News – Australia Saudi Business Council

Happy Foundation day!

The ASBC would like to congratulate the kingdom on its #foundationday. This special day symbolizes the essence of the kingdom’s civilization, culture, and heritage. May the kingdom live in prosperity and continue to celebrate the past and embrace the future. Happy Foundation day!

Saudi Arabia signs MoU with Standard Chartered to boost investments in mining

Saudi Arabia’s Ministry of Industry and Mineral Resources has signed an MoU with Standard Chartered Bank to assess the requirements for sustainable investment in the mining sector in the Kingdom, as per the objectives of Vision 2030. The signing ceremony was attended by Vice Minister for Mining Affairs Khalid Al-Mudaifer; Global Head of Metals and Mining...

Saudi Arabia’s PIF invests $1.3bn in four local construction companies

Saudi Arabia’s sovereign wealth fund has invested a total of $1.3 billion in four local construction companies, as part of the fund’s capital increase initiatives. The Public Investment Fund (PIF) has acquired stakes in Nesma & Partners Contracting Co., El Seif Engineering Contracting Co., AlBawani Holding Co., and Almabani General Contractors Co. These new transactions are part of PIF’s strategy to support...

Saudi Arabia sees 54% jump in investment licenses to 4,358 in 2022

Saudi Arabia issued 4,358 investment licenses in 2022, up 53.9 percent compared to 2021, as the Kingdom steadily emerges as an investment destination in line with the goals outlined in Vision 2030. The government’s total revenues increased to SR283.8 billion ($75.64 billion) in the fourth quarter of 2022, recording 5.4 percent growth over the same...

Saudi Arabia says tech giants to invest more than $9 billion in kingdom

Saudi Arabia has attracted more than $9 billion in investments in future technologies, including by U.S. giants Microsoft and Oracle Corp, which are building cloud regions in the kingdom. Saudi Minister of Communication and Information Technology Abdullah Alswaha said Microsoft will invest $2.1 billion in a global super-scaler cloud, while Oracle has committed...

Launching of our KSA Chapter

We are proud to announce the launch of our KSA Chapter and the merge of the Australia Saudi Business Group with ASBC to form one bigger and stronger organisation. This will bring great benefit to our members and partners as we progress further into developing stronger ties between Australia...