Economy in Saudi Arabia

  • Diversification in Saudi Saudi Arabia vows to end “oil addiction” through Vision 2030

    SAUDI ARABIA, 2016/12/10 Bold plan for economic diversification aims to increase the private sector’s contribution to GDP from 40% to 65% whilst creating new non-oil increase engines. The Kingdom of Saudi Arabia has been synonymous with oil since the initial well struck black gold in the desert almost 80 years ago. But presently, faced with a sustained slump in oil prices and a budget deficit of almost $100 billion in 2015, the new generation of Saudi leaders is spearheading a bold drive for economic diversification and modernization that has the potential to be a game-changer for the kingdom and the wider Gulf region.

  • Saudi Arabia Year in Review 2015

    SAUDI ARABIA, 2015/12/29 Falling oil revenues and an expanding budget deficit were the hallmarks of Saudi Arabia’s economic activity in 2015, as heavy investment in development projects widened the Kingdom’s spending gap. The country also embarked on a programme of reforms aimed at broadening its economic base and increasing the flow of private investment. Results of the move, however, are not expected to be felt immediately, with growth set to ease in 2016 on the back of reduced government outlays.

  • When Will the Middle East Settle Down?

    AFGHANISTAN, 2015/06/08 Sigmund Freud suggested that psychoanalysis could convert one’s neurotic misery to everyday unhappiness. Leaping to geopolitics from psychoanalysis leads to the question of at the same time as the Middle East will be converted from massive chaos to everyday turmoil. Thinking about that reminds me of one of my favorite New Yorker cartoons. An significant executive is sitting at his mammoth desk and barking into the phone, “How about at no time? Is at no time any minute at this time enough?” Is “at no time” at the same time as the Middle East settles down? In the case of the Middle East, at no time is probably too long a time. But don’t expect any return to conventional states and normal inter-national relations for the next two decades at the earliest. Additional likely, it will be closer to fifty years.

  • Revised IMF forecasts signal gloom on global economic outlook

    AFGHANISTAN, 2015/01/20 Low oil prices will not provide a sufficient updraught to dispel the clouds hanging over the world economy, the International Monetary Fund said on Tuesday. In a sign of its increasing gloom about the medium term economic outlook, the IMF cut its world economic increase forecasts by 0.3 % points for both 2015 and 2016, despite believing cheaper oil represents a “shot in the arm”.

  • Saudi Arabia per capita income seen to hit $25,700 this year

    SAUDI ARABIA, 2013/09/07 According to a statement by Credit Suisse Research Institute, Saudi Arabia per capita gain is estimated to reach $25,700 (SR96,375) in 2013, compared to $23,000 in 2012, Arab News has reported. The average per capita gain of the adult in the kingdom climbed 56% in 2011, compared with 2000, to reach $35,959, the statement said. Last year, the International Monetary Fund (IMF) raised estimates of the Saudi per capital gain from SR81,200 ($21,600) in 2011 to SR87,277 ($23,000) in 2012.

  • King Abdullah the most powerful person in the Arab and Muslim world

    SAUDI ARABIA, 2012/12/23 Custodian of the Holy Mosques King Abdullah is the majority powerful person in the Arab and Muslim world, according to the 2012 ranking of the World's Most Powerful People by Forbes magazine. He as well ranks seventh part the top 10 most powerful people in the world, according to Forbes' new inventory. UAE President Sheikh Khalifa bin Zayed Al-Nahyan as well featured 33rd on the inventory, which included 71 personalities in total.

  • Saudi income to break new record in 2012

    SAUDI ARABIA, 2012/12/08 Saudi Arabia earned a record high oil benefits of around $317 billion in 2011 and the earnings are projected to break a new record in 2012 because of high oil prices and output, according to local estimates. Saudi Arabia, the largest Arab economy and the world’s dominant oil exporter, pumped at one of its highest crude output levels of around 9.3 million barrels per day in 2011 and production could average at an amount time high of 9.9 million bpd in 2012,
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