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  • Saudi’s Mining Minister Sees No Obstacles to Dealmaking in Canada

    Saudi Arabia’s mining minister doesn’t see any barriers preventing dealmaking by the Kingdom into Canada’s mining sector, despite government rules restricting investments from state-owned foreign entities. “I have no reason to believe there will be an issue,” Minister Bandar Alkhorayef said in a Monday interview in Toronto, where he’s part of a Saudi delegation meeting with Canadian mining companies to discuss investment opportunities.

  • Saudi Arabia slashes growth forecasts, sees wider budget deficits

    Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic drop from a previous estimate of 4.4%, according to the latest pre-budget report published by the Ministry of Finance on Monday. The GDP growth projection for 2025 has also been cut from a previous estimate of 5.7% to 4.6%; while the outlook for 2026 has been trimmed from 5.1% to 3.5%.

  • Saudi space pioneer recognized by Guinness World Records as first female Arab in space

    The first female Arab astronaut has had her pioneering spaceflight recognized by Guinness World Records, the organization announced on Monday. Saudi Rayyanah Barnawi was part of the Axiom Mission 2 that launched from Cape Canaveral in Florida on May 21, 2023. She was accompanied by fellow Saudi Ali Al-Qarni aboard a craft bound for the International Space Station. In her first message she said: “This trip does not represent me alone, but rather the entire Arab world and all Saudis. We are living a dream that once seemed impossible but has become reality.”

  • Saudi Arabia expects 2024 deficit to widen to 3% of GDP

    Saudi Arabia estimates its 2024 fiscal deficit will widen to almost 3% of GDP, according to a government statement on Monday, as it increases spending to boost growth and meet the objectives of its Vision 2030 economic transformation plan.  The kingdom expects to post a fiscal deficit of 118 billion riyals ($32 billion) this year, equal to 2.9% of GDP, a preliminary budget statement showed, wider than the 79 billion riyals projected in the 2024 budget statement in December.

  • Saudi Arabia’s AUM to cross $300B in 2 years, says Fitch

    Saudi Arabia's assets under management (AUM) are expected to cross $300 billion within a couple of years, said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings. This will be driven by Vision 2030’s Financial Sector Development Program, said the official, adding that there is strong demand for Islamic products, with around 95% of mutual funds being sharia-compliant. "The industry's AUM reached 22% of GDP in 2023, with private funds three times larger than public funds. Saudi bank-affiliated managers held 63% of industry revenues, but competition from international managers is rising as the government attracts them to Saudi Arabia," he added.

  • Saudi Arabia to boost public security with 3 new initiatives

    The Security Equipment initiative focuses on equipping vehicles and electronic gates with technology that automatically recognizes license plates and individuals. It includes the installation of the latest security surveillance cameras to monitor the roads of neighborhoods.

  • Saudi Arabia set to unveil new tourist destinations in 2025: ASFAR CEO

    ASFAR, which has been operational for nearly two years, is collaborating with investors to enhance the Kingdom’s tourism sector by focusing on eight key destinations aligned with the Ministry of Tourism’s strategy. While ASFAR does not directly develop these projects, it leverages its robust investment strategies and tourism expertise to partner with other companies, creating new opportunities in the sector. Among its projects are locations in Hail, Al-Baha, Yanbu, Al Hasa, Taif, and Al Jouf.

  • Saudi Arabia and Turkiye continue to enhance defence cooperation

    The Turkish-Saudi Coordination Council has discussed opportunities to enhance defence cooperation during its sixth meeting in Jeddah. The meeting was held in Jeddah. Agenda items included cooperation between the Saudi and Turkish defence ministries and ways to enhance and develop this, especially in the field of defence and qualitative capabilities, transfer and localisation of technology, and defence research and development in line with Saudi Vision 2030.

  • Adidas collabs with Saudi influencers to champion female empowerment

    Adidas partnered with TikTok influencer Eleen Suliman, Saudi footballers Zara Al-Saif and Mariam Benkirane, and Saudi tennis star Yara Alhogbani to campaign for the opening of the first-ever adidas women's store in the Kingdom.

  • Saudi Arabia projects $315.73bn revenue for FY2025 amid fiscal reforms

    Saudi Arabia’s Ministry of Finance has released its pre-budget statement for fiscal year 2025, projecting total revenues to reach approximately SR1.18 trillion ($315.73 billion), marking a 4 percent decrease from previous forecasts. These estimates are based on a baseline scenario positioned between low and high and developed to address the challenges and geopolitical risks impacting the global economy.