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 developments of the country in 2017 indicated that despite…

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 of German industrial giant Siemens, Stephen Schwarzman, the CEO…

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 21st Century Icon Awards in association with CNBC and…

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 more than $1 billion in Lucid Motors and obtain…

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 sector is expected to gain momentum despite any delay…

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 surged by 82 percent to reach SR184.165 billion, which…

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 consumption charges before settling their final bill at the…

By Innovation-sa on August 6, 2018 in News

The Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP) named Steve Wozniak, co-founder of Apple, as the ambassador of “Saudi Tech Hub”. Saud Bin Abdulla Al-Qahtani, the head of the federation and an advisor to the Royal Court, said that the appointment of Wozniak reflects the federation’s desire to work with the best minds in the sector to help the Kingdom become the region’s…

By Innovation-sa on August 6, 2018 in News

Saudi Arabia’s Ministry of Finance signed financing agreements to fund 17 health, education and hospitality projects in the Kingdom with loans amounting to SR755.8 million. Through these agreements, the government plans to attract the private sector to participate in the comprehensive development of the country and invest more in service projects, in accordance with the objectives of Vision 2030, said Dr.Hamad bin Sulaiman Al-Bazai,…

By Innovation-sa on July 31, 2018 in News

The Council of Minister’s instructed the Ministry of Labor and Social Development (MLSD) and the Ministry of Housing not to issue or renew work permits of expatriates without a lease contract registered in the Ejar system from September onwards.   The ministries will organize awareness campaigns across the Kingdom to ensure that expatriates authenticate their residential rent contracts and register in the Ejar network…