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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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Attempts to Cross the English Channel on Small Boats Leave 4 Migrants, Including a Child, Dead

Pas-de-Calais prefect Jacques Billant (L) holds a press conference in Boulogne-sur-Mer on October 5, 2024, following the death of four migrants who attempt to cross the English Channel. (AFP)
Pas-de-Calais prefect Jacques Billant (L) holds a press conference in Boulogne-sur-Mer on October 5, 2024, following the death of four migrants who attempt to cross the English Channel. (AFP)
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Attempts to Cross the English Channel on Small Boats Leave 4 Migrants, Including a Child, Dead

Pas-de-Calais prefect Jacques Billant (L) holds a press conference in Boulogne-sur-Mer on October 5, 2024, following the death of four migrants who attempt to cross the English Channel. (AFP)
Pas-de-Calais prefect Jacques Billant (L) holds a press conference in Boulogne-sur-Mer on October 5, 2024, following the death of four migrants who attempt to cross the English Channel. (AFP)

French authorities said four migrants, including a 2-year-old child, died Saturday in two separate incidents as they attempted to cross the English Channel toward Britain.

France's Interior Minister Bruno Retailleau deplored a “terrible tragedy" on X, saying that the child “was trampled to death in a boat."

“The smugglers have the blood of these people on their hands,” Retailleau added, saying his newly-appointed government is to “intensify the fight against these mafias who make money from these deadly crossings.”

Saturday’s deaths come as a series of shipwrecks made 2024 the deadliest in recent years on the English Channel. Last month, 12 people died after a boat carrying migrants ripped apart in the English Channel. About two weeks later, eight migrants died in a similar crossing attempt.

In a news conference, the prefect of the Pas-de-Calais, Jacques Billant, said rescuers found the 2-year-old child dead onboard a migrant boat that had called for assistance Saturday morning.

Fourteen other migrants picked up on board the rescue boat were brought back to France to be interviewed by the border police and a 17-year-old was brought to a hospital in the port city of Boulogne-sur-Mer as he suffered from burns to his legs, Billant said.

Other people on the migrant boat who refused to be rescued continued their journey toward Britain, he said.

“To make money and with no regard for human life, networks of smugglers put people at ever greater risk,” including families with children, “literally leading them to accident and death,” Billant said.

Boulogne-sur-Mer prosecutor Guirec Le Bras, said the child, who appears to have been crushed in a jostling on the boat, was born in Germany from a 24-year-old Somalian mother.

In a separate incident, Billant, the prefect, said rescuers found three migrants dead and saved several others as they fell off a small boat overloaded with 83 passengers amid “panic and stampede."

Those dead “were probably crushed" and “have choked ... and drowned in the 40 centimeters (16 inches) of water at the bottom of the inflatable boat,” he said.

They were two men and a woman, the three of them aged about 30, he said.

Migrants that rescuers took care of Saturday came from Eritrea, Vietnam, Afghanistan, Iran, Ethiopia, Libya, Syria, Egypt, Kuwait and Iraq, Billant listed.

The prosecutor said investigations have been open on both incidents.

Europe’s increasingly strict asylum rules, growing xenophobia and hostile treatment of migrants have been pushing them north.

Before Saturday's events, French authorities said at least 46 migrants had died while trying to cross to the UK this year.