Saudi Cabinet Celebrates Economic Milestones Amidst Non-Oil Sector Growth
During a recent cabinet meeting in Jeddah, led by King Salman, Saudi officials praised the nation’s economic achievements, especially noting that non-oil sectors comprised 50% of Saudi Arabia’s GDP in 2023.
2 min
This landmark progress signifies a crucial step in the country’s path toward economic diversification, perfectly in synchronise with Vision 2030‘s goals to foster a prosperous economy by diversifying its growth avenues.
The Ministry of Economy and Planning disclosed that non-oil sectors contributed to 50 percent of the GDP, reaching an unprecedented peak. Over the last two years, non-governmental investments witnessed a remarkable surge, with a 57 percent growth rate, increasing their worth in 2023 to an all-time high of $255 billion.
Sectors such as arts and entertainment led this surge, with their value more than doubling between 2021 and 2022. Furthermore, sectors including accommodation, food services, transport, and storage also saw notable growth, with rates of 77 percent and 29 percent, respectively.
Cabinet’s Acknowledgment of Global and Local Contributions
On another note, the Cabinet praised the UN General Assembly’s recent endorsement of a resolution to combat Islamophobia, as well as the selection of a special UN envoy for this purpose.
Saudi Ministers reassured the Kingdom’s dedication to international initiatives aimed at opposing extremist beliefs, fostering peace and dialogue, and advocating for a global culture of mutual respect and coexistence.
Additionally, the ministers expressed their acceptance of the results coming from the international conference organized by the Muslim World League in Makkah, known as “Building Bridges Between Islamic Sects.”
Nationally, the cabinet commended the widespread involvement in Saudi Arabia’s fourth annual national charity campaign, which impressively gathered over a billion riyals during its inaugural night, thanks in part to significant donations from King Salman and Crown Prince Mohammed bin Salman.
Wrapping up the meeting, the ministers acknowledged the establishment of a new regional International Monetary Fund office in Riyadh and designated March 27 as the official day for the Saudi Green Initiative. This move signifies further progress towards the Kingdom’s goals for sustainable development.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
2 min
According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
