This announcement coincided with the introduction of a strategic alliance between the Gates Foundation and the Mohammed Bin Salman Foundation (Misk), with the goal of enriching youth involvement in the non-profit sector. The collaboration was disclosed at the World Economic Forum Special Meeting in Riyadh. The newly established regional office will act as a central…
During the World Economic Forum in Riyadh, Saudi Minister of Tourism, Ahmed Al-Khatib, confirmed that tourist numbers in Saudi Arabia saw a “10%” increase in the first quarter of 2024, with their expenditure rising by “17%”. Al-Khatib highlighted that the Kingdom has exceeded the targets set in the National Tourism Strategy, surpassing 100 million visits….
NEOM has recently finalized a credit facilities agreement worth 10 billion SAR to address its short-term financing necessities, coinciding with significant advancements in its primary projects’ development momentum. Structured on a Murabaha model, this credit arrangement aims to bolster the progress stages of NEOM’s flagship projects, including “The Line,” “Oxagon,” “Turogina,” and “Sandalah.” NEOM’s CEO,…
Minister of Finance Mohammed Al-Jadaan emphasized on Sunday the pivotal role of Vision 2030, which prioritizes the development, improvement, and empowerment of the private sector as integral to the Kingdom’s pursuit of sustainable growth. He expressed considerable satisfaction with the progress made, highlighting that 80% of the vision’s objectives have already been attained. Despite encountering…
PIF and stc Group have finalized agreements for PIF to acquire a 51% stake in TAWAL from stc Group TAWAL and GLIC will merge to create the region’s largest telecom tower company to enhance customer service The merged entity will rank among the world’s largest tower companies stc aims to optimize capital while maintaining stakes…
Saudi Aramco, a globally renowned energy and chemicals corporation, is considering the prospect of launching a collaborative venture at its Jazan refinery (“SASREF”) in partnership with Rongsheng Petrochemical Co., Ltd. (Rongsheng), a Chinese entity, and making substantial investments in the petrochemical industry in Saudi Arabia and China, in conjunction with Rongsheng. Recently, Saudi Aramco inked…
The Saudi Arabian General Authority of Roads has unveiled over 575 kilometers of roads across different regions in the first quarter of 2024, as part of an extensive project package. According to Abdulaziz Al-Otaibi, the authority’s official spokesperson, these newly opened roads include the 51-kilometer Jeddah-Makkah Expressway, the 40-kilometer doubling of the Haden-Turubah Road, the…
Saudi Arabia’s capital, Riyadh, is strategically refining its vision for growth, aligning it with Crown Prince Mohammed bin Salman’s ambitious economic agenda. The city aims to foster sustainable development by setting a target of 10 million residents by the early 2030s, marking a thoughtful adjustment from the previous goal of 15 million. This recalibration underscores…
The International Federation of Association Football (FIFA) announced today, Thursday, that it has entered a partnership agreement with the Saudi Arabian oil giant Aramco, extending until the conclusion of 2027. Aramco, under this four-year deal, will become a global partner of FIFA, including involvement in major tournaments such as the 2026 FIFA World Cup and…
The National Housing Company has partnered with Orbass Middle East Real Estate Company, a subsidiary of the Spanish firm Orbass, to build 589 residential units in Al-Fursan suburb, valued at approximately one billion riyals. The agreement aims to provide innovative housing options across a vast area of up to 150,000 square meters, with the Spanish…