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  • Saudi Arabia’s non-oil economy poised to grow 4.8% in 2025: Minister

    Saudi Arabia’s non-oil economy is expected to grow by 4.8% and 6.2% in 2025 and 2026, respectively, driven by efforts to invest in human capital and more dynamism in the private sector, said Minister of Economy and Planning Faisal Al-Ibrahim. During a seminar entitled "Future of Global Economic Growth" at the Davos Conference 2025, Al-Ibrahim highlighted that the Saudi leadership has pushed for planning with confidence and careful management to drive further economic diversification and not to rely solely on oil.

  • Saudi Arabia Joins Hague System for International Registration of Industrial Designs

    Saudi Arabia has become the 99th country to join the Hague System for the International Registration of Industrial Designs, the Saudi Authority for Intellectual Property (SAIP) announced. The Hague System provides a streamlined process for securing design protection across multiple countries or regions. The system is intended to assist creative individuals in promoting and marketing their designs while ensuring regional and international protection. This accession highlights the Kingdom's commitment to fostering creativity and innovation, which are essential for strengthening the national economy.

  • Saudi Arabia surpasses 2030 investment target: Al-Falih

    Investment Minister Khalid Al-Falih said Saudi Arabia has surpassed its $3.3 trillion investment target for the base economy, originally set for completion by 2030. Investment Minister Khalid Al-Falih said Saudi Arabia has surpassed its $3.3 trillion investment target for the core economy, originally set for completion by 2030. Speaking with Bloomberg at the World Economic Forum in Davos, he said these projections were part of Vision 2030. Capital formation targets have already been exceeded, with a significant portion deployed into the base economy, the minister added. Al-Falih said the government is slowing spending to let the private sector drive growth, indicating that the Public Investment Fund (PIF) plays a key role but accounts for only 15% to 20% of total investments.

  • Saudi Arabia’s economic potential in the gaming and esports market

    Gaming in Saudi Arabia has evolved far beyond just a hobby – it has become a dynamic industry driving innovation and shaping the Kingdom's future. The gaming and esports market is projected to generate $13.3 billion by 2030 (according to Savvy Games), making it a key driver of economic diversification under Vision 2030. The National Gaming and Esports Strategy (NGES), announced in 2022, aims to create 39,000 local jobs by 2030, spanning roles from game development to event management. Saudi Arabia’s investments in state-of-the-art infrastructure and hosting of world-class tournaments position it as a global hub for esports excellence. Beyond economic potential, esports provide young Saudis with opportunities to develop critical skills in technology, media, communication, and collaboration.

  • NDMC closes January 2025 issuance under Saudi Government SAR-denominated sukuk program

    The National Debt Management Center (NDMC) announced the closure of January 2025 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was set at SAR 3.724 Bn (three billion and seven hundred and twenty-four million Saudi Riyals) The Sukuk issuance was divided into four tranches as follows: The first tranche has a size of SAR1.255 Bn (one billion and two hundred and fifty-five million Saudi Riyals) maturing in 2029. The second tranche has a size of SAR 1.405 Bn (one billion and four hundred and five million Saudi Riyals) maturing in 2032. The third tranche has a size of SAR 1.036 Bn (one billion and thirty-six million Saudi Riyals) maturing in 2036.

  • Saudis top Qatar’s 5m tourist arrivals in 2024

    Saudis made up the largest proportion of tourists to Qatar in 2024 at nearly a quarter of arrivals, a Visit Qatar spokesperson told Arab News. The peninsular state bordering Saudi Arabia is pushing to boost its tourism numbers in the years following the FIFA World Cup 2022, which brought millions of visitors from around the world. “Visitors from Saudi Arabia remain the top source market for international visitors this year, contributing around a quarter of all arrivals,” said Dr. Buthaina Mohammed Al-Janahi, media relations and communications senior manager at Visit Qatar. More than 5 million tourists visited Qatar in 2024, officials said, with the presence of more than 1 million Saudis reflecting close ties between the neighboring countries three years after the end of a diplomatic rift.

  • Bizjet Movements Rise 24% in Saudi Arabia

    Business jet activity in Saudi Arabia jumped a record 24% last year, the General Authority of Civil Aviation announced today at the 2025 World Economic Forum in Davos, Switzerland. Movements rose from around 19,000 in 2023 to more than 23,600 in 2024, with domestic flights up 26%, to 9,200, and international trips rising 15%, to 14,400. Business jet traffic at major airport hubs in Jeddah, Riyadh, and Dammam climbed 30%, 22%, and 7%, respectively.

  • Saudi Arabia’s FM announces landmark visit to Lebanon

    Prince Faisal bin Farhan said he would visit Lebanon, the first such trip by a Saudi foreign minister in more than a decade. The one-day trip on Thursday will mark the first visit by a high-ranking Saudi official to Lebanon since 2015, after years of strained relations due to Lebanon’s perceived alignment with Iran, its role in drug smuggling to Gulf countries, and ongoing instability. Prince Faisal described the recent election of a president in Lebanon, following a prolonged political vacuum, as a highly positive development. He said the Kingdom welcomed the potential formation of a government but emphasized the need for real reforms and a forward-looking approach to ensure sustainable progress. He reiterated that the future of Lebanon rested in the hands of its people, urging them to make decisions that steer the country in a new direction.

  • Saudi foreign minister expresses cautious optimism about Syria

    Saudi Foreign Minister Prince Faisal bin Farhan said on Tuesday that he has "cautious optimism" about Syria. “There is a great opportunity for Syria to move in a positive direction,” he said while addressing a session titled "Diplomacy in times of chaos", on the sidelines of the World Economic Forum 2025 in the Swiss city of Davos. Prince Faisal said that the new Syrian administration says the right things in secret and in public, and is open to working with the international community to move in the right direction. “Saudi Arabia has a great desire and a decisive intention to cooperate and deal with Syria in a responsive manner."

  • Secretary Rubio’s Call with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud

    Secretary of State Marco Rubio spoke today with Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman Al Saud. The Secretary and Crown Prince discussed the strength of the U.S.-Saudi partnership in this time of momentous change. The Secretary conveyed that he looked forward to advancing shared interests in Syria, Lebanon, Gaza, and beyond. The Secretary also stressed the threats posed by Iran and its proxies. They also discussed the benefits of the U.S.-Saudi economic partnership and the opportunities to grow their economies in a variety of fields including AI. The Secretary expressed his appreciation for Saudi Arabia’s partnership and efforts to promote regional peace and stability.