Saudi Arabia listed as 2nd-best country for expats, survey says 

Saudi Arabia listed as 2nd-best country for expats, survey says 
Saudi Arabia’s jumped from the 14th position in 2023. Shutterstock
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Updated 11 July 2024
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Saudi Arabia listed as 2nd-best country for expats, survey says 

Saudi Arabia listed as 2nd-best country for expats, survey says 

RIYADH: Saudi Arabia’s transformational journey has placed it as the second-best country in the world for expats, outperforming the US, the UK, and Belgium, a new survey reveals. 

In the latest edition of the Expat Insider survey, the Kingdom came second to Denmark on the Working Abroad Index, with more than half of respondents in the country rating the local job market positively. 

This demonstrates Saudi Arabia’s continuous growth as it jumped from ranking in the 14th position in 2023. 

The index ranks countries based on four subcategories, including career prospects, salary and job security, work and leisure, and work culture and satisfaction. 

Factors include local job market, career opportunities, economic conditions and job security as well as pay fairness, working hours, work-life balance, and business culture. 

The Kingdom was ranked first in terms of career prospects, outperforming the US and UAE. 

The survey revealed that 75 percent of expats in Saudi Arabia are much more likely to agree that the move improved their career prospects, and 62 percent rate their personal career opportunities favorably. 

Furthermore, the survey showed that 82 percent are very much satisfied with the state of the local economy as the nation ranks second in the salary and job security subcategory. 

However, expats face long workdays with an average of 47.8 hours a week for full-time positions as opposed to 42.5 hours globally. 

This is also reflected in the ranking as the Kingdom receives its worst results in the index when it comes to expats’ working hours at 23rd place and work–life balance in 27th.   

“I like how there are work opportunities for highly skilled professionals,” one Spanish expat in Saudi Arabia said, the survey revealed. 

Moreover, the Kingdom was also in the top 10 countries in the Expat Essentials Index by Expat Insider. 

The Expat Essentials Index evaluates the ease of obtaining visas, dealing with local bureaucracy, and opening bank accounts as well as housing affordability and availability, digital life, including online services and internet access, and language ease, covering learning and living without the local language. 

Saudi Arabia was ranked 6th worldwide, surpassing nations like Singapore, Mexico, Indonesia, and Kenya. 

The indexes were conducted by the global expat community InterNations.


Can Saudi Arabia conquer global uncertainty and become a financial giant?

Can Saudi Arabia conquer global uncertainty and become a financial giant?
Updated 16 sec ago
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Can Saudi Arabia conquer global uncertainty and become a financial giant?

Can Saudi Arabia conquer global uncertainty and become a financial giant?
  • Kingdom has to continue reform initiatives, experts tell Arab News
  • Expanding financial markets, diversification, digital transformation

RIYADH: Saudi Arabia’s financial markets are on a sharp upward trajectory despite challenging global economic trends, experts have told Arab News.

Market volatility across the world — as seen by the S&P 500 dropping below 6,000 on Wednesday — together with US President Donald Trump’s policies prompting oil market uncertainty, and continuing supply chain disruptions, are increasing investment risks.

However, the Kingdom’s economic resilience, backed by Vision 2030’s diversification efforts and strong regulatory reforms, has helped Saudi Arabia mitigate these challenges.

In 2024, the economy rebounded with a 1.3 percent growth, driven by a 4.6 percent increase in non-oil activities, despite a decline in oil activities.

Saudi Arabia’s financial ecosystem is poised for even greater growth, but the key question remains: Can it continue to solidify its position as a global financial hub in such an unpredictable environment?

Vikas Papriwal, leader of FTI Consulting Middle East and Africa, told Arab News the Kingdom is very much in charge of its own destiny in this regard.

“The key to future-proofing against oil market volatility and maintaining leadership in the global energy industry is for Saudi Arabia to continue to place significant emphasis on researching, developing, and innovating in the space of renewable and sustainable energy and be leaders in the global energy transition,” he said.

Saudi Arabia’s progress can also be seen in its extensive regulatory reforms. The country has worked hard to ensure that its financial markets align with international best practices, providing greater transparency, stability, and ease of access for investors.

“Reforms that can fortify the Kingdom’s position as a financial powerhouse include further easing processes for operating and starting businesses, particularly through legal and tax reforms,” said Papriwal.

Rezwan Shafique, principal of financial services at Arthur D. Little, told Arab News that those reforms are just the starting line, emphasizing that the path toward becoming a powerhouse is now underway.

“Government and regulatory reforms, such as Companies Law, CMA (Capital Market Authority) strategic plans, and MISA (Ministry of Investment) guidelines, have laid the groundwork by improving corporate transparency, stability, and predictability. The Kingdom is now in a phase to communicate opportunities to global players,” Shafique added.

