Economy

The travel and tourism industry in Saudi Arabia has seen a remarkable expansion, growing by over 32 percent in 2023, and injecting a historic SR444.3 billion (approximately $118.4 billion) into the nation's economy according to recent findings.A report from the World Travel and Tourism Council’s 2024 Economic Impact Research showcased the Kingdom’s significant contribution to GDP, job creation, and increased...

The Gulf Cooperation Council (GCC) region is poised for an economic resurgence, with forecasts indicating a growth of 2.8 percent in 2024 and a further acceleration to 4.7 percent in 2025. This optimistic scenario is largely attributed to the expected expansion in the gross domestic product (GDP) of the United Arab Emirates (UAE) and Saudi Arabia. A combination of increased...

The economic landscape of Saudi Arabia experienced a contraction in the first quarter as the real gross domestic product (GDP) witnessed a 1.7% reduction compared to the previous year. This downturn, as reported by preliminary government data on a recent Sunday, was primarily due to persistent challenges in the oil sector.Following a 3.7% GDP contraction in the last quarter of...

According to a release of preliminary data by the Saudi government, the nation's real gross domestic product (GDP) saw a reduction of 1.7% compared to the same period in the previous year. This downturn, noted in the first quarter, is attributed to the persistent slump in oil sector activities, which continues to dampen the country's economic momentum.Following a 3.7% GDP...

The latest figures from the General Authority for Statistics (GASTAT) indicate a complex yet promising economic situation in Saudi Arabia for the first quarter of 2024. The real Gross Domestic Product (GDP) has experienced a slight decline of 1.7% on an annual basis, while showing an encouraging seasonally adjusted increase of 1.4% from the previous quarter. Scrutinizing the details of...

The Kingdom of Saudi Arabia's real gross domestic product (GDP) witnessed an uplift of 1.4 percent in the opening quarter of the year, outperforming the numbers from the previous quarter, as per the latest governmental figures.Statistics released by the General Authority for Statistics indicate that the first quarter saw a 0.9 percent boost in the non-oil sector activities over the...

In April, the Kingdom of Saudi Arabia witnessed a modest upswing in consumer expenditure through point of sale (POS) transactions, amounting to approximately SR53 billion ($14 billion), marking a 3 percent year-on-year increase, according to the most recent figures.The data, disseminated by the Saudi Central Bank, indicates that a notable share of POS transactions, around 30 percent or SR15.83 billion,...

In a strategic move to bolster its economy, Saudi Arabia is on the verge of securing over $11.2 billion through the divestment of stakes in its most prized asset, the petroleum behemoth Aramco. This influx of capital is a major step in the kingdom's ambitious agenda to broaden its economic landscape, stretching beyond its traditional oil-reliant roots.The nation, under the...

The National Labor Observatory (NLO) recently unveiled a comprehensive analysis of the Saudi Arabian labor market, specifically focusing on the private sector's workforce dynamics for the month of May 2024. The document provides a snapshot of the number of employees, with distinctions between Saudi and non-Saudi workers, segmented by gender, as well as insights into the net increase in Saudi...

In a recent visit to Vienna, Faisal Al-Ibrahim, the Saudi Minister of Economy and Planning, held a series of important discussions with international leaders. These talks were aimed at fostering cooperation on key economic and sustainability issues.Al-Ibrahim's dialogue with Ghada Waly, the Executive Director of the UN Office in Vienna, centered on the partnership between Saudi Arabia and the United...

The Saudi Minister of Economy and Planning, Faisal Alibrahim, recently held talks with the Director-General of the United Nations Office at Vienna (UNOV), Ghada Waly. The engagement took place in Vienna, where they explored potential areas of collaboration, specifically in the context of the Sustainable Development Goals (SDGs) and other shared interests. Present at the discussions was Saudi Arabia's Ambassador...

The Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, recently held a key meeting with the Director General of the OPEC Fund for International Development (OFID), Dr. Abdulhameed Abdulhamid Al Khalifah, during his formal trip to the Republic of Austria.Throughout their discussion, they explored various topics of shared importance and examined the wide array of initiatives undertaken by...

Riyadh Witnesses a 20.4% Surge in SME Funding to $73.5 BillionAs the last quarter of 2023 came to a close, the financial backing for small and medium enterprises (SMEs) within Saudi Arabia experienced a notable increase of 20.4 percent from the previous year, reaching an impressive $73.5 billion according to the latest data.The Kingdom's Small and Medium Enterprises General Authority,...

