There appears to be no stopping Saudi Arabian ambition to dominate tourism, investment and sporting tournaments between now and its well-publicized Vision2030 national overhaul. More than $1 trillion of investment is estimated to have been spent on tourism and hospitality offerings and associated infrastructure. Soft power through sports is another Saudi route of investment as it seeks to move a little farther away from a dependence on oil.

The Saudi Ministry of Investment has revealed that it issued more than 2100 investment licenses in the third quarter of 2023, with a growth rate of 135.4 percent on an annual basis. This does not include licenses issued as part of the campaign to combat violators of the Anti-Commercial Concealment (tasattur) Law

Kocaer Celik has announced its approval as a registered supplier for the Saudi Arabian Public Investment Fund (PIF)'s USD 500 bln NEOM project.  The company anticipates a significant boost in sales to the MENA (Middle East-North Africa) region, constituting 19pct of their international sales in 2022, through their involvement in this project.

In an industry awash with competitions, providing a truly memorable athlete experience can be a key differentiator for an event that is looking to gain a foothold in the busy international calendar.  Indeed, by endeavouring to meet such a challenge, NEOM Beach Games organisers are hoping to create a positive domino effect. After all, happy athletes are more likely to perform to their potential and return to an event they have enjoyed in future years. Meanwhile, attracting sport’s top stars year after year creates a buzz that will reverberate with spectators and viewers, as well as media and commercial partners alike. 

Saudi Arabia‘s deadline for foreign firms to establish their regional headquarters in the kingdom or lose out on hundreds of billions of dollars in government contracts went into effect on Monday as did several exceptions to the rule. The exceptions include contracts below 1 million riyals ($266,681), contracts executed outside of the kingdom, deals with companies that are the sole providers of their service or commodity, and emergencies that can only be addressed by a foreign company without regional headquarters, Um Al-Qurra reported previously.

NEOM has announced that the private enclave on the Gulf of Aqaba coast will feature an exquisite 18-hole signature golf course. The client company has also announced that this is just one of the many features that Norlana will offer. The project will also include an equestrian estate and even offer maritime activities. This includes sailing, swimming, and diving activities.

According to the International Contractors Association of Korea (ICAK) on Dec. 25, the total value of construction contracts in the Middle East, including Saudi Arabia and the United Arab Emirates (UAE), has reached US$8.38 billion from the beginning of the year to the end of November this year, marking an approximately 11 percent increase compared to the same period last year, when it amounted to US$7.53 billion. The Middle East remains a significant and lucrative market for overseas construction projects, accounting for around 30 percent of the total.