Saudi Cabinet Celebrates Economic Milestones Amidst Non-Oil Sector Growth | Kanebridge News
Share Button

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.

Fri, Mar 22, 2024 4:02pmGrey Clock 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.



MOST POPULAR

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

Related Stories
Money
Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed
Money
BCG report ranks UAE’s Etisalat as fourth top value creator in global telecoms.
Money
USD 9.25 Million in Investments Committed to Start-ups during FinTech World Cup at Dubai FinTech Summit
Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed

Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.

Thu, May 16, 2024 3 min

The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.

Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.

Key Highlights

During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.

The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.

The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.

The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.

Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.

Investment and Future Impact

Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.

Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”

During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.

Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.

The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.

Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.

This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.

By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.

MOST POPULAR

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

0
    Your Cart
    Your cart is emptyReturn to Shop