This week it was announced that that the number of investment licenses issued in Saudi Arabia surged by 73.7% in the third quarter of 2024, reaching 3,810 licenses compared to 2,193 during the same period last year. According to a recent report by the Ministry of Investment, most licenses were concentrated in construction, manufacturing, professional and educational activities, wholesale and retail trade, and information and communications sectors. These categories accounted for approximately 72% of the total licenses issued in Q3 2024.
In other news, Diriyah Company recently announced that it has officially broken ground on seven world-class luxury hotels. During the second edition of its annual event Bashayer – Delivering our Future, it revealed that the latest groundbreakings took place for Raffles Diriyah, Armani Diriyah, Orient Express Diriyah, Baccarat Diriyah, Corinthia Diriyah, Fauchon L’Hotel Diriyah, and Rosewood Diriyah, offering a total of 877 rooms in the seven hotels. This marks the ongoing expansion in developing world-class properties, which will ultimately comprise more than 40 hotels and over 6,500 rooms throughout the Diriyah and neighboring Wadi Safar development areas.
Economy, Budgets and Finance
Saudi Gazette: Saudi Arabia sees 73.7% rise in investment licenses in Q3 2024. Read Here
Zawya: Saudi Arabia announces $4bn railway investment plan. Read Here
Arab News: Saudi Arabia’s non-oil exports surge 16.8% in Q3. Read Here
Arab News: Saudi Arabia leads lending growth as GCC hits 3.1% in Q3. Read Here
Government & Royal Family
Arab News: Saudi expenditure authority discusses cooperation with government entities in Singapore. Read Here
Commercial
Arab News: Morgan Stanley receives approval to establish regional HQ in Saudi Arabia. Read Here
Arab News: Saudi Arabia's Ma’aden proceeds with $10bn capital raise to boost phosphate stake. Read Here
Arab News: Riyadh to see 1million square metres of new office space by end of 2026. Read Here
Arab News: Saudi Arabia’s private debt market targets over $1.77bn by Q3 2024. Read Here
Social
Saudi Gazette: Riyadh Metro to begin partial operations next Wednesday. Read Here
Arab News: Saudi Arabia launches Ramlah Co. to boost tourism in Hail region. Read Here
Middle East Economy: Diriyah Company breaks ground on seven luxury hotels, offering 877 new rooms. Read Here
Arab News: Diriyah Company announces multibillion-dollar Qurain Cultural District and Northern District. Read Here
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