Economy

As Saudi Arabia embarks on its ambitious economic transformation plan dubbed 'Saudi Vision 2030', it has become clear that oil revenues alone are insufficient to fund the extensive investments that the initiative demands. To propel the diversification of its economy, the Kingdom is turning to the international debt market to support its grandiose projects, including the construction of the hyper-futuristic...

Saudi Arabia has announced a substantial financial boost for investors in its mining sector, providing a package that reaches almost SR685 million ($182 million) to stimulate financial engagement in mining exploration within the nation. The Industry and Mineral Resources Ministry unveiled the initiative that is set to propel support for mining exploration endeavors in the Kingdom. In partnership with the...

Historically the world's leading oil producer, Saudi Arabia has long been the go-to source for oil, supplying vast quantities to continents like Europe, Asia, Africa, and North America. However, earlier this year, the state-owned Saudi Aramco made the strategic decision to cease expanding its oil production. This move aligns with the kingdom's broader ambitions to diversify its revenue streams and...

In a significant move to promote the mining sector, the Saudi Ministry of Industry and Mineral Resources, together with the Ministry of Investment, has unveiled an incentive program for mineral exploration. This initiative, with an impressive fund of SAR685 million (equivalent to $182 million), aims to attract investment into mining explorations, which is a key component of the nation's economic...

Saudi Arabia's Transformation: A Non-Oil Economic SurgeSaudi Arabia, traditionally known for its pivotal role in the global oil market, has achieved a significant milestone in economic diversification. In 2023, the Kingdom's non-oil revenues reached a historic high, accounting for half of its Gross Domestic Product (GDP). The non-oil sector's robust performance, valued at 1.7 trillion Saudi Riyals (about 453 billion...

In a landmark achievement for Saudi Arabia, the nation's non-oil activities have reached an unprecedented milestone, constituting 50% of the overall real GDP in 2023, the highest proportion ever recorded. This data, drawn from the General Authority for Statistics and analyzed by the Ministry of Economy and Planning, underscores a vital shift in the country's economic profile. The value of...

The esteemed international agency for credit assessment, S&P Global Rating, has recently reaffirmed the sovereign credit ratings for Saudi Arabia, maintaining them at 'A/A-1' with a Stable Outlook. This confirmation reflects the kingdom's persistent efforts in advancing its economic and social reform initiatives, which are expected to bolster economic fortitude and foster the growth of non-oil sector revenues and development....

In 2023, Saudi Arabia's economy underwent a noteworthy transformation, with the non-oil segment achieving a historic feat by accounting for half of the nation's real GDP. An analysis by the Ministry of Economy and Planning, based on data from the General Authority for Statistics, revealed that this expansion was fueled by vibrant investment, consumer expenditure, and exports. This leap in...

Riyadh's Financial Boost: A report from Saudi Arabia's central bank indicates a noteworthy 11 percent year-on-year increase in lending, with totals reaching SR2.62 trillion ($700 billion) as of January. The expansion in lending activities is predominantly driven by a 33 percent surge in personal loans and a 67 percent rise in corporate loans, particularly emphasizing real estate and utility sectors....

The most recent analysis of the Middle East's economic climate anticipates a deceleration in the GCC's growth pace to 2.7 percent for the current year, a reduction from the previously estimated 3.9 percent. This shift is primarily attributed to ongoing reductions in oil output.Nonetheless, the analysis suggests that the non-energy sectors are poised to propel the economies of Saudi Arabia...

The AlUla Governorate is recognized for its flourishing agricultural sector, which significantly contributes to the region's economic growth. Local farms serve as a vital food source for both the inhabitants of AlUla and neighboring territories such as Madinah, Jeddah, Tabuk, Hail, and Riyadh. The rich harvests from these farms not only feed these populations but also spark interest in the...

The Saudi General Authority for Statistics recently published comprehensive data detailing the Kingdom's economic performance for the last quarter of 2023. The information revealed a 0.8% decrease in real GDP, an outcome primarily driven by a significant 9% shrinkage in the oil industry. This decline was a consequence of the production reductions agreed upon in the OPEC+ deal. Despite the...

The General Authority for Statistics in Saudi Arabia has recently transitioned to a new technique for computing the country's real Gross Domestic Product (GDP). This approach, known as the chain-linking methodology, has been employed to establish the economic figures for the fourth quarter of 2023 and the cumulative data for that year. With this shift, Saudi Arabia distinguishes itself as...

In 2023, Saudi Arabia's economy, the largest in the Arab world, saw a contraction of 0.8 percent from the previous year. This downturn was largely attributed to a significant reduction in the oil sector's performance, while in contrast, the non-oil sector experienced a 4.4 percent expansion.The oil industry witnessed a 9 percent decrease throughout the year. Conversely, the government sector...

The industrial landscape of Saudi Arabia experienced a nuanced start to the year, as evidenced by the latest figures released on the country's Industrial Production Index (IPI). In January, the IPI inched up by 0.3 percent, supported primarily by a slight uptick in mining and quarrying operations, according to the nation's statistical authority.Comparing month-on-month data, the manufacturing sector witnessed a...

