By Innovation-sa on September 27, 2018 in News

Saudi Arabia on Tuesday announced the launch of a new online visa process allowing fans from across the globe to attend their favourite sporting or musical events in the Kingdom.   The new visa programme, known as ‘Sharek’ was announced during the launch of Ad Diriyah E-Prix as part of Saudi Arabia’s Vision 2030 which plans to boost tourism spending in the country by…

By Innovation-sa on September 20, 2018 in News

The Ministry of Hajj and Umrah announced that pilgrims can now visit any city in the Kingdom with their 30-day Umrah visa.   Abdul Fattah Mashat, Deputy Haj and Umrah Minister, said that the new rule, which will be subject to certain rules and regulations will come into effect this year.   Pilgrims interested in travelling across the Kingdom should request for permission before…

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 purposes” as well as to boost the Kingdom’s diversification…

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 percent this year and sixty percent are targeting a…

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 standards and practices comes in line with Saudi Arabia’s…

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…