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Saudi News Update: Week 37


A businessman is staying up to date by reading the news on a tablet

This week, The World Bank announced that Saudi Arabia’s economy is projected to remain resilient, with the Kingdom’s gross domestic product expected to grow by 1.6% this year, accelerating to 4.9% by 2025. The report also indicates that Saudi Arabia’s inflation rate is likely to remain steady at 2.1% in 2024 and 2.3% in 2025, both figures lower than the average for the Gulf Cooperation Council region.


In other news, the first week of Riyadh Season 2024 drew in an impressive two million visitors, thanks to events such as the 6 King Slam and Boulevard World. With an exciting lineup of events and attractions, Riyadh Season 2024 is poised to solidify the Saudi capital’s status as a global entertainment destination.


Economy, Budgets and Finance

Arab News: Saudi Arabia’s economy is projected to grow by 4.9% in 2025 according to the World Bank. Read Here  


Saudi Gazette: Saudi Arabia allows 100% foreign ownership in most business sectors. Read Here 


Arab News: KSA forms business council with Portugal to boost economic ties. Read Here


Government & Royal Family

Arab News: Saudi Arabia and Spain discuss opportunities in the drone and automotive industries. Read Here 


Arab News: The Saudi Professional Accreditation Program verifies the skills of around 209,500 expatriate workers. Read Here 


Saudi Gazette: The PIF establishes SARCC to enhance staff housing in Saudi Arabia. Read Here 


Defence & Security

Times Aerospace: SAMI and Embraer sign defence MoU. Read Here


Commercial

Arab News: Inter Milan Football Club expands business into Saudi Arabia. Read Here 


Arabian Business: Saudi Arabia will host a major agricultural event as it targets a $40bn investment in the sector. Read Here 


Arab News: How generative AI is transforming business management in Saudi Arabia. Read Here 


Social 

Alarabiya News: The first week of Riyadh Season 2024 welcomes two million visitors to the Kingdom. Read Here  


Arabian Business: Saudi Arabia ranks lowest globally in financial fraud crimes. Read Here 


Arab News: Jannik Sinner defeats Carlos Alcaraz in an epic Six Kings Slam final. Read Here 

 

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