Skip to content Skip to Search
Skip navigation

Saudi Arabia Vision 2030

PIF's Fahad AlSaif. The fund is 'becoming more domestically oriented', analysts say

PIF appoints investment chief as it shifts focus to local projects

Saudi Arabia’s Public Investment Fund has appointed a head of investments as it seeks to manage funding challenges for the giga-projects at the centre of the country’s economic transformation programme.  Fahad AlSaif will be responsible for “guiding the development of PIF’s overarching investment strategy” and helping the fund’s leadership in its decisions, a statement said.  […]

Established regional businesses, recent Chinese entrants, local startups and multinationals are all vying for a place in the Saudi logistics market Video length: 08:13

Logistics giants compete for space in Saudi Arabia

Global logistics companies are flocking to Saudi Arabia as the country’s socio-economic transformation drives demand for industrial and e-commerce buildings. Last week DB Schenker, the logistics subsidiary of Germany’s rail operator Deutsche Bahn, signed a deal with Riyadh-based developer Kaden to construct warehouses in the kingdom. At the end of May construction work started on […]

'Investors might be more comfortable holding Mena sovereign bonds' that are outperforming US Treasuries

Looming ‘vision’ project deadlines spur GCC bond market growth

Gulf countries are racing to complete ambitious “vision” agendas, pushing the total value of GCC bond and sukuk issuances since 2014 to more than $1 trillion. Each GCC country is working towards its own goals – whether that be the Saudi Vision 2030, We the UAE 2031, or Kuwait Vision 2035 – with the aim […]

The pre-qualification stage for the five new mineral exploration licences will run from July to October 2024

Saudi Arabia opens bids for largest mineral exploration sites

Saudi Arabia is inviting companies to bid for five new mineral exploration licences as it moves forward to unlock its vast mineral wealth. The government is seeking bids for three exploration licences at the Jabal Sayad mineralised belt, which covers almost 3,000 sq km. The belt is rich in copper, zinc, lead, gold and silver. […]

Videos released last month show construction of the Royal Arts Complex at King Salman Park is well underway

Full steam ahead on ‘largest urban park in the world’

Saudi Arabia is forging ahead with construction of what it calls the “largest urban park in the world”, publishing videos of its first buildings under construction after a tunnel opened earlier this year.  King Salman Park in Riyadh is owned by the Public Investment Fund and was recently valued by real estate consultancy Knight Frank […]

Saudi growth forecast

IMF lowers Saudi growth forecast over oil output cuts

The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy.  In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […]

A Hajj pilgrim departs Saudi Arabia. Over 1.8m people took part in the pilgrimage in June, most of them arriving by air

Saudi air passengers up 17% in first half of 2024

Saudi Arabia had a 17 percent increase in the total number of air passengers in the first half of the year, rising to 62 million.  This was based on a 12 percent rise in total flights to 446,000, the General Authority of Civil Aviation (GACA) said.  Air freight was also up, showing an increase of […]

Indian cricket fans during a match against Pakistan in London. The sport could be Saudi Arabia's next major investment

Anyone for cricket? Saudi Arabia’s next big sports play

Saudi Arabia is aggressively courting much-needed foreign investment to commercialise its emerging sport sector, part of its Vision 2030 plan to diversify from its dependence on wealth from hydrocarbons. Basim Ibrahim, director of sport investment development at Saudi’s Ministry of Investment, said the kingdom, which has already put its football clubs up for sale, is […]

A young Al Hilal fan (with Neymar phone case) watches his side play Al Ittihad at the Kingdom Arena in Riyadh. Fewer superstar signings are expected this summer

Saudi football spending tipped to tumble as economy falters

Saudi Arabia’s domestic football ambitions may have to take a back seat this year as the kingdom focuses on funding its $1.25 trillion giga-projects programme, according to analysts. Last summer Saudi Pro League clubs spent close to $1 billion signing the likes of Neymar, Ruben Neves and N’Golo Kante.  This year’s transfer window is expected […]

Thailand's consul general Kitinai Nutakul visits the Saudi Ministry of Foreign Affairs in Jeddah

Thailand opens investment office in Saudi Arabia

Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […]

hajj saudi arabia

Saudia reports big rise in international passengers

Saudi Arabia’s national carrier Saudia reported a 24 percent increase in international passengers to 9.1 million in the first half of 2024. There was also a 13 percent rise in the number of flights. The Hajj pilgrimage in June played a large part in the growth.  The number of passengers flying on domestic routes rose […]

