You are here

  • Home
  • Saudi crown prince praises ‘fundamental achievements’ on Vision 2030 journey

Saudi crown prince praises ‘fundamental achievements’ on Vision 2030 journey

Saudi crown prince praises ‘fundamental achievements’ on Vision 2030 journey
Saudi Arabia’s Crown Prince Mohammed bin Salman delivering the annual royal address after inaugurating the first year of the ninth session of the Shoura Council. SPA
Short Url

https://arab.news/9erq9

Updated 19 September 2024
Nirmal Narayanan 
Follow

Saudi crown prince praises ‘fundamental achievements’ on Vision 2030 journey

Saudi crown prince praises ‘fundamental achievements’ on Vision 2030 journey
Updated 19 September 2024
Nirmal Narayanan 
Follow

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman highlighted the progress made by the Kingdom in tourism and employment as he delivered an update on the Vision 2030 initiative. 

In the annual royal address after inaugurating the first year of the ninth session of the Shoura Council, the crown prince said that Saudi Arabia’s economic diversification efforts are progressing steadily, with non-oil activities recording the highest contribution to the Kingdom’s real gross domestic product at 50 percent in 2023. 

Bolstering this sector is crucial for Saudi Arabia as it seeks to reduce its dependence on oil revenues, and the crown prince described praised the Kingdom for its “many fundamental achievements during this great journey,” according to the Saudi Press Agency. 

Reflecting on the progress of Vision 2030, which was announced in 2016, he said: “In the field of tourism, achievements preceded the target date, as the national tourism strategy, which was launched in 2019, set a target of 100 million tourists in 2030, and this target was exceeded and reached 109 million tourists in 2023.” 

The Kingdom’s tourism ambition has now been altered to attracting 150 million visitors by 2030 as a result of hitting this target.

The crown prince highlighted that unemployment among Saudi citizens, both male and female, recorded its lowest level in history in the first quarter of 2024, reaching 7.6 percent, compared to 12.8 percent in 2017. 

He added: “The Public Investment Fund continues its role in achieving its goals to be a driving force for investment.” 

The crown prince added that the percentage of homeownership among Saudi nationals increased from 47 percent in 2016 to more than 63 percent. 

According to the crown prince, Saudi Arabia has also achieved an advanced position in the field of renewable energy, becoming one of its most active players in the sector, regionally and internationally. 

Highlighting the growth of the mining sector in the Kingdom, he said that Saudi Arabia is now the world’s largest repository of natural resources. 

The crown prince added that the country is emerging as a top destination for mega events, with the nation gearing up to host Expo 2030 and FIFA World Cup 2034. 

“The Kingdom enjoys global confidence that has made it one of the first destinations for global centers and major companies, most notably the opening of the International Monetary Fund’s regional office and a center for multiple international activities in sports, investment, and culture, serving as a gateway to cultural communication,” he said. 

Topics: main Mohammed bin Salman Saudi Arabia's Crown Prince Mohammed bin Salman Vision 2030

Related

Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman. (File/SPA)
Saudi Arabia
Saudi crown prince to deliver annual royal address at Shoura Council on Wednesday
IMF highlights Saudi Arabia’s economic gains and Vision 2030 progress in latest review
Business & Economy
IMF highlights Saudi Arabia’s economic gains and Vision 2030 progress in latest review

Saudi Arabia’s Qassim region’s untapped mineral wealth exceeds $32bn

Saudi Arabia’s Qassim region’s untapped mineral wealth exceeds $32bn
Updated 12 sec ago
NADIN HASSAN  
Follow

Saudi Arabia’s Qassim region’s untapped mineral wealth exceeds $32bn

Saudi Arabia’s Qassim region’s untapped mineral wealth exceeds $32bn
  • Total value of Qassim’s resources is estimated at SR122.3 billion
  • Region hosts 35 mineralized belts, including gold, copper, lead, nickel, and zinc
Updated 12 sec ago
NADIN HASSAN  

RIYADH: Qassim region’s SR122 billion ($32.5 billion) in untapped mineral wealth means it will become a key contributor to Saudi Arabia’s Vision 2030 plan, according to a Ministry of Industry and Mineral Resources spokesman.

