Economy

In a recent financial update, it was reported that the monthly remittances from expatriates in Saudi Arabia surged to 11.9 billion Saudi Riyals (SR) in March, reaching a zenith not seen in almost two years. The data, released by the Saudi Central Bank, indicated a 4 percent growth compared to the same period in the previous year.Notably, this spike in...

The Kingdom of Saudi Arabia has been intentionally operating with a budget deficit as a strategic step to reach its developmental aspirations. The Saudi Finance Minister Mohammed Al-Jadaan highlighted this approach in a recent discussion, noting that the country's choice to run a deficit is a deliberate policy to stimulate economic progress, as opposed to compulsory borrowing for immediate, yet...

The non-oil sector of Saudi Arabia is poised for expansion, fueled by escalating government investments in the ambitious Vision 2030 initiatives.According to a recent analysis by S&P Global Ratings, Saudi Arabia's Vision 2030 is anticipated to attract around $1 trillion in investments over an extended period. The government alongside the Public Investment Fund (PIF) is expected to inject a portion...

Saudi Arabia disclosed a budget shortfall of 12.39 billion Saudi riyals (around $3.303 billion) for the initial quarter of 2024, as detailed in a report released by the nation's Ministry of Finance. The deficit is the result of the kingdom's total expenditures of 305.82 billion riyals surpassing its revenues, which were reported at 293.43 billion riyals.The kingdom's oil revenues, which...

The coastal waters of Jazan, spanning over 330 kilometers, are recognized for their fecundity, playing a key role in the regional economy by providing a substantial annual fish and shellfish yield of 6,394 tons. A detailed report by the local Chamber of Commerce breaks down this bounty into various species, highlighting the diversity of marine life harvested in the area....

Saudi Arabia has reported a first-quarter budget shortfall of 12.4 billion riyals ($3.30 billion), the Finance Ministry announced, citing elevated expenditure and diminished oil earnings. However, this figure represents a significant improvement from the deficit recorded in the final quarter.The nation, which is embarking on ambitious projects to diminish its reliance on oil, has recalculated its financial requirements for the...

The Najran Region, known for its agricultural heritage, continues to flourish, underpinned by its fertile landscapes and favorable weather. This area's natural gifts have transformed it into a bountiful agricultural hub, bolstering the local economy and ensuring a stable food supply. Local farms are a cornucopia of diversity, producing an array of crops that include the region's signature Najrani wheat,...

Pakistan is actively pursuing a substantial investment from Saudi Arabia, targeting funds of around $25 billion to revitalize its financially beleaguered economy. In the midst of a profound economic predicament, Pakistan has extended an invitation to Saudi Arabian investors, hoping to secure a commitment to infuse $5 billion into the country's economy.A distinguished delegation from Saudi Arabia, led by Deputy...

The Kingdom of Saudi Arabia has traditionally anchored its economic strength on its abundant oil reserves. Yet, the nation has been steering towards a more varied economic landscape, stepping away from its reliance on oil to better manage potential economic uncertainties. A landmark achievement was recorded in 2023 when Saudi Arabia reported that non-oil sectors now compose half of its...

Mohammed Al-Jadaan, Saudi Arabia's Finance Minister and the head of the Financial Sector Development Program Committee, highlighted the country's ongoing economic progression under Vision 2030. Emphasizing financial and economic reforms, Al-Jadaan conveyed optimism for a future where the financial sector is seamlessly integrated with digital and technological advancements, including artificial intelligence and big data.The Financial Sector Development Program, an integral...

In the first quarter of 2024, Saudi Arabia reported a budget shortfall totaling 12.387 billion riyals, which is equivalent to approximately $3.30 billion. This fiscal update was provided by the country's finance ministry.The nation, which is a significant exporter of oil, disclosed that it achieved oil revenues of 181.922 billion riyals during the same period. Overall, the total revenue for...

In a recent financial assessment, Saudi Arabia has reported a notable 9 percent increase in non-oil sector revenues, reaching SR111.51 billion for the first quarter of 2024. This boost reflects a solid improvement compared to the same timeframe in the previous year.The Ministry of Finance's quarterly fiscal performance analysis revealed overall revenues of SR293.43 billion during this period, juxtaposed with...

On a bustling street in Riyadh, the capital of Saudi Arabia, the flow of vehicles on February 16, 2021, hinted at a thriving city scene. However, the true measure of the country's economic vitality lies in its non-oil business sector, which continued to exhibit steady growth in April.The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) maintained a steady...

In April, Saudi Arabia's non-oil business sector continued to show resilience, maintaining a consistent pace of growth. This performance was largely supported by robust domestic demand, even as the rate of new order expansion experienced a slight decrease.The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) remained stable at 57.0 for the month, mirroring the figure from March and...

In April, the non-oil business sector in Saudi Arabia displayed a consistent pace of growth, in spite of a deceleration in the growth of new orders, with the domestic market being a significant driver of production.The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) remained stable at 57.0 in April, equal to the March figure, and comfortably above the...

