News Saudi Arabia: Saudi Arabian Desert’s First Ever Snowfall Shown in Photos
See more of our trusted coverage when you search. Prefer Newsweek on Google to see more of our trusted coverage when you search. Saudi Arabia's usually sun-baked deserts have been transformed into an ...
News Saudi Arabia: Saudi Endowment Investment Funds’ Assets Hit Record High of SAR1 Billion
Riyadh, November 18, 2024, SPA -- The net assets of licensed endowment (waqf) investment funds in Saudi Arabia have reached a new record exceeding SAR1 billion in 2024, substantially surpassing the SAR half-billion mark from the previous year. This achievement coincides with the introduction of five new funds, bringing the total number to 34 endowment funds, with assets increasing by 29.3% and recording an average asset size increase of 13.9%. The General Authority for Awqaf granted licenses for these five funds in 2024, aligning with the guidelines set forth by the authority, resulting in a total of 27 public and seven private endowment investment funds. Through its strategy, the authority aims to enhance the endowment sector’s sustainability by refining the licensing process for endowment investment products. It is committed to streamlining procedures that encourage individuals and endowment entities to broaden their activities across various sectors. Endowment funds are equipped with precise mechanisms to drive sustainable development by implementing best practices in this field. They engage in developmental projects that cater to societal needs and efficiently manage endowed resources to address social and developmental requirements. Furthermore, these funds offer programs designed to yield optimal developmental returns, fostering connectivity between endowment projects and initiatives undertaken by relevant authorities and charitable organizations. --SPA 20:55 Local Time 17:55 GMT 0054
News Saudi Arabia: Saudi Sovereign-Wealth Fund Struggles to Find Winning Investments
PIF’s performance adds to the country’s economic challenges, which were growing even before the war in Iran.
News Saudi Arabia: Saudi Arabia Seeks to Enhance Mining, Agricultural, and Financial Investments in Nigeria
Riyadh, January 16, 2025, SPA -- Leaders from Saudi Arabia’s private sector have agreed with senior Nigerian officials on a joint strategy to promote and attract Saudi investments in Nigeria, focusing on key sectors such as mining, agriculture, food products, banking services, and financial technologies. During a meeting today, President of the Federation of Saudi Chambers Hassan bin Moejeb Al-Huwaizi met with Minister of Solid Minerals of the Federal Republic of Nigeria Dele Alake and Minister of State Finance of the Federal Republic of Nigeria Doris Uzoka. The meeting was attended by Saudi investors. In his opening remarks, President Al-Huwaizi emphasized the importance of the Saudi-Nigerian Business Council in strengthening economic relations. He expressed Saudi Arabia’s interest in enhancing collaboration with Nigeria in the agriculture, livestock, and mining sectors. Minister of Solid Minerals Dele Alake encouraged Saudi investors to participate in Nigeria’s mining sector and engage in exploration activities. He highlighted the potential of utilizing 95% of the country’s untapped mining lands and a mineral wealth estimated at $700 billion. He assured investors of Nigeria’s commitment to safeguarding foreign investments and outlined incentives such as tax exemptions and duty-free imports and exports for machinery. Minister of State Finance Doris Uzoka underscored Nigeria’s favorable investment environment, noting that there are no restrictions on the transfer or exit of funds. She urged Saudi investors to explore opportunities in the agricultural sector, which has over 70% of arable land, as well as in the financial sector. She highlighted various incentives available to investors across these sectors. The trade exchange volume between Saudi Arabia and Nigeria reached SAR 2.7 billion. In Nigeria, the service sector contributes 44% to the GDP, followed by industry at 30.8% and agriculture at 23.7%, presenting promising opportunities for Saudi investors. --SPA 18:03 Local Time 15:03 GMT 0052
News Saudi Arabia: Business executives making 'contingency plans' for UAE-Saudi Arabia feud
Some law firms are selecting work that avoids antagonising the two rivals, while investors are navigating a new environment ...
News Saudi Arabia: Saudi lenders evolve beyond traditional lending as Vision 2030 advances
Oxford Business Group and BSF report assesses how evolving banking models support capital formation and long-term ...
News Saudi Arabia: Saudi Arabia Advances Lithium Plans, Looks Beyond Oil For Commodity Diversification
Saudi Arabia has unveiled a joint venture between the state oil company Aramco and the state mining company Ma'aden. The collaboration focuses on extracting lithium, a vital component in batteries for ...
News Saudi Arabia: Is Hormuz open? Trump's toll threat intensifies rush to bypass the Strait altogether
Gulf producers are increasingly relying on alternative routes to keep crude moving as shipping disruptions expose the risks of depending on the Strait of Hormuz.
News Saudi Arabia: The bigger Cryptocurrencies get, the worse they perform - BIS
Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS) said on Sunday in its latest warning about the rise of virtual currencies.
News Saudi Arabia: 'Shared ambitions': Canada, Saudi Arabia sign deals on defence, investment, and AI
For the first time in more than a quarter of a century, a Canadian prime minister has visited Saudi Arabia. In a series of statements released on Thursday, Mark Carney said he walked away with 13 new ...
