The Saudi Investment Recycling Company (SIRC), which is a wholly owned subsidiary of the Public Investment Fund (PIF), has officially signed a memorandum of understanding (MoU) with the US-based EIG Management Company, LLC. This agreement aims to foster collaboration in investment and diversify funding sources for the development and operation of infrastructure projects linked to...
Saudi Arabia has introduced a comprehensive procedural guide to implement its recently approved off-plan real estate regulation. This initiative aims to enhance transparency, protect buyers, and formalize obligations for developers in the off-plan property market. The new framework was officially approved by Real Estate General Authority (REGA) CEO Abdullah bin Saud Al-Hammad on May 2...
Saudi Arabia has enacted a significant reform of its real estate taxation policy by increasing the White Land Tax from 2.5 percent to 10 percent annually on undeveloped land. This change also introduces a new tax on vacant properties that remain unused without justification, aiming to stimulate land development and address the rising housing demand...
Saudi Arabia’s economy experienced a growth of 2.7% year-on-year in the first quarter of 2025, according to preliminary estimates released by the government’s statistical authority. This growth was bolstered by increased activities in the non-oil sector as the kingdom continues its efforts to diversify its economy away from oil and gas reliance. The flash estimates...
Saudi Arabia’s Public Investment Fund (PIF) has reached out to bond investors for the second time this year, continuing its efforts to invest billions of dollars as part of a strategy to reduce the economy’s dependence on oil. PIF is currently accepting orders for a sale of benchmark-sized, U.S. dollar-denominated seven-year Islamic bonds, known as...
Erad, a financing platform based in Riyadh, has successfully raised $16 million (equivalent to SAR 60 million) in a Pre-Series A funding round. This investment will be used to accelerate the company’s growth and expand its operations in Saudi Arabia, as well as other regional markets. The funding round was supported by a number of...
Peru and Saudi Arabia are working to strengthen their diplomatic and economic cooperation, despite their geographical distance. Elmer Schialer, Peru’s Minister of Foreign Affairs, emphasizes the potential for collaboration rooted in economic complementarity. Both nations share a vision for global integration, aiming to build bridges that enhance their mutual interests. Strategically positioned on the Pacific...
Pemo, a comprehensive spend management platform, has officially launched in Saudi Arabia, offering innovative financial solutions tailored for businesses across the Kingdom. The company, which has secured $19 million in funding from international investors, aims to provide smart corporate and virtual cards, automated receipt collection, and AI-driven accounting to simplify expense tracking and invoice management....
The Saudi Central Bank (SAMA) has granted a license to “Tamawal” to offer finance aggregation services, marking a significant step in enhancing the financial sector in the country. With this latest addition, there are now six licensed companies providing finance aggregation services in Saudi Arabia. This decision reflects SAMA’s commitment to support the financial sector,...
Saudi Arabia’s travel company Almosafer, which is part of the Seera Group, is aiming to become a publicly traded company by the end of 2025 or early 2026, according to its chief executive, Muzzammil Ahussain. In an interview with Khaleej Times, Ahussain stated, “We’re still on track for IPO sometime in the later part of...