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Analysis

Giga-projects and partnerships draw investment to Saudi Arabia
OBG
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Beginning in January 2024 multinational companies intending to do business in Saudi Arabia with government entities will now be required to incorporate their regional headquarters in the Kingdom. Multinationals that fail to do so will find themselves unable to negotiate agreements with Saudi governmental bodies, which face restrictions from the Ministry of Finance on their ability to contract or do…

Analysis

First Gulf-ASEAN summit supports inter-regional collaboration
OBG
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Trade between the GCC and the Association of SouthEast Asian Nations (ASEAN) has grown considerably in recent years as economies in both regions seek to capitalise on mutually beneficial opportunities, and diversify their trade and investment partners. Indeed, trade between the GCC and Asian countries classified as emerging and developing by the IMF increased 34.7% year-on-year to reach $516bn in…

Analysis

Localisation creates employment opportunities across GCC
OBG
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GCC countries have been actively pursuing workforce nationalisation policies to reduce their reliance on expatriate workers and create sustainable employment opportunities for their growing local populations. Notably, Saudi Arabia has set ambitious workforce nationalisation targets as part of Vision 2030 and for socio-economic transformation. By the first quarter of 2022 the Kingdom had achieved a…

Analysis

Saudi Arabia promotes heritage sites as tourist attractions
OBG
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With Saudi Arabia making significant strides towards realising its Vision 2030 roadmap for economic diversification, the tourism industry has emerged as a key alternative engine of growth. While many of the attractions underpinning the expansion of Saudi Arabia’s tourism sector are technologically advanced offerings, a key pillar of the government’s approach to developing tourism is maintaining…

Analysis

Global travel rebounds due to innovation and development
OBG
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The global tourism sector is gradually recovering from the impact of the Covid-19 pandemic. According to the UN Tourism’s World Tourism Barometer published in January 2024, international tourism ended 2023 at 88% of pre-pandemic levels, with an estimated 1.3bn international arrivals. This revival has been underpinned by the release of pent-up demand, increased air connectivity and a resurgence, especially…

Analysis

Biotech strategy strengthens Saudi Arabia’s talent pipeline
OBG
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Saudi Arabia’s government aims to transform the Kingdom into a biotech centre by 2040, aligned with its long-term development blueprint, Vision 2030. The global biotech market has grown considerably due to the potential to transform human health and enhance operations across health, agriculture and chemicals. Policy & Investment In 2024 the National Biotech Strategy (NBS) was launched to spur…

Analysis

Training programmes target workforce readiness in Saudi Arabia
OBG
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The education sector is undergoing a transformation to improve the workforce readiness of the Kingdom’s graduates. In order to reduce dependence on oil and gas revenues, the government is targeting an ambitious economic diversification agenda, which involves the expansion of the private sector. Previously, the public sector provided local graduates with the bulk of employment opportunities. In recent…

Analysis

Public initiatives support Saudi Arabia's housing market
OBG
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Under the banner of its Vision 2030 programme – a far-reaching roadmap for economic diversification and modernisation – Saudi Arabia has set an ambitious target of 70% home ownership by 2030 and has enacted a comprehensive strategy to achieve this goal. The government’s proactive approach, underpinned by substantial public investment, market liberalisation and a host of supportive initiatives,…

Analysis

Green fuels provide sustainable future for shipping
OBG
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With fossil fuels still powering roughly 99% of global shipping, the sector is seeking to reduce emissions through cleaner fuel sources – including methanol, ammonia and wind – that could soon see increased use. Increased Investment In August 2022 Breakthrough Energy Ventures, a coalition of private investors founded by US tech entrepreneur Bill Gates, helped Danish start-up Blue World Technologies…

Analysis

Smart mobility solutions improve urban transport in the GCC
OBG
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The GCC’s population more than doubled over the past 25 years, growing from 26.2m in 1995 to 56.4m in 2021, outpacing the global growth rate of 30%. Urbanisation has also accelerated across the region, driven by rapid economic development, migration and the concentration of economic activities in urban centres. By 2015 the GCC led Arab countries as the most urbanised subregion, with an urbanisation…