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Agreement Signed to Advance Saudi Contracting Sector

The agreement is signed between the Federation of Saudi Chambers and Saudi Contractors Authority in Riyadh on Monday, June 27, 2022. (Asharq Al-Awsat)
The agreement is signed between the Federation of Saudi Chambers and Saudi Contractors Authority in Riyadh on Monday, June 27, 2022. (Asharq Al-Awsat)
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Agreement Signed to Advance Saudi Contracting Sector

The agreement is signed between the Federation of Saudi Chambers and Saudi Contractors Authority in Riyadh on Monday, June 27, 2022. (Asharq Al-Awsat)
The agreement is signed between the Federation of Saudi Chambers and Saudi Contractors Authority in Riyadh on Monday, June 27, 2022. (Asharq Al-Awsat)

President of the Saudi Contractors Authority (SCA) Zakaria al-Abdul Qader revealed that the number of workers in the contracting sector has reached three million in various professions.

He revealed that 165,000 companies operate in the contracting sector in the Kingdom, ranging from small, to medium, and large enterprises.

He said many jobs have been localized and work is underway with legislatures to localize more.

He made his remarks during an event organized by the Federation of Saudi Chambers to discuss prospects for cooperation and the Authority's initiatives and services to organize and develop the contracting sector.

During the event, the Federation of Saudi Chambers and SCA signed an agreement to expand the scope of cooperation between them, lay the foundations and standards for organizing and developing the sector, and activate relevant regulations and decisions.

The agreement will allow national facilities to undertake building and construction projects, improving their working conditions, providing technical advice to companies, identifying challenges and obstacles, providing proposals and solutions, and enhancing the participation of sector facilities in construction programs in accordance with the Kingdom’s Vision 2030.

Secretary-General of the Federation Hussein al-Abdul Qader and Secretary-General of the SCA Eng. Thabet bin Mubarak al-Suwaid signed the agreement.

Meanwhile, head of the National Committee for Contractors in the Federation of Saudi Chambers Hamad al-Hammad said the value of projects in the contracting sector during the past five years amounted to SAR20 trillion ($1.3 trillion).

This reflects the importance of the sector, its vitality and its developmental role, he stressed, adding that the contracting sector is yet to recover fully from the repercussion of the coronavirus pandemic.

However, he stressed that the sector is gradually improving and the localization of Saudis in this sector is constantly growing.

Hammad further noted that many initiatives have been launched to increase the number of Saudi workers.

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Business

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.

Business

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.

Business

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.