By Innovation-sa on April 23, 2018 in News

Saudi Arabia is on the run to achieve its dream economic transformation plan, Vision 2030, and is undertaking several reforms to diversify its economy and one major focus is on the tourism and entertainment sector. A panel of experts who are set to meet at the Euromoney Saudi Arabia Conference on 2-3 May 2018 noted that entertainment and culture will be the most sought-after…

By Innovation-sa on April 15, 2018 in News

As part of Crown Prince Muhammed bin Salman’s Paris visit, 20 economic pacts worth $18 billion were signed between Saudi Arabia and France, reported Al Arabiya TV. MoUs were inked between Saudi And French companies in several sectors including energy, petrochemicals, trade, aviation, water treatment, tourism, health, agricultural and cultural activities. State-owned oil giant Saudi Aramco entered into a major agreement with French petrochemical…

By Innovation-sa on April 8, 2018 in News

Saudi Arabia will open its first cinema in over three decades on April 18 in Riyadh, after the ban on cinema was lifted last year as part of the Kingdom’s liberalization drive. Last year, Saudi Arabia’s Public Investment Fund (PIF) partnered with US movie exhibition company AMC Entertainment Holdings to explore and invest in cinema business in the Kingdom. The Saudi Ministry of Culture…

By Innovation-sa on April 8, 2018 in News

Saudi Arabia’s Public Investment Fund (PIF) signed an agreement with globally renowned amusement park company, Six Flags, to design and develop a Six Flags-branded amusement park in Riyadh amid wide-ranging social reforms in the Kingdom. Six Flags will design, develop and license the Six Flags brand for Qiddiya, the Kingdom’s first entertainment, sports and cultural spot, which is located 40 km away from the…

By Innovation-sa on April 3, 2018 in News

The Ministry of Labor and Social Development (MLSD) confirmed that around 83 percent of jobs in shops selling women’s accessories and dress have been feminized and nationalized. The Ministry’s official spokesman Khalid Aba Al-Khail informed that field inspectors have been organizing inspection tours in malls, commercial centers, and shops across the country to evaluate the extent to which the ministry’s decision to feminize and…

By Innovation-sa on April 3, 2018 in News

The Saudi Commission for Tourism and National Heritage (SCTH) announced in a statement that the regulations for tourist visas have been completed in cooperation with the ministries of interior and foreign affairs and submitted to higher government authorities for further approval, the Center of International Communication (CIC) quoted. The new regulations were formulated and reviewed in a series of intensive meetings and workshops with…

By Innovation-sa on March 29, 2018 in News

Much to the relief of the Kingdom’s construction industry which is struggling from an economic slowdown, Saudi Arabia has announced that it would provide compensation to contractors to meet the unexpected hike in expat fee for employees working in government sector projects approved before December 2016. The Saudi Press Agency (SPA) reported in a statement that after reviewing the imposition of monthly fees on…

By Innovation-sa on March 29, 2018 in News

The second annual Saudi-US CEO Forum, which brought together more than 200 eminent business leaders from the Kingdom and the US for a day of formal presentations, panel discussions, and trade and cultural shows, concluded successfully and resulted in the signing of 36 MoUs worth more than $20 billion. The annual forum brings forth discussions on mutual investment opportunities and contributes to strengthening economic…

By Innovation-sa on March 26, 2018 in News

The US State Department has approved a possible arms sale worth more than $1 billion to Saudi Arabia. The announcement came days after Saudi Arabia’s Crown Prince Muhammed bin Salman met US President Donald Trump at the White House, where Trump credited US defense sales to the Saudis.The department added that it had notified the US Congress on Thursday of the possible sale, which…

By Innovation-sa on March 26, 2018 in News

The Saudi Arabian General Investment Authority (SAGIA) revealed that the total volume of US investments in the Kingdom exceeded SR207 billion by February, signaling that the country’s economic reforms began to bear fruit. AT present, US investments in the Kingdom spread across 373 companies established in various sectors like service, industry, real-estate, scientific, technical and temporary licenses. Of the total investments by American companies…