By Innovation-sa on September 20, 2018 in News

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) said in a statement that it secured its first international loan worth $11bn, marking the first step in its strategic, medium-term debt funding programme.   PIF, which is currently managing assets worth around $230 billion, said that it would use the loan for “general corporate […]

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By Innovation-sa on September 13, 2018 in News

The EY Barometer, an annual survey of growth strategies among entrepreneurs and middle-market leaders, found that Saudi-based businesses are more optimistic about revenue growth and business opportunities in the Kingdom in 2018 than last year.   The survey revealed that 33 percent of middle-market businesses in Saudi Arabia foresee a growth of more than 10 […]

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By Innovation-sa on September 6, 2018 in News

The Ministry of Finance on Monday dismissed rumours regarding imposition of fees on expatriate remittance, according to reports from the Saudi Press Agency. The statement was issued in response to several “baseless and unfounded” reports circulating through the media.   The ministry emphasised that free movement of capital through official channels in accordance with international […]

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By Innovation-sa on September 6, 2018 in News

Custodian of the Two Holy Mosques King Salman was presented with the 54th annual report of the Saudi Arabian Monetary Authority (SAMA) on Wednesday in the presence of Minister of Finance Al-Jadaan, SAMA Governer Dr.Ahmed Al-Khulaifi and the governor’s deputies during a reception at Al-Salam Palace.   The report, which examines the economic and financial […]

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By Innovation-sa on September 2, 2018 in News

Saudi Arabia’s Public Investment Fund (PIF) has named an advisory board consisting of 11 business minds and experts from across the globe that will provide strategic guidance to the development of Kingdom’s Future Investment Initiative (FII). Advisory board members include Masayoshi Son, the CEO of Japan’s SoftBank Group, Joe Kaesar, the president and chief executive […]

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By Innovation-sa on September 2, 2018 in News

Saudi Arabia’s $500 billion mega-city projects, NEOM, has appointed Aradhana Khowala as its Managing Director of Tourism. Khowala, CEO and founder of hospitality and tourism consulting firm Aptamind and a Global Advisory Board Member of the World Tourism Forum, Lucerne is a global authority on the travel, tourism and hospitality industry and was awarded the […]

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By Innovation-sa on August 29, 2018 in News

Saudi Arabia’s Public Investment Fund (PIF) is involved in negotiation talks with Tesla challenger Lucid Motors over a $1 billion investment, revealing the Kingdom’s interest to invest in electric car makers. PIF and Lucid Motors, an electric car start-up run by battery company Ateiva, have drawn up a term sheet under which PIF could invest […]

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By Innovation-sa on August 29, 2018 in News

The International Monetary Fund (IMF) applauded the Saudi government for the progress made till date in pursuing its reform agenda and emphasised that stronger oil price should not slow momentum. A senior official at the Washington based company said that the Saudi Arabian economy is moving ahead with economic reforms and growth in its non-oil […]

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By Innovation-sa on August 13, 2018 in News

Saudi Arabia’s budget deficit fell by 84 percent to 7.4 billion riyals in the second quarter of 2018, according to figures from the Ministry of Finance. During the second quarter, revenues increased by more than two thirds to reach SR273.588 billion, indicating an improvement in economic activity. In contrast to the previous year, oil revenues […]

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By Innovation-sa on August 13, 2018 in News

The Saudi Electricity Company (SEC) announced plans to launch the Tayseer program to residential subscribers whose monthly bills range from SR300 to SR3,000, in a move to provide customers with easier payment options. This year, the program will cover the period from July to December and provide subscribers with the option to pay average monthly […]

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