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  • Tawaref Series: Saudi corporate annual operating costs explained

    After understanding the CapEx costs (hard costs and setup partner fees) involved in establishing a business in Saudi Arabia, the next important aspect to consider is the annual operating costs (OpEx). OpEx encompasses the ongoing operational expenses required to sustain a business in the country. This includes government fees, renewals, taxes, third-party costs, and other essential expenditures crucial for maintaining seamless business operations and preventing any unwelcome surprises.

  • Saudi tourism grows 10% in Q1 2024: Minister

    Saudi Arabia witnessed a 10% year-on-year (YoY) increase in the number of tourists and a 17% YoY increase in tourist spending in Q1 2024, Al Arabiya reported, citing Saudi Minister of Tourism Ahmed Al-Khateeb.   Al-Khateeb expected the number of tourists to increase to 110 million and spending to rise to SAR 150 million by 2030, aligning with the new tourism projects in the Red Sea, NEOM’s opening of Sindalah Island by year-end, and the Diriyah project.

  • Senior US, French officials in Middle East seeking to ease Gaza war

    French Foreign Minister Stephane Sejourne said on Monday talks on a ceasefire in Gaza were progressing as he joined U.S. Secretary of State Antony Blinken in Saudi Arabia on a diplomatic push to ease the war between Israel and Hamas.
    Sejourne was expected to hold talks in Riyadh with ministers of Arab and other Western countries as well as Palestinian Authority President Mahmoud Abbas.
    "Things are moving forward but you always have to be careful in these discussions and negotiations. The situation in Gaza is catastrophic and we need a ceasefire," Sejourne told Reuters on the sidelines of a World Economic Forum (WEF) meeting.

  • Gulf States at the Venice Biennale: Balancing Social Transformation and Cultural Representation

    Inside the Saudi pavilion, larger-than-life, sand-colored circular panels rise from the floor stretching vertically to the ceiling. They recall the shape of the desert rose, which forms crystal-like clusters and grows in the arid desert landscape in Saudi Arabia’s Eastern Province, near where AlDowayan is from. Covering each panel are dozens of drawings and writings in Arabic and English professing statements such as “Let me be!”; “I am solidarity in the face of storms, I’m love in the face of dryness”; and “Thanks, we don’t need to be saved.”

  • FIFA seals closer ties to Saudi Arabia with World Cup sponsor deal for oil firm Aramco

    FIFA deepened its ties to Saudi Arabia by confirming a sponsorship on Thursday with the kingdom’s state oil firm Aramco which made a profit of $121 billion last year. The deal was expected and became inevitable once Saudi Arabia was all but sealed last October as the 2034 host of the men’s World Cup. The deal through 2027 includes the men’s World Cup in 2026 co-hosted by the United States, Canada and Mexico and the 2027 Women’s World Cup. Hosts of that tournament will be decided next month in a three-candidate vote.

  • Saudi fund PIF’s managed assets hit $749bln in 2023

    Saudi Arabian sovereign wealth fund PIF's managed assets reached 2.81 trillion riyals ($749.2 billion) in 2023, state news agency SPA reported on Thursday. The kingdom's non-oil government revenue reached 457 billion riyals last year and non-oil activities accounted for 50% of real gross domestic product (GDP), SPA added. ($1 = 3.7505 riyals)

  • Vision 2030: 87% of initiatives on track or completed

    More than halfway through its "Saudi Vision 2030" journey, Saudi Arabia has demonstrated notable progress, with 87% of the 1,064 initiatives either completed or advancing as planned.

    This achievement underscores the Kingdom's substantial efforts since the vision's launch on April 25, 2016, under the leadership of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. The vision aims to transform the nation through significant economic growth and enhanced quality of life, positioning Saudi Arabia as a prosperous and future-ready economy.

  • Saudi Arabia marks Vision 2030’s 8-year anniversary

    Today marks the eight-year anniversary of Saudi Arabia’s Vision 2030, an ambitious blueprint aimed at transforming the Kingdom into a pioneering model on the global stage.

    Launched on April 25, 2016, by King Salman bin Abdulaziz Al Saud and spearheaded by Crown Prince Mohammed bin Salman, Vision 2030 has reshaped the nation’s economic and social landscape, propelling it towards a more diversified and sustainable future.

  • Saudi Arabia Makes It Clear They’re Taking Design Seriously

    Set within the landmark Mediateca Santa Teresa library in Milan’s Brera district, Design Space AlUla presented a smattering of projects created with local craft traditions. Among these were the AlUla Design Residency, realized under the curation of architect Ali Ismail Karimi, which tapped five global designers to participate in a five-month immersion into life in AlUla. Most visible was Hall Haus’s giant seating system, which blended Majlis-style sofas with the swoops of sand dunes. Also appearing windswept are Bahraini-Danish’s steel partitions and sculptural chairs by Leo Orta that channel AlUla’s geological formations. Studio Raw Material’s floor lamps explore the spatial quality of light in the Qasr al-Bint while Leen Ajlan’s wooden platforms and benches reflect the setup of Saudi folk games.

  • IDC expects Saudi Arabia’s ICT spending to hit $37.4B by 2024-end

    Spending on the information and communication technology (ICT) market in Saudi Arabia is expected to reach about $37.4 billion by the end of 2024, showing a growth of 3.3% year-on-year, said Hamza Naqshabandi. Vice President for Custom Solutions in the Middle East, Turkey, and Africa (META) at International Data Corporation (IDC).   On the sidelines of the ICT Indicators Forum, Naqshabandi told Argaam that the main factors driving this growth include the emergence of pioneering and emerging digital sectors such as e-tourism, entertainment, and e-sports.