Harnessing the Sun: Saudi Arabia’s solar revolution
Saudi Arabia is a world leader when it comes to extracting energy sources from the ground, but it is the Kingdom’s drive to harness a power supply in the sky that is attracting attention. Favorable government policies, a shift to meeting energy demands through renewable power, and a reduced dependence on fossil fuels are all […]
Saudi tourism sector workforce grows 5.1%: GASTAT
Saudi Arabia’s tourism sector added jobs at a steady pace in the second quarter of 2024, with the workforce growing 5.1 percent year on year to 959,175, official data showed. According to official data released by the General Authority for Statistics, the sector’s workforce rose 1.57 percent quarter on quarter, signaling sustained momentum in the […]
Saudi hotel sector sees 10% spending growth despite overall POS dip: SAMA
Spending in Saudi hotels saw a weekly rise of 10.4 percent between Dec. 8 and 14, reaching SR349.2 million ($92.9 million), according to official data. The latest point-of-sale bulletin released by the Kingdom’s central bank, also known as SAMA, showed this was the only sector of the economy to record a positive change over the […]
Saudi Arabia launches duty exemption for industrial inputs to boost exports
The Saudi Export Development Authority has launched a new service, “Exemption for Export,” aimed at enhancing Saudi Arabia’s industrial competitiveness. The initiative, developed in collaboration with the Ministry of Industry and Mineral Resources, allows industrial companies to benefit from customs duty exemptions on inputs used for the production of export goods, aligning with the Kingdom’s […]
Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister
Saudi Arabia has successfully extracted lithium from brine samples from Aramco’s oilfields and plans to launch a commercial pilot program for direct extraction soon, the Saudi vice minister of mining affairs said on Tuesday. Lithium Infinity, also known as Lihytech, a startup launched out of King Abdullah University for Science and Technology, will lead the […]
Saudi Cabinet approves standard incentives for industrial sector
Saudi Arabia’s Cabinet has approved a set of standardized incentives aimed at boosting the Kingdom’s industrial sector, marking a significant step in the nation’s ongoing efforts to diversify its economy. The decision was made during a Cabinet meeting chaired by Crown Prince Mohammed bin Salman on Tuesday, according to the Saudi Press Agency. The Cabinet […]
GASTAT: Inflation Rate in the Kingdom Reaches 2.0% in November
According to the General Authority for Statistics (GASTAT), the annual inflation rate in the Kingdom of Saudi Arabia reached 2.0% in November 2024. The Kingdom has the lowest inflation rates among the G20 countries. The Consumer Price Index (CPI) reflects changes in prices paid by consumers for a fixed basket of goods and services consisting […]
GCC and Japan Conclude First Round of Free Trade Agreement Negotiations
The first round of negotiations on a free trade agreement between the Gulf Cooperation Council (GCC) and Japan concluded in Riyadh on December 12. Representing the Kingdom at the negotiations was the General Authority of Foreign Trade (GAFT). Discussions covered a range of topics, including goods, services, rules of origin, customs procedures, general provisions, digital […]
Finance Ministry Concludes Participation in International Public Sector Accounting Standards Board Meetings
The Ministry of Finance concluded its participation in the meetings of the International Public Sector Accounting Standards Board (IPSASB), hosted by the Kingdom December 10-13, 2024, in Riyadh. According to a press release issued by the Finance Ministry today, the meeting participants discussed the strategic directions for 2024-2028 and reviewed the progress in the adoption […]
Foreign Ministry Expresses Saudi Arabia’s Condemnation and Denunciation of Israeli Occupation Forces Bombing of Al-Nuseirat Camp in Central Gaza
The Ministry of Foreign Affairs expresses the Kingdom of Saudi Arabia’s condemnation and denunciation of the Israeli occupation forces bombing of Al-Nuseirat Camp in central Gaza. The Kingdom affirms that the occupation forces’ repeated violations of international law and international humanitarian law, along with their continued targeting of innocent civilians, are a direct consequence of […]