Economy

Saudi Arabia’s non-oil exports hit a record SR515 billion in 2024, reflecting a 13% rise from the previous year and more than doubling since Vision 2030 began. Growth spanned all sectors, with merchandise exports reaching SR217 billion, supported by increases in both petrochemical and non-petrochemical categories. Re-exports soared to SR90 billion, marking a 205% jump since 2016, driven largely by...

Saudi Arabia faces mounting fiscal challenges as the International Monetary Fund has sharply increased its projection for the kingdom's government debt. The IMF now expects Saudi debt to reach 44.5% of GDP by 2029, a notable jump from last year's estimate of 35.3%. This revision comes as declining oil prices cut into national revenues and economic growth prospects. The Saudi...

OPEC+ is moving to increase oil production by 411,000 barrels per day in May, as eight member countries accelerate the phase-out of previous output cuts. This decision comes amid ongoing market volatility and follows recent shifts in U.S. trade policies that have introduced new tariffs, impacting global oil dynamics. Saudi Arabia, which has been carrying the bulk of OPEC+ production...

Saudi Arabia and the UAE have introduced new currency symbols for the riyal and dirham, marking a strategic effort to gain global financial recognition. These symbols, launched within weeks of each other, aim to modernize and stabilize their currencies on the international stage. Saudi Arabia led the initiative with King Salman approving a new riyal symbol, combining Arabic calligraphy with...

Saudi Arabia's liquidity reached a remarkable SAR3.033 trillion by February 2025, marking a significant increase in available funds within the economy. This represents an annual rise of SAR277.49 billion, or 10.1%, from the previous year's SAR2.756 trillion, as reported by the Saudi Central Bank. Monthly liquidity also saw growth, increasing by SAR67.543 billion, or 2.3%, from January's SAR2.966 trillion. This...

Saudi Arabia has launched a 5 percent Real Estate Transaction Tax (RETT) starting April 10, aimed at supporting economic diversification. This new tax is applicable to all property transactions, including residential, commercial, and industrial, regardless of their development status or ownership type. It also covers undocumented transactions. Property transfers must be registered via the RETT platform on the Zakat, Tax...

Saudi Arabia faces mounting fiscal pressure as falling oil prices, increased crude supply, and global economic uncertainty threaten to widen its budget deficit. Economists warn that if oil prices remain around $62 per barrel, the kingdom's deficit could more than double, reaching up to $75 billion. Ambitious projects under Vision 2030, including the $1.5 trillion Neom mega-development and preparations for...

Saudi Arabia is shifting its focus from oil to gold, aiming to capitalize on the rising value of precious metals. The kingdom is investing in advanced mining technologies to enhance both production and consumption of gold, positioning itself as a key player in the global market. The region's economic landscape is also witnessing significant developments. The UAE is channeling $1.5...

Accesso Technology Group PLC has been selected as the guest experience technology provider for the Qiddiya entertainment project in Saudi Arabia. Located southwest of Riyadh, Qiddiya covers over 300 square kilometers and is a key part of Saudi Vision 2030. It will feature attractions such as the Six Flags Qiddiya theme park and the Aquarabia water park. Accesso will implement...

The International Monetary Fund (IMF) has acknowledged Saudi Arabia’s ongoing support and leadership in global financial matters. During a recent International Monetary and Financial Committee (IMFC) meeting held in Diriyah, IMF Managing Director Kristalina Georgieva expressed appreciation for Saudi Arabia’s contributions, highlighting the country’s pivotal role in strengthening economic stability worldwide. Georgieva emphasized that Saudi Arabia’s current chairmanship of the...

Saudi Arabia's economy, heavily reliant on oil, is under pressure due to plummeting crude prices, forcing the nation to consider increasing debt or cutting expenditures. This situation complicates the funding of its ambitious economic diversification plans. The decline in oil prices, reaching near four-year lows, results from fears of a global economic slowdown and increased oil production by some OPEC+...

Saudi Arabia is moving forward with massive initiatives like Neom and its flagship project, The Line, as part of its Vision 2030 plan. However, the country’s heavy reliance on oil revenue is creating challenges, especially as global oil prices drop. Revenue from oil, which remains the backbone of the Saudi economy, has recently declined due to falling prices. Last year,...

Saudi Arabia's non-oil private sector experienced significant growth in March, spurred by strategic marketing efforts, pricing strategies, and a strengthening economy, as reported by Riyad Bank and S&P Global. The non-oil sector's dynamism is a testament to the government's economic initiatives. The Riyad Bank Saudi Arabia PMI recorded 58.1 in March, indicating robust growth, albeit slightly down from February's 58.4,...

Saudi Arabia is committed to amplifying the voices of emerging economies within a key International Monetary Fund (IMF) committee, as stated by the country's finance minister. During the International Monetary and Financial Committee (IMFC) meeting in Diriyah, Mohammed Al-Jadaan commended the IMF and its members for their leadership during difficult times. Al-Jadaan, who recently became the IMFC chair, emphasized the...

Saudi Arabia, the leading global oil exporter, has significantly reduced its oil prices for Asian markets, nearing their lowest point in four years. This decision aligns with OPEC+'s strategy to boost oil production rapidly. Saudi Aramco, the state oil company, decreased the May official selling price for its Arab Light crude by $2.30, setting it at $1.20 per barrel above...

