SAMA economy report: Positive indicators despite a small GDP contraction

King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of Vision 2030. (SPA)
Updated 06 September 2018
0

SAMA economy report: Positive indicators despite a small GDP contraction

  • Report highlights surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016

JEDDAH: King Salman on Wednesday discussed the economic prospects of the country with the country’s finance minister and other officials, after being presented with the 54th annual report of the Saudi Arabian Monetary Authority (SAMA).

The meeting, which took place at Al-Salam Palace in Jeddah, saw the attendance of the Minister of Finance Mohammed bin Abdullah Al-Jadaan, SAMA Gov. Ahmed Abdulkarim Alkholifey and the governor’s deputies.

SAMA, in its annual report, detailed the economic and financial developments of the country in 2017. King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of the Kingdom’s Vision 2030.

Alkholifey, on his part, said that the national economy had witnessed a number of positive indicators despite the contraction of the GDP by about 0.86 percent, as a result of the decline of the GDP of the oil sector by 3.09 percent. However, the GDP of the non-oil sector registered a positive growth of 1.05 percent. The average consumer price index fell by 0.9 percent in 2017 compared to a rise of 2.0 percent in 2016.

He added that the most telling achievement was the remarkable improvement in the Kingdom’s current account of the balance of payments, which recorded a surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016. Another feather in its cap was the inclusion of the Saudi Stock Exchange in a number of global market indexes for emerging markets – a move expected to attract more local and foreign investments.

Alkholifey expressed hope that the local economy would continue to adjust to reforms adopted during the last two years by achieving good growth rates and contributing to the goals of the kingdom. He added that the policies are helping the Kingdom move toward achieving a diversified and sustainable economy.

He also noted that in early 2018, a financial sector development program was conceptualized to advance the sector and, in turn, support the economy, stimulate savings and improve its ability to meet future challenges.

Alkholifey said that accelerating the growth of the financial sector was one of SAMA’s key tasks – something which it hopes to achieve to support the economic goals of the Kingdom.


Salman Khan, Cuba Gooding Jr. to host discussions during Saudi Film Festival

Updated 45 min 12 sec ago
0

Salman Khan, Cuba Gooding Jr. to host discussions during Saudi Film Festival

  • The six-day celebration of cinema is organized by the Saudi Arabian Society for Culture and Arts
  • The Sharqiah Season, the first of 11 Saudi seasons of entertainment, will run until the end of the month

DHAHRAN: As part of Sharqiah Season in the Eastern Province, the fifth Saudi Film Festival will feature Oscar winner Cuba Gooding Jr. and Indian superstar Salman Khan.
The six-day celebration of cinema is organized by the Saudi Arabian Society for Culture and Arts (SASCA) in partnership with the King Abdulaziz Center for World Culture (Ithra).
Khan recently announced in a video message that he will visit Ithra on Sunday as a guest of the film festival.
“Hello Saudi Arabia, assalamu alaikum,” he said in the video. “See you at Ithra on the 24th of March, InshaAllah.”
The actor is best known for his performances in blockbuster Hindi flicks such as “Bajrangi Bhaijaan”, “Ek Tha Tiger” and its sequel “Tiger Zinda Hai.”
In “An Evening with the Stars,” Khan will talk about his lengthy Bollywood career as both a film star and a producer.
He has starred in more than 80 Bollywood films, and has produced more than 30 via his production company Salman Khan Films.
On Monday, Gooding Jr. will take to the stage to discuss his 30 years of experience as an actor.
The American is best known for his performances in “Jerry Maguire”, “A Few Good Men” and “Men of Honor.”
Gooding Jr. has played more than 85 roles over the course of his career. He won an Oscar for Best Supporting Actor for his role as Rod Tidwell in the 1996 film “Jerry Maguire.”
Tickets to both events, as well as for the film festival as a whole, are available on Ithra’s website.
The Sharqiah Season, the first of 11 Saudi seasons of entertainment, will run until the end of the month, with more than 83 activities in nine cities.