With the Kingdom’s coffers enjoying the fruits of high hydrocarbons prices, the state is looking to ensure that today’s good fortune is passed on to future generations. Traditionally managed by the Saudi Arabian Monetary Agency (SAMA) and the Ministry of Finance, the country’s stewardship of these wealth funds is now being...
Over the past decade Saudi Arabia’s insurance industry has become an important contributor to the Kingdom’s economy. In 2011 the sector brought in gross written premiums (GWPs) of SR18.5bn ($4.93bn), up nearly 13% from SR16.4bn ($4.37bn) the previous year, according to official data from the Saudi Arabian Monetary Agency (SAMA...
Investment is being poured into expansions and capacity upgrades across the sector, with around SR500bn ($133.25bn) to flow into the electricity and water segments in the coming decade. Saudi Arabia has ambitious plans to build up renewable electricity generation capacity, in particular solar power, to address rapidly rising...
The second-largest city in Saudi Arabia, Jeddah, dates back to within 20 years of the Prophet Muhammad’s life. The city’s seaport is now the largest in the Kingdom and is complemented by a busy international airport. And while Jeddah is known to many as the country’s commercial capital, it is also the principal gateway for a...
With Saudi Arabia’s recent budget providing the financial fuel for the country’s economic expansion and diversification, the government’s ninth development plan (NDP) 2010-14 provides the roadmap. The most recently updated version of the plan divides SR1.4trn ($373.1bn) among five development sectors. Developed by the Saudi...
One of Jeddah’s most pressing needs is a vast supply of new housing, both to cater for an expanding population and improve the quality of living for those in unplanned settlements. Growing 1.5% each year, Jeddah’s population is projected to be 13% higher in 2015 than in 2010, according to the Jeddah Development and Urban...
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