The transport links between Saudi Arabia and Bahrain have long played a crucial role in fostering economic, social and cultural ties across the Gulf region. The King Fahd Causeway has been a vital artery for trade and travel since its opening in 1986. The establishment of the King Fahd Causeway Authority in the early 2000s has led to significant upgrades, reflecting the deepening economic ties between…
As emerging markets develop new attractions and tap into new visitor source markets, they are leveraging technology and sustainable development in line with emissions targets. This strategic refocus comes as tourism numbers surpass pre-Covid-19 pandemic levels. According to the World Travel & Tourism Council (WTTC), travel demand is set to make 2024 a record-breaking year, with the sector projected…
Saudi Arabia’s ICT sector, the largest in the MENA region, is valued at $44bn and contributes 4% to GDP. The sector’s growth is driven by digital transformation across government and industries. As part of Vision 2030, the Kingdom aims for a 19.2% digital economy contribution by 2025. Key initiatives include the Saudi Cloud Strategy and the Cloud Computing Special Economic Zone, supporting sectors…
Saudi Arabia holds 17% of global oil reserves and is the birthplace of Islam, giving it significant geopolitical importance. Since its independence in 1932 and the discovery of oil in 1938, the Kingdom has evolved into a key global player. As the only Arab member of the G20, Saudi Arabia leverages its strategic position between Africa and Asia for trade and cultural exchange. Under Vision 2030, the…
Saudi Arabia’s banking sector has experienced rapid growth, fuelled by regulatory reforms, foreign investment and digital innovation under Vision 2030. The sector supports key industries like renewable energy, infrastructure and tourism, driving economic diversification. Financial technology advancements, digital-only banks and updated regulations have strengthened the sector’s resilience and…
Saudi Arabia, a conventional energy powerhouse, has made significant progress in diversifying its economy under Vision 2030. The digital economy, especially in sectors like education and health care, now contributes 14% of GDP, with artificial intelligence expected to add $135bn to the economy in 2030. While large-scale infrastructure projects progress more slowly, the Kingdom’s positive economic…
In 2023 Saudi Arabia’s insurance sector grew significantly, with gross written premium (GWP) rising 22.7% to $17.5bn, driven by regulatory reforms, economic diversification and increased risk awareness. Health insurance, representing 59% of GWP, led the growth, alongside rising motor insurance due to higher vehicle sales. The Insurance Authority, established in late 2023, is expected to foster consolidation,…
Saudi Arabia’s capital markets have become a key pillar of Vision 2030, driving diversification and reducing reliance on oil revenue. Thanks to recent reforms, the Kingdom has established itself as a regional financial centre, attracting substantial foreign investment. The Saudi Exchange, known as the Tadawul, is one of the world’s largest capital markets and regularly ranks in the top-10 by market…
Global military expenditure reached a record $2.4trn in 2023, driven by rising tensions worldwide, with Saudi Arabia allocating $75.8bn – a 4.3% increase from 2022 – representing 7.1% of its GDP and ranking fifth globally for overall military spending. The Kingdom’s defence industry is expanding through joint ventures and strategic partnerships, with new facilities like Al Kharj, expected to…
Saudi Arabia’s industrial and mining sectors are key to its diversification and privatisation efforts, supported by public investment, regulatory reforms and growing foreign direct investment. The Ministry of Industry and Mineral Resources, established in 2019, oversees these sectors and implements the 2020 Mining Investment Law. With the National Industrial Development and Logistics Programme,…