Alula Sharaan

AlUla plans Nabataean resort carved into Saudi mountains

Saudi Arabia is spending around $15 billion on the ancient site of AlUla, including a resort for the super-rich chiselled into the face of its rock formations and mountains.  AlUla is the site of the pre-Islamic Nabataean kingdom that was based in Jordan’s Petra. The resort, called Sharaan, will include 38 suites “carved into sandstone […]

Mohammed El-Kuwaiz, chairman of Saudi Arabia's Capital Market Authority

Saudi CMA fines two for manipulating stocks

Saudi Arabia’s Capital Markets Authority (CMA) has fined two Saudi men SAR11.1 million ($3 million) for manipulating the price of 17 stocks through posts on the social media platform X .  Mohammed bin Nawaf bin Mohammed Alharbi and Nawaf bin Mohammed bin Jam’an Alsukhaiber Alharbi used X, formerly known as Twitter, to encourage investors into […]

Saudi football Al Nassr supporter

Fourteen Saudi football clubs for sale in new FDI drive

Fourteen Saudi football clubs are up for sale, including four from the country’s top Pro League, as the country tries to monetise the sport and attract much-needed foreign investment.  Six teams, including three in the Pro League – Al-Okhdood, Al-Orouba and Al-Kholoud – will be offered from August. The other eight will follow at a […]

public investment fund PIF and its subsidiaries’ stake in Aramco doubled to 16 percent this year via an 8 percent share transfer profit

Consolidating giga-projects pushes PIF into profit

Saudi Arabia’s Public Investment Fund (PIF) swung into profit in 2023, with revenues doubling to $88.3 billion. According to an audited financial statement the sovereign wealth fund has consolidated five schemes as it manages giga-project costs.  PIF owns the development projects at the heart of Saudi Arabia’s economic reform plan but is now facing funding […]

Tourists visit the Nabatean tombs in AlUla. The ministry of tourism said more than 106 million tourists visited Saudi Arabia last year

Tourist spending in Saudi Arabia rises 23% to $12bn

Inbound visitor spending in Saudi Arabia rose 23 percent year on year in the first quarter of 2024. Spending reached SAR45 billion ($12 billion) in the January to March period from SAR36.6 billion a year ago, tourism ministry data showed. The surplus in the travel account stood at SAR24 billion during the period, rising 46 […]

Saudi forex

Saudi forex reserves at 18-month high in boost to giga-projects

Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022.  The rise gives the government more scope to pump money into cash-constrained giga-projects.  Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […]

Dr Manar Al Moneef said, 'our job is not only to identify the opportunity, but to make them bankable'

Neom offers financial guarantees to lure private investors

Neom is adopting stabilisation guarantees and varied financial arrangements to encourage private sector investments, according to a senior executive. The $1.5 trillion giga-project, owned by the Public Investment Fund (PIF), is a linchpin in Saudi Arabia’s move away from oil dependency. Dr Manar Al Moneef, chief investment officer at Neom, said it plans to offer […]

The arts centre, designed by Tom Wiscombe, will be a futuristic building that straddles rugged mountains outside Riyadh

Futuristic architect lands arts centre in Saudi’s Qiddiya

Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh.  The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital.  Qiddiya, one of the Public Investment Fund’s giga-projects, said […]

Nujuma, operated by Ritz Carlton, is the third Red Sea Global resort to open to visitors

Saudi Red Sea resorts aim for 19m tourists by 2030

Saudi Arabia hopes to attract 19 million tourists a year to its Red Sea giga-projects and other resorts being built along the country’s west coast.  Mohammed Al Nasser, CEO of the Saudi Red Sea Authority, said it intends to issue licences for up to 60 marinas over the next two years. It recently licensed six […]

Knight Frank predicts that the value of the Saudi Arabia's construction projects will grow to $181.5 billion by the end of 2028

Riyadh dominates Saudi Arabia’s construction market

Riyadh and its surroundings account for nearly 40 percent of the value of existing construction contracts in Saudi Arabia, at US$54 billion, according to new research. The provinces of Mecca – which includes Jeddah – and Tabuk in the north of the kingdom follow the capital region, with $28.7 billion and $28.5 billion in awarded […]