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 02nd to 08th June 2024
Saudi Arabia Unveils Incentives Framework for Environmental and Meteorological Investment
RIYADH – On World Environment Day observed on June 5, 2024, Saudi Arabia announced an incentives scheme to encourage investment in its environment and meteorology sectors. Unveiled by Environment Minister Abdulrahman Al-Fadhli at an event in Saudi’s capital Riyadh, the scheme seeks to encourage sustainable practices, research and innovation as well as improved environmental stewardship following the National Environment Strategy and Vision 2030. The results include initiatives toward the restoration of land use to various form of cultivation, regeneration and development of vegetation, fight against desertification and efforts in the reduction of carbon footprints.
Saudi Arabia witnessed a whopping 477% rise in relocation of RHQs in Q1 2024
JEDDAH – During the first quarter of 2024, 127 international companies moved their regional headquarters to Saudi Arabia, which was much higher than that of the first quarter of 2023, 477% more precisely. This rise is attributed to the fact that the Kingdom has favourable policies for investors, owing to an attractive new tax regime and enhanced support services. Responding to investors’ concerns, the Saudi Ministry of Investment solved 34 investor challenges, and agreed on 64 investment deals, especially in the field of innovation and sports. FDI increased by 32% in the fourth quarter of the year 2023, putting Saudi Arabia in a better position to compete globally and advance towards Vision 2030.
Saudi Arabia Pioneers Sustainable Agriculture Through Innovation
RIYADH: As a result of the effects of climate change which the country is subjected to, Saudi Arabia has been implementing sustainable agriculture that includes horticulture technology such as vertical farming and treated water farming. These include the National Research and Development Center for Sustainable Agriculture (also known as Estidamah) and the Wadi Bin Hashbal mega farm. The use of vertical farming makes a water usage reduction of 98% as compared with conventional methods, and the crop that is being cultivated in vertical farms is strawberries. Held at the Wadi Bin Hashbal farm, the event showcased the Kingdom’s sustainable approach to water management, as it incorporated treated municipal and industrial wastewater for the cultivation of crops. All these initiatives conform to Saudi Arabia’s strategic directions for the development of its food security, sustainable water usage, and environmental policy in the context of climate change.
NEOM Unveils Multi-billion Luxury Lifestyle Destination Magna
RIYADH: Magna is the new luxury destination developed by NEOM – Saudi’s futuristic city coming up over a 26,500 km.sq. area. Magna is located on the edge of the Gulf of Aqaba, and will comprise of the recently announced premier destinations of Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum, Zardun, Xaynor, Elanan, Gideri, Treyam and Jaumur. Featuring fifteen luxury hotels, 1600 rooms, and over 2500 residences, Magna will lead to the creation of15,000 jobs and contribute SR2.6 billion to Saudi’s GDP by 2030 by the year 2030. With the capacity to accomodate 14,500 residents and 300,000 annual tourists, Magna is the beginning of a new level of luxurious, eco-conscious travel.
