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  • ’24 Fintech Conference in Riyadh
     

    The first edition of the International Conference on Financial Technology, ’24 Fintech, at the Riyadh Front Exhibition and Conference Center on Tuesday with an address from Finance Minister Mohammed Al-Jadaan, large crowds and a slew of announcements.

     
  • High profile Saudi delegation heads to East Asia
     

    Minister of Industry and Mineral Resources, Bandar AlKhorayef, is leading a delegation to Guangzhou, Hong Kong and Singapore from Sep. 1 to 8, 2024. The delegation’s goal is to enhance bilateral relations, attract investments, and explore joint-venture opportunities.

     
  • Saudi anti-corruption law strengthened
    • August 28,2024
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    Saudi Arabia’s Council of Ministers recently enacted a stringent new law designed to tackle corruption among government employees. 

     
  • ACWA Power commissions 700-MW solar park in Saudi Arabia; First of four planned for 2024
     

    Co-owner ACWA Power has commissioned The 700-MW Ar Rass solar photovoltaic project located in Qassim province, north of Riyadh. The electricity from Ar Rass will go to the national grid under a 25-year offtake agreement with the Saudi Power Procurement Company (SPPC).

     
  • Saudi’s Public Investment Fund issues 2023 Annual Report
    • August 20,2024
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    PIF governor Yasir Al Rumayyan noted that the fund has increased its global reach, unveiled giga-projects, launched portfolio companies and delivered “ahead of financial return targets – in line with the goals of its Vision Realisation Programme  2021-2025”.

     
  • Saudi Arabia’s Capex Super Cycle – Goldman Sachs
     

    In its informative August 14, 2024 Briefing Insight entitled “Only a quarter of Saudi Arabia’s $1 trillion capex plan will go into oil” Goldman Sachs’ analyst team examines the Kingdom’s projected capital expense spending to 2030.

     
  • Saudi Arabia Updates Investment Law
     

    Building on previously announced reforms under Vision 2030 and the National Investment Strategy, the Cabinet has approved an updated investment law for Saudi Arabia. The updated law brings together several existing freedoms and rights and expressly applies them to investors under one unified framework, providing investors with greater transparency, flexibility and confidence.

     
  • Prince Mohammed bin Salman Royal Reserve
    • August 9,2024
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    Covering 24,500 KM2, the Prince Mohammed Bin Salman Royal Reserve is located south of Neom in northwestern Saudi Arabia. It covers 1% of Saudi Arabia’s terrestrial area and 1.8% of its marine area, it is home to over 50% of the Kingdom’s marine and terrestrial species.

     
  • Halo Space Preparing For Saudi Arabian Stratospheric Test Flight
     

    Spanish company HALO Space is developing a new form of space travel called stratospheric ballooning. This involves using a large helium-filled balloon to carry a pressurized capsule carrying passengers up to the stratosphere, which is about 35 kilometers 922 miles) above the Earth’s surface.

     
  • 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.

     

MUST-READS

  • Saudi Arabia launches bidding for new mineral exploration licenses

    The Ministry of Industry and Mineral Resources, Saudi Arabia has announced in a press release the launch of its most extensive mineralized belts to date, covering an expansive 4,788 km² that includes five exploration licenses. The ministry is inviting major mining and exploration companies to participate in the ongoing Exploration Licensing Rounds aimed at unlocking the belts’ vast mineral wealth.

  • Saudi Arabia’s move to nationalise engineering jobs ‘required’ to tackle unemployment

    Saudi Arabia's requirement that companies allocate 25 per cent of engineering jobs in the private sector to citizens looks set to help the kingdom tackle unemployment, as the Arab world’s largest economy moves ahead with its economic diversification strategy. The rule, which takes effect on Sunday, is applicable to private sector companies that employ five or more people in engineering professions, the Saudi Press Agency reported. It will provide more “productive job opportunities for male and female citizens in various regions of the kingdom”, SPA said.

  • ‘‘Saudi youth are exploring new avenues of self-expression”

    In the heart of Saudi Arabia’s cultural transformation, audio serves as the soundtrack to change, weaving itself seamlessly into the fabric of everyday life. Whether through podcasts, audiobooks, or music streaming platforms, people consume audio seamlessly, integrating it into various aspects of their daily routines, from morning commutes to evening wind-downs. This is amplified now more than ever due to the abundant presence of smartphones, which provide instant access to unlimited audio content anytime, anywhere.

  • Saudi Arabia and Qatar explore judicial cooperation

    Al-Samaani highlighted the legal and judicial progress that Saudi Arabia has witnessed under the leadership of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. He emphasized that the progress made in the legislative and digital domains improved the efficiency and quality of judicial services.

  • The Next Big Things in Retail Summit will explore how the Middle East’s retail industry is being transformed

    The Middle East is on the cusp of a retail revolution. Driven by ambitious economic diversification plans and a growing young population, the region offers a dynamic opportunity for retailers and innovators. As consumer expectations evolve and reshape the industry, Fast Company Middle East’s Next Big Things in Retail summit, scheduled for 12th November in Riyadh, will serve as a crucial platform to explore and shape the future of retail in the region with a deeper focus on Saudi Arabia.

  • A Biden Confidant Emerges as a Crucial Mideast Diplomat

    Mr. Hochstein has made at least five trips to Israel and Lebanon since the war in Gaza prompted Hezbollah to launch rocket attacks on northern Israel in solidarity with Hamas. He speaks constantly with Lebanese officials as well as top Israeli officials, sometimes including Prime Minister Benjamin Netanyahu.

  • EV Metals Group completes initial exploration programme at Saudi Arabia project

    The Project, located 450 km east of Jeddah in the South-East of the Arabian Shield, comprises 13 tenements, covering a total area of approximately 1200km2. All 13 tenements already have exploration licenses granted with the final 2 having recently being granted in April. Previous work conducted to date indicate the prospects of lithium and rare earths. RIWAQ also holds 2 separate tenements, which are prospective for nickel and copper/molybdenum porphyry systems respectively. These are both pending final grant.

  • Saudi Arabia’s unemployment rate holds steady at 3.5% in Q1

    Notably, labor force participation among Saudis increased by 1.0 percentage points to reach 51.4%, indicating a growing willingness to enter the workforce. The data reveals a significant improvement for Saudi men. The employment-to-population ratio climbed to 63.6%, while the unemployment rate fell to 4.2%, suggesting a successful integration of men into the job market.

  • Saudi unemployment rate continues its downward trend, reaching 7.6% in 1Q 2024

    The unemployment rate for all Saudis continued its downward trend after recording a drop to 7.6 percent in the first quarter of 2024 compared to 7.8 percent during the fourth quarter of 2023. This rate became close to more than the Vision 2030 target, which has been set at seven percent, according to the Labor Market Bulletin for the first quarter of 2024, released on Sunday, by the Saudi General Authority for Statistics (GASTAT).

  • Saudi Foreign Ministry highlights women empowerment in diplomacy

    The Kingdom’s Foreign Ministry held a seminar here on Sunday titled “The Role of Women in Diplomatic Work,” the Saudi Press Agency reported. The event at the Prince Saud Al-Faisal Institute for Diplomatic Studies was held to mark last week’s UN International Day of Women in Diplomacy. Among those who attended were Saudi Arabia’s Deputy Foreign Minister Waleed bin Abdulkarim Al-Khuraiji, female ambassadors to the Kingdom, and members of the foreign diplomatic corps.