Foreign investors will be regarded as Saudi nationals.

With Ministry approval, the Nitaqat Saudization initiative now recognizes foreign investors as Saudis.. The Saudi Gazette reported that, according to the ministry’s Qiwa platform, these individuals will be considered on par with nationals in determining Saudization percentage Under the Nitaqat program, widows of non-Kingdom residents and offspring of local women married to non-Saudis are treated […]

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Saudi Non-Oil Economy Achieved Historical Milestone and Hits Record $453 Billion

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Saudi Non-Oil Economy have achieved a historic milestone and create a landmark by earning 50% of revenue from GDP in the year 2023, which breaks the record for previous years. As stated by General Authority’s analysis for statistics data presented by Ministry of Economy and Planning. The figures showed that GDP valued 1.7 trillion riyals

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Ramadan’s Venture Surge: Regional Startups Thrive with Capital Influx

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In the holy month Ramadan’s Venture Surge an unexpected twist, the Middle East and North Africa witnessed a huge increase in funding for startups, defying the usual slow business pace. Meanwhile, The Saudi Venture Capital Co., a government investment entity, declared a whopping $30 million funding in the Olive Rock Partners Fund I. Additionally, This

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S&P Reiterates Saudi Arabia’s Resilient AA-1 Rating

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S&P Reiterates Saudi Arabia’s Global Ratings, an international rating agency, has rechecked Saudi Arabia’s foreign and local currency sovereign credit ratings at ‘A/A-1’ with a Stable Outlook. Therefore, This avouchment reflects the Kingdom’s commitment to economic and social reforms in recent years. So, the aim is to enhance its economic resilience and bolster the non-oil

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Mozn and Google Cloud Unite Against Financial Crime LEAP 2024

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According to Mohammed Al-Hussein, the CEO of Mozn, FOCAL is currently in use by numerous financial institutions in Saudi Arabia and beyond. With financial crimes causing significant economic losses exceeding $200 billion globally, there is a pressing need to reduce these losses for the benefit of economies worldwide, including those in the Middle East. By

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The Saudi Crown Prince declares the successful conclusion of the transfer of an 8% stake in ARAMCO to companies fully owned by the Public Investment Fund (PIF)

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Saudi Crown Prince Muhammad Bin Salman has announced the transfer of 8% of Aramco’s shares to companies under the Public Investment Fund (PIF), reshaping the economic landscape. ARAMCO, The Saudi Arabian Oil Company ARAMCO had great significance in the global market. It is the central support system of this global energy landscape. ARAMCO contributes significantly

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