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  • Saudi Arabia Automotive Retail Market is Poised to Reach Valuation of US$ 74.74 Billion By 2032

    Saudi Arabia automotive retail market was valued at US$ 19.72 billion in 2023 and is projected to reach US$ 74.74 billion by 2032 at a CAGR of 16.13% during the forecast period 2024–2032. The government has invested over $5 billion in developing domestic automotive production facilities, including partnerships with global manufacturers like Lucid Motors and Hyundai (Source: Saudi Ministry of Investment, 2023). By 2025, Saudi Arabia aims to produce over 300,000 vehicles annually, creating more than 27,000 jobs in the industry (Source: Arab News, 2023). An expanding middle class, with disposable incomes averaging $25,000 per annum, presents a significant consumer base for new vehicle sales (Source: World Bank, 2023).

  • Saudi Arabia and US expand aviation deal to include cargo

    Saudi Arabia and the US have expanded their bilateral aviation agreement to allow seventh freedom traffic rights for all-cargo flights. Seventh freedom allows airlines to carry on flights that originate in a foreign country, bypass its home country, and deposit the cargo or passengers at another international destination. The amendment will allow Saudi Arabian airlines to carry cargo between the US and third countries without needing to stop in Saudi Arabia, an important right for cargo hub operations.

  • Saudi Arabia approves cooperation agreement with US for the use of outer space for peaceful purposes

    The Cabinet session, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh on Tuesday, approved a framework agreement for cooperation in the fields of air navigation and the exploration and use of airspace and outer space for peaceful purposes between Saudi Arabia and the United States of America. The Council also approved, in principle, the national general framework and guiding principles for foreign direct investment.

  • Green Light for Energy: Egypt-Saudi Arabia Interconnection Project Moves Forward

    In recent years, Egypt has faced substantial electricity supply challenges, exacerbated by heat waves and gas shortages, which have led to persistent rolling blackouts across the country since July 2022. The strain on the electrical system has grown due to increased demand, particularly from widespread use of air conditioning in Egyptian cities. In spite of this challenge, Egypt is steadfast in its ambitious goal of generating 42 percent of its electricity from renewable sources by 2035. Cairo has not yet met this target. The state has invested heavily in hydropower along Egypt’s coast, and in by the end of 2022 hydropower accounted for 2,832 MW of Egypt’s 6,322 MW of renewable energy capacity, or around 45 percent. However, renewables still only account for a small portion of the overall electricity mix. Although Egypt’s potential for renewable energy is increasing—and it has developed extensive solar and wind programs in addition to hydropower—it has not yet attained the 42 percent goal, and does not appear likely to in the near future.

  • How are Saudi Arabia’s WTA Finals unfolding?

    "The venue looks amazing," world number two Iga Swiatek said. "It's my fourth WTA Finals so I can kind of compare. For now we didn't have any problems. It's all pretty smooth." Last year’s tournament in Cancun, Mexico was described as shambolic, with the venue only finished days before the tournament began. World number one Aryna Sabalenka felt "disrespected" 12 months ago but, asked for her initial impressions of this year's tournament, said: "I'm really happy to be here. "Such a beautiful place. Everything looks really good."

  • Saudi Arabia: A Strategic Partner for Global Manufacturing

    Saudi Arabia offers a strategic advantage to manufacturers that are looking for reliable, near-shore locations. The Kingdom is ideally positioned at the crossroads of three continents—within easy reach of Europe and on the doorstep of growth markets in the Middle East, India, Central Asia, and Africa. The region is already well-connected with air and sea links, and with a $147 billion government investment from Saudi Arabia into transportation and logistics infrastructure, the Kingdom is building seamless connections to global markets.

  • Saudi Arabia’s Red Sea Film Festival Highlights Local Productions Depicting Social Change in Arab Galas Strand

    Films from Saudi Arabia form the core of the Red Sea International Film Festival’s Arab Spectacular five-picture strand, which features world premieres of a trio of new Saudi titles exploring societal changes in the kingdom. One case in point is “Hobal,” the new allegorical drama by Saudi director Abdulaziz Alshlahei (“The Tambour of Retribution”). The film follows a Bedouin family whose members are forced by its patriarch to live in isolation in the desert due to fear of an infectious disease during the 1990s when Saudi was starting to open up to the outside world.

  • China’s MOF to issue up to $2b of dollar bonds in Saudi Arabia amid efforts to boost funding, opening-up

    China's Ministry of Finance (MOF) said on Tuesday that it would issue up to $2 billion of US dollar-denominated sovereign bonds in Riyadh, Saudi Arabia, during the week starting November 11, following approval by the State Council.  The move can help boost confidence in China's economy and sovereign credit among overseas markets while providing a new way for the Chinese government to raise funds, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday.

  • Understanding Saudi Arabia’s Civil Transactions Law: A Cornerstone of Vision 2030 Reforms

    In a significant development, Saudi Arabia introduced the Civil Transactions Law (CTL or KSA Civil Code) on June 19, 2023, which came into effect December 16, 2023. This law, established by Royal Decree M/191, reflects a bold commitment to codifying Shari’ah principles, addressing commercial challenges, and aligning the nation’s legal framework with international standards. The CTL is an essential component of Vision 2030, Saudi Arabia’s roadmap for economic diversification and transformation. This reform is poised to improve legal certainty and create a predictable business environment, making Saudi Arabia a more attractive destination for local and foreign investments.

  • Saudi Arabia launches tender for 8 GWh of battery storage in world’s largest deal

    The Saudi Power Procurement Company (SPPC) has begun qualifying bidders for an enormous undertaking of four grid-scale battery projects totaling 8 GWh of storage capacity across the Kingdom. The projects mark the first phase of Saudi Arabia’s battery storage program, designed to support its goal of 50% renewable energy by 2030. Each 500 MW facility will operate for four hours, providing 2,000 MWh of total power capacity, said the Saudi Power Procurement Company (SPPC).