By Innovation-sa on July 24, 2018 in News

Dubai-based group, Majid Al-Futtaim Cinemas announced that it will open its first multiplex in Jeddah at the highly popular Red Sea Mall by December. Earlier, the company had announced its interest to bring world-class entertainment to cities across the Kingdom as soon as the ban on cinemas was lifted in Saudi Arabia.   VOX’s parent company, Majid Al-Futtaim, has already announced project investments valued…

By Innovation-sa on July 24, 2018 in News

The General Authority of Statistics (GAStat) reports indicated a positive growth in the Saudi job market with more than 350,000 new job opportunities to be created for locals and expatriates in the near future.   The report predicts 38,000 new opportunities for Saudis and 67,000 vacancies for foreigners in the food, commercial and housing sector. Meanwhile, the industrial sector will have 23,000 job openings…

By Innovation-sa on July 18, 2018 in News

According to reports published by Saudi Arabian Monetary Agency (SAMA), consumer spending in Saudi Arabia has hit a record high amount of SR91.10 billion this May in comparison to SR84.11 billion during the same month in 2017.   The report attributed the 23-month high spending to extensive household shopping by locals and expatriates at the end of Sha’ban and the beginning of Ramadan. Due…

By Innovation-sa on July 18, 2018 in News

Saudi Arabia will introduce its first comprehensive bankruptcy law on August 18, as the nation is on a drive to overhaul its economy. The new system will enhance the confidence of local and foreign investors in private businesses as well as boost Saudi Arabia’s rankings in global economic indicators especially insolvency reports.   The bankruptcy law, once established will provide better solutions to financially…

By Innovation-sa on July 12, 2018 in News

Saudi Arabia has issued a draft law on partnerships between the government and private sector as the kingdom prepares to unlock infrastructure projects worth billions and attract new foreign investments.   The 50-page draft offers investors exemptions from labor laws, real estate ownership restrictions and other regulations. The National Center for Privatization and Public-Private Partnerships has invited the public to submit comments on the…

By Innovation-sa on July 12, 2018 in News

Women coming to forefront and taking up leadership will contribute to generating large number of job opportunities in the labor market and raise the participation rate of women from 22 to 30 percent, eventually achieving one of the prime goals of Vision 2030, said Prince Khalid bin Sulthan Abdullah Al-Faisal, chairman of the Saudi Arabian Motor Federation while inaugurating a two-day forum on women…

By Innovation-sa on July 11, 2018 in News

The National Accounts publication of the first quarter of 2018 indicated a significant recovery of Saudi Arabia’s annual real GDP growth after it increased by 1.2 percent in Q1, 2018 year-on-year, reported the General Authority for Statistics.   The recovery of Saudi economy comes after four consecutive quarters of recession and indicates the resilience of the Kingdom’s economy as well as its ability to…

By Innovation-sa on July 11, 2018 in News

The Emirates NBD/IHS Markit Purchasing Managers Index (PMI), a measure of non-oil business conditions, escalated to 55 in June from 53.2 in May, indicating the highest level of growth in Saudi Arabia’s non-oil sector in 2018.   “Overall, the June PMI data supports our view that the non-oil sector is recovering after a slow start to the year,” explained Khatija Haque, head of MENA…

By Innovation-sa on July 1, 2018 in News

As King Salman’s decree to allow women to drive comes into action, experts predict a positive impact on the Saudi Arabian economy and boom in retail trade as well as banking sector, reported Al-Madina newspaper.   “Women driving would increase car sales by 15 percent in the big run. It will also contribute to increasing the number of Saudi women workers”, said Ali Rida,…

By Innovation-sa on July 1, 2018 in News

Local tourism is on the rise in Saudi Arabia with over 44.5 million local trips made in 2017 and total spending’s crossing SR47.9 billion, according to a report published by the Saudi Commission for Tourism and National Heritage (SCTH).   Accommodations for local tourism is also experiencing a sharp growth, reaching a total of 7,385 licenced establishments with an increase of 426 percent from…