Recent official statistics disclosed a sharp downturn in Saudi Arabia's real gross domestic product (GDP), which fell by 4.3 percent in the final quarter. This drop was primarily due to oil activity plummeting by 16.2 percent from the previous year, significantly influenced by the country's major crude production reductions.An annual overview by the General Authority for Statistics highlighted a 0.8...

The financial health of Saudi Arabia's economy is reportedly robust, according to statements made by the country's Finance Minister Mohammed Al-Jadaan. The minister indicated that the government is considering re-evaluating the levy imposed on expatriates' dependents, aiming to enhance the nation's attractiveness to skilled professionals.During a podcast discussion, concerns were addressed regarding the impact of the dependent fee on domestic...

The latest data from the General Authority for Statistics indicates a significant upswing in commerce between Saudi Arabia and its Gulf Cooperation Council (GCC) counterparts. In the report covering the fourth quarter of 2023, there's a notable 13% escalation in trade activity compared to the same timeframe the previous year. The trade figures soared by SAR6,363 billion, culminating in a...

Saudi Arabia has announced an ambitious plan to generate 150,000 new jobs within chemical manufacturing facilities and renewable energy plants, with a strategy focused on achieving 75 percent localization in the energy sector, according to a high-ranking official.At the Human Capability Initiative hosted in Riyadh, the Saudi Minister of Energy, Prince Abdulaziz bin Salman, highlighted the energy sector's potential to...

The Finance Minister of Saudi Arabia, Mohammed Al-Jadaan, recently highlighted that the nation's non-oil gross domestic product (GDP) is experiencing an upward trajectory, with a current growth rate surpassing four percent and expectations to go beyond five percent in the coming years.During his participation in a discussion at the 3rd Saudi Capital Market Forum held in Riyadh, Al-Jadaan pointed out...

The economic stature of Saudi Arabia has experienced a remarkable surge, with its Gross Domestic Product (GDP) escalating from SR2.6 trillion, equivalent to $690 billion, to surpassing the SR4 trillion mark, which is over $1.07 trillion. This growth has catapulted the nation to the 16th position among the influential G20 countries, as disclosed by Khalid Al-Falih, the Saudi Minister of...

The Kingdom of Saudi Arabia has been surpassing expectations in drawing investment flows, as articulated by the country's Investment Minister, Khalid Al-Falih.This sentiment was shared during a discussion at the third Saudi Capital Market Forum (SCMF) in Riyadh, which also featured Faisal Alibrahim, the Minister of Economy and Planning, and Mohamed AlTuwaijri, vice chairman of the Saudi National Development Fund.The...

The Kingdom of Saudi Arabia is surpassing expectations in its efforts to draw investments, as reported by the Kingdom’s Investment Minister, Khalid Al-Falih.Al-Falih conveyed these developments at the third Saudi Capital Market Forum (SCMF) in Riyadh, where he participated in a panel with Faisal Alibrahim, the Minister of Economy and Planning, and Mohamed AlTuwaijri, the vice chairman of the Saudi...

Saudi Arabia's Finance Minister Mohammed Al Jadaan revealed at the Saudi Capital Markets Forum that the nation's non-oil economic growth is anticipated to exceed 5% in the coming years. This projection is marginally lower than the previously estimated 6% but is still poised to surpass regional growth rates this year."If you look at the non-oil GDP, it is growing at...

The Kingdom of Saudi Arabia anticipates its non-oil economic sectors to sustain a growth rate above 5 percent in the upcoming years, as shared by Finance Minister Mohammed Al Jadaan. This projection is a slight modification from the formerly anticipated 6 percent growth rate.Speaking at the Saudi Capital Markets Forum in Riyadh, Al Jadaan highlighted that the Kingdom's non-oil Gross...

Saudi Arabia is undergoing substantial economic changes, propelled by rising oil prices, determined diversification plans, and the pioneering Vision 2030 goals. A comprehensive report by Ken Research titled 'Saudi Arabia Macroeconomic Assessment' offers an in-depth analysis of the trends, opportunities, and challenges facing businesses and investors in this changing milieu.Key Highlights: A Glimpse into the Saudi EconomyBooming Oil Revenue: The...

The National Development Fund (NDF) of Saudi Arabia has recently undergone a notable leadership change with the appointment of the Minister of Economy and Planning, Faisal Alibrahim, as chairman of the National Infrastructure Fund (INFRA). His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Crown Prince and Prime Minister, chaired the decision-making session.Expressing appreciation to the NDF's Board...

The International Monetary Fund (IMF) has announced that the Kingdom of Saudi Arabia will chair the International Monetary and Financial Committee (IMFC) for the period of 2024-2027. The IMFC provides support to the IMF Board of Governors in overseeing and managing the international monetary and financial system, including addressing potential disruptions. Saudi Arabia's selection as the IMFC Chair reflects the...

Saudi Minister of Finance to Chair International Monetary and Financial Committee Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, has been selected to chair the International Monetary and Financial Committee (IMFC). The IMFC is a policy advisory body to the board of governors of the International Monetary Fund (IMF). On Wednesday, members of the committee appointed Al-Jadaan for a three-year term...

Saudi Arabia is not only focused on advancing its economy but also aims to attract global talent, according to the Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim. Speaking at the Global Labor Market Conference, Al-Ibrahim emphasized the importance of Saudi citizens working alongside the best talent worldwide, learning and making a meaningful impact. He stated that the country...