He noted that Saudi Arabia has already made progress in this area, highlighting that the country’s share in the MSCI Emerging Markets Index has risen to 4 percent from 2.7 percent in 2019. He also pointed out that foreign ownership in the Saudi Exchange has increased 25-fold over the past five years, reaching $100 billion, signaling expanding opportunities for global investors.

“Gaining traction on new listings and becoming a multi-jurisdictional player should be a key focus. A number of factors will need to converge, including Saudi Arabia actively forging ties between itself, China, Singapore, and African nations through strategic partnerships,” he said.

Indeed, Saudi Arabia’s ambition to lead the region in financial services is evident. Over the past few years, its exchange, Tadawul, has made tremendous strides, earning a spot among the top 10 global stock markets.

Its market capitalization reached $2.9 trillion as of late 2024, with the Kingdom continuing to attract significant foreign investments, especially in light of the world’s largest initial public offering — Aramco’s listing in 2019, which raised over $25 billion.

“Tadawul’s inclusion in major global indices like MSCI and FTSE has increased foreign investor participation, while the size and scale of recent initial public offerings have showcased the Kingdom’s ability to attract significant global capital,” said Serkan Teker, financial services partner at Deloitte Middle East.

He added that to rival global giants such as Wall Street and London, Saudi Arabia must continue evolving its capital markets by enhancing liquidity, diversifying sector representation, and improving transparency.

Teker also highlighted how the banking sector has been a significant driver of the Kingdom’s non-oil gross domestic product expansion. It posted an “impressive annual growth of almost 11 percent between 2018 and the beginning of 2023, maintaining strong asset quality with non-performing loans gradually declining since the first shock waves of the COVID-19 pandemic.”

Beyond the financial sector, Saudi Arabia’s broader economic strategy also focuses on creating new business environments and fostering innovation to attract foreign investors.

Teker said: “The Kingdom could also look into creating new free zones and specialized economic zones for key areas of strategic focus, such as healthcare, biotech, and information and communications technology. Additionally, continued investment in transformative urban projects that allow KSA to act as a central hub for commerce and hospitality will further strengthen its position on the global stage.”

The Deloitte partner went on to explain that Saudi Arabia’s rapid advancements in artificial intelligence, fintech, and digital banking are transforming the country into a global innovation hub. And he cited regulatory initiatives including the FinTech Sandbox and the adoption of Open Banking as helping the Kingdom become a magnet for tech startups and international investors.

He added that initiatives such as digital-only banks and AI-driven solutions in finance and healthcare are positioning Saudi Arabia at the forefront of cutting-edge financial technology.

The Kingdom’s fintech market, in particular, has experienced exponential growth — up 25 percent in 2024 according to the Saudi Central Bank — reflecting the increasing importance of digital transformation to the economy.

“Saudi Arabia is making significant investments in AI and related infrastructure, including a $40 billion tech fund and targeted investments in AI companies and startups. The launch of the Saudi Artificial Intelligence Authority is expected to accelerate innovation across key industries such as healthcare, finance, and manufacturing,” FTI Consulting’s Papriwal added.

Tadawul, however, is not without its challenges. Geopolitical instability in the Middle East remains a persistent concern, and the volatility of global markets — particularly oil price fluctuations — continues to affect the broader economy.

“Tadawul needs to evolve in two ways: first, from a domestic exchange to multi-regional, and second, toward a technology company enabling financial services firms to develop and execute investment strategies,” said Arthur D. Little’s Shafique.

Looking ahead, Saudi Arabia’s ability to expand its financial markets, further diversify its economy, and continue its digital transformation will be crucial in maintaining its upward trajectory.

The Kingdom is already focusing on innovation, sustainable finance, and digital platforms as part of its broader Vision 2030 agenda. This vision positions Saudi Arabia not only as a regional player but also as a leader in global financial markets.

Teker emphasized that Saudi Arabia can strengthen its claim as a global financial powerhouse by expanding digital and financial inclusion through digital banking solutions and financial literacy programs would help reach underserved segments of the population.

Additionally, he highlighted the importance of deepening capital market reforms, introducing advanced financial instruments, and attracting foreign participation to enhance liquidity and diversify investment options.

Teker also explained that by leveraging regulatory frameworks, fostering partnerships between banks and fintech firms, and attracting international digital players, Saudi Arabia can establish itself as a global fintech hub and strengthen its position in the rapidly evolving financial services sector.

“We believe some of these forward-looking actions, aligned with Vision 2030’s ambitious goals, can further propel Saudi Arabia into global financial leadership while driving inclusive and sustainable economic growth,” he said.


