This week, Saudi Arabia’s Public Investment Fund and Bpifrance Assurance Export have signed a memorandum that is, understood to be valued at $10 billion, to enhance financial cooperation between the two nations. The agreement, announced in a press release, will support PIF and its portfolio companies over the next five years. This collaboration aims to advance sectors central to Saudi Arabia’s Vision 2030, which seeks to diversify the Kingdom’s economy and reduce reliance on oil. The deal also underscores PIF’s ongoing efforts to strengthen its international financial partnerships and expand its investment footprint globally.
In other news, KSA ranked third globally in terms of international tourist arrivals, registering over 61 percent growth in the first eight to nine months of 2024 compared to the same period in 2019. The continued success in the tourism sector underlines the efforts of the Ministry of Tourism, through its plans and strategies and of all the other stakeholders in the tourism industry, which strive to achieve the objectives of Saudi Vision 2030. The significant increase in the number of inbound tourists also reflects traveler confidence in the Kingdom's attractive and diverse tourism offering, which enhances Saudi Arabia's standing as a leading global.
Economy, Budgets and Finance
Arab News: The PIF and Bpifrance sign $10 billion MoU to boost Saudi-French financial ties. Read Here
Saudi Gazette: Saudi Arabia ranks third globally for growth in international tourists - achieving 9 million in 2024. Read Here
Arab News: Saudi Arabia and UK forge deeper ties in trade, tourism and innovation. Read Here
Saudi Gazette: Saudi economy posts 2.8% growth in Q3 2024. Read Here
Government & Royal Family
Saudi Gazette: Saudi minister meets Elon Musk to discuss collaboration in space and AI. Read Here
Security & Defence
Aerospace Global News: France and Saudi Arabia partner on Saudi Air Force development. Read Here
Commercial
Saudi Gazette: NEOM green hydrogen is projected to supply 10% of global demand. Read Here
Gulf Business: Apple announces major retail expansion in Saudi Arabia. Read Here
Arab News: Saudi Arabia advances in the space industry with acquisition of Airbus’ UP42. Read Here
Arab News: Saudi Arabia successfully transitioned to International Public Sector Accounting Standards on an accrual basis. Read Here
Social
Arab News: Saudi Arabia launches national sustainability committee. Read Here
Arab News: Diversity and creativity steal the spotlight at Noor Riyadh festiva. Read Here
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