Saudi Roundup: Sports and Culture Advance Progress on Vision 2030

This week’s round-up shows results from the seeds sown by government initiatives and driven by Saudi Vision 2030 in the business & economy, industry and manufacturing, real estate, technology and tourism sectors.

From 23 to 29 July 2024

General Business and Economy

New Database to Facilitate Construction for Vision 2030

The Saudi Contractors Authority has launched a new database rating Saudi construction industry contractors. The database will highlight contractors’ specializations and support excellence in quality, innovation, and communication throughout the industry.

SCA Chairman Zakria Al-Abdulqader highlighted a 400% growth in registered construction contractors over the last three years, who are capitalizing on the opportunities driven by Vision 2030.

Saudi Non-Oil Exports Reach 2-Year High at $7.7 Billion

The General Authority for Statistics reports 27% growth in the Kingdom’s non-oil exports in May compared to April, reaching $7.7 billion.

Chemicals and allied products made a significant contribution to May’s growth in non-oil exports. Additionally, merchandise exports increased by 5.8% more in May 2024 compared to the same month of last year.

Saudi Arabia Now Has Eight UNESCO World Heritage Sites

Saudi Arabia’s Al-Faw archaeological site has become the eighth location in the Kingdom to be registered on UNESCO’s World Heritage List.

The region is home to almost 12,000 archaeological remains and has a history of human habitation dating back 6,000 years.

Saudi Arabia leads the GCC bond market with $37bn issuance in H1 2024

Saudi Arabia emerged as the top issuer in the GCC bond market during the first half of 2024, raising $37 billion through 44 issuances.

This figure represents a 12.5% increase from the same period last year, accounting for 49% of the total new supply of GCC bonds and sukuk.

Saudi Arabia officially submitted bid to host the FIFA World Cup 2034

Saudi Arabia has submitted its official bid to FIFA to host the FIFA World Cup 2034 at a ceremony hosted by the Fédération Internationale de Football Association (FIFA) in Paris, France.

The bid underscores the Kingdom’s ongoing efforts to achieve the sports objectives of Vision 2030 and its ambitions to transform into a global capital of sports and entertainment.

Industry and Manufacturing

Saudi Arabia Poised for Mining Sector Success

The mining sector plays a key role in the Kingdom’s economic diversification plan, holding an estimated mineral wealth of $2.4 trillion.

According to MineHutte’s World Risk Report 2023, the Kingdom’s mining sector has been recognized as the world’s fastest-growing investment and regulation-friendly environment over the last five years. Despite a 138% increase in mining exploitation licenses, there remains tremendous potential in Saudi Arabia’s varied natural resources.

Real Estate

Riyadh Office Space Market Surges in 2024

The office market has grown 3.4% in Q2 2024. The impact of this is evident in the uptick in foreign direct investment in Riyadh as the city increasingly headquartering multinational companies.

More than 120 international firms relocated their regional headquarters to Riyadh in the first quarter of 2024, a 477% increase on the first quarter of 2023. Savills expects this trend to continue due to a pipeline of inquiries for the rest of 2024.

Technology

Riyad Bank Launches Saudi Arabia’s First AI Center in Banking Sector

On July 23, Riyad Bank launched the Center of Intelligence, a specialized AI center for the Saudi banking sector.

The center is intended to offer business sectors the latest AI innovations and a cutting-edge environment for AI-driven research, innovation, and analysis. The center’s work is in alignment with Vision 2030, especially the Financial Sector Development Program’s efforts to grow the banking sector while improving accessibility and stability.

Aviation

Saudia Ranks First Worldwide for On-time Performance in June

Saudi Arabia’s national carrier has topped the list of global airlines as it achieved an 88.22% on-time arrival rate in June.

Saudia recorded an on-time departure rate of 88.73% while operating 16,133 flights across its network of over 100 destinations on four continents.

Tourism

NEOM Reaches Sustainable Transportation Milestone

The completed construction of the underground parking and light rail components of NEOM’s advanced sustainable transportation plan marks a significant milestone in building a city with zero carbon emissions.

More than 140,000 construction workers have been creating the $500 billion megacity since 2017. The ongoing projects are set to receive around $27.7 million worth of cement through a partnership between Italy’s Webuild SpA and Saudi’s Al Jouf Cement.

Economic diversification continues to take the Kingdom to new heights each passing week. Bookmark us for news of Saudi Arabia’s ongoing journey of transformation and global excellence at your fingertips.