Inbound tourism spending in Saudi Arabia has reached an unprecedented SR153.61 billion ($40.95 billion) in 2024, representing a 13.82 percent increase compared to the previous year, according to the Saudi Central Bank. This surge has also elevated the Kingdom’s travel balance surplus to SR49.78 billion, marking a 7.81 percent rise from 2023. Furthermore, outbound spending...
Saudi Arabia is actively considering the implementation of rent caps for both residential and commercial properties. This potential reform is aimed at addressing the increasing rent prices across the country. Abdullah Al Hammad, the CEO of the Real Estate General Authority (REGA), confirmed this development on Tuesday, April 1, according to a report from the...
Saudi Arabia is set to introduce significant updates to its Law of Commercial Register and Law of Trade Names effective April 3, 2025. These new laws, approved by the Ministry of Commerce in September 2024, aim to streamline the process of starting and operating a business within the Kingdom, while also alleviating financial burdens for...
Mitsubishi Power, a division of Mitsubishi Heavy Industries (MHI), has secured two significant supply orders for the Rumah-1 and Al-Nairyah-1 Independent Power Plant (IPP) projects in Saudi Arabia. These orders are in collaboration with Doosan Enerbility Company, under which Mitsubishi Power will provide six advanced M501JAC gas turbines, along with generators and auxiliary equipment. This...
A Saudi mission focused on studying the human eye microbiome launched aboard SpaceX’s Fram2 flight on Monday night. This groundbreaking study, conducted by Falak for Space Science and Research, aims to examine the bacteria and other microorganisms present in the eye under microgravity conditions. The research team prepared by collecting biological samples of microbial cultures...
As we approach the 2025 edition of the Arabian Travel Market (ATM) in Dubai, the air connectivity landscape in the Middle East is undergoing a transformative phase. The UAE, Saudi Arabia, and Türkiye are emerging as key global aviation hubs, with their strategic positions set to reshape the future of travel and tourism in the...
Saudi Arabia is set to expand new technology for purifying drinking water, utilizing an electrical charge, following a recent agreement aimed at enhancing its application over the next four years. This capacitive deionization technology will be capable of treating approximately 3,500 cubic meters of water daily, providing clean drinking water to the population. The agreement...
Tesla has announced its upcoming launch in Saudi Arabia, scheduled for April 10. The event will take place in Riyadh, as stated on the company’s official website. This launch is significant as it occurs amid a decline in Tesla’s electric vehicle (EV) sales in both Europe and China. In recent months, Tesla’s sales in Europe...
UAE and Saudi Arabian companies are increasingly using long-term salary bonuses as a strategy to attract top executive talent. A report by Cooper Fitch reveals that over 50% of chief executives in Saudi Arabia receive more than six months’ worth of their basic salary in bonuses. This trend indicates a significant shift in how companies...
A recent survey by PwC has revealed that 81 percent of CEOs in Saudi Arabia have embraced artificial intelligence (AI) within the past year. This statistic underscores the optimism among Saudi business leaders regarding their companies’ revenue growth, which they expect to outpace both regional and global averages in 2025. The Kingdom is establishing itself...