By Innovation-sa on May 15, 2019 in News

The Saudi Shoura council approved the launch of a new Green Card style “Special Privilege Iqama” (residence permit) scheme to attract affluent foreign entrepreneurs and investors to the Kingdom, marking an end to the age-old Khafeel (sponsorship) system.   The new scheme will not require foreigners to have a Saudi sponsor or employer and its added benefits will include family privileges, the ability to obtain visas for…

By Innovation-sa on May 5, 2019 in News

Saudi Arabia should utilize the latest technological advances that have impacted the society effectively on its strive to become the digital hub of the region, the Global Digital Government Summit organized by the new Saudi e-Government program, Yesser, under the title “Putting Citizens First” noted.   Ali Al-Asiri, CEO of Yesser, said the summit was “very important to our country, and the future of all…

By Innovation-sa on May 5, 2019 in News

The most awaited World Wrestling Entertainment (WWE) will make its return to Saudi Arabia with a special event hosted by the Saudi General Sports Authority in partnership with WWE at the King Abdullah Sports City Stadium in Jeddah on Friday, June 7, at 8 p.m. The star-studded event, marking the company’s third show in the Kingdom, will feature WWE superstars Roman Reigns, Undertaker, Kofi…

By Innovation-sa on April 24, 2019 in News

Saudi Arabia attained a budget surplus of SR27.8 billion in the first quarter of 2019, in comparison to a budget deficit of SR34.3 billion during the same period last year, the Kingdom’s Finance Minister Mohammed Al-Jadaan said at the Financial Sector Conference (FSC) in Riyadh on Wednesday.   This is the first time that the Kingdom recorded a surplus in its budget since the 2014 oil…

By Innovation-sa on April 24, 2019 in News

As Saudi Arabia is boosting its infrastructure spending in line with the objectives of Vision 2030, the world’s leading oil-exporting nation is witnessing more master development launches than ever before, says management consultancy firm Faithful+Gould.   Saudi Arabia has plans to spend $1.1 trillion on infrastructure projects from 2019-2038 and already has a long list of multi-billion dollar mega projects such as NEOM, Al-Ula, Red Sea…

By Innovation-sa on April 21, 2019 in News

Saudi Arabia’s non-oil private sector has reached its highest level since December 2017 as confidence in the Kingdom starts to return, reveals data published by the Emirates NBD Purchasing Managers’ Index (PMI).   The survey shows that the Kingdom’s private sector’s new order growth accelerated to its fastest since April 2015. According to Khatija Haque, head of MENA Research at Emirates NBD, the average PMI…

By Innovation-sa on April 15, 2019 in News

Saudi Aramco’s debut bond sale orders have reached $100 billion, far exceeding previous highs for a bond issue by an emerging market entity, indicating that global investors are confident  than ever to invest in the Kingdom. The world’s largest oil company is planning to raise $12 billion from the $100 billion demand at its first international bond sale.   The demand for the state owned…

By Innovation-sa on April 9, 2019 in News

Saudi Arabian Mining Company Ma’aden plans to boost its gold output from 415,000 ounces this year to one million by 2025, announced Chief Executive Officer Darren Davis in an interview. This would transform Saudi Arabia from a marginal gold producer to one of the world’s top-20 suppliers in a few years.   As part of a $426 billion infrastructure spending plan that seeks to exploit…

By Innovation-sa on April 3, 2019 in News

The Saudi Human Resources Development Fund’s (HADAF) “Wusul” program, launched to support the transfer of working women, is ensuring that female employees working in Saudi Arabia’s private sector are being given up to SR800 per month to cover the cost of their travel to and from work.   The scheme covers 80 percent of working women’s transport fees and provides safe, high-quality transportation services…

By Innovation-sa on April 3, 2019 in News

International artists will be able to take residency in Saudi Arabia as part of a new”cultural residency” program, the Kingdom’s Ministry of Culture said during an event in Riyadh.   The residency scheme is one among a series of initiatives announced at the launch of the Ministry of Culture’s vision and strategy for future. Other major programs announced at the event includes arts prizes, festivals,…