The first foreign visit of US President Donald Trump’s term saw business leaders from Saudi Arabia and the US signing nearly $400bn worth of agreements and deals. These commercial agreements were designed to foster mutual benefits and investments in both countries. King Salman bin Abdulaziz Al Saud met President Trump just over a year after...
Large-scale renewable energy investments, and new rules specifying how much revenue from Saudi Aramco must be spent on domestic content, are set to drive manufacturing growth. Creating a local supply chain is at the heart of plans to install 3.5 GW of renewable energy capacity by 2020, while the In-Kingdom Total Value Add (IKTVA) programme...
In four decades the natural gas in Saudi Arabia’s oil fields has been transformed from an inconvenient by-product into essential feedstock for an industry that supports thousands of jobs and generates 15% of the country’s export revenues. Since its creation in 1976 by royal decree, Saudi Arabia Basic Industries Corporation (SABIC) has grown...
Economic planners in Saudi Arabia are working to nurture industrial growth by identifying sectors with high potential and developing clusters of companies and expertise within them. The National Industrial Clusters Development Programme (NICDP) has been established under the supervision of the Ministry of Commerce and Investment (MoCI), and...
The fast-moving consumer goods (FMCG) industry supplies Saudi shoppers with local and international brands. A select group of domestic family-owned trading businesses are suppliers for the household brand names of the global FMCG business. Through joint ventures (JVs) and subsidiaries, these regional conglomerates are involved in the...
When Crown Prince Mohammed bin Salman laid out Saudi Arabia’s Vision 2030 in April 2016, he proposed reducing the country’s dependence on oil revenues by modernising the economy and creating a more moderate society. While the full economic impact of the plan will take a few years to be felt in the country, a series of bold moves to loosen...
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