Giga-projects Riyadh Expo 2030 to spur giga-project construction Saudi Arabia will host the World Expo 2030 in Riyadh, surpassing bids from Italy and South Korea in what analysts and officials said would be a boon for tourism and a spur to finish ambitious development projects on time. A total of 119 countries endorsed Riyadh’s candidacy during the 173rd general assembly of the Bureau […] November 30, 2023
Employment Saudisation push leads to half a million jobs since launch Saudi Arabia has found work for 176,000 nationals over the past 12 months, through a programme set up two years ago to promote Saudisation – requiring companies to hire Saudi nationals for jobs in the private sector. This figure is likely to increase following a government announcement this week that Saudi nationals can now hold […] November 29, 2023
People & Lifestyle Saudi Arabia wins bid to host World Expo 2030 Saudi Arabia will host the World Expo 2030 in Riyadh, surpassing bids from Busan in South Korea and the Italian city of Rome. A total of 119 countries endorsed Riyadh’s candidacy during the 173rd general assembly of the Bureau International des Expositions (BIE) held in Paris, the state-run Saudi Press Agency reported. The World Expo […] November 29, 2023
Analysis Construction Neom registers 33 new patents for projects Saudi Arabia’s futuristic city Neom has ramped up its applications for patents on names and logos, registering a total of 33 this year, including 27 within the last two months, indicating that at least two new major projects are still to come. Neom Company has made a total of 45 applications to the US patent […] November 24, 2023
Opinion Sustainability Saudi Arabia can make the case for change at Cop28 The kingdom is making steps to protect its young population November 21, 2023
Oil & Gas Saudi Arabia finds natural gas fields in east and south Saudi Aramco has discovered natural gas fields in the south and east of the country, the state news agency said on October 19, in what could be a significant boost for the kingdom’s gas plans. Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, said the Al-Hiran and Al-Muhakik fields, both with strong natural gas flows, […] November 20, 2023
Opinion Economy Assessing Saudi Arabia’s Vision 2030 progress The non-oil private sector is a driving force for economic transformation November 16, 2023
DUBAI AIRSHOW Aviation Neom flying taxis ‘should be ready by 2026,’ says developer Neom could have “flying taxis” in the air by 2026 if testing and regulatory work stays on track, according to the company developing them for the Saudi giga-project. Borja Blond, CEO of the joint venture between Neom and German manufacturer Volocopter, said it ran successful test flights in the summer and was working with the […] November 16, 2023
Analysis Economy Saudi Arabia’s new civil code aims to reassure investors Saudi Arabia hopes a new civil commercial code, due to go into effect by the end of the year, will finally provide foreign investors with clarity on doing business in the country as it tries to shake off a reputation for opaque and arbitrary justice. The code’s 721 articles, first published in June, could be […] November 16, 2023
Dubai Airshow Aviation Supersonic a future option as Riyadh Air builds fleet Riyadh Air, Saudi Arabia’s new flagship airline which is set to start flying in 2025, is still in talks with Boeing over further orders for wide and narrow-bodied aircraft. “We’re in continued negotiation with manufacturers about aircraft,” chief operating officer Peter Bellew said on the sidelines of the Dubai Airshow on Monday. “We’ve ordered 39 […] November 13, 2023
Economy Saudi Arabia quadruples FDI figure to $33bn in 2022 Foreign direct investment to Saudi Arabia amounted to $33 billion in 2022, the Saudi investment ministry said on Wednesday, revising a previous lower estimate of about $8 billion. The corrected Saudi number would rank Saudi Arabia 10th amongst G20 economies last year. It also puts Saudi Arabia far ahead of the UAE’s 2022 total of […] November 8, 2023
Renewable Energy Saudi Arabia urging businesses to make solar shift Saudi Arabia is doing more to encourage commercial and industrial enterprises to shift to solar energy as part of its green transition but the regulatory environment is still lagging due to a conservative gradualist approach, industry players say. The kingdom is trying to put itself at the forefront of green energy technology and consumption through […] November 1, 2023