Moody’s, a prominent global credit rating agency, has recently reaffirmed Saudi Arabia's 'A1' rating, indicating a positive economic forecast. This assessment serves as a testament to the strides the Kingdom has made in its reform initiatives, which commenced in 2016.The agency's endorsement highlights the effectiveness of Saudi Arabia's macroeconomic strategies and its fiscal discipline. These factors contribute to the Kingdom's...

At the scenic Italian locale of Stresa, Saudi Arabia's Finance Minister, Mohammed bin Abdullah Al-Jadaan, took part in the G7 Finance Ministers and Central Bank Governors' third assembly. The conference spanned from the 23rd to the 25th of May, 2024, and was chaired by Italy.Minister Al-Jadaan actively participated in four critical dialogue sessions, which delved into the current state of...

Moody's Investors Service has sustained Saudi Arabia's A1 credit rating with a positive outlook. This affirmation reflects the country's large and affluent economy, bolstered by significant hydrocarbon reserves, effective policies, and a robust government financial position inclusive of substantial foreign reserves.Despite this positive assessment, Saudi Arabia remains vulnerable to periodic downturns in oil demand and pricing. The country also faces...

Saudi Arabia's crude oil exports increase for the second consecutive month in March, hitting a nine-month high, according to Joint Organizations Data Initiative (JODI) data released on Monday.Significance of the DataAs the global leader in crude oil exports, Saudi Arabia plays a pivotal role in the international energy market.Insiders privy to the sector's developments suggest that Saudi Arabia, along with...

Saudi Arabian and Chinese dignitaries are convening in Beijing for pivotal discussions aimed at propelling international economic expansion. The gatherings, scheduled for May 20-21, are bringing together a host of significant figures including Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, and the newly appointed Vice Minister of Finance, Abdulmuhsen Al-Khalaf, alongside other prominent officials from Saudi financial institutions.Representatives from several...

The Saudi Fund for Development (SFD) took a prominent role in the 92nd regular meeting of operations directors from the Arab Coordination Group (ACG) institutions, with its CEO Sultan Abdulrahman Al-Marshad and Deputy CEO Eng. Faisal bin Mohammed Al-Kahtani in attendance. The gathering, held under the auspices of the Arab Bank for Economic Development in Africa (BADEA), brought together key...

On May 19, 2024, the Saudi Arabian delegation, led by Finance Minister Mohammed Aljadaan, is set to engage in pivotal discussions during the Saudi-Chinese meetings scheduled for May 20-21 in Beijing. This delegation, comprising key financial and economic leaders, aims to further solidify the collaborative ties between the two nations. The entourage includes Abdulmuhsen Alkhalaf, the Vice Minister of Finance,...

The Kingdom of Saudi Arabia reported a budget shortfall of SR12.4 billion ($3.3 billion) for the initial quarter of 2024. This figure accounts for 16 percent of the yearly deficit anticipated by the Ministry of Finance. The forecasted deficit is indicative of the nation's strategic expenditure to further Vision 2030 objectives, along with its astute fiscal oversight.According to the quarterly...

The total liquidity within the Saudi Arabian financial system has experienced a significant upswing, amassing over SAR 2.823 trillion (approximately $753 billion) by the conclusion of March 2024. The Saudi Central Bank (SAMA) has observed that this uptick in liquidity is indicative of a substantial yearly rise of 8.3 percent, translating to an increase of SAR 215 billion.Boosting Economic Momentum...

Recent figures have demonstrated a slight uptick in Saudi Arabia's manufacturing sector, largely driven by an impressive surge in paper and associated products output. Despite this increase, the nation's overall Industrial Production Index (IPI) experienced a slight decline of 0.2 percent in March on a month-to-month basis.While paper production saw a 1.2 percent rise, contributing to an overall buoyant manufacturing...

The Saudi Arabian economy demonstrated robust financial health as the liquidity levels soared by the close of March 2024, surpassing SAR 2.823 trillion. This represents an 8.3% year-on-year escalation, translating to an additional SAR 215 billion over the previous year's liquidity, which was recorded at SAR 2,608 trillion.A statistical bulletin from the Saudi Central Bank (SAMA) detailed that the broad...

The financial robustness of the Saudi economy has reached new heights, with liquidity peaking at an impressive SR2,823,745 million at the end of March 2024. This milestone represents a substantial annual growth rate of 8.3 percent, translating to an increase of over SR215 billion compared to the same period in the previous year, where figures stood at SR2,608,319 million. These...

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....