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Five Key Areas Drive Social, Economic Growth in Saudi Arabia

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Five Key Areas Drive Social, Economic Growth in Saudi Arabia

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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.

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Features

Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
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Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP

Precious and industrial metals are surging to record highs as the year ends, driven by economic and geopolitical uncertainty, robust industrial demand and, in some cases, tight supply.

Below AFP examines the reasons for the surge in demand.

- Safe havens -

Gold and silver are traditionally seen as safe-haven assets, and demand has soared amid mounting geopolitical tensions, from US President Donald Trump's tariffs onslaught to wars in Ukraine and Gaza, as well as recent pressure by Washington on Caracas.

Investors are also uneasy about rising public debt in major economies and the risk of a bubble in the artificial intelligence sector.

These uncertainties are driving up gold and silver, with other metals now starting to see the impact as investors seek to diversify their portfolios, explained John Plassard, an analyst at Cite Gestion Private Bank.

"Metal is once again becoming insurance rather than just a speculative asset," he told AFP.

- A weak dollar -

Traditional safe havens like the dollar and US Treasuries have become less attractive this year.

Uncertainty around Trump's presidency and the prospect of further Federal Reserve interest rate cuts, have weakened the dollar, reducing its appeal to investors.

As a result, many investors are turning to gold and silver.

Gold has climbed more than 70 percent this year and passed $4,500 an ounce for the first time on Wednesday, while silver reached a record high of $72 an ounce, with prices up about 2.5 times since January.

A weak dollar is also boosting industrial metals, since commodities priced in dollars become cheaper for buyers when the currency falls.

- Fresh demand -

Industrial demand has surged in recent months, driven by the rise of artificial intelligence and the energy transition.

Copper, used for solar panels, wind turbines, electric vehicle batteries and data centers, has seen strong gains as a result.

Prices hit a record on Wednesday, topping $12,000 a ton, helped further by China, the world's largest copper consumer, announcing new measures to boost demand.

Aluminium, a cheaper alternative to copper, and silver are also benefiting from the AI boom and the shift to renewable energy.

Platinum and palladium, used in car catalytic converters, have also risen, reaching a record high and a three-year high respectively, after the European Union decided to allow sales of new internal combustion vehicles beyond 2035.

- Tight supply -

Copper prices have been lifted this year by fears of US tariffs, prompting companies to stockpile ahead of their introduction, with duties imposed on semi-finished products and potentially extending to refined copper.

Supply risks from disruptions at mines in the Democratic Republic of Congo, Chile and Indonesia have added to the price surge.

Physical markets for silver, platinum, and aluminium are also tight.

According to Ole Hansen, an analyst at Saxo Bank, thin holiday trading, which increases volatility, and investor fear of missing out have further amplified the rise at the end of the year.

Arab World

Israel Calls Countries Condemning New West Bank Settlements ‘Morally Wrong’

Newly constructed buildings are pictured in the Israeli settlement of Givat Zeev near the Palestinian city of Ramallah in the occupied West Bank on October 24, 2025. (AFP)
Newly constructed buildings are pictured in the Israeli settlement of Givat Zeev near the Palestinian city of Ramallah in the occupied West Bank on October 24, 2025. (AFP)
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Israel Calls Countries Condemning New West Bank Settlements ‘Morally Wrong’

Newly constructed buildings are pictured in the Israeli settlement of Givat Zeev near the Palestinian city of Ramallah in the occupied West Bank on October 24, 2025. (AFP)
Newly constructed buildings are pictured in the Israeli settlement of Givat Zeev near the Palestinian city of Ramallah in the occupied West Bank on October 24, 2025. (AFP)

Israel reacted furiously on Thursday to a condemnation by 14 countries including France and Britain of its approval of new settlements in the occupied West Bank, calling the criticism discriminatory against Jews.

"Foreign governments will not restrict the right of Jews to live in the Land of Israel, and any such call is morally wrong and discriminatory against Jews," Foreign Minister Gideon Saar said.

"The cabinet decision to establish 11 new settlements and to formalize eight additional settlements is intended, among other things, to help address the security threats Israel is facing."

On Sunday, Israel's far-right Finance Minister Bezalel Smotrich announced that authorities had greenlit the settlements, saying the move was aimed at preventing the establishment of a Palestinian state.

Fourteen countries, including Britain, France, Germany, Spain and Canada, then issued a statement urging Israel to reverse its decision, "as well as the expansion of settlements".

Such unilateral actions, they said, "violate international law", and risk undermining a fragile ceasefire in Gaza in force since October 10.

They also reaffirmed their "unwavering commitment to a comprehensive, just and lasting peace based on the two-state solution... where two democratic states, Israel and Palestine, live side-by-side in peace and security".

Israel has occupied the West Bank following the 1967 Arab-Israeli war.

Excluding east Jerusalem, which was occupied and annexed by Israel in 1967, more than 500,000 Israelis live in the West Bank, along with about three million Palestinian residents.

Earlier this month, the United Nations said the expansion of Israeli settlements in the West Bank, all of which are illegal under international law, had reached its highest level since at least 2017.

Entertainment

First Bond Game in a Decade Hit by Two-month Delay

'007 First Light' depicts a younger Bond earning his license to kill. Ina FASSBENDER / AFP
'007 First Light' depicts a younger Bond earning his license to kill. Ina FASSBENDER / AFP
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First Bond Game in a Decade Hit by Two-month Delay

'007 First Light' depicts a younger Bond earning his license to kill. Ina FASSBENDER / AFP
'007 First Light' depicts a younger Bond earning his license to kill. Ina FASSBENDER / AFP

A Danish video game studio said it was delaying the release of the first James Bond video game in over a decade by two months to "refine the experience".

Fans will now have to wait until May 27 to play "007 First Light" featuring Ian Fleming's world-famous spy, after IO Interactive said on Tuesday it was postponing the launch to add some final touches.

"007 First Light is our most ambitious project to date, and the team has been fully focused on delivering an unforgettable James Bond experience," the Danish studio wrote on X.

Describing the game as "fully playable", IO Interactive said the two additional months would allow their team "to further polish and refine the experience", giving players "the strongest possible version at launch".

The game, which depicts a younger Bond earning his license to kill, is set to feature "globe-trotting, spycraft, gadgets, car chases, and more", IO Interactive added.

It has been more than a decade since a video game inspired by Bond was released. The initial release date was scheduled for March 27.