Red Sea Global likely to spend another $27bn by 2030: Report
Red Sea Global, the developer of regenerative tourism hubs, The Red Sea and Amaala, is likely to spend another $27 billion over the next six years to push ahead with developments that are designed to draw more tourists to the kingdom, reported Bloomberg, citing its top official. RSG has already spent around that amount to […]
Saudi Arabia working on $798m road infrastructure projects
Saudi Arabia’s Roads General Authority (RGA) said the road sector in Riyadh region is witnessing a significant transformation with work under way on SAR3 billion ($798 million) projects. The region’s total length of roads is approximately 15,000 km, and efforts are currently underway to implement new road projects and other maintenance projects in all governorates […]
Saudi Arabia’s PIF to acquire 54% stake in MBC Group
Saudi Arabia’s sovereign wealth fund is set to acquire a 54 percent stake in media giant MBC Group for SR7.46 billion ($1.99 billion). In a bourse filing, MBC Group, listed on the Kingdom’s main market, said that it was notified by Istedamah Holding Co., one of its major shareholders, on the finalization of a sale […]
Saudi Arabia climbs 15 places to 12th in global tourist spending: UN Tourism
Saudi Arabia has made a remarkable leap, climbing 15 places to rank 12th in global tourist spending for 2023, according to the latest UN Tourism report. This is the largest jump among the top 50 countries. The ranking follows a September report from the UN Tourism, which highlighted the Kingdom’s leadership among G20 nations with […]