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  • Saudi Arabia’s PIF Expands Tourism Investments Beyond Riyadh

    In July 2023, PIF established the Saudi Tourism Investment Company, known as Asfar, to spearhead the development of new tourism projects across various cities. Asfar’s mandate includes creating attractive destinations featuring hospitality venues, tourist attractions, retail outlets, and food and beverage establishments throughout the country. Furthering this initiative, PIF launched Adeera in December 2024, a hotel management company dedicated to developing indigenous Saudi hotel brands. Adeera’s goal is to construct new hotels and implement training programs for Saudi nationals, contributing to the Kingdom’s ambition of attracting 150 million tourists annually.

  • Saudi Arabia to lead region’s initial public offerings in 2025 — EY

    The outlook for initial public offerings in the Middle East and North Africa region remains positive in 2025, with Saudi Arabia leading the market with 27 potential listings, according to an analysis. In its latest report, professional services network firm EY said the overall MENA region was expected to witness the listing of 38 companies and 22 funds in 2025, across a variety of sectors. Three listings are in the pipeline of the exchanges in the UAE, while Qatar is expected to witness one IPO. This comes as the Gulf Cooperation Council region has emerged as a hotspot for IPOs in recent years, fueled by robust economic reforms, diversification efforts away from oil dependence, and growing interest from both regional and international investors.

  • Rubio says talks in Saudi Arabia meant to be opening step toward peace

    Secretary of State Marco Rubio emphasized the importance of building trust and opening communication with Russia as he and other top Trump administration officials head to Saudi Arabia for talks on ending the war between Russia and Ukraine. “One phone call does not make peace,” Rubio said on CBS’ “Face the Nation” on Sunday. “One phone call does not solve a war as complex as this one, but I can tell you that Donald Trump is the only leader in the world that could potentially begin that process.”

  • Announced at LEAP 2025: The Next Step for Saudi Arabia Financial Innovation

    The five-day event saw experts from across the financial market come together to discuss and learn about AI-driven financial services, investment platforms, strategic partnerships, fraud prevention and more. With attendees getting a greater understanding of what firms are doing to help achieve the Kingdom’s Vision 2030 goal, we wanted to share some of the biggest announcements made at LEAP 2025.

  • Rethinking Business Expansion: What GCC Companies Can Learn from Saudi Arabia

    Many GCC economies still rely heavily on hydrocarbon revenues. Saudi Arabia’s success in diversifying into tourism (e.g., NEOM, Red Sea Project), entertainment, and financial services highlights the importance of expanding into high-growth sectors. GCC companies can adopt a similar approach by investing in industries with strong long-term growth potential, developing capabilities in emerging sectors such as green energy, logistics, and fintech, and encouraging intra-regional trade to create interconnected markets. Saudi Arabia has streamlined its business regulations to create a more investor-friendly environment. The introduction of the Saudi Green Card (Premium Residency) and relaxed foreign ownership laws have made the Kingdom more attractive to international firms. Other GCC nations can enhance their appeal by reducing bureaucratic barriers to entry for foreign businesses, implementing policies that promote transparency and efficiency, and enhancing legal frameworks to support corporate governance and investment security.

  • Commentary: Saudi Arabia’s political messages in response to Netanyahu

    Notably, Riyadh is spearheading ongoing efforts by leading the Global Alliance for the Implementation of the Two-State Solution, as announced by Foreign Minister Prince Faisal bin Farhan at the UN General Assembly last September. This initiative is in collaboration with Arab and Islamic countries, as well as the EU and Norway. The objective is to develop a “practical plan to achieve shared goals for the desired peace,” as stated by Prince Faisal, who affirmed that “we will exert our utmost efforts to establish a reliable and irreversible path toward a just and comprehensive peace.”

  • Al-Falih: Nearly 600 global companies choose Saudi Arabia as regional headquarters

    Minister of Investment Eng. Khalid Al-Falih announced that the number of global companies establishing their regional headquarters in Saudi Arabia has risen to nearly 600. Al-Falih announced this while attending a panel discussion titled “Ministerial perspective on the role of the government to enable the private sector,” held as part of the third edition of the PIF Private Sector Forum in Riyadh on Wednesday. The minister noted that the number of registered investment licenses surged from 4,000 in 2018 and 2019 to 40,000 currently, while total investments have doubled to SR1.2 trillion, accounting for 30 percent of the Saudi economy. "Seventy-two percent of investments came from the private sector, while the Public Investment Fund's (PIF) portfolio and companies account for only 13 percent. This underscores Saudi Arabia's position as a strong global investment destination, thanks to its attractive economic environment and diverse investment opportunities across various sectors,” he said.

  • Saudi Arabia acquires Tanzania’s Bagamoyo port

    The Tanzanian authorities granted the Saudi African Investment and Development Co. (SADC) concession and acquisition rights for Bagamoyo Port in Tanzania, Saudi Press Agency reported, citing Chairman of Federation of Saudi Chambers of Commerce Hassan Al-Huwaizi. The approval is part of SADC's "East Gateway Project," aimed at the East African region. The initiative will bolster Saudi Arabia’s position as a key driver of global economic development, attract greater foreign investment (particularly in Africa), and strengthen its logistical capacity to deliver Saudi exports worldwide.

  • Saudi Arabia is evaluating BRICS membership, says economy minister

    Saudi Arabia is evaluating the benefits of joining the BRICS economic bloc, Faisal Alibrahim, the Kingdom’s minister of economy and planning, said at the World Governments Summit on Wednesday. Speaking during a session titled “The Emergence of Multiple Economic Blocs,” Alibrahim highlighted Saudi Arabia’s commitment to fostering global dialogue while navigating an increasingly fragmented economic landscape. The BRICS bloc was formed in 2009 and initially named after its original founders Brazil, Russia, India and China, while South Africa joined a year later. It now has 10 full members including Iran, Egypt, Ethiopia, the UAE and Indonesia. Alibrahim said economic blocs such as BRICS were not an end in themselves but tools to promote stability and integration. “Dialogue is important. It’s important for the Kingdom and for the world today.”

  • Saudi Arabia: Suspension of Multiple-Entry Visa for Certain Nationals

    Saudi Arabia has suspended the issuance of one-year multiple-entry visas for business, tourism, and family visits for nationals of Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. Affected nationals are still eligible to apply for a single-entry visa, however, based on experience, processing times for single-entry visas may be longer, and in some cases, applications may be rejected, especially during the Hajj season.