Saudi economic growth gets vote of confidence in IMF report

Mohammed bin Abdullah Al-Jadaan, the Saudi minister of finance, said that the IMF's updated forecasts for Saudi growth offer proof of the effectiveness and positive impact of economic reforms. (SPA)
Updated 13 October 2018
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Saudi economic growth gets vote of confidence in IMF report

  • Saudi output is projected to increase by 2.2 percent in 2018 and 2.4 percent in 2019.

JEDDAH: The International Monetary Fund has published its latest World Economic Outlook report, which will be discussed during the IMF and World Bank annual meetings to be held in Bali, Indonesia, from October 12 to 14.

The report reveals a decrease in global growth projections and reductions in growth estimates for most developed and emerging economies during 2018 and 2019.

Saudi output, however, is projected to increase by 2.2 percent in 2018 and 2.4 percent in 2019.

Mohammed bin Abdullah Al-Jadaan, the Saudi minister of finance, said that the IMF's updated forecasts for Saudi growth offer proof of the effectiveness and positive impact of economic reforms and fiscal measures implemented by the government in accordance with the Fiscal Balance Program and Vision 2030.

He added that the public-finance strategy will reduce deficit rates, enhance sustainability, develop social-spending habits, modernize infrastructure, stimulate the private sector and develop the services sector to support economic growth and employment in the medium term.

“Although the oil-production surge has boosted the economic-growth estimates, the non-oil gross domestic product growth continues to recover in the medium term,” Al-Jadaan said. “Preliminary economic data indicate the Saudi progress.”

GDP grew by 1.4 percent in first half of 2018, compared with 0.8 percent reduction during the same period the previous year, due to a non-oil GDP recovery of 2.0 percent in 2018 compared with 0.1 percent a year earlier. The Ministry of Finance forecasts annual real GDP growth to reach 2.3 percent in 2019. The structural economic reforms are expected to boost growth in the medium and long term.”


Saudi drivers to make racing history with debuts at Ad Diriyah

Updated 13 December 2018
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Saudi drivers to make racing history with debuts at Ad Diriyah

  • Two local heroes to take to the track in the first-ever Jaguar I-PACE eTROPHY contest for production-based electric cars
  • Ahmed Bin Khanen and Bandar Alesayi of the Saudi Racing team will be among the first drivers to test Ad Diriyah track

RIYADH: Saudi motorsport has never looked so good as two drivers prepare for a historic debut in the Jaguar I-PACE eTROPHY, the world’s first international championship for production-based electric cars, being launched at the racetrack created at the stunning UNESCO World Heritage site of Ad Diriyah.

Flying the flag for Saudi Arabia, the General Sports Authority (SAMF) and the Saudi Arabian Motor Federation (SAMF), Ahmed Bin Khanen and Bandar Alesayi of the Saudi Racing team will be among the first drivers to take to the track tomorrow.

Saudi fans can cheer them on during their free practice session at 3.45pm tomorrow (Friday, December 14), and see if they make it to the final of eTROPHY at 12.50pm on Saturday (December 15).

Ahmed Bin Khanen, Saudi Racing said: “It’s really great to be part of the Jaguar I-PACE eTROPHY Championship, especially as the first race is in Saudi Arabia with my family and friends. I hope to get a good race result and most importantly, make the race exciting for fans to watch.”

The Saturday eTrophy final precedes the main ABB FIA Formula E race, the 2018 ‘Saudia’ Ad Diriyah E-Prix.

Single-day tickets from Friday at SR330 are still available at www.ad-diriyah-eprix.com, along with three-day tickets from SR950.