In 2023 Saudi Arabia’s insurance sector witnessed substantial growth, driven by a combination of regulatory reforms, economic diversification and increased awareness of risk management. The sector’s gross written premium (GWP) experienced a notable rise, up 22.7% over the course of the year, with total GWP reaching SR65.5bn ($17.5bn) – as compared to SR53.4bn ($14.2bn) in 2022 – according to…
Saudi Arabia’s capital markets have developed rapidly into a critical pillar of the Kingdom’s wide-ranging Vision 2030 agenda, driving economic diversification and reducing the country’s dependency on oil revenue, while drawing investment into the country. In recent years, thanks to a series of reforms and strategic initiatives, the Kingdom has successfully positioned itself as a key regional…
Saudi Arabia’s financial services sector has undergone rapid growth and structural transformation in recent years, driven by regulatory reforms, increased foreign investment, digital innovation and the Kingdom’s Vision 2030 economic diversification plan. This expansion supports broader economic goals, with Saudi banks financing major projects in renewable energy, infrastructure and tourism. By…
Saudi Arabia remains a conventional energy powerhouse as non-oil activities make up more than half of national output. As the Kingdom hits the halfway point of Vision 2030, a wide-ranging economic diversification strategy launched in 2016, the subsectors in which success is being achieved and those that require additional work are becoming clear. The digital economy is driving diversification gains,…
Situated at the heart of the Middle East, Saudi Arabia’s geopolitical importance is underscored by the presence of 17% of proven global oil reserves within its territory, and its stature as the birthplace of Islam. Since gaining independence in 1932, establishing the Aramco national oil company in 1933 and first discovering oil in the Dammam field in 1938, the Kingdom has undergone a substantial…
Saudi Arabia’s ICT sector is the largest in the MENA region, with a total value of SR166bn ($44bn) and contributing approximately 4% to the Kingdom’s GDP. Growth is propelled by the widespread digital transformation taking place across government, industry and society. Moreover, the Kingdom is striving to position itself as a regional centre for ICT and draw investors by strengthening data protection…
Visas Nationals of non-GCC countries and some Arab countries need visas. Business visas require a letter of sponsorship from the firm being visited. The Saudi counterpart lodges an application and is issued a receipt, which is forwarded. The applicant then presents this receipt, along with two passport-sized photographs, a completed application form, a copy of the letter of sponsorship and a fee to…
In recent years Saudi Arabia has established itself as one of the strongest and most dynamic economies in the Middle East. Central to this has been the reformation of the tax and zakat (a payment under Islamic law that is used for charitable or religious purposes) systems, both of which are vital for the financing of public services and the realisation of Vision 2030. Updates are focused on economic…
Amid growing global challenges, Saudi Arabia has emerged as a leader in environmental protection through the adoption of ambitious laws and policies. Vision 2030 serves as a pioneering roadmap for sustainable development, focusing on improving quality of life and conserving natural resources. One of the Kingdom’s most notable environmental initiatives is the Green Riyadh project, which is one of…
Within just a few years, Saudi Arabia’s tourism industry has undergone a transformation of significant proportions. The country remained largely closed to foreign visitors until the Kingdom began to issue tourist visas in 2019, primarily serving as a destination for religious pilgrimages and business-related travel. However, the country has not merely opened its doors – it is committing massive…
