Tourists’ spending in Saudi Arabia up 23% to $12bn
Tourism spending in Saudi Arabia saw an annual increase of 23 percent in the first three months of the year, hitting SR45 billion ($12 billion), according to new figures. Data released by the Saudi Central Bank showed that the balance of payments for travel – encompassing expenditures by foreign tourists visiting the country and spending by […]
Saudi SME Bank drives economic growth with $267m disbursed since inception
Saudi Arabia’s Small and Medium Enterprise Bank disbursed SR1 billion ($267 million) between its launch in December 2022 and January this year, latest figures show. Official data from the Kingdom’s National Development Fund highlights that the bank introduced five new financing products for SMEs in 2023 – microloans, working capital loans, term loans, commerce loans, […]
Middle East carriers witness 15.3% air cargo demand growth in May: IATA
Middle Eastern airlines witnessed a 15.3 percent year-on-year demand growth for cargo in May, driven by growing e-commerce and maritime issues, an analysis showed. In its latest report, the International Air Transport Association said that airlines in the Middle East region handled 13.5 percent of the overall cargo globally, a figure that remained unchanged from […]
Saudi Arabia to turn 3m tonnes of waste into fuel annually with new management project
Saudi Arabia is set to process approximately 3 million tonnes of municipal solid waste annually to produce refuse-derived fuels in six governorates following a new agreement. The new plastic waste management project, a collaboration between MVW Lechtenberg and Partner, a German environmental consulting firm, and Norwegian solution provider Empower, is expected to reduce carbon emissions by approximately 1,791,300 […]
Saudi Local Content Coordination Council achieves 47% domestic content rate – latest figures
Saudi companies that are members of the Local Content Coordination Council sourced 47.22 percent of their purchases domestically in 2022, latest data showed. A statement released by the Local Content and Government Procurement Authority attributes this figure to the building of effective partnerships between government agencies and the private sector, as well as several initiatives, […]
PIF’s revenue soars 100% to $88.3bn, latest figures show
Saudi Arabia’s sovereign wealth fund has reported strong financial results for 2023, achieving revenues of SR331 billion ($88.3 billion) from its diverse investment portfolio, marking over 100% percent growth from 2022. Demonstrating robust returns and significant progress toward its long-term objectives, the Public Investment Fund has released its consolidated financial statements for the year ending […]