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 […]
Saudi non-oil exports jump 12.7% to $6.76bn in October: GASTAT
Saudi Arabia’s non-oil exports surged 12.7 percent year on year in October, reaching SR25.38 billion ($6.76 billion), underscoring the Kingdom’s push to diversify its economy away from oil dependence. According to the General Authority for Statistics, chemical products led the non-oil export categories, accounting for 26.8 percent of the total, while plastics and rubber products […]
IMF staff-level agreement set to pave way for $1.2bn funding for Egypt
Egypt will potentially have access to around $1.2 billion from the International Monetary Fund, following a staff-level agreement under the Extended Fund Facility. The agreement, which is subject to approval by the IMF’s Executive Board, aims to provide crucial financial support as Egypt navigates a challenging economic landscape. The funding is part of Egypt’s broader […]
‘FOMEX 2025’ set to kick off on February 19
The third edition of Future of Media Exhibition (FOMEX), the region’s largest exhibition specializing in media and digital production technology in the Middle East, is set to take place from February 19-20, 2025 in Riyadh. FOMEX will convene a diverse range of leading global companies specializing in media and technology. The event will run alongside […]