Latest news with #InvestSaudi
Asharq Al-Awsat
20-05-2025
- Business
- Asharq Al-Awsat
Foreign Investment Creates over 39,000 Jobs Annually in Saudi Arabia
Saudi Arabia is attracting foreign direct investment (FDI) at a pace that is generating more than 39,000 jobs each year as the Kingdom's investment climate undergoes sweeping changes. The surge has driven the issuance of over 14,000 investment licenses in 2023 up sharply from just 375 in 2017. The Kingdom has emerged as a key global investment destination, fueled by efforts to create new opportunities for both local and foreign investors, protect their rights, and offer high-quality, streamlined services. This transformation has helped boost licensing activity, drive economic growth, and encourage partnerships between global and local entities. A recent report by the National Transformation Program (NTP), part of the Vision 2030 agenda, said that 74 investment agreements and memorandums of understanding (MoUs) were signed with global and regional partners last year, supporting the creation of more than 39,000 jobs. FDI inflows in 2023 reached 96 billion riyals ($25.6 billion), while the 'Invest Saudi' platform currently offers over 1,865 investment opportunities. The NTP aims to develop the infrastructure and enabling environment for public, private, and non-profit sectors to flourish. In 2023, the Ministry of Investment signed investment deals worth more than 3.7 billion riyals with countries including Mexico, the United Kingdom, China, Kuwait, the United Arab Emirates, India, and Canada. The deals span key sectors targeted by Vision 2030 such as water treatment, culture, industry, construction, real estate, and maintenance. These agreements support the broader goals of economic diversification and sustainable growth. Moreover, the number of multinational companies that established regional headquarters in Saudi Arabia reached approximately 570 last year, up from just 44 in 2021. In a bid to empower the private sector and simplify doing business, the NTP has led a series of economic reforms in collaboration with the Ministry of Commerce and other entities. These reforms aim to increase the contribution of SMEs, support entrepreneurs and home-based businesses, and improve the overall business environment. According to the report, 186 procedural and regulatory reforms were implemented to enhance the ease of doing business in the Kingdom. The share of international investors in Saudi startups reached 28%. The report also highlighted the launch of a platform by the Ministry of Investment, designed to enhance the investor journey. The platform conducts internal and external surveys to assess service quality, gather feedback, and issue reports that help develop procedures in line with global standards. It also tracks investor satisfaction and confidence in the Saudi business landscape. Launched in June 2016, the NTP is the first of the Vision 2030 implementation programs. It aims to achieve 34 strategic objectives, representing 35% of Vision 2030's total goals, through 317 initiatives led by seven key ministries and more than 50 participating entities. Progress is tracked through 80 performance indicators.
Arab News
22-04-2025
- Business
- Arab News
Saudi minister in China to explore education, research cooperation
RIYADH: Saudi Arabia's Education Minister Yousef Al-Benyan met leaders from various universities, institutes and research centers in China, the Saudi Press Agency reported on Tuesday. He was accompanied by Saudi Ambassador to China Abdulrahman Al-Harbi and Ministry of Education Undersecretary for International Cooperation Nasser Al-Aqeeli. The meeting, part of the minister's visit to Beijing, aimed to explore new avenues for cooperation to enhance the educational and research systems in both countries. The minister discussed promising investment opportunities in Saudi Arabia's public and private education sectors through the 'Invest Saudi' platform. The meeting also highlighted the Saudi government's scholarship program for Chinese students via the 'Study in Saudi' platform, along with efforts to expand admission opportunities for Saudi scholarship recipients in Chinese graduate programs. The Saudi and Chinese education ministries signed two memoranda of cooperation to exchange expertise in advanced curricula and provide scholarship programs for Saudi students in China. One memorandum secures seats for Saudi students in top Chinese universities, enhances scholarship programs, and increases opportunities for Saudi students in high-demand fields. The China Scholarship Council represented the Chinese Ministry of Education in the signing. The second memorandum, signed with the Chinese ministry's Center for Language Education and Cooperation, introduces Chinese language education in Saudi public schools starting this academic year. Experts from both nations will collaborate to develop a comprehensive curriculum. The Saudi minister also met Chinese counterpart Huai Jinpeng to discuss enhancing cooperation in general and higher education, exploring new opportunities, and exchanging expertise. The meeting reviewed expanding partnerships between Saudi and Chinese universities and research centers in scientific research, graduate studies, scholarships, and medical education and training. They explored investment opportunities for Chinese investors in the Saudi education sector, along with key opportunities in Chinese language education, e-learning, research, and innovation.
