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  • Saudi Arabia announces $4bn railway investment plan

    Saudi Arabia Railways (SAR) launched a program in collaboration with the Local Content and Government Procurement Authority (LCGPA) that aims to support the development of the railway industry within the country by ensuring business continuity and contributing to economic growth through the localization of railway manufacturing. The program, launched by Minister of Transport and Logistic Services Eng. Saleh Al Jasser during his patronage of the opening ceremony of the Saudi Rail Conference and Exhibition in Riyadh, offers investment opportunities for local suppliers and manufacturers to enhance local content and promote economic diversification.

  • Saudi Arabia localizes 19.35% of military spending: GAMI governer

    Al-Ohali highlighted the growth in licensed entities in the military industries sector, which now number 296 as of Q3 2024. He also emphasized the development of local supply chains and procurement, noting that SR13 billion ($3.4 billion) has been allocated to domestic companies for projects such as unmanned aerial vehicles (UAVs), rapid interceptor boats, and the maintenance of defense systems. Local content development is a cornerstone of Saudi Vision 2030, Al-Ohali stated, with the military sector achieving a local content rate of 38%. The sector’s contribution to GDP is estimated at SR5 billion ($1.3 billion).

  • Saudi Arabia Launches $100B Initiative to Develop AI Ecosystem

    As Project Transcendence progresses, the country is expected to focus on workforce training, encouraging AI literacy and building supportive regulatory frameworks to attract and retain top-tier talent. As part of the initiative, the investment fund plans to partner with major technology firms. It is already working with Google, which earlier in the month unveiled plans to establish an advanced AI hub in Saudi Arabia that is anticipated to contribute as much as $71 billion to the country’s economy. Other major technology firms also have invested in the country, including Microsoft, which invested $2.1 billion in a global super-scaler cloud, Oracle with an  announced $1.5 billion to launch new cloud areas and Huawei, which has invested $400 million in cloud infrastructure.

  • Saudi Arabia’s endowment investment funds set record with over $267m in net assets

    The increase in assets was attributed to the licensing of five new entities, bringing the total to 34 endowment investment funds, 27 of which are public and seven private. Endowment funds in the Kingdom play a crucial role in driving sustainable development by providing the financial foundation for long-term projects that address critical societal needs. These reserves are established through investments where the principal amount is preserved while the earnings are used to support various charitable and development initiatives. This model ensures a continuous flow of resources for vital sectors such as education, health care, and infrastructure, as well as social welfare.

  • Saudi Arabia to Host the 2025 Fire and Rescue World Championship

    Saudi Arabia's General Directorate of Civil Defense has received the International Sport Federation of Firefighters and Rescuers flag to host the 2025 Fire and Rescue World Championship in Riyadh, in collaboration with the Ministry of Sport, taking over from the People's Republic of China, which hosted the event in 2024. The handover ceremony was attended by Director General of Civil Defense Major General Dr. Hamoud bin Sulaiman Al-Faraj and officials from the Ministry of Sport. The federation was established in 2001, has 32 member countries, and has held over 15 world championships. Competitions include tower climbing, 400m relays, 100m sprints, and firefighting events.

  • Saudi Arabia’s $63 Billion Historic City Transformation

    Saudi Arabia is planning on transforming a historic city into a tourism and business hotspot as part of a $63 billion project. The city of Diriyah, located on the northwestern outskirts of the country's capital Riyadh, is the setting of Saudi Arabia's new project, which aims to turn the UNESCO World Heritage site into one of the world's most-visited destinations for both tourism and business. Covering a space of approximately 14 square kilometers, it is planned for the site to have 18,000 residential units, more than 28 hotels and 566,000 square feet of retail spaces as well as many museums, academies and art galleries. The project will also aim to bring more than 1,000 retail, food and beverage outlets to the space, and around 1.6 million square feet of commercial offices.

  • Saudi Arabia general insurance sector to beat $28bn by 2029

    General insurance in Saudi Arabia is set to grow at a CAGR of 8.9% from SAR68.8bn ($18.4bn) in 2024 to SAR105.3bn ($28.1bn) in 2029, in terms of gross written premiums. This is according to GlobalData, which also forecast that Saudi Arabia’s general insurance industry is expected to grow by 9.4% in 2024. Economic recovery, regulatory developments, as well as governmental push for healthcare support this.

  • Saudi Arabia, Poland Agree to Bolster Digital Partnership

    Deputy Prime Minister and Minister of Digital Affairs of Poland Krzysztof Gawkowski expressed his endorsement for initiating collaborative digital initiatives with Saudi Arabia, which would benefit both nations. Gawkowski's remarks came during his meeting Tuesday in Warsaw with Federation of Saudi Chambers Chairman Hassan Al-Huwaizi and a delegation of Saudi businessmen. The visit was centered on exploring trade and investment partnership prospects.

  • Cannes Chief Thierry Frémaux Set for Saudi Arabia’s Red Sea Film Festival With Doc ‘Lumière! The Adventure Continues’

    Cannes Film Festival general delegate Thierry Frémaux will be heading to Saudi Arabia in December to attend the Red Sea Film Festival to support his new documentary “Lumière! The Adventure Continues,” which takes a deep dive into the origins of cinema. Frémaux’s sequel to “Lumière! The Adventure Begins,” which premiered at Red Sea’s inaugural edition in 2021, will be screening as part of the event’s International Spectacular sidebar.

  • Saudi Arabia’s big bet on ‘immersive cities’

    Saudi Arabia’s ambitions may sound unrealistic to some, but it is building these cities right now – and architecture and urban design experts who attended the Cityscape Global real estate forum in Riyadh last week say they could be a blueprint for other countries to follow. Several of the $1.25 trillion giga-projects in Vision 2030 will include elements of virtual reality. These include the Mukaab cube, The Line linear city, a winter resort town inside a mountain called The Vault, and esports and gaming districts where international competitions are already being held. Cristina Mateo, a professor at the IE School of Architecture and Design in Madrid, said the government in Riyadh had been innovative in trying to see the world through the eyes of young Saudis – under-30s make up 60 percent of its 32 million population.