Saudi per capita income may hit SR 116,900

Updated 27 May 2012

Saudi per capita income may hit SR 116,900

Experts have predicted that Saudi per capita income in the gross domestic product (GDP) will climb to SR 116,900 but, however, warned against growing inflation.
Earlier, the International Monetary Fund (IMF) predicted that Saudi per capita income would rise by 27.6 percent in 2011 to SR 81,200 compared to SR 63,600 in 2010.
Based on the Kingdom's annual population growth of 2.21 percent, Saudi population will reach 19.8 million and Saudi per capita income will hit SR 116,900 on the current prices and SR 48,800 based on fixed prices, economic expert Fahad Jumaa said.
He voiced concern that inflation will remain a major threat to Saudi income in the current year.
Jumaa said inflation has direct effect on per capita income as shown in the difference between the nominal and real values of per capita income.
Economic analyst Muhammed Al-Salim said Saudi income was enormously affected by inflation in the last few years, which coincided with the loss of a large segment of citizens of their savings in money market setbacks.
He said economic indicators showed that the real income of Saudis has not changed since the 1980's, a matter that necessitates adoption of solutions through continued government support to subsidize basic commodities, such as food, and create cooperative societies for provision of low-priced items to low-income categories as is the case in some GCC states.


Saudi Aramco appoints Mark Weinberger to Board of Directors

Updated 05 April 2020

Saudi Aramco appoints Mark Weinberger to Board of Directors

  • Weinberger, who replaces Andrew Gould, also serves as a director on the boards of Johnson & Johnson and Metlife
  • Weinberger was an active member of the US government, having worked across different administrations

DUBAI: Oil giant Saudi Aramco has appointed the former chairman of global firm EY (previously known as Ernst & Young) Mark Weinberger as an independent member to its board of directors, the company said in a statement.

Weinberger, who replaces Andrew Gould, also serves as a director on the boards of Johnson & Johnson and Metlife.

He is a member of several boards of trustees, including the United States Council for International Business (USCIB).

“I am honored to be joining the board of Aramco at this important time in the company’s history and world events,” Weinberger said.

Weinberger was an active member of the US government, having worked across different administrations – from George W. Bush to Donald Trump.