Saudi Arabia: Daily Business Update.

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 […]

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: 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 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 […]

RIYADH: Saudi Arabia’s Entertainment sector is set to generate 450,000 jobs and contribute 4.2% to the country’s GDP by 2030 as stated by the Ministry of Investment. This growth is in line with Vision 2030’s objective of diversifying the economy by reducing dependency on oil revenue and boosting tourism and Saudi culture. The country’s entertainment sector […]

RIYADH: Saudi Arabia’s NEOM Green Hydrogen Company (NGHC) is advancing rapidly on the development of the world’s largest green hydrogen plant which is set to launch in December 2006. The project is 60% complete and relies completely on solar and wind energy to power a 2.2-gigawatt electrolyzer which will continuously produce hydrogen. The project lowers […]

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 8th November to 14th November 2024 Saudi Arabia climbs to 12th place from 15 positions in tourist spending: UN Tourism RIYADH: Saudi Arabia jumps from 15 positions to rank 12th in tourist spending […]

RIYADH: Qiddiya, backed by Saudi Arabia’s Public Investment Fund, recently launched an executive office called ‘Spirit of Play’ in an effort to enhance collaboration with business partners. With this new office, Qiddiya intends to look after destination marketing and management, making it Qiddiya’s first attempt at establishing partnerships with businesses, investors and industry professionals. Qiddiya City, […]

RIYADH: In Q3 2024, Saudi Aramco earned a net profit of $ 27.52 billion (SR 03.37 billion), above analyst expectations of $ 26.9 billion. However, the profit was 15.40% lower than in Q3 2024 given the challenging market conditions and lower crude oil, refined and chemical product pipes. The oil output was cut by 50,000 […]

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 […]

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 […]

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 […]

RIYADH: The General Authority for Statistics (GASTAT) revealed that Saudi Arabia’s non-oil exports have increased by 7.5%, reaching a total of SR 27.52 billion ($ 7.33 billion), showing a remarkable growth when compared with same month of the last year. This growth falls in line with Saudi Arabia’s Vision 2030 which aims to diversify the […]

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 […]

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 14th October to 22nd October 2024 25% rise in Saudi Residential Transaction value for Q3 RIYADH: Residential transaction values in Saudi Arabia rose by 25% year-on-year to SR 35.4 billion ($ 9.4 […]