Jarrah bin Mohammed Al-Jarrah posted on X that Qassim holds high-quality mineral ores, including lead, tin, granite, and tungsten.

The strategic focus on economic diversification has placed the mining sector at the forefront of national development plans, with the Kingdom’s mineral wealth valued at an estimated SR9.4 trillion.

The total value of Qassim’s resources is estimated at SR122.3 billion, with gold accounting for SR87.7 billion, bauxite at SR24.6 billion, zinc at SR4.7 billion, copper at SR4 billion, and silver at SR1.4 billion.

Al-Jarrah highlighted that the region, which is located in the center of Saudi Arabia approximately 400 km northwest of Riyadh, hosts 35 mineralized belts, including 16 for gold, 15 for copper and lead, three for nickel, and one for zinc.

Qassim also has eight phosphate reserve sites and a mining complex for bauxite ore, as well as 32 mining complexes, designated for construction materials, including 17 for gravel, nine for sand, and six for fill materials.

The spokesman highlighted that Qassim’s industrial sector is robust and diverse, housing 580 factories.

Around 84 percent of these facilities are located in the region’s main cities including Buraidah, Unaizah, Al-Rass, and Al-Badayea.

Key industries include food and beverage production, basic goods, pharmaceuticals, and rubber and plastic manufacturing.

The region’s industrial workforce totals 35,000 employees, with females making up over 15 percent, reflecting ongoing efforts to empower women in the sector.

The Minister of Industry and Mineral Resources, Bandar Alkhorayef, is visiting Qassim on Oct. 9 to inaugurate several projects in industrial cities under the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON.

He will also attend the launch of the Youth of Industry forum, aimed at developing national skills in the industrial sector through specialized workshops and career counseling.

The visit will include the launch of initiatives to enhance human capabilities in the industrial and mining sectors, alongside meetings with investors during factory visits.

Saudi Arabia is rich in minerals essential for various global industries, transforming the Kingdom into a leading exporter of diverse energy types, shifting away from its traditional role as an oil producer.

It has strong potential to produce minerals essential for energy transition, such as aluminum, copper, rare earth elements, and resources needed for global agriculture.

Topics: Saudi Arabia Qassim minerals Mining Saudi mining Saudi Ministry of Industry and Mineral Resources

Related

Foreign investments surge in Saudi stocks, reaching $1.02bn in September
Business & Economy
Foreign investments surge in Saudi stocks, reaching $1.02bn in September
Saudi POS transactions surge 2.6% to $3.6bn, driven by education sector growth
Business & Economy
Saudi POS transactions surge 2.6% to $3.6bn, driven by education sector growth

Foreign investments surge in Saudi stocks, reaching $1.02bn in September

Foreign investments surge in Saudi stocks, reaching $1.02bn in September
Updated 09 October 2024
Nirmal Narayanan
Follow

Foreign investments surge in Saudi stocks, reaching $1.02bn in September

Foreign investments surge in Saudi stocks, reaching $1.02bn in September
Updated 09 October 2024
Nirmal Narayanan

RIYADH: Foreign investors made net purchases of approximately SR3.84 billion ($1.02 billion) in stocks on the Saudi Exchange in September, marking a 947 percent increase year on year, according to official data.

The latest monthly report from Tadawul revealed that net foreign purchases in September 2023 amounted to SR366 million.

Attracting foreign investment is a key objective under Vision 2030, as Saudi Arabia seeks to position itself as a global business hub. A recent report from Statista highlighted the growth of the Saudi market, noting that the Kingdom’s stock exchange, with a market capitalization of $2.93 trillion, ranks as the third largest in the Europe, Middle East, and Africa region.

