saudi arabia gdp forecast 2030

"We will continue to work towards a bright future, enhanced by a diversified and sustainable economy, and this strategy is one of the tributaries formed to achieve this.". The Al Saud family, which today rules Saudi Arabia, has held intermittent control of the Nejd and other parts of central and eastern Arabia since the mid1700s.

"Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. - SG, COPYRIGHT 2022 WWW.SAUDIGAZETTE.COM.SA - ALL RIGHTS RESERVED, Saudi arrested for facilitating entry of non-Muslim journalist into Makkah, Royal Saudi Navy takes over CTF-150 Command from Pakistan, Saudi Arabia, Czech hold first round of political consultations, Shoura member: Saudization index should focus on jobs suiting to qualifications. Aluminium-maker Norsk Hydro rose 6 percent after proposing an extra dividend and offering share buybacks. The firm recorded a SR46 million ($12.24 million) profit in the three months to the end of June, down from SR62.4 million in the first quarter of 2022. The number of petroleum transport stations reached 698 by the end of second quarter, while the number of trucks reached 1,405.

I congratulate my colleagues from @MISA, other government agencies & private institutions, whose joint endeavors contributed to developing our #National_Investment_Strategy. Unlike the Russian government, we have no interest in weaponizing food to create humanitarian crises at the expense of vulnerable populations..

The strategy aims to raise net foreign direct investment flows to SR388 billion annually, and increase domestic investment to reach about SR1.7 trillion annually by 2030. All Saudis are required to abide by sharia law, which mandates daily public prayer, the separation of unrelated men and women, and the paying of zakat, or religious charity. Among the most powerful of these groups were the Hashemites, or Banu Hashim, a clan within the larger Quraish tribe that is descended directly from Prophet Muhammad, who came to control much of the eastern Hejaz region of Arabia during the second millennium CE. Innes said investors had next weeks US Federal Reserve decision on interest rates firmly on their minds.

It features eight key economic transformation targets translated into very specific objectives. The credit portfolio stood at SR68.1 billion at the end of 2021, a 26 percent rise from its value in 2020. It showed that the relative share of the wholesale and retail trade, restaurants and hotel or hospitality was expected to reach 16 percent of the gross domestic product (GDP) by 2030, followed by transport, storage and communication. The official language of the Kingdom is Arabic, of which there are two predominant dialects: Najdi and Hejazi. Its reputation for political stability has historically made it a popular destination for FDI in the MENA region. President Joe Bidens administration has not blacklisted Russian agricultural commodities, including fertilizers, in the aftermath of the Ukraine invasion.

This followed growth of 333% between 1975 and 2009, when the figure reached 25m, representing one of the fastest growth rates in the world.

Announced in June 2016, the National Transformation Programme (NTP) 2020 provided a number of targets and plans for the medium-term objectives of Vision 2030, with both the international and local business community positive about the ample opportunity for increased levels of private investment. If you have already purchased this Report or have a website subscription, please login to continue. In 2018 GaStat estimated that Saudi nationals accounted for 62.2% of the population, with non-nationals making up the remaining 37.8%.

However, Aldreesis still upyear-on-year, bringing in SR10 million more in 2022s second quarter compared to to the same period last year. There is a real appetite for change, and you see the transformation not just socially, but also in terms of benchmarking best international practice across business and the adoption of technology, he added. RIYADH/JEDDAH: Saudi Arabia's Crown Prince Mohammed bin Salman on Monday said that the Saudi economy is expected to get SR27 trillion in government spending and investments by 2030as the Kingdom plans to be among the top 15 global economies. The majority of Saudis are Sunni Muslim, while a minority mostly living in the Eastern Province are Shia. The current monarch, King Salman bin Abdulaziz Al Saud, assumed the throne following the passing of his half-brother, King Abdullah bin Abdulaziz Al Saud, in January 2015. In contrast, signs of strong demand in Asia propped up the Brent benchmark, putting it on course for its first weekly gain in six weeks. In 2015 King Salman named Prince Mohammed bin Naif Al Saud as the crown prince, but he was relieved of the title in June 2017 and replaced by the then-deputy crown prince, Mohammed bin Salman, the son of King Salman bin Abdulaziz Al Saud.

Jeddah, meanwhile, is located on the Red Sea coast and is bordered by the Sarawat Mountains to the east. Choose from the options below to purchase print or digital editions of our Reports. This represents a total injection of SR27 trillion ($7 trillion) by 2030, he added in a statement carried by Saudi Press Agency.

May to September are typically regarded as the summer months, during which temperatures can be as high as 45-55C.

