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ECONOMY
A steady rise in non-oil activities, including in the financial sector, has given the country reasons to be cheerful about the progress in its diversification efforts.
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November 2024
AI-TECH
Strategic partnerships with global firms reflect the kingdom’s broader strategy to strengthen the digital economy and narrow the skills gap in ICT.
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ECONOMIC CITIES
Digital transformation, modern infrastructures, and seamless solutions for the evolving sector have come to define the kingdom’s rapidly expanding industrial cities.
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OIL
Among the factors contributing to the positive overall forecast are robust air travel, petrochemical feedstock demand, and strong diesel and trucking fuel consumption.
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RENEWABLE
Despite impressive progress, the country is not resting on its laurels and remains committed to turning its sustainable grid ambitions into reality.
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The launch of a conference on emerging markets next year in Riyadh highlights Saudi Arabia’s growing clout among developing economies.
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), and Mohammed Aljadaan, Saudi’s minister of finance, announced in November that the Al-Ula Conference for Emerging Market Economies will be held in the kingdom’s capital in February 2025. The conference aims to convene a select group of emerging markets’ ministers of finance, central bank governors, and policymakers, as well as public and private sector leaders, international institutions, and academia.
“The world is confronting deeper and more frequent shocks, including conflicts, geoeconomic fragmentation, pandemics, climate change, food insecurity, and the\ digital divide,” said Georgieva. “If not addressed adequately, these shocks put at risk emerging market economies’ hard-won improvements in living standards. such srbacks would affect large segments of the werild population and put at risk global growth and macro-financial stability.”
The gathering will offer aunique platform to exchange views on domestic, reqion- al and global economic developments. It will also discuss policies and reforms to spur inclusive prosperity, and build resilience supported by strong international co-operation.
The conference is part of the authorities' efforts to boost the country's global profile as a destination for conferences, events and exhibitions. Saudi hosted more than 17,000 events in 2023, and by 2030, this figure is expected to reach 40,000, according to the Saudi Conventions and Exhibitions General Authority (SCEGA).
Events such as the Future Investment Initiative (FII), attended by 7,000 luminaries, are paving the way for future events, including the Expo 2030. All these will transform Riyadh into a global financial and investment destination, and one of the world’s top 10 cities.
More than 500 international companies have set up their regional headquarters in Riyadh since the launch of a programme encouraging companies to move their bases in Saudi.
More than 500 international companies have set up their regional headquarters in Riyadh since the launch of a programme encouraging companies to move their bases in Saudi.
