عربي English Türkçe اردو فارسى
Logo
Latest News

Five Key Areas Drive Social, Economic Growth in Saudi Arabia

N/A
N/A
TT
TT

Five Key Areas Drive Social, Economic Growth in Saudi Arabia

N/A
N/A

As Saudi Arabia’s public and private sectors strive to exceed expectations set by “Vision 2030,” an international report highlighted five key areas crucial for social and economic growth in the kingdom.
The recent report stressed the importance of developing regions outside the main urban centers to achieve the ambitious goal of making Saudi Arabia one of the world’s top 15 economies.
Published by Arthur D. Little, the report estimated a potential economic contribution of 27 billion riyals ($7.2 billion). The growth focused on five main areas: strategy, governance, human capital, infrastructure, and investment.
The report outlined success factors that can strengthen regional economies and boost national growth to meet Vision 2030 targets.
Saudi regions have significant potential to support GDP growth, especially major urban centers like Riyadh, Dammam, and Jeddah, which have a per capita GDP of around 107 riyals ($28.5).
Dr. Abdul Rahman Baashen, head of the Al Shorouk Center for Economic Studies in Jazan, highlighted that Saudi Arabia’s strategic approach is crucial for the kingdom’s development in various fields, including civilization, sports, culture, and economy.
Speaking to Asharq Al-Awsat, Baashen emphasized the successful collaboration between Saudi Arabia’s public and private sectors, which has greatly advanced the goals of “Vision 2030.”
He pointed out that achievements in economic growth, investment attraction, and innovation have been significant.
Baashen noted the impressive performance of the Saudi Public Investment Fund, which doubled its revenues to $88.5 billion in 2023, thanks to the growth in its portfolio’s market value and the strong performance of the National Industrial Development Program, which increased by 87%.
He also mentioned that rapid growth in key sectors like energy, industry, mining, and logistics has driven comprehensive development. Foreign direct investment (FDI) into Saudi Arabia increased by 5.6%, reaching 9.5 billion riyals ($2.5 billion) in the first quarter of this year.

Most Viewed

 
 
World

Iran Says Could Abandon Nuclear Weapons But Has Conditions

A sample of the surveillance cameras that monitor the Iranian nuclear facilities presented at a press conference in Vienna. (Reuters)
A sample of the surveillance cameras that monitor the Iranian nuclear facilities presented at a press conference in Vienna. (Reuters)
TT
TT

Iran Says Could Abandon Nuclear Weapons But Has Conditions

A sample of the surveillance cameras that monitor the Iranian nuclear facilities presented at a press conference in Vienna. (Reuters)
A sample of the surveillance cameras that monitor the Iranian nuclear facilities presented at a press conference in Vienna. (Reuters)

Iran on Saturday hinted it would be willing to negotiate on a nuclear agreement with the upcoming administration of US President-elect Donald Trump, but that it has conditions.
Last Thursday, the UN atomic watchdog's 35-nation Board of Governors passed a resolution ordering Iran to urgently improve cooperation with the agency and requesting a “comprehensive” report aimed at pressuring Iran into fresh nuclear talks.
Ali Larijani, advisor to Supreme Leader Ali Khamenei, said Iran and the US are now in a new position concerning the nuclear file.
In a post on X, he said, “If the current US administration say they are only against Iran’s nuclear weapons, they must accept Iran’s conditions and provide compensation for the damages caused.”

He added, “The US should accept the necessary conditions... so that a new agreement can be reached.”
Larijani stated that Washington withdrew from the JCPOA, thus causing damage to Iran, adding that his country started increasing its production of 60% enriched uranium.
The Iran nuclear accord, formally known as the Joint Comprehensive Plan of Action (JCPOA), was reached to limit the Iranian nuclear program in exchange for sanctions relief.
The deal began unraveling in 2018, when Washington, under Trump’s first administration, unilaterally withdrew from the accord and re-imposed a sanction regime of “maximum pressure” on Tehran.
In retaliation, Iran has rapidly ramped up its nuclear activities, including by increasing its stockpiles of enriched uranium to 60% — close to the 90% threshold required to develop a nuclear bomb.
It also began gradually rolling back some of its commitments by increasing its uranium stockpiles and enriching beyond the 3.67% purity -- enough for nuclear power stations -- permitted under the deal.
Since 2021, Tehran has significantly decreased its cooperation with the IAEA by deactivating surveillance devices to monitor the nuclear program and barring UN inspectors.
Most recently, Iran escalated its confrontations with the Agency by announcing it would launch a series of “new and advanced” centrifuges. Its move came in response to a resolution adopted by the United Nations nuclear watchdog that censures Tehran for what the agency called lack of cooperation.
Centrifuges are the machines that enrich uranium transformed into gas by rotating it at very high speed, increasing the proportion of fissile isotope material (U-235).
Shortly after the IAEA passed its resolution last Thursday, Tehran spoke about the “dual role” of IAEA’s chief, Raphael Grossi.
Chairman of the Iranian Parliamentary National Security and Foreign Policy Committee, Ebrahim Azizi said, “The statements made by Grossi in Tehran do not match his actions in Vienna.”
And contrary to the statements of Azizi, who denied his country’s plans to build nuclear weapons, Tehran did not originally want to freeze its uranium stockpile enriched to 60%
According to the IAEA’s definition, around 42 kg of uranium enriched to 60% is the amount at which creating one atomic weapon is theoretically possible. The 60% purity is just a short, technical step away from weapons-grade levels of 90%.
Spokesperson and deputy head of Iran’s Atomic Energy Organization, Behrouz Kamalvandi, said on Friday that IAEA inspectors were scheduled to come immediately after the meeting of the Board of Governors to evaluate Iran’s capacity, “with those capacities remaining for a month without any interruption in enrichment at 60% purity.”
Iran’s news agency, Tasnim, quoted Kamalvandi as saying that “the pressures resulting from the IAEA resolution are counterproductive, meaning that they increase our ability to enrich.”
He added: “Currently, not only have we not stopped enrichment, but we have orders to increase the speed, and we are gradually working on that."