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Home - February 2021

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ECONOMIC TRENDS

Despite the challenges wrought by the coronavirus crisis, the kingdom managed to post impressive economic achievements.


ICT

Investment and interest in artificial intelligence is gaining momentum in the country, which aims to be one of the global leaders in the sector.

VISION 2030

The sovereign wealth fund will invest heavily in projects aimed at securing the kingdom’s economic future.

TOURISM

Authorities are laying the groundwork to maximise the Saudi capital’s financial and tourism potential.


SME

More than USD 150 million were raised last year, as small businesses help solve pain points emerging from the coronavirus crisis.


CURRENCY

Across the world, central bank leaders agree that keeping monetary policy loose for now will help support their economies battered by COVID-19.

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 IN THIS EDITION

The Saudi economy is off to a strong start to the year, with a number of initiatives that will accelerate the kingdom’s diversification drive.

After successfully hosting the G20 event last year, during one of the biggest health and economic crisis faced by the world, the kingdom held the Future Investment Initiative (FII) in January, which explored a post-COVID-19 world full of disruptive changes, but also possible new opportunities.

“Now a fundamental rethink about the ways in which we live our lives and how our economies and societies function is needed. A period, I hope, where every aspect of life across our planet is optimised, industries are reimagined and the world enters into a period of rebirth," Yasir Al-Rumayyan, chairman of FII Institute, said in a foreword.

Al-Rumayyan, who is also head of the Public Investment Fund (PIF), will spearhead the drive in Saudi Arabia with the pledge to invest nearly SAR 40 billion into the Saudi economy over the next five years. This is expected to have a multiplier effect in the country’s investment cycle and generate more business activity, which is vital for private sector growth.

A new development for the capital city of Riyadh, and acceleration of Saudi Vision 2030 projects – such as NEOM, as well as in the areas of artificial intelligence and transportation – should also accelerate investor and business sentiment.

To boost economic growth, the kingdom also launched new laws to bolster rights of citizens, residents and businesses alike.

These included the Personal Status Law, the Civil Transactions Law, the Penal Code for Discretionary Sentences, and the Law of Evidence. These new laws are meant to preserve rights, bolster the principles of justice, enforce transparency, protect human rights and achieve comprehensive and sustainable development, in a manner to reinforce the Kingdom’s global competitiveness, according to the Saudi Press Agency.
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