News Saudi Arabia: Saudi Arabia begins implementation of non-Saudi real estate ownership regulation
RIYADH — The Saudi Real Estate General Authority announced on Thursday the official entry into force of the Regulation on Real Estate Ownership by Non-Saudis, marking the start of its implementation ...
News Saudi Arabia: Can Indians now buy property in Saudi Arabia? Know the new real estate rules and where you can purchase
Saudi Arabia has opened parts of its real estate market to foreign buyers, allowing Indians and other overseas investors to purchase property in designated zones under a regulated framework.
News Saudi Arabia: Saudi Arabia’s Billion-Dollar VC Boom: How SVC Is Shaping The Kingdom’s Financial Future
Forbes contributors publish independent expert analyses and insights. Founder & Advisor on Emerging Tech. Covering VC. Saudi Venture Capital Co. (SVC) has committed $1 billion in investments since its ...
News Saudi Arabia: Saudi Arabia enforces Financial Oversight Law to strengthen transparency, accountability, and fiscal integrity
RIYADH — The Ministry of Finance announced that the Saudi Financial Oversight Law, approved by the Council of Ministers on December 1, 2025, has come into force following the issuance of its executive ...
News Saudi Arabia: Building on Saudi Arabia’s urban growth ambitions
Property developer Umm Al Qura is moving beyond Masar Destination with a five-year strategy to expand its portfolio across Mecca, Madinah and Jeddah.
News Saudi Arabia: Saudi Arabia Allows Foreigners to Invest in Real Estate Companies Operating in Makkah and Madinah
Riyadh, January 27, 2025, SPA -- The Saudi Capital Market Authority (CMA) has announced that foreign investors are now permitted to invest in Saudi-listed companies that own real estate within the cities of Makkah and Madinah, effective Monday. According to a statement by the CMA, the approval pertains to the “Controls for the Exclusion of Companies Listed in the Saudi Stock Exchange (Tadawul) from the Meaning of the Phrase (Non-Saudi) in accordance with the Law of Real Estate Ownership and Investment by Non-Saudis." This initiative aims to foster investment, enhance the appeal and efficiency of the capital market, and bolster its competitiveness both regionally and globally, while also supporting the local economy. The CMA seeks to attract foreign capital and provide the necessary liquidity for ongoing and future projects in Makkah and Madinah, leveraging the Saudi market’s vast investment opportunities. These efforts aim to position the Saudi market as a pivotal funding source for significant developmental initiatives in these cities. Foreign investment will be restricted to shares of Saudi-listed companies that own real estate in Makkah and Madinah, as well as convertible debt instruments, according to the approved controls. The total ownership of non-Saudi natural and legal persons is capped at 49% of a company’s shares. However, strategic foreign investors are not permitted to own shares or convertible debt instruments in these companies. The approved controls enable non-Saudi investors to benefit from the economic advantages of existing and upcoming projects while adhering to relevant laws, particularly the Law of Real Estate Ownership and Investment by Non-Saudis, whether during the operation or liquidation of these companies. Meanwhile, the CMA has granted listed Saudi companies the right to acquire ownership, easement, or usufruct rights over properties designated for their headquarters or branch locations within Makkah and Madinah. The entirety of such properties must be utilized for these purposes, as per the exemption regulations outlined in the Law of Real Estate Ownership and Investment by Non-Saudis. The CMA has implemented numerous initiatives to enhance the appeal of the Saudi financial market and promote foreign investment. These include allowing resident foreign investors to participate directly in the Saudi stock market, enabling foreign investors to access the market through swap agreements, facilitating investments by qualified foreign financial institutions in listed securities, permitting strategic foreign investors to acquire strategic stakes in listed companies, and allowing direct investments in debt instruments by foreign investors. These measures reflect a comprehensive and diversified financial market framework, providing various funding options for projects in Makkah and Madinah. In 2021, the CMA expanded opportunities for non-Saudis by allowing their subscription to real estate funds investing within the two cities. This move further diversified funding channels within the financial market and supported the objectives of Saudi Vision 2030, which seeks to enhance the Saudi financial market’s appeal to both local and foreign investors. The approved controls were finalized following the CMA's publication of the Regulations of Foreign Investors' Ownership of Shares in Saudi Listed Companies that have Investment Properties in Makkah and Madinah on November 15, 2023. The draft regulations were shared on the Public Consultation Platform (Istitlaa), managed by the National Competitiveness Center (NCC), and on the CMA’s website to gather public feedback before their finalization. The approved controls are accessible via the following link: Controls for the Exclusion of Companies Listed in the Saudi Stock Exchange. --SPA 21:32 Local Time 18:32 GMT 0051
News Saudi Arabia: Saudi Arabia’s Fashion E-commerce Market to Surge by 2027, Boosted by AI and New Laws
MILAN — Bolstered by the government and fueled by a large under-40 population of spenders, Saudi Arabia’s fashion industry is getting ready to dominate its share of the global e-commerce market. A ...
News Saudi Arabia: Saudi Arabia's e-commerce records grow by 17.47% in Q2 2024, driven by Riyadh's leading issuance
RIYADH — The issuance of existing commercial records for e-commerce recorded a growth of 17.47% by the end of the second quarter of 2024, with 40,697 records issued compared to 34,645 in the same ...
