Transport Passenger numbers on Saudi trains leap 23% in a year Passenger traffic on Saudi railways rose 23 percent year on year to 2.7 million people in the first quarter of 2024, the state operator said this week, as the kingdom pushes to improve infrastructure before a 2030 deadline. The railway system also saw a 9 percent rise in the volume of minerals and goods transported, […] May 2, 2024
Economy Saudi economy contracts for third quarter in a row Saudi Arabia’s economy contracted by 1.8 percent year on year in the first quarter of 2024, while growth in non-oil activities slowed to its lowest rate in a year, statistics released this week show. The country’s GDP fell for the third quarter in a row, although the drop eased from the 4.3 percent contraction in […] May 1, 2024
Mining Manara takes a $2.5bn stake in Brazilian mining giant Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), has completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale. Maaden said in a filing to the Saudi Exchange that it has acquired 10 percent of Vale Base Metals Limited […] May 1, 2024
Logistics Major logistics centre planned for Saudi’s third city A major logistics centre is planned for Dammam in Saudi Arabia’s Eastern Province that will be connected to an expanded Dammam port and a new city metro system. The regional logistics centre in Dammam, Saudi Arabia’s third largest city, will cover eight square kilometres and account for 55 percent of the Eastern Province’s targeted logistics […] May 1, 2024
Video length: 07:03 VIDEO Giga-projects Third of Vision 2030 projects ‘completed’ government says One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme. The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […] April 26, 2024
People & Lifestyle Saudi director’s labour of love takes the kingdom to Cannes For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […] April 26, 2024
Trade Florida port service could increase Saudi non-oil exports Saudi Arabia’s exports are set to improve following the introduction of a new container service that will link Jeddah with Florida. Non-oil exports rose 4.4 percent year on year in February while production cuts led oil exports to slip to 77 percent of the total, the government said. Jacksonville Port Authority (Jaxport) in Florida said […] April 25, 2024
Retail Saudi mall operator takes aim at Dubai’s retail crown Saudi Arabia’s leading mall operator is looking to challenge Dubai for the title of the top retail location in the Gulf, with plans to add five more locations by 2027. Bruno Wehbe, chief operating officer of Cenomi Centers, said the Jawharat Riyadh would include new elements such as 3D holographic projections, food halls with live […] April 25, 2024
Giga-projects Saudi giga-project Diriyah Gate targets 2027 completion Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027. The opening of the project’s first hotel is now rescheduled for later this year. “We’re looking forward to the conclusion of our project, probably toward the end of 2027,” said Andrew Tonnor, Diriyah Gate’s […] April 25, 2024
Trade 300 UK company chiefs to descend on Riyadh for expo The UK is sending hundreds of business executives to a trade expo in Riyadh in May as part of a year-long drive to win contracts in Saudi Arabia, as the Gulf state seeks to increase foreign investment in its giga-projects. “The Great Futures launch event in Riyadh on 14-15 May 2024 aims to bring to […] April 23, 2024
Economy Saudi Arabia world’s fifth biggest arms buyer in 2023 Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […] April 23, 2024
Economy US treasury holdings high in Saudi Arabia’s estimation Saudi Arabia’s holdings of US treasuries stayed close to a two-year high in February at $130.5 billion as yields rose in recent months, according to new data. The Saudi central bank’s holdings fell $3.2 million month on month, or 0.3 percent, to $130.5 billion, maintaining Saudi Arabia’s place at number 17 in the list of […] April 22, 2024
Food & Drink Saudi Arabia aims to double local honey production Saudi Arabia has invested SAR140 million ($37 million) to support its nascent rural honey industry, the government said this week. The country has raised subsidised production by 41 percent since 2021 and wants to double output by 2026. The Sustainable Agricultural Rural Development Program, known as Reef Saudi, said its funding supported over 10,500 people […] April 22, 2024
Video length: 07:03 Analysis Giga-projects Saudi Arabia strives to counter giga-project doubts As Saudi Arabia ramps up its global tour to attract more giga-project investment, doubts have begun to set in over costs and whether they will meet the imminent 2030 deadline. The kingdom’s officials put on a big show at an international real estate event in Cannes in March and this week Neom kicked off the […] April 18, 2024
Leisure & Hospitality Ronnie O’Sullivan to be Saudi snooker ambassador Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia. It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […] April 18, 2024
Renewable Energy Renewables target for 2030 in sight for Saudi Arabia Saudi Arabia will expand its renewable energy output sixfold by 2030 if it continues at its current pace, a survey found this week. But it will need to add 20GW of capacity annually if it is to reach an ambitious government target laid out last year. In December the government set a new target of […] April 17, 2024
Economy IMF cuts Saudi GDP growth prediction The International Monetary Fund (IMF) has cut its estimate for Saudi economic growth in 2024 to 2.6 percent in its most recent World Economic Outlook, but raised its expectation for 2025. The IMF’s April report says it’s GDP estimate is down from the 2.7 percent in predicted in January. However, the it said that Saudi […] April 17, 2024
Real Estate Residential price rise counters slip in Saudi commercial property Residential property was the driving force behind a rise in Saudi Arabian real estate prices in the first quarter of 2024 as prices of commercial real estate fell, government statistics released this week showed. The overall real estate price index rose by 0.6 percent compared with the same quarter in 2023. But while there was […] April 16, 2024
Manufacturing EV imports rise in Saudi Arabia, but only to 779 cars Saudi imports of electric vehicles rose sharply in 2023 – but to a total of just 779 EVs, despite government hopes that it can become a green economy leader through the manufacture and use of electric cars. The kingdom imported only 210 EVs in 2022, showing the mountain it has to climb to realise ambitions […] April 16, 2024
Economy Inflation eases to 1.6% in Saudi Arabia Inflation in Saudi Arabia fell to 1.6 percent in March, from 1.8 percent in February, driven mainly by housing rents. The trend of lower price rises over the past year continued. The consumer price index hit a high of 2.8 percent year-on-year inflation in May 2023 but has been under 2 percent since September. The […] April 15, 2024
Giga-projects Neom increases workforce to get vision over the line The pace of construction on Saudi Arabia’s $500 billion giga-project Neom is to accelerate, with the workforce rising by almost half by next year. The number of people employed in construction will increase from more than 140,000 to more than 200,000 in 2025, the developer said in a statement, after reports of construction workers being […] April 15, 2024
Banking & Finance Saudi Telecom’s pay app to offer full banking service State-owned Saudi Telecom’s pay app has received central bank approval to become a fully fledged digital bank. Part of the kingdom’s fintech expansion strategy, the new STC Bank will offer traditional and Sharia-compliant services fully aligned with the international banking system. The service will be available to a small test group in the coming months […] April 5, 2024