Oil Updates — crude heads for first monthly drop since November as economic uncertainty weighs

Oil Updates — crude heads for first monthly drop since November as economic uncertainty weighs
Updated 28 February 2025
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Oil Updates — crude heads for first monthly drop since November as economic uncertainty weighs

Oil Updates — crude heads for first monthly drop since November as economic uncertainty weighs

NEW DELHI: Oil prices eased on Friday, heading for their first monthly drop since November, as uncertainty over global economic growth and fuel demand from Washington’s tariff threats and further signs of a US economic slowdown outweighed supply concerns.

The more active May Brent crude futures slipped 31 cents, or 0.4 percent, to $73.26 a barrel by 6:48 a.m. Saudi time, while US West Texas Intermediate crude futures were at $70.04 a barrel, down 31 cents, or 0.4 percent. Front-month Brent that expires later on Friday traded at $73.69, down 35 cents, or 0.5 percent.

Both benchmarks are on track to post their first monthly decline in three months.

A long list of factors including economic slowdown fears in the US, tariffs, OPEC+ plans to increase supply in April and hopes of peace in Ukraine are curbing investors’ risk appetite and depressing prices, IG market analyst Tony Sycamore said.

“The only counter arguments are the price has already fallen a lot,” he said, adding that WTI is well supported between $65 and $70 a barrel based on technical charts.

US President Donald Trump on Thursday said his proposed 25 percent tariffs on Mexican and Canadian goods will take effect on March 4, along with an extra 10 percent duty on Chinese imports.

Economists at Fitch’s BMI research unit said market participants are struggling to gauge the impact of the flood of energy-related policy announcements made by the Trump administration this month.

“Those weighing on the downside, notably US tariff measures, are currently winning out,” BMI said in a note.

Also weighing on investor sentiment, data showed US jobless claims jumped more than expected in the previous week, while another government report reiterated that economic growth slowed in the fourth quarter.

Still, oil prices climbed more than 2 percent on Thursday as supply concerns resurfaced after Trump revoked a license granted to US oil major Chevron to operate in Venezuela.

The cancelation of the license could lead to the negotiation of a fresh agreement between the US producer and state company PDVSA to export crude to destinations other than the United States, sources close to the talks said.

OPEC+ is debating whether to raise oil output in April as planned or freeze it as its members struggle to read the global supply picture because of fresh US sanctions on Venezuela, Iran and Russia, eight OPEC+ sources said. 


Over 1,300 Saudi industrial licenses awarded in 2024, attracting $13.3bn investment, latest figures show

Over 1,300 Saudi industrial licenses awarded in 2024, attracting $13.3bn investment, latest figures show
Updated 27 February 2025
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Over 1,300 Saudi industrial licenses awarded in 2024, attracting $13.3bn investment, latest figures show

Over 1,300 Saudi industrial licenses awarded in 2024, attracting $13.3bn investment, latest figures show

JEDDAH: More than 44,000 new jobs are expected in Saudi Arabia after the Kingdom issued 1,346 industry licenses in 2024, an official report has revealed.

The Ministry of Industry and Mineral Resources announced that the permits have also helped attract investments worth over SR50 billion ($13.3 billion), driving economic growth and diversification.

The ministry added that the jobs figure is based on a report by its National Industrial and Mining Information Center, which analyzes key sector changes.

The issuance of the permits aligns with Saudi Arabia’s National Industrial Strategy, launched by Crown Prince Mohammed bin Salman in October 2022, that aims to drive sector growth and increase the number of factories in the Kingdom to about 36,000 by 2035.

The strategy focuses on 12 sub-sectors, targeting more than 800 investment opportunities worth SR1 trillion, striving toward tripling the industrial gross domestic product.

The analysis by the ministry also shows that 1,075 factories began production in 2024, with investments exceeding SR48 billion and a workforce of about 39,000 employees.

The issuance of permits aligns with the Kingdom’s National Industrial Development and Logistics Program, which was launched in 2019 to support the industrial sector and drive sustainable development. 

It also furthers the ministry’s goal of strengthening the industry and diversifying the economy under Vision 2030.

NIDLP aims to position Saudi Arabia as an international leader in energy, mining, logistics, and industry. Key components include improving regulations, investing in renewable energy, and boosting local content through initiatives like “Made in Saudi,” all supporting the goal of enhancing industrial capacity and global competitiveness.

In February 2024, the Ministry of Industry reported a 10 percent year-on-year increase in operational factories for 2023, totaling an investment of approximately SR1.5 trillion.

The body also revealed that 1,379 industrial licenses were issued in 2023, attracting investments exceeding SR81 billion. Additionally, production commenced in 1,058 factories during the same period, with total financial commitments reaching SR45 billion.