Saudi Arabia's non-oil private sector showcased continued growth in April, propelled by robust demand within the domestic markets, as a recent economic report highlights.Steady at a score of 57 for April, the same as the previous month, the Kingdom's Purchasing Managers' Index (PMI) reflects a vibrant non-oil economy, as reported by the Riyad Bank Saudi Arabia PMI survey conducted by...

According to the World Bank's Chief Economist for the Middle East and North Africa (MENA) region, Roberta Gatti, Saudi Arabia's economy is on track for a 5.9 percent expansion by the year 2025. This optimistic projection is attributed to a significant increase in oil production coupled with an expected rise in crude prices. Roberta Gatti has indicated that the Kingdom's...

Foreign direct investors often gauge potential opportunities by examining a country's economic growth rate. In this regard, Saudi Arabia has successfully maintained its position within the influential G20 group of countries.The International Monetary Fund (IMF) has recently revised its projections for the Kingdom, increasing Saudi Arabia's economic growth forecast by 0.5 percent to reach 6 percent by the year 2025,...

The Saudi Fund for Development (SFD) has recently formalized a financial support pact with the Oman Development Bank (ODB), dedicating $67 million towards the bolstering of small and medium enterprises (SMEs) within the Sultanate of Oman. This deal forms a segment of a larger $150 million assistance package pledged by the Kingdom of Saudi Arabia to its neighbor through the...

A team from the Ministry of Economy and Planning, led by Deputy Minister Rakan Alsheikh, participated in key sessions of the Organization for Economic Cooperation and Development's (OECD) Economic Policy Committee (EPC) and Regulatory Policy Committee (RPC). These discussions took place at the OECD's Paris headquarters on April 10th and 11th.The EPC collaborates closely with the OECD's Economic Department, focusing...

Amid the towering skylines of Riyadh, Jeddah, and Dammam that epitomize Saudi Arabia's economic prowess, a transformative story of decentralized growth is unfolding. This narrative, diverging from the historical concentration of progress in urban areas, is now shining a spotlight on the nation's smaller towns and regional municipalities, drawing keen interest from investors, entrepreneurs, and government policy shapers.Such a pivot...

In the heart of Saudi Arabia, a significant shift is underway within the mining sector, which is set to become an instrumental component of the country's economic diversification strategy as part of Vision 2030. The Kingdom's vast mineral resources, valued at approximately SAR 9.4 trillion ($2.5 trillion), are being eyed as an alternate revenue source to complement the traditional oil...

At a pivotal gathering in Islamabad, the foreign ministers of Saudi Arabia and Pakistan led the Special Investment Facilitation Council (SIFC) session aimed at bolstering the two nations' economic partnership.Discussions at the meeting revolved around unlocking the abundant prospects for advancing economic cooperation in diverse sectors. The enhancement of trade exchanges to meet the ambitions of both countries' leadership was...

The World Bank has updated its projections for the growth of the Saudi economy, now anticipating an increase of 5.9% in the year 2025. This revised figure marks a significant uptick from the 4.2% growth predicted earlier in January, showing an enhancement of 1.7%.Conversely, the forecast for 2024 has been scaled back to a 2.5% expansion from the previously estimated...

The World Bank has updated its economic forecasts for the Kingdom of Saudi Arabia, predicting a more robust growth than previously estimated for the year 2025. The revised forecast projects an expansion of the Saudi economy by 5.9%, which is a significant increase of approximately 1.7% from the earlier projection of 4.2% made in January.Conversely, the World Bank has moderated...

The International Monetary Fund (IMF) has recently updated its forecast for Saudi Arabia's economic growth, now anticipating a robust 6 percent increase by the year 2025, a slight uptick from an earlier 5.5 percent estimate.Despite this positive adjustment for 2025, the IMF anticipates a modest dip in the Kingdom's economic expansion to 2.6 percent in 2024, a slight 0.1 percent...

The inflation rate in Saudi Arabia took a modest step back in March, recording a 1.6 percent rate, a slight reduction from February's 1.8 percent. This information was gleaned from the most recent data released by the General Authority for Statistics (GASTAT). The country's consumer price index (CPI) edged downward, with the food and beverage sector playing a significant role...

In a recent development, Saudi Arabia has dispatched its top diplomat to Pakistan with an entourage of officials for a two-day stint, as Pakistan grapples with a severe financial crunch. Aiming to provide assistance, the kingdom's envoy is set to engage in critical discussions with Pakistan's leadership.The visit by Prince Faisal bin Farhan follows a series of engagements between Pakistani...

The World Bank has recently updated its economic growth forecasts, indicating a more optimistic outlook for Saudi Arabia's economy. The institution now anticipates a robust 5.9 percent expansion by 2025, a significant upgrade from the 4.2 percent growth previously estimated in January.Despite this positive long-term forecast, the World Bank has slightly tempered expectations for 2024. The Kingdom's gross domestic product...

Saudi Arabia's economy has reached a new milestone with its non-oil sector revenues hitting an unprecedented $453 billion.The nation's economic diversification efforts have paid off, with the non-oil sector now accounting for half of the country's gross domestic product (GDP) in 2023, according to the Saudi ministry of economy and planning.Growth in exports, investments, and consumer spending have been the...