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Saudi Arabia’s Public Investment Fund (PIF) is set to raise $3.5 billion in its first sale of dollar-based Shariah-compliant bonds known as Sukuk which will be listed on the London Stock Exchange’s International Securities Market.
Saudi Arabia plans to open the Riyadh School of Tourism and Hospitality in Qiddiya by 2027, with a campus spanning 5 million square meters and costing over $1 billion. The school is a gift from Saudi Arabia to the world, offering training opportunities in tourism and hospitality.
Saudi Arabia’s economy has joined the trillion-dollar club with its GDP exceeding $1 Trillion for the first time. The Saudi Economy was also the fastest-growing economy in the G20 in 2022 according to the IMF with a Private Sector Contribution of $440 Million.
The government of the Kingdom of Saudi Arabia has given the green light to a landmark rail linkage project with the State of Kuwait. The project will focus on a high-speed railway connecting Riyadh to Kuwait City.
Korea’s top car manufacturer, Hyundai, is set to establish an electric vehicle assembly plant in Saudi Arabia. Hyundai is due to be the first Korean automaker with an assembly plant in the Middle East. They are currently the second-largest carmaker in Saudi Arabia with over 47,000 vehicles sold in the first half of 2023.
Cityscape Global 2023 Unveils $17.3 Billion dollars in Saudi Real Estate projects, including residential towers, resorts, and mega developments, demonstrating the kingdom’s growth in the sector.
Saudi Arabia received 7.8 Million tourists during the first quarter of 2023 bringing in revenues of almost $10 Billion and achieved 2nd place globally in the growth rate of international tourists
Saudi Arabia’s PIF subsidiary JADA, which was launched in 2021 with a $1 Billion fund to support Saudi SMEs through Private Equity and Venture Capital funds, has just invested $250 Million in GCC-based Aliph Capital to help support SMEs in the kingdom with capital, talent, and technology.
Saudi Arabia’s tourism sector and the GCC have recorded the strongest post-pandemic recovery globally. The number of tourist arrivals in the first three months of 2023 climbed 15 percent on the levels recorded in 2019.
Saudi Arabia has emerged as the country with the highest number of dollar millionaires in the Middle East and North Africa region, with a total of 354,000 millionaires and a total household wealth of $2.3 trillion.
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