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 […]
Saudi insurance sector’s outlook stable in 2025: S&P Global
Saudi Arabia’s insurance sector is set to remain resilient in 2025, with expected growth in top-line revenue between 10 percent and 15 percent, according to a new analysis. In its latest report, credit rating agency S&P Global revealed that the net profit of insurance companies in the Kingdom grew by 17 percent in Q3 2024, […]
PIF launches Adeera to redefine Saudi hospitality with local brands
Saudi Arabia is making a significant move to develop its own homegrown hospitality brands with the launch of Adeera, a new hotel management company fully owned by the Public Investment Fund. The new venture aims to introduce a variety of local hotel brands designed to meet the needs of a diverse range of visitors, from mid-range […]
Robust manufacturing sector lifts Saudi industrial index by 5%: GASTAT
Saudi Arabia’s industrial production index rose by 5 percent year on year in October, driven by robust growth across key economic sectors, official data showed. According to figures from the General Authority for Statistics, the index also edged up 0.4 percent month on month, reaching 106.9 points. The mining and quarrying sub-index, which includes oil production, […]