From 31 March to 07 April 2025
From Saudi-led space missions and cybersecurity expansion, the Kingdom is fast-tracking innovation on every front. Here’s your round-up of the latest developments shaping Saudi Arabia’s future.
General Business and Economy
Saudi Arabia’s Tourism Revenue Hits $41 Billion Amid Vision 2030 Expansion
Saudi Arabia’s inbound tourism spending reached a record $41 billion in 2024, marking a 13.8% increase. This surge boosted the Kingdom’s travel surplus to $13.3 billion, with outbound spending rising 16.9%. Non-religious tourism now dominates, reflecting a shift toward cultural, business, and entertainment travel.
Mega-projects like the Red Sea Project, NEOM’s Trojena, and Diriyah are attracting international visitors, while infrastructure investments have expanded hotel capacity to 426,000 rooms. Foreign ownership reforms and easier visa access have fueled private sector confidence, with foreign investors contributing 40% of the $3.8 billion injected into tourism in 2024.
Saudi Arabia Implements New Business Laws
Saudi Arabia’s Ministry of Commerce has enacted new laws to streamline business registration and trade name regulations, reducing financial burdens on enterprises. The changes eliminate subsidiary registers, allowing businesses to operate nationwide under a single registration.
A key update permits trade names to include English letters and numbers, a shift from the previous Arabic-only rule. Businesses must also link bank accounts to registrations, enhancing transparency. These reforms align with Vision 2030’s push for economic growth and ease of doing business.
Aviation
Riyadh Air Cleared for Takeoff with Operator License
Riyadh Air has officially received its Air Operator Certificate after meeting all safety, regulatory, and operational requirements. Backed by the Public Investment Fund, the airline is now set to launch flights in 2025 and aims to link over 100 global cities by 2030.
This move plays directly into Vision 2030’s goal of transforming the Kingdom into a global aviation hub. With plans to contribute over $20 billion to the economy, the airline also promises tech-forward services tailored to young travelers. Meanwhile, Saudi Arabia continues revamping its entire aviation infrastructure, expanding connections to 172 destinations globally.
Saudia Expands in Europe with Vienna, Athens Routes
Saudi Arabia’s national carrier has launched direct flights to Vienna and Athens as part of its European expansion strategy. Both routes will operate three times a week, with additional flights from Riyadh and Jeddah planned for June.
This expansion follows a 16% rise in international passenger traffic in 2024 and supports Saudi Arabia’s tourism goals. With plans for 11 new destinations this year, including Venice and Bali, Saudia aims to boost global connectivity and solidify its role in the Kingdom’s tourism and aviation growth.
Banking & Finance
Saudi MSME Lending Surges to $94 Billion, Boosting Private Sector Growth
Bank lending to Saudi micro, small, and medium enterprises (MSMEs) grew 27.6% in 2024, reaching $94 billion. Medium-sized enterprises received the largest share (53%), while loans to micro businesses increased by 70%, reflecting strong financial support for smaller firms.
The expansion aligns with Vision 2030’s goal of increasing MSMEs’ GDP contribution to 35%. Government-backed programs, including the Kafalah loan guarantee and SME Bank initiatives, have encouraged lending, leading to record business registrations and growth in e-commerce ventures across the Kingdom.
Expansions
OPSWAT Strengthens Saudi Cybersecurity with Riyadh Office
Global cybersecurity firm OPSWAT has opened a new office in Riyadh to support Saudi Arabia’s growing digital security sector. With the Kingdom’s cybersecurity market projected to hit $10 billion by 2026, OPSWAT aims to enhance critical infrastructure protection and strengthen local partnerships.
The company has seen fourfold growth in Saudi Arabia and is investing in talent development through the OPSWAT Academy. Its Riyadh office aligns with Vision 2030’s push for digital transformation, ensuring local businesses have access to advanced cybersecurity solutions.
Space & Research
Saudi Arabia Launches First Arab-Led Space Mission
Saudi Arabia’s Falak Space successfully launched its pioneering research mission aboard a SpaceX Falcon 9 rocket. The nonprofit’s mission aims to advance space medicine, particularly astronaut eye health, and includes over 20 experiments, such as X-ray photography in space and mushroom cultivation in microgravity.
This marks the first Arab-led non-governmental space research project, with implications for long-duration space travel, including potential Mars missions. The capsule will orbit both poles, offering a unique environment for scientific studies that could contribute to future interplanetary exploration.
From record tourism milestones and growing investor confidence to new global flight paths and a landmark Arab-led space mission, Saudi Arabia is proving that transformation is already underway. Stay with us as we continue to bring you the biggest stories from Saudi Arabia’s journey toward Vision 2030.