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  • Saudi Arabia’s Vision 2030 Projects Reach $1.3 Trillion in Value

    Saudi Arabia has launched $1.3 trillion in real estate and infrastructure projects over the past eight years as part of its plan to diversify the economy away from oil and become a more attractive place to live, work and travel. About $164 billion worth of real estate contracts have been awarded since 2016, when Saudi Crown Prince Mohammed bin Salman unveiled his strategy to wean the country off its dependence on petrodollars and improve the quality of life for locals.

  • Saudi Arabia’s Economic Growth Defies Regional Instability

    The report says that Saudi oil exports are not dependent on the Red Sea, where Iran-backed Houthis have targeted commercial ships, in what they say is in solidarity with Palestinians in Gaza. Likewise, Saudi Arabia’s tourism numbers "remain strong". In general, the IMF painted a rosy picture of Saudi Arabia’s economy, with a strong banking system, growing home ownership and "robust" non-oil economic growth. The report underscores the divergence between Gulf economies and those of poorer states like Egypt, Lebanon and Jordan, whose already weak economies have been battered by Israel’s war.

  • Saudi Arabia’s NEOM Green Hydrogen Plant launches mass recruitment drive

    NEOM Green Hydrogen Company (NGHC) has initiated a major recruitment campaign for its world-leading green hydrogen plant in Saudi Arabia’s futuristic city NEOM, as the project moves closer to its operational phase. The $8.4 billion facility, set to be the world’s largest green hydrogen production plant, is progressing on schedule for full operations by the end of 2026. The project aims to produce up to 600 tonnes of carbon-free hydrogen daily, potentially eliminating five million tonnes of CO2 emissions annually

  • Saudi Arabia invites Chinese companies to invest in key industrial sector

    Minister of Industry and Mineral Resources Bandar Al-Khorayef has invited Chinese companies to invest in promising industrial sectors identified in Saudi Arabia’s National Industrial Strategy, including automotive, food, pharmaceutical, and aviation industries. The invitation was extended during a roundtable meeting organized by the Federation of Chambers of Commerce in Guangzhou as part of Al-Khorayef’s official visit to China.

  • Saudi Arabian Military Industries Announces Retirement of CEO, Names Interim Chief

    Abukhaled took over as chief of the Saudi defense business in 2020, succeeding Andrew Schwer, a German national and former executive at Rheinmetall. Before leading SAMI, Abukhaled was CEO of the Middle East unit of Northrop Grumman. Under his leadership, SAMI underwent significant expansion and growth, acquiring several businesses, including Advanced Electronics Company and Alsalam Aerospace. He also led efforts to seal joint ventures and contracts, the most recent being a $3 billion deal with Turkish Baykar to produce Akinci drones in Saudi Arabia.

  • Saudi Arabia’s Public Investment Fund to transfer its gaming stock to Savvy Games Group

    Saudi Arabia's Public Investment Fund is set to transfer its games-related stock to its subsidiary Savvy Games Group. The move could happen as early as 2025, according to a Savvy representative talking to Nikkei, with the initiative part of a wider plan to leverage IP across the Middle East, the Japanese publication reported.

  • Saudi Arabia studies over 2,000 mineral exploration license applications: SGS

    The Ministry of Industry and Mineral Resources is currently processing over 2,000 local and international license applications, including around 2,000 for exploration and approximately 139 for mining, Abdullah Al-Shamrani, CEO of Saudi Geological Survey (SGS). Additionally, he said that more than 2,300 mining licenses have been issued, reflecting significant growth in the sector, Asharq Al-Awsat reported.

  • Perspective: Will Saudi Arabia’s big bet on the Qiddiya gaming and esports city pay off?

    Milanov is now head of gaming at Qiddiya, a dreamy “Giga Project” under way near Riyadh in Saudi Arabia. The Saudis want 17 million visitors a year to go to Qiddiya by 2030, making it the “largest tourism destination worldwide.” Not so different from Team Liquid’s heaquarters, the aim of Qiddiya is to build a whole city where gamers, esports athletes and their fans can feel at home, and Milanov is moving into high gear soon to sell people on the idea of Qiddiya. Will giant sandworms get him, or will it all pay off?

  • Saudi Arabia to waive export customs service fees and cut import customs service fees from Oct. 6

    The Saudi Zakat, Tax and Customs Authority (ZATCA) has announced waiving the fees for all customs services for exports. The authority also reduced customs service fees for imports through a new mechanism for calculating import service fees, which involves a fee of 0.15 percent of the value of the incoming goods for customs declaration. The new fee structure will take effect on Oct. 6, 2024, the authority said in a statement.

  • Qatar Beat Saudi Arabia, Advance for Gulf Basketball Championship Final

    Team Qatar hold the record of 6 titles in the championship, and are looking to widen the space from their closest competition, the Saudi team, who have four titles. The Gulf Basketball Championship was launched in 1981, and Kuwait won the first title. The latest edition was held in 2019, when Saudi Arabia won their fourth title.