Red Sea Global raises $1.5 bn funding for AMAALA Infrastructure Project
RIYADH: Red Sea Global (RSG) secured $ 1.5 billion for funding the AMAALA Infrastructure project which will transform Saudi Arabia’s Red Sea coastline into a luxury wellness destination. Partners of the project include EDF Group, Masdar, Korea East-West Power Co. (EWP) and SUEZ. First Abu Dhabi Bank, Emirates NBD and Riyad Bank are the main […]
Saudi Arabia moves closer to a Cashless Future with 98% contactless payment
RIYADH: Saudi Arabia is getting closer to its goal of becoming a Cashless society as the country recorded 98% in-person contactless transactions, a rise from 4% recorded in 2017, as stated by Visa’s regional president Andrew Torre. Government support, consumer demand and visa initiatives have all contributed to this rapid growth, aligning with Saudi Arabia’s Vision […]
Saudi Insights: IMF forecasts 4.6% growth for Saudi economy, highest among GCC by 2025
Hello! Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go! From 23rd October to 28th October 2024 IMF forecasts 4.6% growth for Saudi economy, highest among GCC by 2025 RIYADH: Saudi Arabia’s economy is expected to increase by 1.5% in 2024 and 4.6% in […]
$ 13.3 bn of investments deals announced by Saudi Arabia at Global Health Exhibition
RIYADH: Saudi Arabia’s Minister of Health, Fahad Al-Jalajel announced during the Global Health Exhibition in Riyadh investment deals worth over SR 50 billion ($ 13.3 billion) in order to boost the healthcare sector. The major deals are agreements with NUPCO and Novo Nordisk and Sanofi for a SR 4 billion pharmaceuticals manufacturing deal, Fakeeh Care […]
World Bank predicts Saudi Arabia’s economy to rise to 4.9% in 2025
RIYADH: Saudi Arabia’s economy is projected to grow by 1.6% in 2023 and 4.9% in 2025, with inflation staying low at 2.1% in 2024 and 2.3% in 2025. This growth is boosted by structural reforms and rising female participation which rose to 34% in 2023 from 22% in 2016, Vision 2030. The economy has diversified […]
Saudi-South African Business Forum signs $ 25m Credit deals to support exporters
RIYADH: A $ 25 million credit agreement was signed between Saudi Export-Import Bank and South Africa’s Standard Bank Group at the Saudi-South African Business Forum held in Johannesburg. This deal is to help Saudi companies trading in South Africa with financial support. The forum brought 420 business leaders and officials together to discuss how to […]
Saudi Arabia desires to become Global Logistics Hub status by 2030 through tech investments
RIYADH: Saudi Arabia wishes to become a Global Logistics Hub status by 2030 by investing heavily, strategically in technology and infrastructure. King Salman International Airport Development Co. (KSIADC), which is owned by Saudi Arabia’s sovereign wealth fund has teamed up with ewpartners, a firm which focuses on private investment and strategic alliances. The collaboration with […]
Saudi Arabia offers a share of $ 200 bn to Pakistan in annual construction projects
RIYADH: Saudi Arabia’s Investment Minister, Khalid Al-Falih said he plans to allocate a part of the country’s $ 200 billion annual construction and material procurement contracts to Pakistan. During his visit to Islamabad, he revealed the news of finalising $ 2 billion in business deals. Saudi Arabia is at the forefront of becoming the world’s largest […]
Saudi Expat Remittances grew 10%, totaling $ 3.16 bn
RIYADH: The Saudi Central Bank (SAMA) reported expatriate remittances from Saudi Arabia grew by 10% in August 2024, reaching a total of SR11.86 billion ($3.16 billion). Also, the remittances from Saudi nationals increased by 19% at SR5.83 billion. Saudi Arabia is a main source of global remittances, being the primary source of financial well-being for […]
Saudi Insights: Riyadh Forum set to boost SMEs and Startups in Saudi Arabia
Hello! Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go! From 30th September to 07th October 2024 New Tech Initiative unveiled to support Startups and drive digital growth RIYADH: The Tech Talent Hub initiative was launched by Saudi Arabia’s Ministry of Communications and […]
