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.


A jubilant Saudi Arabia celebrates its past, present … and future

Updated 24 September 2018
0

A jubilant Saudi Arabia celebrates its past, present … and future

  • Crown Prince Mohammed bin Salman said National Day is an opportunity to recall the achievements of the country’s founder
  • Saudi Arabia’s friends around the world outdid themselves in expressing their wishes to the Kingdom

RIYADH/JEDDAH/DUBAI:  It was a day that captured the heightened spirit of a nation.

In a year of remarkable changes, Saudi National Day on Sunday took on an exuberance like no other celebration before it, with enough fireworks to break a world record, people celebrating together outdoors across the land and landmarks around the world illuminated with the flag. 

In a speech marking the Kingdom’s 88th National Day, Crown Prince Mohammed bin Salman praised the nation’s growth under King Salman, saying that while Vision 2030 “looks forward to the future,” Saudi Arabia “will remain committed to the principles” of Islam, “the religion of tolerance and moderation.”

The crown prince said National Day is an opportunity to recall the achievements of the country’s founder, King Abdul Aziz, and his sons. “On our National Day, we take pride in our country’s position on an international, Islamic and Arab level.” 

His sentiments were echoed by citizens, who gathered last night in 20 cities to watch more than 900,000 fireworks light up the sky.

Laser light show at a Jeddah stadium Sunday night as part of National Day celebrations. (AN photo by Huda Bashatah)

“I am so happy with all the changes going on under the visionary leadership of King Salman and Crown Prince Mohammed bin Salman. Saudi women are happy to join the National Day parades, this year behind the wheel,” said Saudi actor and presenter Khairiah Abu Laban.

“We went around the city to see the lighting and the fireworks,” said Saleh Al-Omri, a pharmacist in Riyadh. “Green and white balloons fill either side of Riyadh streets.”

Saudi Arabia’s friends around the world outdid themselves in expressing their wishes to the Kingdom over the weekend, culminating on the day. 

The Burj Khalifa was illuminated with the Saudi flag, while the Nasdaq Tower’s digital billboard in New York’s Times Square was lit up with photos of King Salman, Crown Prince Mohammed bin Salman and the flags of Saudi Arabia and the UAE. 

In Lebanon, Pigeon Rocks, in Raouché off the coast of Beirut, were lit in the colors of the Saudi flag. 

The UAE’s airlines got in on the game. Emirates operated a special one-off A380 service on Sunday to Riyadh, and crew handed out scarves emblazoned with the countries’ flags.

Not to be outdone, Etihad said it was using the only Saudi A380 pilot in the world, Wesam Sameer Al-Najjar, to fly its Year of Zayed plane to Jeddah with the UAE’s Captain Ahmed Almalood. 

And if all that wasn’t enough, King Salman added an extra day, Monday, to the holiday.

Air show by the Saudi Royal Air Force in Jeddah in celebration of National Day. (SPA)