According to Tadawul, net foreign purchases for the first nine months of this year totaled SR16.4 billion, reflecting a 36 percent increase from the previous year. Qualified foreign investors led these international purchases, contributing SR3.78 billion in September, while foreign residents added SR76.62 million to their holdings.

The total value of foreign ownership in Saudi stocks reached SR414.9 billion in September, a year-on-year increase of 13.39 percent. In comparison, Saudi individuals held stocks valued at SR946.32 billion in the main market, up 18.71 percent from the same period last year. Institutional investors reported stock holdings of SR8.66 trillion by the end of September, representing a 15.01 percent decline year on year.

Gulf Cooperation Council investors owned stocks worth SR77.72 billion in the Kingdom’s main market by the end of September, marking a 36.85 percent increase compared to the previous year.

Parallel market insights

The report also highlighted that foreign ownership in Saudi Arabia’s parallel market, Nomu, reached SR914.07 million by the end of September, up 67.54 percent year on year. In this market, both individual and institutional Saudi investors held stocks valued at SR54.33 billion in September, reflecting a 16.73 percent rise from the previous year. Stocks held by GCC investors in the parallel market surged by 26.85 percent year on year, totaling SR247.44 million by the end of September.

Topics: TASI NOMU Foreign investors

Global sukuk hit $900bn outstanding by Q3: Fitch Ratings

Global sukuk hit $900bn outstanding by Q3: Fitch Ratings
Updated 09 October 2024
Nirmal Narayanan
Follow

Global sukuk hit $900bn outstanding by Q3: Fitch Ratings

Global sukuk hit $900bn outstanding by Q3: Fitch Ratings
  • US Federal Reserve’s recent decision to lower rates to 5% in September is expected to lead to further declines
  • Debt capital market in the GCC is about $1 trillion outstanding, with sukuk accounting for 37%
Updated 09 October 2024
Nirmal Narayanan

RIYADH: Global sukuk outstanding reached $900 billion by the third quarter of the year, marking an 8.5 percent year-on-year increase, driven by improved financing conditions after the US Fed rate cut, according to Fitch Ratings. 

The US Federal Reserve’s recent decision to lower rates to 5 percent in September is expected to lead to further declines, with Fitch projecting rates of 4.5 percent and 3.5 percent by the end of 2024 and 2025, respectively. This environment is anticipated to stimulate sukuk issuances in the near term. 

The analysis said that several factors, including the refinancing of upcoming maturities and the funding and diversification goals of Islamic countries, will drive the growth of sukuk issuances in the fourth quarter of this year and into 2025. 

Sukuk, which is also called an Islamic bond, is a Shariah-compliant debt product, through which investors gain partial ownership of an issuer’s assets until maturity. 

The analysis from Fitch follows Saudi energy giant Aramco’s recent completion of a $3 billion international sukuk issuance, with demand exceeding expectations and reaching six times oversubscription. 

“We are seeing a build-up of sukuk pipeline partially supported by the recent Fed cut. However, downside risks include shariah-related complexities, rising geopolitical risks, and oil volatilities that could affect market growth,” said Bashar Al-Natoor, global head of Islamic finance at Fitch Ratings. 

He added: “In general, sukuk market credit conditions are sound, with 81.5 percent of Fitch-rated sukuk being investment-grade, 95 percent of sukuk issuers on Stable Outlooks, and no defaults.” 

In the Gulf Cooperation Council region, the debt capital market is about $1 trillion outstanding, with sukuk accounting for 37 percent. 

According to the analysis, international demand for emerging market US dollar debt issuance is likely to rise, with sukuk comprising more than 10 percent. 

The report also said that the sukuk market has become more diverse following the inaugural sukuk issuance by Ireland-based AerCap Holdings and Kuwait’s first sustainable sukuk from Warba Bank. 

In August, another report released by Fitch Ratings said that the UK is a Western hub for Islamic finance, with the London Stock Exchange being the third-largest listing venue for US dollar sukuk globally. 

