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  • Private investment playing an increasing role in Saudi Arabia’s AlUla, tourism chief says

    Private investment constitutes up to a quarter of AlUla’s total spending as the Saudi tourism destination moves ahead with development plans, a senior executive at the Royal Commission for AlUla has said. “Out of the overall budget, probably 20 to 25 per cent is private [investment],” Phillip Jones, chief tourism officer, told The National an interview, without revealing specific figures. “More and more of the businesses that are opening across the destination are opening on their own. They're not asking for financial support."

  • Saudi Arabia announces Eid al-Fitr holiday dates for private, non-profit sectors

    Employees in Saudi Arabia can prepare for a long Eid al-Fitr holiday after the Ministry of Human Resources and Social Development on Monday officially announced the dates. In a post on Twitter, the ministry said that employees in the private and non-profit sectors will enjoy four days off that will begin at the end of working hours on Thursday, April 20.

  • Saudi Arabia to privatize Abha, Taif, Hail and Qassim airports and 4,500 km roads

    Mohannad Basodan, CEO of the National Center for Privatization (NCP), unveiled the plans to privatize the airports of Abha, Taif, Hail and Qassim, as well as about 4,500 kilometers of modern roads in the Kingdom. In an interview with Al-Arabiya, Basodan said that a series of privatization projects has been announced and these include around 200 approved projects, of which about 140 projects have been made available to local and international investors.

  • Empowering Saudi Arabia’s private sector is at the heart of everything PIF does 

    By acting as a cornerstone investor, PIF’s size and long investment horizon mean we can step in at the early stages, lay the foundations, and “crowd in” the private sector. This is particularly important in sectors that do not exist currently or are in the early stages of growth in the Kingdom. From investments in the automotive sector, establishing the Kingdom as a manufacturing hub for the next generation of electric vehicles, to the growing esports and gaming industries, and as a major investor in renewable energy, PIF is catalyzing emerging sectors and investing in our shared future.

  • Empowering Saudi Arabia’s private sector is at the heart of everything PIF does

    That is why PIF puts empowering Saudi Arabia’s private sector at the heart of everything we do, and why this week, over 4,000 private sector representatives from across the Kingdom representing a diverse range of sectors came together with more than 50 PIF portfolio companies, government ministers and senior PIF executives. For us, it was an exciting opportunity to engage with corporates and small and medium enterprises who want to grow their businesses, and ensure that the private sector has visibility and access to the opportunities that PIF is creating. For the attendees from the private sector, it was a venue to connect with PIF portfolio companies representing multiple billions of riyals of future domestic procurement opportunities. The Private Sector Forum is the latest PIF initiative dedicated to empowering the private sector; it is an extension of the fund’s efforts to champion the private sector, build a more resilient domestic economy, and increase local content across its portfolio companies to 60 percent by 2025.

  • Saudi Arabia Evaluates 300 Projects for Potential Privatization

    The Minister of Finance noted that the Kingdom’s privatization program was moving at an accelerated pace, and currently covered 200 projects in 17 sectors, with investments exceeding $50 billion. He also unveiled ongoing work to evaluate 300 projects within the privatization program, pointing that Saudi Arabia has far completed 30 projects over the past five years.

  • Saudi Arabia: Update on VAT refunds to non-residents

    The Zakat, Tax and Customs Authority (ZATCA) of Saudi Arabia published a tax alert on the refund of Saudi Arabian VAT to non-residents who do not have a presence in the country but incurred VAT in relation to their economic activity. The alert explains the eligibility and process of refund for non-residents and provides some detail on ZATCA’s set of requirements for the refund to be processed.

  • Asian Cup 2027: Saudi Arabia reveals plans to renovate, build new football stadiums

    The new stadiums will be in three of the Kingdom’s cities: Riyadh, Jeddah and Dammam, according to the Saudi 2027 website which has been providing updates on Saudi’s bid to host the championship. The plan, according to Saudi 2027, revealed the design of the Riyadh Stadium, a new stadium that will be built for the Asian Cup and that can be reached easily by metro.

  • Asian Cup 2027: Saudi Arabia reveals plans to renovate, build new football stadiums

    The new stadiums will be in three of the Kingdom’s cities: Riyadh, Jeddah and Dammam, according to the Saudi 2027 website which has been providing updates on Saudi’s bid to host the championship. The plan, according to Saudi 2027, revealed the design of the Riyadh Stadium, a new stadium that will be built for the Asian Cup and that can be reached easily by metro.

  • Saudi Arabia’s real estate plans leading the world in innovation

    Setting the tone for the shape of things to come, 2023 began on a high note for the real estate industry with deals worth more than SR10 billion ($2.66 billion) signed on the opening day of the Real Estate Future Forum, which was held in Riyadh from Jan. 23-25.