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October 2023

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ECONOMY



 

Efforts to improve regulatory and business environment in the country helped boost the non-oil sector and shield the economy from recent shocks in the oil market.


ECONOMIC ZONES



 

As well as opening trade opportunities for a wide range of industries, the four special economic zones are poised to further strengthen the kingdom’s supply chains.

MINING



Investment opportunities are opening up in a country known for its rich mineral deposits, which remain an interesting proposition for many investors.

TOURISM



 

Efforts to promote the country's unique attractions outside of pilgrim- age tourism are paying off, as reflected in robust post-pandemic figures.

 

 

SME


 

The country is providing small and medium sized businesses with much needed funding through the various government-backed initiatives.

 

 

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 IN THIS EDITION

The MENA climate week highlighted the kingdom's efforts tobuild its new energy economy.

The Public Investment Fund (PIF) and Saudi Electricity Company launched the Electric Vehicle Infrastructure Company (EVIC). The new company, which is 75% owned by PIF and the rest by SEC, aims to deliver electric vehicle fast-charging infrastructure across Saudi Arabia, further unlocking the local automotive ecosystem and accelerating the adoption of EVs.

The company will be rolled out across more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia and on the roads that connect them.

In addition, EVIC will enhance Saudi Arabia’s automotive ecosystem through collaboration with EV companies, and meet the sector’s future demand by creating a vast network of charging stations across the kingdom. The company also aims to promote private sector participation in the development of its network of charging stations and support the localisation of R&D and manufacturing of technologically advanced materials.

In another development, the Saudi Arabia Railways launched hydrogen train tests following the signing of a memorandum of agreement (MoU) in 2022 with French company Alstom. It will conduct operational tests and studies necessary to prepare this type of train to fit the kingdom's environment, in preparation for its future entry into service.

The trials started this October for trains that are being used in the Middle East and North Africa (MENA) region. It is part of the National Transport and Logistics Strategy, which includes plans to move to a more sustainable transport system that adopts the latest smart technologies.

Separately, the kingdom signed an MoU with India that includes collaboration on electrical interconnection, green hydrogen, and supply chains. The agreement covers electrical interconnection, electricity exchange during peak periods and emergencies, joint project development, co-production of green hydrogen and renewable energy, and the creation of secure, reliable, and resilient supply chains for materials used in the green/clean hydrogen and renewable energy sectors.
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