Latest news with #giga-projects
Al Arabiya
3 days ago
- Business
- Al Arabiya
Saudi Arabia launches new skill-based work permit system to attract global talent
Saudi Arabia has introduced a new classification system for expatriate work permits as part of its efforts to enhance labor market efficiency, attract international expertise, and support the Kingdom's Vision 2030 goals. The initiative, announced by Minister of Human Resources and Social Development Ahmed al-Rajhi, will categorize foreign workers into three tiers: high-skill, skilled, and basic, based on factors such as qualifications, experience, technical abilities, wage levels, and age, the Saudi Press Agency (SPA) reported. The system officially came into effect for incoming expatriates on July 1, while reclassification for current residents began on June 18, according to the ministry. The reform comes as Saudi Arabia accelerates development of its flagship giga-projects – including NEOM, the Red Sea Project, Qiddiya, and Diriyah Gate – which require a growing number of highly skilled professionals across sectors such as construction, engineering, tourism, and technology. According to SPA, the ministry stated that the new system is designed to 'enhance worker performance, attract global talent to transfer expertise and experience to the Saudi labor market, improve operational efficiency, benefit from international experience, and build an environment that supports innovation and the development of business models.' The reclassification will be implemented through the Qiwa platform and is aligned with the Unified Saudi Classification of Professions and Educational Levels. A unified digital assessment tool will ensure workers are evaluated consistently and matched to labor market needs. Authorities say this measure will help employers access better-qualified workers, reduce mismatches between skills and job requirements, and gradually lessen dependence on low-skilled labor. Encouraging labor market trends The announcement follows encouraging labor market trends in the Kingdom. The overall unemployment rate in Saudi Arabia dropped to 2.8 percent in the first quarter of 2025 – the lowest on record – while the unemployment rate for non-Saudis declined to 0.8 percent, according to figures from the General Authority for Statistics (GASTAT). This reflects rising demand in the private sector and targeted recruitment aligned with sector-specific workforce requirements. Expatriates continue to play a vital role in the Saudi economy, representing 15.7 million people – or 44.4 percent of the total population – in 2024. Among working-age expatriates (aged 15 to 64), 89.9 percent are employed in productive sectors, according to GASTAT data. The new classification also complements the Professional Verification Program, launched in 2021 and expanded in 2024, which verifies the qualifications of foreign workers prior to arrival in the Kingdom. The initiative currently covers 128 countries and is expected to expand to 160, with a focus on key sectors such as engineering, healthcare, and education. Employers have been urged to review their workforce composition and reclassify employees accordingly through the Qiwa platform. The ministry's guidance also allows workers to request reassessments if they meet criteria for higher classifications. A points-based evaluation system will provide flexibility by allowing experience to compensate for gaps in formal education. The ministry said the complete guidance manual, detailing evaluation procedures and compliance requirements, is available on its official website.
Asharq Al-Awsat
30-06-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Boosts Appeal as Foreign Investment Inflows Surge 44%
Saudi Arabia is advancing rapidly toward its Vision 2030 goals, recording a notable surge in foreign direct investment (FDI) during the first quarter of this year. Inflows rose 44% year-on-year to SAR 22.2 billion ($6 billion), up from SAR 15.5 billion ($4 billion) in the same period of 2024. The growth comes amid government efforts to attract investors and position the Kingdom as a global economic hub. Attracting more FDI is central to Vision 2030, which seeks to diversify the economy beyond oil, stimulate private sector growth, and create jobs. Saudi Arabia aims to draw $100 billion in FDI by 2030, expand spending on 'giga-projects,' and develop sectors including tourism, sports, and entertainment. According to data from the General Authority for Statistics, total inbound FDI reached about SAR 24 billion ($6.4 billion) in the first quarter of 2025, marking a 24% increase compared to the same quarter in 2024. However, it dipped 6% from the previous quarter's SAR 25.6 billion ($6.8 billion). Outbound FDI dropped sharply, totaling SAR 1.8 billion ($480 million) in Q1 2025, a 54% decrease from SAR 3.9 billion ($1 billion) in the prior-year period. Compared to the previous quarter, outbound flows rose slightly by 7%. Since 2021, Riyadh has required international companies seeking government contracts to establish regional headquarters in the Kingdom. Authorities have also pledged to modernize investment regulations to improve the business environment. According to the Vision 2030 annual report, FDI as a share of GDP hit its 2023 target, with inflows reaching SAR 96 billion ($25.6 billion), up 50% from 2022 (excluding the exceptional Aramco transaction). However, the indicator declined by 1.31 percentage points between 2021 and 2023 due to weaker net inflows in 2021 and 2022 as global investors faced liquidity pressures from rising interest rates. Despite this, data shows steady progress toward sustainable growth. FDI is becoming more diverse, spreading across industries and regions rather than concentrating solely in oil or the eastern provinces. This trend reflects greater investor confidence and supports efforts to attract long-term capital. In 2023, Saudi Arabia adopted a new methodology for calculating FDI statistics in collaboration with the International Monetary Fund to improve data quality and transparency. As a result, historical figures were updated, with 2020 set as the reference baseline.
