environment conducive for the employee’s productivity increase and boosting the job market in the kingdom.

  • Saudi Arabia’s Red Sea Global unveils new luxury private island destination

    Thuwal Private Retreat will feature a spacious main three-bedroom villa, three one-bedroom suites, a beach club, gym, and wellness centre

  • Innovation in Saudi Arabia: Beyond Design Thinking

    Saudi Arabia has its own way of doing things, and that's important. We're talking about a High Context Culture (HCC). Design Thinking understands this: it's about thinking about what people really want and need, while respecting the Saudi way of life. But put the boss in the same room as his employees at a workshop, and everyone will expect and follow the boss's ideas, finding justifications for his ideas and approaches. The same will happen if the person is the oldest member of the team, the one with the highest academic title, or the one with the most respected surname. The simple application of Design Thinking workshop models does not work here.

  • Saudi Arabia and Pakistan Sign MoU to Accelerate Digital Transformation and Innovation

    Under the terms of the M0U, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems through assistance in re-location and the exchange of information on business accelerators and incubators for emerging technology. They will cooperate on policies, regulations, and legislation in the digitization and electronic manufacturing sectors.

  • MSC Elevates Cargo and Logistics Operations in Saudi Arabia

    From September, MSC will expand its regional port range to include the Port of NEOM. As well as offering ocean freight services, customers will be able to benefit from inland transport solutions provided by MSC’s logistics arm, MEDLOG. This inclusion of NEOM as an additional regional port reinforces MSC’s commitment to enhance cargo movement across Saudi Arabia and supports the Kingdom’s vision to transform the country into a knowledge-based economy and a global leader by 2030.

  • Saudi Arabian Private Boeing 747 Flies Neymar From Europe

    Neymar Jr.'s private flight from Europe to the Middle East on a Boeing 747 was the most tracked flight on FlightRadar24.com. The Boeing 747 aircraft used for the flight is owned by The Kingdom Holding Company, which has significant investments in the Saudi Arabian aviation market. Neymar Jr. has a fleet of private aerial transport, including two private airplanes and a helicopter, at his disposal.

  • Private Sector Employees Highest Paid in Saudi Arabia

    A total of 965,000 employees earn an average salary of $2,600 or more in Saudi Arabia, according to the latest official Saudi data. The Saudi private sector continues its high performance in hiring high-wage workers, with about 708,000 employees working in companies and institutions, an equivalent of 73.3 percent. The Saudi government is developing programs and initiatives to encourage private sector enterprises to generate jobs, most notably employment support from the Human Resource Development Fund (Hadaf).