This week, Saudi’s giga-project Diriyah has agreed deals worth $1 billion with European firms aimed at boosting economic growth and diversifying the economy’s reliance on oil exports. The PIF’s $63 billion construction project located at a UNESCO World Heritage site is in talks to attract more foreign capital after many foreign investors have already bought stakes in several projects at Diriyah.
In other news, Saudi Arabia experienced a 23.4% increase in FDI in the second quarter of 2024 compared to the previous 3 months of the year. Net FDI inflow reached SAR 11.7 billion. The Kingdom approved an updated investment law last month to enhance FDI flows, with the Ministry of Investment stating that the law would boost transparency and simplify the investment process.
The law also promises enhanced protections for investors, including adherence to the rule of law, fair treatment, and property rights, alongside robust safeguards for intellectual property and seamless fund transfers.
Economy, Budgets and Finance
Gulf Business: Saudi Arabia’s Diriyah agrees to deals worth $1 billion with European firms. Read Here
Reuters: Saudi Arabia is ready to drop its $100 crude oil target to take back market share. Read Here
Business Standard: Saudi Aramco has raised $3 billion from bonds in its second debt sale since July.
Alarabiya News: Unemployment among Saudi citizens falls to 7.1% in Q2. Read Here
Government & Royal Family
Arab News: Saudi Minister of Industry and Mineral Resources visits US to boost ties in industry. Read Here
Defence & Security
Defence Security Asia: Saudi Arabia Receives First Raytheon AN/TPY-2 High-Powered Air Defense Radar. Read Here
Commercial
Arab News: KSA experienced a 23.4% increase in FDI in Q2 of 2024. Read here
Arab News: The Saudi Kafalah program exceeds $26.6bn in financing, helping create around 12 million jobs and supporting 23,000 SMEs. Read Here
Gulf News: Saudi Arabia begins the first operation for natural gas storage. Read here
Zawya: Saudi companies secure $3.2 billion funding for solar projects. Read here
The Economic Times: Aster’s Gulf unit eyes $250 million health-care deals for Saudi expansion. Read Here
Social
Saudi Gazette: Saudi National Orchestra dazzles London with a breathtaking concert at Westminster Hall. Read Here
Arab News: Saudi Arabia is investing $100 million for skills development and training for workers at all levels.. Read Here
Arab News: Teenage science prodigy hopes to win Saudi Arabia’s first Nobel honour. Read Here
Arabian Business: NEOM announces two luxury Hyatt hotels in Jaumur. Read here
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