The aggregate share of such loans for all finance companies stood at 8.6 percent in 2021. Women make up one-fifth of its total membership. By the time of Prophet Muhammads death in 632 CE, the majority of the Gulf had been united under Islam. Aldrees expects the company to post better results in the third quarter, compared to the year-ago period. By 1912 Abdulaziz had gained control of most of central and eastern Arabia, and over the following two decades continued to expand his reach across the peninsula, negotiating with local rulers and colonial powers when possible, and resorting to force when necessary. Demand in India for gasoline and distillate fuels rose to record highs in June, despite higher prices, with total refined product consumption running at 18 percent more than a year ago and Indian refineries operating near their busiest levels ever, RBC analysts said. Evaluating the credit portfolio breakdown by economic activity, the top three sectors with the highest shares were trade at 21 percent, construction at 20 percent, services at 14 percent, and transportation and telecommunications at 9 percent. At the administrative level, the Kingdom is organised into 13 provinces, including the Eastern Province which is home to the bulk of Saudi Arabias oil reserves Riyadh Province, Makkah Province and Medina Province.

Please click on the link and reach out to learn more about the Saudi Vision 2030 as well as opportunities and possibilities in the Kingdom of Saudi Arabia and the initiatives of Business Start Up Saudi Arabia.

According to the latest data from the World Bank, Saudi Arabia ranked as the 18th-largest economy in 2018, with GDP of $786.5bn. In September 1932 Abdulaziz announced the formation of the Kingdom of Saudi Arabia, naming himself king. The strategy will contribute to the growth and diversification of the Kingdoms economy, which, in turn, will achieve many of Vision 2030s goals, including raising the private sectors contribution to GDP to 65 percent while increasing the contribution of foreign investments to GDP to 5.7 percent, the Crown Prince said. Temperatures cool in the winter months of November to February, to average 19-25C. Another 22 percent of loan facilities went into other services not mentioned in detail. The World Bank, for its part, classifies the Kingdom as a high-income, non-OECD country. The rise in general and administrative expenses due to appointing new staff, especially Saudis, and the increase in some employees salaries also contributed to the lower figure, he said. The share of nonperforming loans provided for residential real estate stood at 4.1 percent and credit card loans at 1.4 percent, respectively. The large foreign population comprises people from all over the world, including nationals from the Philippines, India, Pakistan, Afghanistan and Indonesia, among other Asian countries. The plan calls for a multitude of developments, including greater localisation of sectors such as defence and value-added industrial production; an expansion of religious and other forms of tourism; and the privatisation of public services across transport, utilities, education and health. | Khalid Al Falih (@Khalid_AlFalih) October 11, 2021. On October 25, 2017 a third VRP was released, the Public Investment Fund (PIF) Programme, which outlines a number of initiatives to be undertaken by Saudi Arabias sovereign wealth fund to 2020. Per GaStat data, the Kingdoms population density stood at about 17 people per sq km in 2018, though the figure is substantially higher in cities and urban areas. The Saudi Vision 2030 focuses on the aims and intentions of the Kingdom of Saudi Arabia to be achieved by 2030.

Around 70% of the members of the current council hold PhDs, many of which were granted from US and UK universities. By 800 CE, as a result of rapid expansion by the early Muslim caliphs and other leaders, Islam had become the predominant religion over a wide geographical area, spanning from what is now Spain and Portugal in the west, to Central Asia in the east.

Register now and also receive a complimentary 2-month licence to the OBG Research Terminal. Explore other chapters from this report. However, the Kingdom saw its FDI level drop from $8bn in 2014 and $7.5bn in 2016 before the prolonged oil price slump, to $1.4bn in 2017. In early 2019 the National Industrial Development and Logistics Programme (NIDLP) was inaugurated, bringing the number of VRPs to 13.

Until proven evidence for softened demands comes into sight, the (Ukraine) war-intensified supply shortage will keep the oil prices staying strong, said Tina Teng, an analyst at CMC Markets. The energy industry is dominated by state-owned Saudi Aramco, which controls nearly all of the oil and gas reserves and is estimated to be the worlds largest oil company. The NIDLP aims to guide growth in the industry, mining, energy and logistics sectors (see Industry chapter). The pan-European STOXX 600 index rose 0.4 percent on the day after struggling for direction in the prior session following an aggressive 50-basis point rate hike, the first increase by the European Central Bank in 11 years. Another goal of the strategy is positioning Saudi Arabia among the top ten economies on the Global Competitiveness Index by 2030, the Crown Prince said. FDI inflows then rebounded to around $3.2bn in 2018. Shareholders equity increased 30 percent to SR25.5 billion in 2021 compared to SR19.6 billion in 2020, the report added. Investment is without a doubt one of the main routes for us to achieve the ambitions and aspirations of Vision2030, among them economic development, diversification and sustainability; technology transfer and localization; infrastructure development; better quality of life; job opportunities and the upskilling of our human resources, leaving a legacy of prosperity for future generations, Saudi Arabia's Crown Prince Mohammed bin Salman. For the week, major European bourses were set to end higher, with the STOXX 600 up almost 3 percent. The latest statistics suggest that the financial, insurance, real estate and service sectors will grow by 9% per year in the next years. You agree to our use of cookies by accessing the website. As for nonperforming loans, their share in the total lending portfolio of real estate finance companies stood at 4.9 percent in 2021, while the figure for non-real-estate finance companies was double that at 10.1 percent. This law helped facilitate a smooth transition in 2015, with the accession of then-Crown Prince Salman to the throne.

