July 2023

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ECONOMY



 

Orders for goods and services remained robust in the kingdom, while job growth stays steady and inflation rate has been stable, boosting manufacturers’ confidence.


CAPITAL MARKETS



 

Recent policies introduced by the country’s regulatory authority have proven to be effective in raising the capital market’s international profile.

ESG



 

Tree planting is one of the steps being taken by authorities to increase the capital’s green spaces and help the country achieve its targets for a greener future.

RETAIL



 

Mobile, e-commerce, and card transactions have skyrocketed over the past three quarters, with discretionary spending on hotels and F&B also at fresh highs.


 

 

TOURISM


 

Since the country opened its tourism sector to international travellers, visitor arrivals and hotel developments steadily gathered pace, earning the nod of a global tourism organisation.

 

 

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 IN THIS EDITION

Riyadh Air, the kingdom’s national and newest airline, recently unveiled its brand identity is it prepares to take o soon.

The airline highlights the country’s ambition to boost its tourism sector, create new connections across the world and solidify Saudi Arabia’s role as a central point straddling Europe, Asia, and Africa. 

The brand identity of Riyadh Air reflects the modern and ambitious theme of Saudi Arabia: the vibrant lavender-coloured planes are inspired by the warmth and hospitality of the kingdom, advancing a creativity and pioneering spirit in aviation. The design of its first aircraft incorporates visual references to the kingdom and the capital, with the curves of Arabic script of the global campaign tagline "The Future Takes Flight" .

The airline recently struck a multi-billion-dollar deal with US aircraft maker Boeing to buy 39 787-9 Dreamliners and options for further 33 additional aeroplanes — the agreement will be the fifth largest commercial order by value in Boeing’s history.

In the US, the deal is expected to support nearly 100,000 direct and indirect jobs and more than 300 suppliers from across 38 states, including 145 US small businesses. The first deliveries of the widebody aircraft are scheduled for early 2025.

Riyadh Air is emblematic of the kingdom’s focus on tourism and would create a new revenue stream in the economy. Owned by the Public Investment Fund (PIF), the airline will connect with over 100 destinations worldwide, reaching more than 60% of the world’s population in eight hours of flight time. Part of the kingdom’s National Transport and Logistics Strategy and the National Tourism Strategy, the airline will fulfil some of the targets set in Saudi Vision 2030.

Among these targets include handling 100 million visits from international tourists by 2030, expanding the capabilities of promising sectors to support the diversification of local economy, increasing non-oil GDP by USD 20 billion, and generating over 200,000 direct and indirect job opportunities.

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