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…

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 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…

Non-petroleum exports, which include re-exports, saw a 4.4% increase in February 2024 compared to the same period last year. Conversely, national non-petroleum exports excluding re-exports dropped by 4.1%. Meanwhile, the value of re-exported goods surged by 32.3% during the same timeframe. Figures released by the General Authority for Statistics revealed a 2% decrease in commodity…

US crude oil inventories experienced a decline following four consecutive weeks of increase, surpassing the average expectations. Conversely, distillate stocks rose contrary to predictions. According to data from the Energy Information Administration (EIA), crude oil inventories decreased by 6.4 million barrels for the week ending April 19, exceeding the projected decrease of 2.1 million barrels…

LONDON: The EU revealed on Monday its plans to ease visa regulations for citizens from Saudi Arabia, Oman, and Bahrain. The European Commission has approved three measures to update the rules on granting multi-entry visas to residents of these Gulf countries. The announcement was made during the EU-GCC High-Level Forum on Regional Security and Cooperation…