According to that report, the LSE currently holds a 35 percent global share of US dollar sukuk, valued at around $80 billion outstanding at the end of the first half of this year. 

Topics: US Federal Reserve Sukuk Global sukuk global sukuk issuance Fitch Ratings

Related

Saudi Arabia offers October ‘Sah’ sukuk savings products with over 4.9% return 
Business & Economy
Saudi Arabia offers October ‘Sah’ sukuk savings products with over 4.9% return 
Aramco raises $3bn in oversubscribed dollar-denominated sukuk offering
Business & Economy
Aramco raises $3bn in oversubscribed dollar-denominated sukuk offering

Egypt annual inflation rate slows to 26%

Egypt annual inflation rate slows to 26%
Updated 09 October 2024
Nour El-Shaeri 
Follow

Egypt annual inflation rate slows to 26%

Egypt annual inflation rate slows to 26%
  • Egypt’s general consumer price index reached 236.5 points
  • Some areas saw a decline, with hotel service prices falling by 0.1%
Updated 09 October 2024
Nour El-Shaeri 

RIYADH: Energy price rises led Egypt’s September inflation rate to reach 26 percent, although it is a significant reduction from the 40.3 percent recorded in the same month of 2023. 

According to the nation’s Central Agency for Public Mobilization and Statistics, Egypt’s general consumer price index reached 236.5 points, a 2.3 percent increase from August. 

Electricity, gas, and other fuels saw a substantial increase of 14.9 percent, adding further pressure on household expenses. 

Other contributors to the inflationary pressure included a 0.7 percent rise in cereals and bread and similar surges in meat and poultry. 

The prices of fish and seafood increased by 1.7 percent, while dairy products, cheese, and eggs saw a 2.8 percent rise. 

The vegetable category recorded a significant jump of 12.4 percent, and the cost of fruits rose by 1.7 percent. 

Sugar and sugary foods edged up by 0.2 percent, and coffee, tea, and cocoa prices grew 0.9 percent. 

Other categories also saw increases, including fabrics, up 1.1 percent, ready-made garments by 0.8 percent, and footwear by 0.3 percent. 

The prices for actual housing rent increased by 0.9 percent, while furniture and furnishings rose by 0.8 percent. 

Home maintenance goods and services grew by 1.4 percent, and household appliances by 1.5 percent. 

Medical products and equipment registered a 3 percent increase, while hospital services rose 1.3 percent. 

Transportation costs, including private carrier expenses, increased by 1 percent, with vehicle purchases up by 2.3 percent. 

Despite these rises, some areas saw a decline, with hotel service prices falling by 0.1 percent. 

However, this decrease was not enough to counterbalance the broader upward trend in other sectors. 

Egypt has tightened its monetary policy as part of an $8 billion financial support package from the International Monetary Fund signed in March. 

The program requires the country to implement various economic adjustments, including raising domestic prices and allowing the currency to depreciate. 

In line with these measures, the Central Bank of Egypt raised interest rates by 600 basis points on March 6, bringing total rate hikes for 2024 to 800 basis points. 

To address a budget deficit that reached 505 billion Egyptian pounds ($10.27 billion) in a 3.016 trillion pound budget for the fiscal year ending June 30, the government also increased the prices of certain subsidized goods. 

On June 1, the price of subsidized bread was increased by 300 percent, while on July 25, fuel prices rose by up to 15 percent.

The country’s food subsidy spending grew to 133 billion Egyptian pounds in the 2023/24 financial year, reflecting a 10 percent increase compared to the previous year. 

