Kingdom approves 2025 annual borrowing plan with $37bn funding target
Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan on Sunday approved the annual borrowing plan for 2025, outlining a strategic road map for managing the Kingdom’s funding needs. The plan, which has been endorsed by the National Debt Management Center’s board of directors, detailed developments in public debt in 2024, initiatives to strengthen local debt markets, […]
Saudi Arabia boosts desalinated water supply to 50% in Vision 2030 push
Saudi Arabia’s water sector witnessed significant shifts in 2023, with a 31 percent increase in desalinated seawater production, now comprising 50 percent of the country’s distributed water supply, up from 44 percent in 2022, official data showed. According to the General Authority for Statistics’ latest Water Accounts report, non-renewable groundwater consumption by the agricultural sector […]
Saudi Arabia’s King Abdulaziz International Airport serves 49.1m passengers in 2024
King Abdulaziz International Airport in the Saudi port city of Jeddah served 49.1 million passengers in 2024, representing a 14 percent growth compared to the previous year. In a statement, Jeddah Airports Co. said that this achievement marks a “historic milestone,” as KAIA handled the highest annual operational figure in the history of airports in the […]
Saudi Arabia’s non-oil sector sustains growth in December: PMI survey
Saudi Arabia’s non-oil private sector ended 2024 on a strong footing, driven by the fastest sales growth in a year, which pushed the Kingdom’s Purchasing Managers’ Index to 58.4 in December, according to a survey. The Riyad Bank Saudi Arabia PMI survey, compiled by S&P Global, showed that total sales volumes in the non-energy sector […]
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 […]