Arab News
17-03-2025
- Business
- Arab News
Saudi Arabia's Al-Jouf records 15% annual growth in commercial activity
RIYADH: Saudi Arabia's Al-Jouf province recorded a 15 percent year-on-year growth in commercial activity in 2024 thanks to successful regional economic initiatives, new data showed. Released by the Vision Realization Office in Al-Jouf, the study also indicated a significant increase in the growth rate of new commercial registrations in the region, reaching 98 percent, the Saudi Press Agency reported. This falls in line with promoting development and growth while encouraging private economic activity across all regions of the Kingdom, in line with Saudi Vision 2030. It also aligns with the region's role as the northern gateway to the Kingdom, connecting it to Jordan and facilitating trade through the Al-Haditha land port. This terminal is the third busiest in the nation, handling $247 million in imports and exports in 2019, according to Invest Saudi. The study monitored the growth of funded projects across the region, with 478 initiatives, and support for existing undertakings with liquidity estimated at SR22.05 million ($5.88 million). Small and medium-sized enterprises recorded a 33 percent growth in 2024 compared to 2023, while the share of women-funded projects reached approximately 52 percent, a clear indicator of the empowerment of Saudi females. The analysis primarily attributed these gains to the efforts and commitment of the region's governor, Prince Faisal bin Nawaf bin Abdulaziz. This comes as he worked on translating the generous directives into reality, serving the interests of citizens. He urged the branches of ministries and relevant agencies to harness all resources to overcome challenges and find appropriate solutions. The governor also monitored the implementation of projects that serve the Al-Jouf region, its governorates, and centers, both investment- and development-oriented, as well as prevented any failures, achieving their set goals. In March, Prince Faisal said that Saudi Arabia's Al-Jouf province offers a fertile investment landscape due to abundant renewable energy and a robust food supply. At the time, he highlighted that the region offers many investment opportunities and competitive advantages. He also emphasized that Al-Jouf has implemented various initiatives to overcome challenges for potential investors, with coordinated efforts across multiple government sectors. The official also underlined at the time that the Al-Jouf region is actively fostering innovative investments through unique and pioneering projects. He emphasized that these endeavors will create future employment prospects for both male and female youth in the region and the nation at large.
Asharq Al-Awsat
10-03-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's Sports Boulevard to Showcase Transformative Urban Development at MIPIM 2025
Saudi Arabia's Sports Boulevard Foundation announced its participation in MIPIM 2025, the world's leading real estate investment event, taking place in Cannes, France from March 11 to 14. As part of the 'Invest Saudi' delegation, the foundation will present key investment opportunities and urban development insights, reinforcing Riyadh's evolution into a global hub for sports, wellness, and sustainable living. Sports Boulevard—one of Riyadh's mega-projects—is set to become the world's largest urban regeneration linear park, spanning more than 135 km across the capital. The project integrates cutting-edge sports infrastructure, vibrant public spaces, and sustainable mobility solutions, aligning with Saudi Vision 2030's goals of enhancing quality of life and economic diversification. The first phase of Sports Boulevard, opened in February 2025, includes five key destinations along an 83 km stretch, marking a significant milestone in the foundation's commitment to innovative urban development. As of December 2024, the project has secured substantial investments, including a combined real estate investment fund valued at approximately $1.47 billion (SAR5.5 billion), which will further boost private-sector participation. At MIPIM, the foundation will engage with global investors, urban planners, and real estate developers, showcasing prime opportunities across various sectors. Sports Boulevard offers over four million square meters of gross floor area (GFA) earmarked for private-sector participation, including high-end residential units, commercial and retail spaces, and sports venues. This strategic space is poised to attract global investors and developers eager to contribute to Riyadh's transformation. CEO of the Sports Boulevard Foundation Jayne McGivern commented: "Sports Boulevard is more than an urban development; it's a movement towards a healthier, more sustainable future. We are showcasing Riyadh as a global model for active living, where sports, wellness, and urban infrastructure converge to foster a thriving community." "With world-class sports facilities, green mobility networks, and vibrant public spaces, the project offers unmatched investment and innovation opportunities in real estate and sustainable urban planning," he said. With over 4.4 million square meters of green spaces, 220 km of cycling pathways, and an extensive 135 km pedestrian network, Sports Boulevard is redefining urban livability in Riyadh. The project also includes 15 km of dedicated horse-riding trails, more than 50 multidisciplinary sports facilities, and a network of tree-lined walking paths and shaded areas, encouraging outdoor activities in the city's evolving landscape. Sports Boulevard is unlocking significant investment opportunities for local and international investors across core asset-class real estate, sports, and infrastructure. Launched by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on March 19, 2019, and chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the project aims to improve the quality of life for residents and visitors by offering integrated infrastructure, pedestrian pathways, cycling and horse-riding trails, and world-class sports facilities.
Leaders
09-03-2025
- Business
- Leaders
Saudi Arabia Expands Investment Horizons with New Office in Miami
Saudi Arabia is expanding its investment presence in the U.S. by opening a new office in Miami, following its Washington, D.C., outpost. Minister of Investment Khalid Al-Falih announced the move at the Future Investment Initiative summit in Miami Beach, calling it a 'gateway' to South America. Economic Ambitions Align with Vision 2030 The office aims to attract foreign investment and diversify Saudi Arabia's oil-dependent economy. This aligns with Vision 2030, which targets 50% non-oil GDP by expanding sectors like tourism and technology. Saudi Arabia recently pledged $600 billion in U.S. trade and investments over four years. Its Public Investment Fund (PIF), managing nearly $1 trillion, will drive global ventures. Miami Mayor Francis Suarez endorsed the office, linking it to the city's goal of becoming a global financial capital. He highlighted strengthened Middle East ties during the conference. Future Collaboration and Growth While a spokesperson from the mayor's office directed inquiries to Invest Saudi, initial comments from both Invest Saudi and the Miami Downtown Development Authority are pending. The excitement surrounding the new office indicates promising opportunities for investments and partnerships between the Kingdom and the Miami area. This initiative strengthens Saudi Arabia's footprint in the Western Hemisphere, fostering synergies between Gulf capital and Americas-driven innovation. With Miami's strategic location and the Kingdom's financial prowess, the partnership promises to reshape transcontinental investment flows. Short link : Post Views: 6 Related Stories
