business

IMF commends Saudi Arabia’s progress under Vision 2030: Report

The Fund highlighted resilient non-oil growth in the Kingdom, applauded record low unemployment

Saudi Central Bank confirms Q4 2024 as launch period for ‘Samsung Pay’ service in Kingdom

Samsung Pay provides secure payments, letting users manage digital cards in the Samsung Wallet app

Saudi Arabia’s PMI rises to 54.8 in August 2024, driven by new business and government investment

The PMI noted significant job creation, with employment rising at one of the highest rates in a decade

24 Fintech: Saudi Arabia to increase number of fintech companies to 525 by 2030 

By the end of Q2 2024, the number of Fintech companies in the Kingdom reached 224, exceeding the target of 168

Saudi Arabia enhances air connectivity with new direct flight route from Riyadh to London

Saudi Minister of Tourism oversaw agreement between Air Connectivity Program and Virgin Atlantic Airlines

Saudi fund deploys $20 billion globally in 50 years

800+ development projects have been funded by SFD since inception

ACWA Power secures $2.58 billion for three major solar projects in Saudi Arabia

This funding will support the development, design, construction, and operation of the projects

Saudi housing company reports $3.59 billion in sales, achieving 4-fold growth with over 13,000 units sold in H1 2024

The sales surge is linked to the company’s launch of multiple housing projects across the Kingdom

New business park with $1 billion investment aims to transform Saudi’s Boulevard City

 The park features 60,000 sqm of creative spaces, nine innovative office buildings

Specialists from 160 countries to attend 19th Internet Governance Forum in Riyadh in December

The forum will discuss internet policy, share information, and exchange experiences to develop solutions

Saudi Arabia to reap $13.3 billion from Esports and gaming by 2030: Report

Tech and government investments are transforming the Kingdom's esports sector, creating 39,000 jobs by 2030

Jeddah Season 2024 attracts 1.7 million visitors to 52-day cultural and entertainment extravaganza

The season invited visitors to explore Jeddah's historic UNESCO site, preserving 400 years of ancient social life

Cybersecurity contributes $4.15 billion to Saudi Arabia’s GDP in 2023: Report

 The sector reached $3.54 billion in 2023, showcasing remarkable growth

Saudi’s Arabian Mills to offer 15.39 million shares in IPO starting September 1

The final IPO price will be determined at the end of the book-building period

RCF, EVM partner to secure investment for Saudi Arabia’s $1.5 billion lithium chemicals plant project

Plant's first 2 trains to have a capacity of 50,000 tons per annum of high-purity lithium hydroxide monohydrate

Oil demand forecast to reach over 106 million barrels per day in H2 2024, says Aramco chief

Nasser foresees resilient oil fundamentals despite price decline, sees demand growth of 1.6-2 million bpd

Saudi Arabia’s PIF strengthens ties with China through $50 billion deals to boost bilateral capital flows

The agreements involve Chinese banks and focus on two-way capital flows through debt and equity

Saudi Arabia’s MODON secures 9 deals worth $266.47 million to develop industrial cities

The projects include infrastructure development for the third industrial city in Jeddah and the second industrial city in Makkah

Saudi Arabia’s Dammam port sees 37.4 percent container handling growth, manages 1.53 million units in H1 2024

Transshipment containers also surged by 87.87 percent to 37,806 units from 20,124 in 2023

Saudi Arabia’s Diriyah secures $2.13 billion contract to build four luxury hotels, equestrian club in Wadi Safar

The contract has been awarded to a joint venture of two Saudi construction firms, Urbacon and Al Bawani

Saudi Arabia’s POS transactions surge to $2.9 billion amid rise in education spending

Hotel spending also increased, rising by 0.2 percent compared to the previous week to reach SAR270.2 million