Gulf Business
20-06-2025
- Business
- Gulf Business
PIF launches new company to deliver Expo 2030 Riyadh
Public Investment Fund (PIF) on June 19 announced the launch of Expo 2030 Riyadh Company (ERC), a wholly owned subsidiary, to build and operate the facilities for Expo 2030 Riyadh – Saudi Arabia's first World Expo. ERC will also be responsible for preserving the legacy of the event. Read- The masterplan for Expo 2030 Riyadh spans 6 million square meters, making it one of the largest World Expo sites. Located to the north of the city, the site will be near the future King Salman International Airport and directly connected to key landmarks across the Saudi capital. Long-term vision and legacy Expo 2030 Riyadh is expected to attract more than 40 million visits. Following the event, ERC will lead the transformation of the Expo's gated area into a global village. This multicultural hub will feature retail, dining, and residential spaces with world-class amenities, aiming to set new benchmarks for sustainable tourism and urban living, PIF continues to deliver on its strategic mandate: achieving sustainable economic impact for Saudi Arabia while securing long-term returns. As one of the world's most influential investors, PIF is at the forefront of Saudi Arabia's economic diversification, driving the development of transformative giga-projects and landmark real estate initiatives. Strategic partnerships and operational readiness ERC is rapidly initiating operations to fulfill its mission. It will work closely with local and international private sector partners across construction, cultural programming, and event management to realize Expo 2030 Riyadh's full potential. Expo 2030 Riyadh will run from October 1, 2030, to March 31, 2031. It will enhance Riyadh's appeal to global businesses, underlining its status as one of the world's fastest-transforming capitals—offering sustainability, connectivity, and high quality of life at scale. Riyadh secured hosting rights for Expo 2030 in November 2023, winning the vote in the first round. Economic impact and job creation During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute approximately $64 billion to Saudi Arabia's GDP and create around 171,000 direct and indirect jobs. Once operational, the Expo is expected to contribute about $5.6 billion annually to GDP. Participating countries will have the option to construct permanent pavilions, contributing to the event's enduring legacy. The Expo will serve as a platform for sustained business and investment opportunities, both regionally and globally.
Zawya
19-06-2025
- Business
- Zawya
PIF launches new company to deliver Expo 2030 Riyadh
Expo 2030 Riyadh is projected to contribute almost $70 billion to Saudi GDP PIF leads development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia RIYADH – PIF today announced the launch of Expo 2030 Riyadh Company (ERC), wholly owned by PIF, to build and operate the facilities of Expo 2030 Riyadh – Saudi Arabia's first World Expo – as well as preserving the legacy of the event. The masterplan for Expo 2030 Riyadh covers an area of 6 million square meters, making it one of the biggest World Expo sites. The Expo will be to the north of the city, near the future King Salman International Airport, and with direct connections to the Saudi capital's landmarks. Expo 2030 Riyadh is projected to attract more than 40 million visits. After the Expo event, ERC plans to lead the transformation of the Expo's gated area into a global village to serve as a multicultural hub for retail, food and beverage, surrounded by an international residential community with world-class amenities, and setting new standards in sustainable tourism. PIF continues with its strategic mandate: to achieve economic impact for Saudi Arabia while securing sustainable returns. PIF is one of the world's most impactful investors, driving Saudi Arabia's economic diversification while also enabling the creation of key sectors and opportunities that help shape the global economy. PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia. Saad Alkroud, Head of the Local Real Estate Investment Division at PIF said: 'ERC benefits from PIF's diverse local and global ecosystem and the establishment of the company aligns with PIF's local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030.' ERC is swiftly launching operations to fulfill its mandate, and will partner with the local and global private sector to achieve its goals for construction, cultural programming and event management. Expo 2030 Riyadh runs from Oct. 1, 2030 to March 31, 2031 and will further strengthen the city's attractiveness to international businesses. It marks the city's status as one of the world's fastest-transforming capitals, one that combines sustainability, connectivity and quality of life at scale. Riyadh was awarded the hosting rights for Expo 2030 in November 2024, winning the vote in the first round. During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64 billion to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6 billion to GDP. Countries participating in Expo 2030 Riyadh will have the option of building permanent pavilions and being part of the event's legacy. The Expo will provide opportunities for long-term business and investment growth. ABOUT PIF PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment. And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future. Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia. For media inquiries: PIF Media Relations Email: media@ Website: Rupert Trefgarne: rtrefgarne@
