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Saudi Arabia greenlights National Privatization Strategy, targeting 18 sectors and 220+ contracts by 2030

Saudi Arabia has officially launched its National Privatization Strategy, a key component of Vision 2030, aiming to boost infrastructure and public services. This move signifies a shift from planning to execution, with ambitious targets for private sector investment and public-private partnership contracts by 2030. The strategy seeks to enhance efficiency…

The Times of India

Saudi 2025 Budget Sees Lower Deficit On Spending Trims

Saudi Arabia on Tuesday approved a budget for 2025 that projected a smaller deficit than last year despite continued heavy spending on reforms to transition the economy away from oil.

International Business Times

As Investment Drive Falters, Saudi Milks Aramco 'Cash Cow'

A fresh offering of shares in Saudi Aramco, the Gulf kingdom's largely state-owned oil behemoth, comes at a pivotal moment for sweeping economic reforms that have struggled to lure foreign investment.

International Business Times

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Splashy Saudi Mega-project NEOM Chases Chinese Funds

Bigwigs behind a Saudi megacity dogged by questions about its viability have wrapped up a tour courting Chinese investors, detailing plans for a futuristic ski resort and 170-kilometre-long skyscrapers.

International Business Times

Rating Agencies Raise Saudi Economy Rating with Positive Outlook

Rating agencies have upgraded the Saudi economy to a “positive” and stable outlook. They affirmed that the structural reforms have been reflected in the tangible progress in economic development and the support of diversification policies, especially in the non-oil sector. S&P Global Ratings upgraded its credit report for Saudi Arabia,…

Asharq Al-Awsat

SVB Collapse Dominates Discussions at Financial Sector Conference in Saudi Arabia

The collapse of the California-based Silicon Valley Bank (SVB) dominated most sessions and workshops of the Financial Sector Conference in Riyadh. The repercussions of SVB’s recent bankruptcy caused shock and confusion worldwide, especially for economies that fear that the crisis will spillover to their financial institutions. Saudi Minister of Finance…

Asharq Al-Awsat

Saudi GDP Exceeds $1 Tln, Shows Kingdom’s Economy Is on Right Track

The size of Saudi Arabia’s GDP, which reached $1.7 trillion in 2016, demonstrated that the Kingdom’s economy is on the right path as it advances the implementation of Vision 2030. Vision 2030 is a unique transformative blueprint that aims to diversify and double the size of the Saudi economy, so…

Asharq Al-Awsat

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Saudi Arabia Evaluates 300 Projects for Potential Privatization

As South Korea recently announced its intention to encourage its companies to enter the Saudi market and seize the available opportunities, Saudi Minister of Finance Mohammed Al-Jadaan met on Wednesday in Seoul, with a consortium of South Korean companies, in the presence of Wong Hee-ryong, Korean Minister of Lands, Infrastructure…

Asharq Al-Awsat

Shadow Economy in Saudi Arabia Touches 15%

Saudi Finance Minister and Chairman of the Zakat, Tax and Customs Authority (ZATCA) Mohammed Al-Jadaan – during a panel discussion held under the theme “Addressing the Shadow Economy Using Digital Solutions”, as part of the Riyadh-hosted Zakat, Tax and Customs Conference said that the shadow economy today has become prevalent…

Asharq Al-Awsat

IMF: Saudi Arabia Playing Important Role in Energy, Food Security

International Monetary Fund (IMF) Managing Director Kristalina Georgieva underscored on Wednesday the important role Saudi Arabia is playing in energy and food security. “Saudi Arabia takes its good fortunes to heart to play an important role in energy and food security,” she said at the World Economic Forum in Davos.…

Asharq Al-Awsat

Saudi Arabia, Britain Sign MoU to Develop Financial Services

Saudi Minister of Finance Mohammed Al-Jadaan met on Tuesday with Chancellor of the Exchequer Jeremy Hunt in London, reported the Saudi Press Agency. The officials discussed bilater aal relations between their countries and global economic issues.

Asharq Al-Awsat

Saudi Finance Minister Says Next Six Months ‘Very Good’ for Gulf

Saudi Finance Minister Mohammed al-Jadaan said on Wednesday the next six months, and possibly six years, would be "very good" for the Gulf Arab countries but "very difficult" for the wider Middle East. Speaking at Riyadh's Future Investment Initiative (FII) forum, he said the next six months would be difficult…

Asharq Al-Awsat

Saudi Arabia Signs MoU with IMF to Establish Regional Office in Riyadh

Saudi Arabia concluded a memorandum of understanding with the International Monetary Fund (IMF) to establish a regional office in Riyadh, which would boost its presence in the region and provide its economic recommendations to the countries of the Gulf and the region. Saudi Minister of Finance Mohammed al-Jadaan signed the…

Asharq Al-Awsat

Saudi Arabia Underlines Support to IMF Efforts to Alleviate Global Food Crisis

Saudi Minister of Finance Mohammed Al-Jadaan underlined his country’s support to the efforts of the International Monetary Fund (IMF) to mitigate the impact of the global food crisis. During a meeting with IMF Managing Director Kristalina Georgieva, Al-Jadaan discussed areas of bilateral cooperation, including capacity development and the establishment of…

Asharq Al-Awsat

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Asharq Al-Awsat

Saudi Arabia to Announce Unified Insurance Regulator Soon

A unified regulator for the insurance sector, independent of the Saudi Central Bank (SAMA), will be announced soon, Minister of Finance Mohammed Al-Jadaan stated on Wednesday. While the minister acknowledged that the insurance sector needs powerful entities capable of expanding within and outside Saudi Arabia, he stressed that the government…

Al Jazeera

Saudi Arabia’s Crown Prince Mohammed bin Salman named PM

MBS is already de facto ruler of the kingdom, but the appointment formalises his role as head of government.

Asharq Al-Awsat

Saudi Arabia, Germany Discuss Developments, Bilateral Cooperation

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, discussed with German Chancellor Olaf Scholz on Saturday relations between Riyadh and Berlin and opportunities for partnership between them. Scholz was in Jeddah on a one-day visit to the Kingdom on Saturday. Talks with the Crown Prince…

Asharq Al-Awsat

Saudi Develops Capital Projects’ Portfolios in 20 Entities

Saudi authorities have recently accomplished many achievements in the field of financial sustainability, redirecting SAR540 billion to high-priority spending to serve locals and residents, Minister of Finance Mohammed Al-Jadaan said. Al-Jadaan, who is also the Chairman of Expenditure & Projects Efficiency Authority (EXPRO), inaugurated the National Guide to Project Management…

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Reuters

Saudi Arabia finalising extension of $3 billion deposit to Pakistan -Finance Minister

Saudi Arabia is finalising the extension of the kingdom's $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters.

Asharq Al-Awsat

Saudi Arabia Stresses Importance of Cooperation to Support Global Economic Recovery

Saudi Arabia underlined the importance of international cooperation to support global economic recovery and prevent negative repercussions amid the current international circumstances. Saudi Minister of Finance Mohammad Al-Jadaan revealed the Kingdom’s continuous efforts to support people and countries in need, including its recent provision of urgent support in the amount…

Asharq Al-Awsat

Arab Financial Institutions Urged to Review Strategies to Keep Pace with Developments

Saudi Arabia called on Arab financial institutions to review their work strategies in order to catch up with international developments and the rapid technological progress. This came during the annual joint meetings of the Arab Financial Institutions, which kicked off on Thursday in Jeddah under the patronage of the Custodian…

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