Umm Al Qura announces IPO to finance $26bn Masar project in Makkah
RIYADH: Saudi Contractor, Umm Al Qura for Development and Construction Co. is going ahead with its IPO to support its Masar Destination project in Makkah worth $26.6 billion. The company’s application has been accepted by the Capital Market Authority, allowing to issue over 130 million new shares, showing 9.09% of its post-capital increase shares. The 3.5 […]
Saudi Arabia’s Real Estate set for growth with billions in new projects
RIYADH: Saudi Arabia’s real estate sector will grow significantly as leaders, investors and policymakers came together at the Real Estate Future Forum held in Riyadh to discuss significant projects and investments. Asir Gov. Prince Turki bin Talal declared that the Public Investment Fund (PIF) led the nine major projects in the region, with four already […]
Saudi Arabia allows foreign investment in Makkah and Madinah Real Estate
RIYADH: Saudi Arabia now allows foreign investment in real estate companies especially those with properties in Makkah and Madinah. The Saudi Capital Market Authority (CMA) announced this decision which aligns with Vision 2030, which aims to diversify the economy and boost foreign investment. Even though foreigners can invest in shares or convertible debt of […]
FIFA World Cup 2034 to Boost Saudi Arabia’s Stock Market
RIYADH: Saudi Arabia’s hosting of the FIFA World Cup 2034 will have a positive effect on the economy and stock market, according to a report by SNB Capital. The event is expected to raise the nation’s non-oil GDP by 4-5% in the medium term, supporting Vision 2030’s goals of diversifying the economy by reducing dependency on […]
Saudi Arabia launches duty exemptions on Industrial inputs to boost exports
RIYADH: Saudi Arabia has launched a new service ‘Exemption for Export,’ to boost its industrial sector’s global competitiveness. This initiative was launched by the Saudi Export Development Authority in collaboration with the Ministry of Industry and Mineral Resources to provide customs duty exemptions for industrial inputs used to make exports goods. The initiative will support […]
Saudi Insights: Saudi Arabia celebrates after being named as host for FIFA World Cup 2034
Saudi Arabia celebrates after being named as host for FIFA World Cup 2034 RIYADH: Saudi Arabia is celebrating its win as the FIFA World Cup 2034 host by conducting events and festivities nationwide. Citizens and residents are encouraged to show their pride and excitement by wearing football jerseys and sharing picture perfect moments online by […]
Saudi Arabia announced as Host for 2034 FIFA World Cup
RIYADH: FIFA has officially announced that Saudi Arabia will host 2034 World Cup, bringing excitement throughout the kingdom. The announcement was made at the FIFA meeting, which was chaired by President Gianni Infantino, backed by the support of more than 200 FIFA member federations. Crown Prince Mohammed bin Salman shared his excitement addressing the kingdom’s […]
Saudi Arabia raises R&D spending to $ 6 billion in 2023 to push Vision 2030
RIYADH: In 2023, Saudi Arabia rose its research and development (R&D) spending to SR 22.61 billion ($ 6.02 billion), an increase of 17.4% from the last year. This movie is in support of Vision 2030 initiative to lessen dependency on oil sectors and strengthen sectors such as energy, technology and sustainability. The Kingdom’s R&D workforce […]
Riyadh Metro’s first phase of operations to begin on November 27
RIYADH: Riyadh Metro, a major milestone for Saudi Arabia, will open its first phase on November 27, 2024. The world’s largest, $22.5 billion driverless metro system, is geared to modernise transportation in Riyadh, supporting the nation’s Vision 2030 objectives to lessen traffic, encourage sustainability and support urban growth. The metro network will cover 176 kilometers […]
Saudi Insights: Saudi Arabia’s Rapid Growth in Energy, Construction, Business, and Real Estate Booming
Saudi refined crude exports reach 23-month peak at 1.54 million bpd RIYADH: In September 2024, Saudi Arabia’s refined crude exports increased significantly, accounting for 1.54 million barrels per day (bpd), making it the highest in two years and 23% higher than the previous month. Strong demand for diesel, motor gasoline, aviation gasoline and fuel oil […]
