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Saudi Arabia's sovereign wealth fund and five regional counterparts are projected to manage $18 trillion in assets by 2030, a 50% increase from 2024. The Gulf region, home to six of the world's largest sovereign funds, is focusing on investments in Asia and Africa, particularly in high-growth economies and the mining sector. As competition intensifies, these funds are enhancing internal capabilities and seeking experienced talent to drive innovation and performance.
Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has set a deadline of March 31, 2025, for businesses with annual revenues exceeding SAR 40 million to file their February VAT returns. Late submissions may incur penalties ranging from 5% to 25% of the tax due. ZATCA urges timely filing through its official website or smartphone app to avoid these fines.
Telr, a Dubai-based digital payments company, has obtained a Retail Payment Services license from the UAE Central Bank, allowing it to enhance its merchant acquiring and payment aggregation services. This milestone reinforces Telr's position in the digital payments sector and supports its mission to drive innovation in a cashless economy. The company offers a range of payment solutions across the UAE, Saudi Arabia, Bahrain, and Jordan, ensuring secure transactions through PCI-certified gateways.
Central Asia's startup ecosystem is thriving, with Kazakhstan leading in venture investments, attracting $71m in 2024, primarily from foreign investors. Uzbekistan saw a remarkable 2.7-fold increase in investments to $17.5m, while Kyrgyzstan and Tajikistan also reported growth in their respective markets. Key sectors driving this momentum include artificial intelligence, fintech, and educational technologies, indicating a robust potential for future development and global integration.
UK firms are increasingly viewing the Middle East as a key investment hub, with interest doubling to 36% in recent years. This shift is part of a broader strategy to enhance global market presence, alongside rising interest in Asia and continued focus on Europe. Government support, particularly through Free Trade Agreements, is seen as crucial for facilitating this international expansion.
Checkout.com has partnered with Tabby to enhance BNPL payment solutions for merchants in the UAE and Saudi Arabia. This integration allows merchants to offer flexible payment options, catering to the growing consumer demand and improving conversion rates and shopping experiences. With BNPL adoption rates at 39% in the UAE and 42% in Saudi Arabia, the partnership aims to simplify payment processes for merchants while providing access to over 15 million shoppers.
Saudi Arabia has launched a $266.6 million environmental financing initiative in collaboration with Riyad Bank to enhance private sector investment in sustainable projects. This initiative, announced by the Minister of Environment, aims to accelerate eco-friendly development and support the Kingdom's Vision 2030 goals.A new digital platform for the Incentives and Grants Program will facilitate funding access and promote innovative financing for high-impact environmental initiatives, benefiting SMEs, corporations, research centers, and non-profits while fostering compliance and environmental responsibility across industries.
Checkout.com has partnered with Tabby to enhance buy-now-pay-later (BNPL) solutions for merchants in the UAE and Saudi Arabia. This collaboration enables businesses to offer consumers more flexible payment options at checkout, addressing the rising demand for BNPL services in the region. The integration merges Checkout.com’s payment technology with Tabby’s financing solutions.
Saudi Arabia has launched a $266 million environmental financing initiative, supported by Riyad Bank, to boost private sector involvement in sustainable projects. The program, introduced by the Minister of Environment, aims to enhance environmental infrastructure and promote eco-friendly practices through a new digital platform for grants and incentives. This initiative aligns with the Kingdom's Vision 2030 goals, focusing on environmental sustainability and quality of life improvement.
Saudi Arabia's real estate sector is set for significant growth, driven by a booming population, tourism expansion, and supportive government reforms. With plans to deliver 1.04 million homes by 2030 and a projected market value of $101.62 billion by 2029, the sector is attracting international investments and reshaping urban landscapes. Key initiatives like the Sakani program and relaxed ownership laws are enhancing homeownership and appealing to foreign investors, positioning the Kingdom as a global hub for business and tourism.
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gulf sovereign wealth funds poised for significant growth and strategic expansion
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