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%,...

Saudi Arabia's Economic Growth Surpasses Expectations Saudi Arabia's finance minister, Mohammed Al-Jadaan, addressed the World Economic Forum, emphasizing that the International Monetary Fund's (IMF) recent GDP forecast doesn't capture the full economic picture. Although the IMF adjusted Saudi Arabia's 2025 GDP growth to 3.3% due to oil production cuts, Al-Jadaan highlighted the robust growth of the non-oil sector. Under Vision...

At the World Economic Forum in Davos, Saudi Arabia's Finance Minister, Mohammed Al-Jadaan, highlighted the nation's success in achieving a remarkable return on investment. For every dollar allocated, the country gained $200, doubling its initial target of $100. This achievement is attributed to the economic reforms driven by Vision 2030. Al-Jadaan emphasized the importance of these reforms in enhancing economic...

Saudi Arabia reported a record 30 million foreign tourists last year, driven by significant investments in hotels, luxury projects, and entertainment. This effort is part of the kingdom's strategy to become a major tourism hub. Tourism Minister Ahmed Al-Khateeb announced these figures at the World Economic Forum, noting an increase from 27.5 million in the previous year. These numbers include...

Saudi Arabia's crude oil production saw a modest increase of 1.21% in November, reaching 8.92 million barrels per day, according to data from the Joint Organizations Data Initiative. Despite a 2.05% drop in overall crude exports to 6.21 million barrels per day, this level marked an eight-month high. Meanwhile, refinery crude exports jumped 36% year-on-year to 1.14 million barrels per...

In Saudi Arabia, education spending soared by 91.5% to SR220.76 million ($58.8 million) as students returned to school following the midyear break. This sector was the only one to show positive growth, with transactions increasing by 60% to 153,000, according to the latest point-of-sale (POS) transactions report. Previously, the education sector had seen a 44.4% decline in transaction value, reaching...

Saudi Arabia's non-oil economy is projected to grow significantly, with rates of 4.8% in 2025 and 6.2% in 2026. This growth is attributed to strategic investments in human capital and increased private sector activity, as outlined by Faisal Al-Ibrahim, the Minister of Economy and Planning. Speaking at the Davos Conference 2025 during a seminar titled "Future of Global Economic Growth,"...

The Minister of Finance, Ali bin Ahmed al-Kuwari, recently held a meeting with Saudi Arabia's Finance Minister, Mohammed bin Abdullah al-Jadaan, at the World Economic Forum in Davos. The discussion focused on enhancing the bilateral relationship between Qatar and Saudi Arabia, with particular emphasis on investment, finance, and economic collaboration. Other topics of shared interest were also addressed during the...

Saudi Arabia's natural gas production is set to increase by 4% in 2025, driven by major projects like Jafurah Phase 1 and Tanajib. The International Energy Agency (IEA) reports that Jafurah Phase 1 will contribute 2 billion cubic meters annually, while Tanajib will add 27 billion cubic meters per year. Saudi Aramco estimates the Jafurah gas field holds significant resources,...

Saudi Arabia is making a substantial investment of $160 billion to develop its mineral resources, marking a strategic shift from its traditional oil dependency. This move aims to tap into critical minerals such as lithium, nickel, cobalt, and rare earth elements, essential for electric vehicles and renewable energy. The kingdom's initiative is designed not only to meet domestic demands but...

Saudi Arabia's Role in Global Stability and Economic Growth Saudi Arabia emphasizes the importance of a stable Middle East for global prosperity, as highlighted by the Saudi minister of economy. The Kingdom is committed to being a reliable partner in fostering economic growth and stability. Faisal Alibrahim, speaking ahead of the World Economic Forum in Davos, underscored the Kingdom's transformative...

Saudi Arabia's economy is expected to grow by 3.3% in 2025 and 4.1% in 2026, as per the International Monetary Fund (IMF). These projections are influenced by the ongoing OPEC+ agreement on oil production cuts, which is affecting short-term growth expectations. The IMF's January 2025 World Economic Outlook Update also predicts that the Middle East and Central Asia will see...

Italy and Saudi Arabia have entered a new partnership aimed at enhancing energy collaboration. This agreement, announced by Italy's Environment and Energy Security Minister Gilberto Pichetto Fratin, includes the potential supply of Saudi-produced hydrogen to Europe. The five-year memorandum of understanding was formalized in Riyadh, where Minister Fratin met with Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud. The agreement...

Saudi Arabia has introduced 15 new incentives through the Authorized Economic Operator (AEO) program to enhance export competitiveness and strengthen its role as a global logistics hub. The initiative, led by the Ministry of Industry and Mineral Resources, aims to streamline processes and provide administrative benefits for investors. Key incentives include access to industrial land with long-term leases of up...

Saudi Arabia has introduced 15 new incentives under its Authorized Economic Operator program to enhance its global logistics presence by boosting exports and securing supply chains. The Ministry of Industry and Mineral Resources revealed these incentives, including administrative perks like liaison officers and account managers, to facilitate smoother investor processes and resolve challenges swiftly. Companies participating in the program will...