While Russian gas flows to Europe resumed after a scheduled maintenance outage, market participants fretted as euro zone business activity unexpectedly shrank in July, due to a speedy downturn in manufacturing and a near-stalling of service sector growth. In line with the objectives of Vision 2030, the capital raised for the PIF through the initial public offering (IPO) of state-owned oil giant Saudi Aramco is to be channelled into new economic ventures, supporting the growth of the private and non-oil sectors. The King Abdullah Petroleum Studies & Research Center (KAPSARC) published a paper titled Economic Diversification Under Saudi Vision 2030: Sectoral Changes Aiming at Sustainable Growth to mark the fifth anniversary of the launch of the vision. The Majlis Ash-Shura, or Consultative Council, has an advisory role in the government and is made up of 150 members, all of whom are appointed by the king. Therefore, Islam informs and defines all areas of life, including the legal system, public behaviour, marriage relations, culture and the calendar. Investment is without a doubt one of the main routes for us to achieve the ambitions and aspirations of Vision2030, among them economic development, diversification and sustainability; technology transfer and localization; infrastructure development; better quality of life; job opportunities and the upskilling of our human resources, leaving a legacy of prosperity for future generations, he said in the statement. The governments relationship with, and its responsibilities towards, its citizens is codified by the Basic Law, which was passed by King Fahd in 1992. Average annual precipitation is around 8 cm, almost all of which falls between December and March, when tropical winds can cause monsoons in the south and south-west.

This signals much more than a strong recovery from COVID-plagued years, RBC analyst Michael Tran said in a note.

While 75 is in the cards, guidance will be important and any softening in the rate hike outlook would be great for global growth, Innes added.

Gains on Friday were led by sectors that are more resilient to uncertainty such as utilities, food and beverages and real estate stocks. The population was largely nomadic until the early 1960s, when rapid economic development fuelled by new oil revenue prompted a process of urbanisation, and by 2010 more than 95% of the countrys citizens were settled. With political power concentrated in Damascus and Cairo during the medieval period, a handful of nomadic and semi-nomadic groups came to control the Arabian Peninsula. This article is from the Country Profile chapter of The Report: Saudi Arabia 2020. Russia and Ukraine are major exporters of fertilizer, key to keeping corn, soy, rice and wheat yields high. Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. The Kingdom also participates in G20 meetings and is slated to host the G20 Leaders Summit in Riyadh in November 2020.

Aldrees Petroleum and Transport Services Co. Saudi station network Aldrees sees 44% profit surge in H1 on higher sales, Aldrees expects profits to grow in Q2 as it captures 7% market share, Fertilizer price projected to surge by 70% as Ukraine war disrupts supply: World Bank report, Oil Updates Crude loses ground; Price cap of Russian oil by December; Crude production resumed in Libya, Personal finance loans drive Saudi finance companies total lending to $19bn in Q1, The bottom line of President Joe Bidens Saudi Arabia visit, Much ado about nothing? During the second Saudi state, which was formed in the wake of the war and based out of Riyadh, the Al Saud family ruled over a substantial area in central Arabia from the early 1820s until 1891, when it succumbed to tribal infighting. In earnings reports, Danske Bank fell 2.7 percent as it axed dividends, while Swiss elevator and escalator manufacturer Schindler slipped 4.2 percent after cutting 2022 revenue guidance. Over the next few years the young ruler worked to consolidate his control over most of the Nejd region, where the Al Saud family remained popular among the local inhabitants. Moreover, the share of non-real-estate finance companies in the total credit portfolio was 62 percent versus 38 percent for real estate finance ones. The Crown Princehighlighted that out of the SR12 trillion,the Shareek program initiatives will inject SR5 trillion, the Public Investment Fund is set to contribute SR3trillion, and the remaining SR4 trillion will come from investments facilitated by the NIS. nextbigfuture wang 2034
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