Closing Bell: Saudi main index ends week in red; Nomu gains

Closing Bell: Saudi main index ends week in red; Nomu gains
Updated 27 February 2025
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Closing Bell: Saudi main index ends week in red; Nomu gains

Closing Bell: Saudi main index ends week in red; Nomu gains

RIYADH: Saudi Arabia’s Tadawul All Share Index ended the week in the red, as it shed 120.75 points or 0.99 percent to close at 12,111.90 on Thursday.

The total trading turnover of the benchmark index was SR8.32 billion ($2.22 billion), with 69 stocks advancing and 172 retreating. 

Nomu, Saudi Arabia’s parallel market, gained 118.24 points to close at 31,404.47. 

The MSCI Tadawul Index, however, shed 17.71 points to 1,514.81. 

The best-performing stock on the main index was Alkhorayef Water and Power Technologies Co. The firm’s share price increased by 4.48 percent to SR163.20. 

The share price of Saudi Paper Manufacturing Co. rose by 2.65 percent to SR65.90.

Banan Real Estate Co. also saw its share price increasing by 2.56 percent to SR6.82. 

Conversely, the share price of Mobile Telecommunication Co. Saudi Arabia, also known as Zain KSA declined by 4.57 percent to SR10.86. 

On the announcements front, Arabian Pipes Co. reported a net profit of SR168.18 million in 2024, representing a rise of 27.3 percent compared to the previous year. 

In a Tadawul statement, the firm attributed the rise in profit to improved sales volumes and new project awards to support the company’s production levels.

The share price of Arabian Pipes Co. declined by 2.51 percent to SR11.64. 

The Company for Cooperative Insurance, also known as Tawuniya, said that it witnessed a net profit of SR1.02 billion in 2024, marking a 65.8 percent rise compared to 2023. 

According to a Tadawul statement, insurance revenues of the company rose by 19.7 percent year on year in 2024 reaching SR18.27 billion. 

Tawuniya’s share price increased by 1.83 percent to SR144.60. 

National Gas and Industrialization Co. revealed that its net profit for 2024 reached SR248.7 million, representing a rise of 9.41 percent compared to 2023. 

According to a Tadawul statement, the increase in net profits was driven by growth on higher gas sales which went up by SR365 million due to the rise in gas prices and volume.

National Gas and Industrialization Co.’s share price decreased by 1.52 percent to SR103.40. 

Conversely, the net profit of Gulf Insurance Group fell to SR98.19 million in 2024, representing a decline of 23.6 percent compared to the previous year. 

The group’s share price dropped by 1.54 percent to SR28.85.


Saudi Arabia strengthens halal leadership with 13 new deals at Makkah forum 

Saudi Arabia strengthens halal leadership with 13 new deals at Makkah forum 
Updated 27 February 2025
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Saudi Arabia strengthens halal leadership with 13 new deals at Makkah forum 

Saudi Arabia strengthens halal leadership with 13 new deals at Makkah forum 

JEDDAH: Saudi Arabia saw the signing of 13 agreements at a special event in Makkah, boosting its halal industry leadership by expanding investment, strengthening certification standards, and enhancing food production.

Announced during the second edition of the Makkah Halal Forum, held from Feb. 25 to 27, the deals included partnerships between the Halal Products Development Co., a subsidiary of the Public Investment Fund, and Al-Watania Poultry, Golden Chicken Farms Co., and Ajlan & Bros Holding Group.

The Islamic Chamber of Commerce and Development also signed agreements with Brazil’s Fambras Halal, Thailand’s Halal Science Center, and Slovenia’s KulinWorld to enhance global certification and research in the industry.

Additionally, the Saudi Authority for Industrial Cities and Technology Zones, or MODON, secured deals with First Milling Co. and Ghitha Alzad Food Industries to strengthen halal food production infrastructure. 

Held under the theme “Sustainable Development through Halal” and inaugurated by Saudi Commerce Minister Majid Al-Kassabi, the forum aligns with the Kingdom’s Vision 2030 goals of economic diversification and private sector expansion. 

As the birthplace of Islam, the Kingdom has long been a trusted source of halal products and is leveraging its influence to lead the $7 trillion global halal market, which is projected to reach $10 trillion by 2030. 

Muslim consumer spending on halal-certified products is estimated at $207 billion, according to the American Halal Foundation, underscoring the sector’s economic potential. 

With participation from over 150 companies across 15 countries, the forum has become a key platform for driving innovation, enhancing standards, and reinforcing Saudi Arabia’s role as a central hub in the international halal economy. 

The agreements signed during the forum support business development and economic growth across various sectors. They establish a framework for halal sciences, contribute to the advancement of scientific and educational materials, and reinforce the forum’s global standing. 

Serving as a global gathering for industry leaders, the forum facilitated collaboration on innovations and best practices in the halal sector, with a focus on sustainability and development. As a platform for business partnerships and investment, it reinforced Saudi Arabia’s position in the global halal economy.