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Home - October 2019

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ECONOMIC TRENDS

The Kingdom’s non-oil sector GDP rose around 2.94% during the second quarter with the private sector leading the way.

REAL ESTATE

The government’s objective to increase home ownership among nationals has spurred investment in residential property projects across the kingdom.

PETROCHEMICALS

Aside from streamlining operations, companies are putting more money into improving their businesses.

POWER

Power conservation and renewable energy will play a huge part in the kingdom’s long-term goal for sustainability.

SME

Making funding options accessible to small businesses has been crucial to developing the kingdom’s growing entrepreneurial sector.

COMMODITY

The yellow metal is seen as a solid hedge amid trade tensions and geopolitical risks, while base metals’ performance seeks direction from China.

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 IN THIS EDITION

Saudi Arabia jumped three places in the latest Global Competitiveness Index to emerge as the 36th most business-friendly country in the world out of 141 nations.


The The World Economic Forum (WEF), which conducts the survey every year, said Saudi Arabia is making strides to diversify its economy: the non-oil sector is expected to expand in 2019, and further public and private investments outside the mineral sector will be deployed over the next few years.


“The determination of Saudi Arabia to initiate a process towards structural transformation of its economy is mostly visible in terms of ICT adoption (38th), a pillar where the country has gained 9.4 points,” the WEF said in its annual report.


The latest government data also shows the non-oil economy is driving growth, expanding by 2.94% in the second quarter on the back of strong economic activity.


To keep the momentum going, the kingdom continues to roll out new projects to accelerate economic development. In October, the government said it plans to launch a new logistics zone open to private investors in the Red Sea port city of Jeddah, according to a The transport ministry statement.


The new zone will be located in The AlKhomra and aims to boost the logistics sector to help diversify the kingdom's economy away from oil.


AlKhomra Logistics Zone’s strategic location, with its proximity to Jeddah Islamic Port, will contribute to making it a global logistics destination and a major hub linking the Middle East, Europe and Africa, according to Eng. Saad bin Abdulaziz Al-Khalb, president of the The Saudi Ports Authority (MAWANI).


Meanwhile, the Saudi government also signed a number of deals with its counterpart in Russia during the recently concluded The Saudi-Russian Joint Committee as the two countries expand their strong energy ties into other areas.

Some of the areas of collaboration will include scientific research, space, justice, health services, tax administration, mineral wealth, tourism, aviation industry, trade relations and co-operation between relevant government agencies, such as sovereign investment funds, state-owned enterprises and the private sector.
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