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ECONOMY
Non-oil growth and private sector activities are propelling the growth momentum, as macro fundamentals and bond issuance boost investor confidence.
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Non-oil growth and private sector activities are propelling the growth momentum, as macro fundamentals and bond issuance boost investor confidence.
Find out moreEmployment-to-population ratio among Saudi women has been growing steadily, underscoring their significant contribution to the country’s GDP.
Find out moreThe licensing round is part of a broader strategy to accelerate the exploration and development of mineral resources with an estimated value of SAR 9.3trn.
Find out moreKey to the country’s economic diversification strategy, the sector has delivered in creating jobs, supporting industries, and promoting entrepreneurship.
Find out moreThe phased rollout of all six lines has been fulfilled in the first month of 2025, providing commuters a faster and more reliable way of getting around the capital.
Find out moreIN THIS EDITION
Lucid Motors, the American electric vehicle manufacturer, has officially joined the Made in Saudi programme in December, gaining the privilege to display the "Saudi Made" logo on its products. The emblem represents quality, excellence, and customer trust, reflecting Saudi Arabia's commitment to becoming a hub for innovative manufacturing.
The Made in Saudi programme was designed to position the country’s products and services as the preferred choice for domestic and international consumers. The initiative encourages Saudi citizens to buy more locally made products, while also promoting the kingdom as a global industrial destination and investment magnet, with a goal of increasing non-oil exports to 50% of non-oil GDP by 2030.
Lucid is the first automotive original equipment manufacturer (OEM) to achieve such recognition, highlighting its ability to produce world-class electric vehicles with Saudi expertise. The milestone also underscores Lucid's pivotal role in advancing the kingdom's growing automotive industry.
Lucid’s inclusion in the Made in Saudi programme marks a significant step in the country's strategic efforts to establish a robust ecosystem for the electric vehicle sector, according to the Ministry of Industry and Mineral Resources. The initiative aligns with the goals of the National Industrial Strategy, which aims to empower key industries and attract high-value investments in advanced manufacturing.
The move also emphasises Saudi Arabia’s emergence as a central hub for electric vehicle production, supported by modern infrastructure, attractive investment incentives, and skilled workforce. Bandar Alkhorayef, the minister of industry and mineral resources, said the presence of major companies like Lucid enhances the kingdom's profile as a global leader in future industries, driving local content, non-oil exports, and the transfer of knowledge and technology.
The country remains focused on fostering an investment-friendly environment that enables companies to contribute to industrial innovation and transformation. These efforts are aligned with Saudi Arabia's vision for a sustainable, technolo - gy-driven future.
Lucid’s participation in the Made in Saudi programme, managed by the Saudi Export Development Authority, supports the initiative’s objectives of strengthening the appeal of Saudi-made products, boosting local and international investments, encouraging global expansion of Saudi companies, increasing non-oil exports, and promoting economic sustainability.
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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.