Business of Sport Saudi Arabia to host 2034 World Cup Saudi Arabia is to be formally declared as the host of the 2034 Fifa World Cup after Australia said on Tuesday – the final day for bids – that it would not submit an application. Football Australia said in a statement that it had decided to focus instead on bids for the 2026 Women’s Asian […] October 31, 2023
FII Tourism Red Sea Global links up with Kingdom for $530m resort Red Sea Global and Kingdom Holding Company have agreed a SAR2 billion ($530 million) joint venture to develop and own a Four Seasons resort at the Red Sea giga-project. The luxury development, scheduled to open in early 2025, will be built on Shura Island, the main hub of the 22-island giga-project. The Four Seasons resort […] October 24, 2023
Giga-projects Warning over climate impact of Saudi giga-projects Saudi Arabia’s vast giga-projects could have a damaging impact on the environment if they are not managed properly, a report from a Saudi university has found. “While diversifying the economy, giga-projects will increase the number of people living or visiting coastal areas, placing an additional burden via waste generation and disposal, water desalination and energy […] October 23, 2023
Construction Chinese builder picked for $1bn Medina projects Agreements worth nearly $1 billion have been signed with a Chinese construction major to build two mixed-use projects in Saudi Arabia’s Knowledge Economic City (KEC) in Medina. A filing by KEC to the Saudi Stock Exchange on Wednesday revealed that a $400 million deal has been agreed with China Gezhouba International Engineering Group Company (CGGC) […] October 18, 2023
Finance PIF’s sukuk may test investor appetite for Middle East Saudi Arabia’s Public Investment Fund is planning to issue its first dollar-denominated Islamic bonds, but the move could be a test of investor appetite as regional tensions rise over the conflict in Gaza. Citi, HSBC, JP Morgan and Standard Chartered Bank have been nominated as global joint co-ordinators to organise a series of investor calls […] October 17, 2023
Tourism Saudi Arabia adds more countries to tourist visa list Saudi Arabia has added six new countries to its list of nationalities that can apply for a tourist visa online. Visitors from Turkey, Thailand, Panama, Saint Kitts & Nevis, Seychelles and Mauritius are now eligible for leisure and business travel, as well as visits for the Umrah pilgrimage. The expansion brings the total number of […] October 17, 2023
Tourism AlWadi is latest project in Saudi Arabia’s tourism push Saudi Crown Prince Mohammed bin Salman has launched a new company to develop sustainable tourism in the kingdom’s southwest region, which aims to contribute more than SAR19 billion ($5.07 billion) to the non-oil GDP by 2030. Spread across 2.5 million square meters, AlWadi – meaning “the valley”– will be developed by Ardara, a wholly owned subsidiary […] October 17, 2023
Economy Saudi inflation eases but real estate buoys the index Saudi inflation eased to 1.7 percent in September, from 2 percent the previous month, but the booming real estate sector continued to push up prices. Housing rents rose 9.8 percent, including a 19.8 percent increase in apartment rents, forming “the main driver of the inflation rate in September 2023”, the General Authority for Statistics said. […] October 16, 2023
Construction Groundwork begins on Riyadh’s Mukaab Work has commenced on the Mukaab, a 400 metre tall cube structure in Riyadh. PIF-backed New Murabba Development Company (NMDC), the developer, has awarded the contract for the first excavation phase to construct the basement structures underneath the Mukaab and surrounding podiums to China Harbour Engineering Company. The work is part of the backfilling and […] October 16, 2023
Construction ‘Unrealistic’ deadlines spark construction disputes in Gulf Developers in the Middle East are setting “unrealistic” timelines for building projects, industry experts have warned, as the region is named among the worst in the world for construction delays. Construction overruns added 82 percent to schedules in the region, well up on the global average of just over 67 percent, according to the 2023 […] October 16, 2023