A Qatari delegation led by Finance Minister Ali bin Ahmed al-Kuwari recently took part in the Islamic Development Bank (IsDB) Governors’ Retreat in Al Madinah, Saudi Arabia. At the retreat, al-Kuwari contributed to discussions on the bank’s strategic future through a technical presentation. The event attracted finance ministers, financial experts, and representatives from both private and non-governmental sectors. The gathering...

Faisal Al-Ibrahim, the Minister of Economy and Planning, highlighted the 6% growth in non-oil activities over the past three years, aligning with the Kingdom's strategy to enhance these sectors. Speaking at the industrial sector incentives launch, Al-Ibrahim credited this growth to decisive governmental actions and political commitment, leading to the development of new sectors such as tourism. He emphasized that...

Saudi Aramco has announced an increase in crude oil prices for Asian markets starting February, marking the first rise in three months. The price for Arab Light crude has been set at $1.50 per barrel above the regional benchmark, following a previous drop to a four-year low. In addition to Arab Light, prices for other crude grades have also been...

Advancements in wearable technology are enabling longer, healthier, and more meaningful lives, marking the onset of a global "longevity revolution." This shift presents significant economic opportunities and societal transformations, with challenges in making additional years productive. For Saudi Arabia, this offers a chance to build a resilient generation capable of driving economic and social progress. Population aging is an irreversible...

Saudi Arabia's economic forecast for 2025 anticipates significant growth, with GDP expected to rise by 3.7% annually, surpassing the global average of 3.2%. Consumer spending is set to increase by 4.5%, and inflation is projected at 2%. This growth is fueled by strong non-oil activities and aligns with Vision 2030's diversification goals. The government plans to invest in infrastructure, supported...

Moody's has upgraded Saudi Arabia's credit rating from "A1" to "Aa3", highlighting the nation's efforts to diversify its economy beyond oil. This strategic move aligns with Saudi Arabia's Vision 2030, which aims to reduce oil dependency by investing in infrastructure and developing sectors like tourism, sports, and manufacturing. Efforts are also underway to attract foreign investments, ensuring the ambitious Vision...

Saudi Arabia's economy is projected to expand by 1.7% this year, with growth accelerating to 4.7% in 2025 and 2026, according to Moody's. This outlook is driven by state-supported projects aimed at diversifying the economy beyond oil. Moody's forecast surpasses previous estimates, including the Saudi government's 2024 GDP projection of 0.8%. The agency's 2025 prediction aligns with Saudi Arabia's planned...

Introduction Achieving a stable economy amidst uncertainty is a critical issue. Effective monitoring of uncertainty factors, especially crude oil price fluctuations, is essential for economic growth. Oil-exporting countries benefit from high prices, boosting revenue and supporting development, while importers face fiscal tightening. Research highlights that oil price volatility significantly impacts economies and markets, causing short-term uncertainty and increased risk in...

Saudi Arabia's finance minister has highlighted national debt as a looming threat to global markets, particularly affecting low-income countries and emerging economies. He emphasized the lack of fiscal buffers in these regions, making them vulnerable to market disruptions. Speaking at the Future Investment Initiative in Riyadh, Mohammed Al-Jadaan stressed the need for solutions from international bodies like the IMF and...

Saudi Crown Prince Mohammed bin Salman has been invited by Russia to the BRICS summit in Kazan, scheduled for October 22-24. This summit marks the first gathering since BRICS expanded to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. While Iran has promptly accepted the invitation, Saudi Arabia has yet to officially confirm its participation. It appears that...

Saudi Arabia has revised its economic forecasts, anticipating slower growth and larger budget deficits from 2024 to 2026 due to increased spending and reduced oil revenue expectations. The Ministry of Finance's latest report indicates a significant reduction in GDP growth projections, with 2023 expected to see only a 0.8% rise, down from an earlier 4.4% estimate. Projections for 2025 and...

Saudi Arabia anticipates a fiscal deficit of nearly 3% of GDP in 2024 as it ramps up spending to stimulate growth and achieve Vision 2030 goals. The kingdom projects a deficit of 118 billion riyals ($32 billion) for this year, surpassing the earlier forecast of 79 billion riyals. Despite reduced oil prices and voluntary production cuts, Saudi Arabia continues to...

Saudi Arabia is set to shift its focus from maintaining a $100 per barrel oil price, aiming instead to increase production to regain market share, according to a report. This change is expected despite potentially leading to lower prices. OPEC+, led by Saudi Arabia, has been reducing output to support oil prices. However, with a nearly 5% decline in prices...

Saudi Arabia Adjusts Oil Strategy Amid Market Shifts Saudi Arabia is poised to increase oil production, moving away from its previous aim of maintaining a $100 per barrel price. This shift indicates acceptance of potentially lower oil prices, according to sources familiar with the situation. The kingdom, alongside other OPEC+ members, had initially delayed plans to ease production cuts, leading...