Saudi Arabia's non-oil private sector continued to expand in March, driven by increased orders due to lower prices and better economic conditions. Although growth slowed from January's peak, the Purchasing Managers' Index (PMI) still indicated robust activity at 58.1, down slightly from 58.4 in February. The subindex for new orders fell to 63.2, down from February's high of 65.4. Despite...

Saudi Arabia is experiencing a surge in tourism, with inbound spending reaching a record $40.95 billion in 2024, a 13.82% increase from the previous year. This growth has elevated the travel balance surplus to its highest level, driven by a 9.5% rise in international visitors, totaling 30 million. This influx is reshaping the nation's economy and global image. Non-religious tourism...

Saudi Arabia's non-oil exports to the UAE reached SR7.10 billion in January, marking a 10% increase from the previous month. This growth highlights the Kingdom's efforts to diversify its economy beyond oil. Machinery and mechanical equipment were the top exports, followed by transport parts. In December, non-oil exports to the UAE were SR6.46 billion. The increase in January underscores Saudi...

Saudi Arabia is facing increased financial strain as oil prices remain weak, putting pressure on its extensive spending plans. With crude prices hovering around $70 per barrel—well below the level needed to balance the national budget—there are expectations the government will need to cut spending beyond the planned 3.7% reduction for next year. The kingdom’s ambitious economic transformation, which includes...

Saudi Arabia’s national unemployment rate dropped to 7 percent in the last quarter, reflecting ongoing efforts to expand job opportunities as part of Vision 2030. Official statistics show a modest rise in the employment-to-population ratio, while overall labor force participation saw a slight decline. According to recent survey data, the combined unemployment rate for Saudis and non-Saudis fell to 3.5...

Saudi Arabia’s credit rating has been upgraded to A+ by a leading global ratings agency, reflecting progress in the nation’s social and economic reforms. Analysts highlight that the ongoing Vision 2030 initiative is providing the government with greater flexibility in managing investments and public debt, supporting growth across sectors such as construction, logistics, manufacturing, and mining. The report suggests that...

Saudi Arabia has received a credit rating upgrade to A+ with a stable outlook, reflecting progress in economic reforms and capital market development. S&P Global Ratings highlighted robust non-oil sector growth and anticipated increases in oil production from 2025 as key drivers for medium-term economic prospects. The kingdom’s National Debt Management Centre expects this improved rating to help secure better...

Saudi Arabia’s credit rating has been upgraded by S&P Global Ratings, reflecting progress in the kingdom’s efforts to reduce its reliance on oil. The rating moved up to A+, with a stable outlook, highlighting improvements in governance and institutional structures as part of the ongoing Vision 2030 initiative. S&P noted that reforms have strengthened domestic capital markets and increased transparency...

Saudi Arabia's Non-Oil Economy Surges, Defying IMF Projections At the World Economic Forum in Davos, Saudi Arabia's finance minister, Mohammed Al-Jadaan, addressed concerns about the International Monetary Fund's recent revision of the Kingdom's economic growth forecast. The IMF adjusted Saudi Arabia's 2025 GDP growth projection to 3.3%, citing constraints from reduced oil production. However, Al-Jadaan emphasized that GDP alone doesn't...

Saudi Arabia's non-oil exports experienced a significant increase of 19.7% in November, reaching SR26.92 billion ($7.18 billion), highlighting efforts to diversify the nation's economy. The General Authority for Statistics reported that chemical products were the largest contributors, representing 24% of non-oil exports, with plastic and rubber products following at 21.7%. As part of the Vision 2030 initiative, Saudi Arabia aims...

Saudi Arabia's Ambitious Mining Vision Saudi Arabia is ambitiously working to establish itself as a major hub for metals and mining. However, foreign investors are more interested in securing Saudi funds than committing their own capital. During the recent Future Minerals Forum in Riyadh, many participants expressed interest in Saudi investments but hesitated to invest themselves. They are waiting to...

At the World Economic Forum in Davos, Commerce Minister Dr. Majid Al-Kassabi announced that Saudi Arabia's trade in services reached SAR 540 billion in 2023, marking a 7% annual growth. He emphasized the global importance of the services sector, which makes up around 65% of global GDP and 60% of foreign investments, and is the largest job provider, especially for...

Investment Milestone Saudi Arabia is making significant strides in its economic goals, surpassing expectations for investment in its primary economy. The Minister of Investment, Khalid Al-Falih, highlighted these achievements at the World Economic Forum in Davos. During a session with Bloomberg, Al-Falih discussed the Kingdom's Vision 2030, initially set in 2021, which aimed to channel $3.3 trillion into the economy...

Saudi Arabia's Crown Prince Mohammed bin Salman has expressed intentions to enhance the kingdom's economic ties with the United States. In a conversation with President Donald Trump, he outlined plans to boost investments and trade relations by a substantial $600 billion over the coming four years, as reported by the Saudi State news agency.

Saudi Arabia's Non-Oil Economic Growth Exceeds Expectations During the World Economic Forum in Davos, Saudi Arabia's finance minister, Mohammed Al-Jadaan, addressed concerns about the International Monetary Fund's revised GDP growth forecast for the Kingdom. He emphasized that focusing solely on GDP overlooks other crucial indicators of economic health. The IMF adjusted Saudi Arabia's GDP growth forecast for 2025 to 3.3%,...