Oil Updates — crude rises as investors return from holidays, eye China recovery
Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China’s economy and fuel demand following a pledge by President Xi Jinping to promote growth, according to Reuters. Brent crude futures rose 17 cents, or 0.06 percent, to $74.82 a barrel by […]
Entrepreneurial wave reshaping Saudi economy and global standing
Entrepreneurship in Saudi Arabia is no longer just a passing trend — it’s a driving force reshaping the Kingdom’s economy, aligned with the Vision 2030 agenda. The Kingdom’s Center for International Communications reports that 42 percent of adults plan to launch their businesses within the next three years, marking the highest rate of entrepreneurial intent […]
Saudi weekly PoS transactions close 2024 with $3.6bn in value: SAMA
Saudi Arabia’s consumer spending soared in the final week of 2024, with point-of-sale transactions climbing 17.2 percent week-on-week to SR13.8 billion ($3.6 billion), official data showed. Figures from the Saudi Central Bank, also known as SAMA, revealed significant growth across all sectors between Dec. 22 and Dec. 28, with the total number of transactions hitting 211.97 […]
International investors flock to Saudi Arabia’s expanding VC market in 2024
Saudi Arabia’s venture capital ecosystem showed remarkable growth in 2024, driven by robust government support, an influx of international investors, and a maturing entrepreneurial scene, according to industry experts. Aligned with its economic diversification strategy, the Kingdom has prioritized startups and VC investments as pivotal components of its transformation under Vision 2030. In an interview […]
Saudi banks’ mortgage lending surges to near 3-year high of $2.7bn
Saudi banks issued SR10.06 billion ($2.7 billion) in new residential mortgages in November, a 51.23 percent increase compared to the same month last year, according to recent data. Figures from the Kingdom’s central bank, also known as SAMA, show this is the highest monthly amount in over two years, underscoring robust activity in the Saudi housing market. […]
Saudi Arabia’s unemployment rate hits 3.7%: GASTAT
Saudi Arabia’s unemployment rate dropped to 3.7 percent in the third quarter of 2024, down 0.5 percentage points from last year, official data showed. According to data released by the General Authority for Statistics, labor force participation across Saudis and non-Saudis reached 66.6 percent during the third quarter, reflecting a year-on-year increase of 0.2 percentage […]
Saudi Arabia’s net FDI rises by 37% to over $4bn
Saudi Arabia’s net foreign direct investment saw a quarter-on-quarter rise of 37 percent in the three months to the end of September, according to the General Authority of Statistics. Data released by the organization showed that the figure – which reflects the net investment gain for the Kingdom after accounting for both inbound and outbound […]
KSrelief continues food aid projects globally
KSrelief, Saudi Arabia’s aid agency, continues to provide food assistance to vulnerable populations in several countries. KSrelief distributed 500 cartons of dates on Thursday in the Red Sea State of Sudan, benefiting 5,162 individuals from displaced families. KSrelief distributes 500 date cartons in Sudan (SPA) The agency also handed out 175,000 bags of […]
Saudi startup investment shifts focus to AI, enterprise software, and SMEs
Saudi Arabia’s startup ecosystem is gaining momentum, propelled by government-backed initiatives and an influx of investor interest. While the fintech sector remains a primary focus, emerging opportunities in artificial intelligence, enterprise systems, and small-to-medium enterprise investments are drawing attention. As part of its Vision 2030 initiative to reduce its dependence on oil, Saudi Arabia is […]
Saudi Arabia’s oil legacy fuels shift to renewable energy hub
Saudi Arabia’s established prowess in crude oil production could help the Kingdom emerge as a global leader in the renewable energy sector, experts suggest. Paul Sullivan, an energy and environment expert at Johns Hopkins University, emphasized that Saudi Arabia possesses the technical and engineering skills necessary to become a central hub for renewable energy. Speaking […]