Saudi annual income one of the highest in region

Updated 16 April 2013

Saudi annual income one of the highest in region

The average Saudi per capita annual income of SR 93,472 ($ 24,925) is one of the highest in the Middle East and North Africa region, Standard and Poor’s said.
However, the credit rating agency put Saudi Arabia as the fourth among GCC countries.
S&P also said the Kingdom needs to diversify its economy away from oil.
Dubai has the highest income among GCC countries, the agency said.
Ibrahim Al-Assaf, the minister of finance, said the Kingdom should rank higher than the Standard and Poor’s rating.
S&P said that the outlook for the Saudi economy is stable because there are no economic shocks that are affecting other countries, especially in Europe, and there are no economic risks facing the Kingdom.
S&P also ranked the Saudi banking system as one “of the strongest systems in the world.” It based its opinion on the sound and strict monetary and fiscal regulations of the Saudi Arabian Monetary Agency (SAMA), which directs local banks to focus on the local economy.
The ratings agency believes SAMA is an efficient watchdog of the banking system, since it prevents the banks from assuming high risk transactions in complex financial products.


Four people stabbed in Riyadh

Updated 10 min 38 sec ago

Four people stabbed in Riyadh

RIYADH: Riyadh police are currently investigating a stabbing that took place at King Abdullah Park in Al-Malaz. The man attacked live performers on a stage and injured four of them. Police evacuated the area as a precautionary measure.

According to Yaser Al-Jalajil, official spokesman for the Saudi Red Crescent in Riyadh, nine teams arrived at the location and transported all injured victims to Prince Mohammed bin Abdul Aziz Hospital. The incident took place at 8 p.m.

Earlier a video clip of the incident was circulated on social media showing the attacker jumping on the stage and attacking the victims. A security guard was seen tackling the man and bringing him down.

Arab News contacted police sources who said that they were investigating the incident and would issue a statement. According to reports an Arab national armed with a knife was arrested from the scene.