Topics: egypt inflation Egypt Egypt economy Inflation

Related

Pakistan annual inflation slows to lowest in almost four years in September
Pakistan
Pakistan annual inflation slows to lowest in almost four years in September
Saudi Arabia’s inflation rate hits 1.6%: GASTAT  graphic
Business & Economy
Saudi Arabia’s inflation rate hits 1.6%: GASTAT 

Saudi POS transactions surge 2.6% to $3.6bn, driven by education sector growth

Saudi POS transactions surge 2.6% to $3.6bn, driven by education sector growth
Updated 09 October 2024
MIGUEL HADCHITY 
Follow

Saudi POS transactions surge 2.6% to $3.6bn, driven by education sector growth

Saudi POS transactions surge 2.6% to $3.6bn, driven by education sector growth
  • Telecommunication spending rose 17.4% to SR136.5 million
  • Expenditure on furniture saw the largest decline, dropping 11.7% to SR349.3 million
Updated 09 October 2024
MIGUEL HADCHITY 

RIYADH: Saudi Arabia’s point-of-sale transactions climbed 2.6 percent to SR13.7 billion ($3.6 billion) in the week ending Oct. 5, driven by a sharp increase in spending within the education sector, official data showed. 

The latest figures from the Saudi Central Bank, also known as SAMA, showed that the education sector led the growth with a 96.8 percent surge in transactions, totaling SR196.8 million, following weeks of declines since the academic year started in August. 

Telecommunication spending followed, rising 17.4 percent to SR136.5 million. The public utilities sector recorded the third-largest increase, with a 13.9 percent jump to SR61.5 million. 

Expenditure on furniture saw the largest decline, dropping 11.7 percent to SR349.3 million during this period. 

Spending on electronic devices fell 8.4 percent to SR238 million, while clothing and footwear saw a 7.4 percent decrease to SR757.3 million. Recreation and restaurant expenditures also declined by 2.4 percent and 1.9 percent, respectively. 

These five sectors were the only ones to register declines, while the majority of industries experienced growth. 

In terms of transaction value, the food and beverages sector retained the largest share of POS spending, totaling SR2.22 billion, followed by restaurants and cafes at SR1.95 billion, and miscellaneous goods and services at SR1.77 billion. 

Spending in these top three categories accounted for approximately 43.3 percent, or SR5.9 billion, of the week’s total POS value. 

Geographically, Riyadh led POS transactions, representing 34.3 percent of the total, with spending in the capital reaching SR4.71 billion, the second-highest increase at 4.7 percent. 

Jeddah followed with a 2.2 percent rise to SR1.86 billion, accounting for 13.6 percent of the total. Dammam ranked third with SR697 million, recording the highest increase at 5.8 percent. 

Tabuk saw the third-largest spending increase, up 4.2 percent to SR276.2 million. Hail and Abha also experienced growth, with expenditures rising 1.7 percent and 0.5 percent to SR224.6 million and SR168.6 million, respectively. 

In terms of the number of transactions, Dammam saw the highest increase at 6.8 percent, reaching 9,112 transactions. Hail and Buraidah recorded the smallest increases at 2.9 percent each, with 4,046 and 4,964 transactions, respectively. 

Topics: Saudi Arabia PoS point of sale Saudi Central Bank (SAMA)

Related

Saudi POS spending hits $3bn; education sector leads the way graphic
Business & Economy
Saudi POS spending hits $3bn; education sector leads the way
Closing Bell: Saudi main market closes in green at 12,027
Business & Economy
Closing Bell: Saudi main market closes in green at 12,027

Latest updates

Ex-UK soldier denies passing secrets to Iran intelligence
Ex-UK soldier denies passing secrets to Iran intelligence
Saudi Arabia’s Qassim region’s untapped mineral wealth exceeds $32bn
Saudi Arabia’s Qassim region’s untapped mineral wealth exceeds $32bn
Saudi King Salman completes medical tests successfully
Saudi King Salman completes medical tests successfully
Journalist calls out US spokesperson’s messages during press briefing
Journalist calls out US spokesperson’s messages during press briefing
Russia says peace in Ukraine is impossible if Kyiv gets NATO membership
Russia says peace in Ukraine is impossible if Kyiv gets NATO membership

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.