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  • Saudi Arabia Jumps 13 Places to 26th Overall in IMD World Competitiveness Ranking
     

    Saudi Arabia jumped 13 places in one ranking on world competitiveness as the Kingdom’s economic reforms continue to gather steam. 63 countries participated in the IMD World Competitiveness Yearbook 2019 issued this week. Saudi Arabia was 26th overall in the ranking, and the 7th most competitive country among its G20 peers. IMD highlighted Saudi investment in education, […]

     
  • Saudi Stocks Surge for Largest Single-Day Gain in 6 Months as Investors Prepare for MSCI Inclusion
     

    Shares in the Tadawul, the Saudi stock market, surged 2% on Tuesday with much of the gains happening before the session closed as MSCI Inc. prepares to include the Kingdom into its developing country benchmark, according to a report in Bloomberg. MSCI Inc., which is a Global provider of equity, fixed income, hedge fund stock market indexes, […]

     
  • Economy Update: Prices cool down after a year of reforms
     

    The latest official government figures on inflation for Saudi Arabia show a decline in prices after a year of reforms, according a recently released report by Jadwa Investment. Over the last year, Saudi Arabia has introduced a number of reform measures, including the introduction of a VAT, utility price reform, and other changes. The latest General […]

     
  • Saudi Arabia’s SALIC invests in crop analytics firm Hummingbird Technologies
     

    The Saudi Agricultural and Livestock Investment Company (SALIC) announced it was leading a £7m ($8.8m) funding round of investments into artificial intelligence startup Hummingbird Technologies, according to the company. Hummingbird, which was set up in 2016, uses drone and artificial intelligence to provide advanced crop analytics to farmers. Hummingbird, using imagery and data analytics from satellite, drone, plane […]

     
  • Seven Saudi PV solar power projects worth $1.51b launched at recent industry exhibition
     

    Seven PV solar power projects with a capacity of 1.52 GW and worth $1.51bn (SAR5.6bn) were launched on the sidelines of the recently concluded Saudi Elenex exhibition, according to a report in ConstructionWeekOnline. The projects were unveiled by Saudi Arabia’s Ministry of Energy, Industry, and Mineral Resources. The announcements are part of the Kingdom’s larger effort […]

     
  • Vision 2030 economic reforms ‘have started to yield positive results’ in Saudi Arabia, IMF says
     

    The International Monetary Fund (IMF) said that Saudi Arabia’s Vision 2030 economic and social reform plan was starting to pay off for the Kingdom, according to a report issued by the fund after a mission visit. “Economic reforms have started to yield positive results. Non-oil growth has picked-up, female labor force participation and employment have […]

     
  • Bloomberg Economics: Rising Private Sector Spending, Fiscal Stimulus Boost Non-Oil Economy
     

    Rising private sector consumption and government fiscal stimulus measures are expected to give a boost to the non-oil Saudi economy, Bloomberg Economics reports. “BE expects non-oil growth to average 2.6% this year, up from 2.1% in 2018, helped by fiscal stimulus, a lower drag from monetary policy and improved private consumption,” the outlet revealed in […]

     
  • Saudi Arabia’s Shura Council Approves Green Card-Style Residence Program
     

    Saudi Arabia’s Shura Council has approved a plan for introducing a “Green Card-style residence system for foreigners aimed at attracting investors,” according to reports which cited Saudi media. The “privileged iqama” system will be offered for specific fees and have both permanent and temporary versions. The new system is designed to ensure eligible residents “a set of advantages […]

     
  • Saudi Government Revenue Surges Nearly 50% in Q1
     

    Government revenue surged to SR245 billion ($65 billion) the first quarter of this year, an increase of 48 percent year-on-year, according to recent data revealed by Jadwa Investment. Both oil and non-oil revenue saw sizable rises. Government oil revenue rose by 48 percent, to SR169 billion ($45 billion), and was boosted by a SR124 billion ($33 billion) dividend […]

     
  • ‘Signs of Life’ in the Saudi Economy as Indicators Point to Improvements, Growth
     

    Recently-released monthly data show signs of life in Saudi Arabia’s economy, the Arab world’s largest, according to reports. Jadwa Investment’s monthly chartbook for May 2019 shows “marginal economic improvements” with a surge in POS transactions by 19 percent year-on-year and mild improvement in the Kingdom’s non-oil PMI index in March. The Kingdom also saw a net monthly […]

     

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