Saudi personal income levels show sharp rise

Updated 27 February 2013
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Saudi personal income levels show sharp rise

Saudi Arabia’s per capita income rose 27.2 percent from 2010 to 2011 following an increase of 17.1 percent from 2009 to 2010, according to a report by the Saudi Arabian Monetary Agency (SAMA).
Preliminary figures indicate that expenditure on GDP increased by 31 percent to SR 2.239 billion, “including import duties,” during 2011, said the report. This compares to SR 1.709 billion during 2010. The rise was attributed to a 103.3 percent increase in net exports of goods and services during 2011. This translates into a rise from SR 328.6 billion in 2010 to SR 668 billion in 2011.
Meanwhile, Fadl Bu Aynain, an economic expert, told Asharq Al-Awsat that “what matters in these figures is the constituents of GDP, since an increase in GDP, and hence per capita income, is more reliable when there is diversity of production and a dominance of industrial production.”
He added: “When oil revenues dominate the GDP, this gives a skewed view of economic growth. In other words, the rise of oil prices and the increase in oil output have influenced the total GDP. So we can say that without knowing the details of the factors that contribute to GDP, you cannot have a meaningful picture of the economy.”
He explained: “The economy that depends on royalties may cause major problems in the future, unless the growth in GDP is based on diversifying and broadening the base of industrial and service production.
“This will create jobs, increase real per capita income, and create sustained development, through the private sector, in particular. If that does not happen, Saudi Arabia may face major challenges in fulfilling its obligations in the future in case there were substantial changes in oil prices or in the ratio of exports to the total GDP.”
Tal’at Hafidh, secretary-general of the Commission for Orientation and Education in the Banks, said one of the major causes of inflation in Saudi Arabia is “what we call imported inflation, when the prices of imported goods are hiked for various reasons in the country of origin, or when there are extra expenses added on the goods, like an increase in shipping and insurance costs, etc.”


KSA's King Salman Center for Disability Research holds its 9th general assembly meeting

Riyadh Gov. Prince Faisal bin Bandar and SCTH President Prince Sultan bin Salman attend the 12th meeting of the KACDR in Riyadh. (SPA)
Updated 39 min 6 sec ago
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KSA's King Salman Center for Disability Research holds its 9th general assembly meeting

  • Prince Sultan bin Salman, chairman of the board of trustees, expressed his thanks and appreciation to King Salman for his support of the disability issue

On behalf of Prince Bandar bin Abdul Aziz, founder of the King Salman Center for Disability Research (KSCDR), Riyadh Gov. Prince Faisal bin Bandar attended the General Assembly’s 9th meeting and the 12th meeting of the center’s founders.

Prince Sultan bin Salman, chairman of the board of trustees, expressed his thanks and appreciation to King Salman for his support of the disability issue.

He said that King Salman’s support boosted the state strategy of empowerment and integration of people with disabilities. The Kingdom’s efforts on the issue of disability made it an international pioneer, he said.

“The center is aware of the importance of the advanced scientific research as a parallel activity of the educational and rehabilitation services it provides,” he said. 

Prince Sultan praised the adoption of the national program for learning disabilities by the center in cooperation with the Education Ministry, noting that the program has helped qualify 20,000 teachers and benefit more than 500,000 male and female students, along with the hundreds of sessions the center has organized to help tens of thousands of citizens and residents.

Prince Sultan stressed the center’s effective partnerships with information, scientific, educational and medical institutions in Saudi Arabia, including the ministries of health, education, defense, interior, labor and social development, national guard, the King Abdul Aziz City for Science and Technology and universities.

“We have intensified our efforts to conduct scientific research, along with the center’s practical work and pioneering future researches with the world’s best partners, to serve people with disabilities.”