| Saudi business, consumer and investor confidence is reaching new heights.
Ipsos’ Global Consumer Confidence Index shows Saudi consumers were only second to Chinese consumers in terms of their optimism and future prospects.
China’s national consumer index stood at 72.6 points, while Saudi Arabia was at 65.7 in May, the second highest among its peers, according to Ipsos, a global survey and research firm.
Ten of the 24 countries surveyed show significant growth in their national index in May compared to April, with Saudi Arabia showing a 1.8-point increase. The kingdom was also among six countries that registered month-on-month gains in all three indices related to expectations, jobs, and investment.
Saudi businesses are also anticipating strong growth as the pandemic shows signs of subsiding and pent-up economic demand is unleashed.
As such, the Saudi Ministry of Commerce said it granted six steel export licenses and six cement export licenses to date, in anticipation of robust construction plans to meet the goals of the Saudi Vision 2030 programmes and five-years goals. Last year, the ministry issued a total of 21 cement export licenses and 19 steel licenses, and is currently reviewing two other export requests.
The Ministry of Industry and Mineral Resources also issued 83 industrial licenses in April, comprising a capital base of SAR 1.58 billion, compared with 12 licenses issued during the same period last year. In March, the ministry had issued 102 new licenses with a capital of SAR 15.23 billion.
The wheels of the economy continue to turn quickly with 80 new factories starting production in the past two months, the ministry noted.
The slew of business and industrial activities all point to a robust recovery for the Saudi economy, as it makes up lost ground from 2020 and proceeds with its spate of Vision 2030-aligned projects. |
Contact SAB
