NEWS

The Foreign Direct Investment (FDI) to Kingdom of Saudi Arabia rose by 10 percent from $3.18 billion in 2018 to $3.50 billion during the first nine months of 2019, said Invest Saudi, the state body promoting foreign investments, based on reports published by the Saudi Arabian Monetary Authority (SAMA).   In line with the objectives of […]

The world’s most ambitious project, Saudi Arabia’s $500 billion flagship business zone NEOM, is set to announce its detailed construction plans within the next two months, said NEOM CEO Nazmi Al-Nasr in a statement to the Saudi Press Agency. “2020 will be the start of the real impetus for NEOM’s visionary projects,” he added.   Within a few […]

The Saudi Arabian Monetary Authority (SAMA) issued licenses for non-bank financial institutions in the Kingdom for the first time in its history by granting license to an electronic wallet company and a payment services company.   SAMA said in a statement that the new desicion to license financial technology companies comes as part of SAMA’s efforts […]

The Directorate General of Passports (Jawazat) has called on all expatriates in the Kingdom who do not have accounts in “Absher”, the electronic service platform, to register at the earliest.   Registration in the online portal will aid expatriates to make use of electronic services provided by the Jawazat sitting at home without having to visit […]

A YouGov poll conducted by Arab News pointed out an increase in tourism interest in Saudi Arabia from tourists across the world, with one in five tourists more likely to visit the Kingdom for a vacation now than five years ago. The survey published reports after studying 9,521 people across the US,China and five key […]

Saudi Arabia’s oil giant Saudi Aramco raised the size of its initial public offering (IPO) to a world record-breaking $29.4 billion, by selling an additional 450 million shares making use of its “greenshoe option”, the company said in a statement on the Saudi Stock Market (Tadawul).   The greenshoe option,or over-allotment, permits companies to sell […]

In line with the objectives of Kingdom’s Vision 2030 to enhance the quality of life in cities by providing commodities and services to residents 24/7, Saudi Arabia’s Ministry of Municipal Affairs in collaboration with the Ministry of Interior will now allow commercial activities to function round the clock. Starting from today, businesses that obtain a […]

Saudi Arabia announced SR1.02 trillion budget for 2020 with plans to gradually reduce government spending as private sector growth picks up and Crown Prince Muhammed bin Salman’s vision of the oil-independent economy shows signs of progress.   The annual budget released by the Saudi government this week forecasts a revenue of SR833 billion in 2020, […]

Saudi Arabia’s General Entertainment Authority (GEA) revealed that over 8.4 million people have visited the Riyadh Season festival within a month-and-a-half. Riyadh Season will continue to provide entertainment to citizens in and around the capital city until late-January across all twelve designated locations.   The season, which was initially scheduled to wrap up on December […]

In a ground-breaking celebratory event filled with historical reenactments, Ardah dance, displays of traditional culture and fireworks, Custodian of the two holy mosques King Salman laid the foundation stone to mark the launch of the $17 billion Diriyah Gate project around the UNESCO world heritge site at Diriyah.   As the Kingdom continues its transformation […]