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  • Saudi economic growth likely to further accelerate in 2025: Riyad Capital

    Riyad Capital said, in its “Saudi Economic Chartbook” report, it projects continued solid growth for non-oil activities, fostered by a growth-oriented fiscal policy, supported by the Public Investment Fund (PIF), with a focus on increased investment spending which will spur growth in the coming years. The brokerage forecasts non-oil activities to accelerate to 4.8% in 2025, compared to 1.2% in 2024 and -0.8% in 2023. “The extent of the Saudi economic growth recovery will also depend on the expected oil output expansion in 2025. In our baseline scenario, we assume that the planned unwinding of the voluntary output cut of 1mbd will have to be partly extended into 2026. For 2025, we, therefore, project an oil sector growth rate of 5.8% after an estimated –5.0% in 2024,” said the brokerage.

  • Moody’s upgrades Saudi Arabia’s rating on economic diversification efforts

    Global credit ratings agency Moody's upgraded Saudi Arabia's rating to "Aa3" from "A1" on Friday, citing the country's efforts to diversify beyond its oil economy.
    The world's leading oil exporter is investing billions of dollars to achieve its Vision 2030 plan, which focuses on reducing its reliance on oil and spending more on infrastructure to boost industries like tourism, sports and manufacturing.

  • Saudi Arabia Gets First Moody’s Upgrade On Economic Advance

    Saudi Arabia’s sovereign rating was upgraded by Moody’s Investors Service for the first time since the company initially assessed it in 2016, driven by continued progress in the kingdom’s economic diversification and a better outlook for the non-oil sector. The agency moved Saudi Arabia’s rating up a notch, to Aa3 from A1, its fourth-highest grade, according to a statement late Friday. The Moody’s rating is now above those of Fitch Ratings and S&P Global Ratings. The Gulf country now stands on par with the likes of Hong Kong and Belguim, according to Moody’s, which changed its outlook for the kingdom to stable from positive.

  • Saudi Arabia Announces Qualified Developers for Round 6 Renewable Energy Projects

    The Saudi Power Procurement Company (SPPC) has announces the Qualified Developers for the sixth round of renewable energy projects under the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy. The combined capacity of Round 6 projects is approximately 4,500 MW.

  • Saudi Arabia Has Its Own ‘Deal of the Century’ for Trump

    "There is one crucial thing the Trump administration must understand well: it is wishful thinking on their part to assume that Saudi Arabia will join the Abraham Accords for free," Salman al-Ansari, a prominent Saudi political analyst, told Newsweek. "A Palestinian state is a must and an absolute prerequisite for normalization with Israel." For Saudi Arabia, the answer to the conflict remains rooted in the Arab Peace Initiative, a 10-point proposal first introduced by the Kingdom and endorsed by the Arab League in 2002. The plan calls on Israel to concede all territories occupied after the 1967 Six-Day War, including East Jerusalem, parts of the West Bank, the Golan Heights and any other seized lands in exchange for a comprehensive Arab-Israeli peace, security guarantees and mutual recognition.

  • Saudi Arabia Tourism Sees Rapid Boom in Travel Sector with International Extravaganza and Sports Events

    Riyadh Season, now in its latest edition, continues to captivate audiences with its diverse offerings. The event welcomed 2 million visitors in its opening week and quickly surged to 4 million by the end of its first month. Just this week, official figures confirmed that over 6 million people have attended Riyadh Season within five weeks—a significant achievement considering the total attendance for Riyadh Season 2023 was 18 million.

  • A testy meeting with rich countries, a $300B take-it-or-leave-it climate offer — and a day of drama

    Negotiators from several of the world’s most powerful economies held a contentious meeting in Saturday’s wee hours as they sought to push through a $300 billion-per-year climate financing deal for poorer nations, two people familiar with the discussions told POLITICO.  But the offer failed to break the stalemate at the COP29 summit. Instead, vulnerable countries that call the money a life-or-death deal pushed back hard for much higher sums — and complained about being locked out of the discussions. Hours after it appeared that the talks might unravel, the summit's hosts announced what could be a final deal calling for $300 billion or more in annual funding. That proposal was still awaiting approval as of 2 a.m. Sunday in Azerbaijan.

  • Saudi Orchestra performance in Tokyo helps ‘bridge cultural boundaries,’ CEO says

    Paul Pacifico, CEO of the Saudi Music Commission, added that music has a “very important part to play in each of the three main pillars of Vision 2030” as it represents a proud nation, a vibrant society and diversified economy. Bringing the Saudi National Orchestra to Tokyo has given people the opportunity “to communicate with our language and it allows everybody to come together and share an experience that allows us to appreciate each other’s cultures, and really to be in harmony,” Pacifico said.

  • Diriyah Company Advances With New Luxury Hotel Developments in Saudi

    Diriyah Company has initiated construction on seven elite luxury hotels in the Diriyah and adjacent Wadi Safar areas, marking a significant step in its strategic expansion plans. Collectively, these hotels will contribute 877 new rooms to the area’s accommodation capabilities. Upon completion, Diriyah is set to boast over 40 hotels and upwards of 6,500 rooms, reinforcing its stature as a premier global destination for tourism and opulent experiences.

  • CMA plans to allow former expatriates in Saudi and other Gulf states to invest in TASI

    Under the draft amendment to the Investment Accounts Instructions, the Rules Governing Foreign Investment, and the Financial Market Institutions Regulations, the authority will allow a foreign national residing in one of the Gulf Cooperation Council countries, and a foreign national who has previously resided in the Kingdom or in one of the GCC countries, to invest in shares listed on the main market. The proposed amendments allow individual foreign investors, who previously resided in Saudi Arabia or one of the GCC countries to continue operating their investment accounts and invest in shares listed in the main market even after their residency has ended and they return to their home country, provided they have previously opened an investment account in Saudi Arabia.