OECD Predicts 'Long Road' for Global Economic Recovery

 The logo of the Organization for Co-operation and Development (DPA)
 The logo of the Organization for Co-operation and Development (DPA)
TT

OECD Predicts 'Long Road' for Global Economic Recovery

 The logo of the Organization for Co-operation and Development (DPA)
 The logo of the Organization for Co-operation and Development (DPA)

The Organization for Economic Cooperation and Development (OECD) expressed some optimism about global growth, but warned of a “long road” before reaching a sustainable recovery.

“The global economy is turning a corner but faces a long road ahead to attain strong and sustainable growth,” OECD chief economist Clare Lombardelli wrote in the OECD’s Economic Outlook.

According to the report, which was issued at an annual ministerial meeting held at the headquarters of the OECD in Paris, the global economy is benefiting from stagnant inflation after the rise in indicators witnessed last year due to the repercussions of the war in Ukraine on energy and food prices.

In May, for example, inflation slowed significantly in the Eurozone, to 6.1 percent year on year. In the United States, it reached 4.4 percent in April, much lower than the levels reached in 2022.

This slowdown means that central banks can limit interest rate hikes, which facilitates access to credit for households and businesses, leading to a rise in consumption and thus growth.

The recent recovery of Chinese economic activity after the strict zero Covid policy is enough to revitalize the global economy, according to the organization, which expects growth in China this year to reach 5.4 percent, an increase of 0.1 points compared to March expectations, and 5.1 percent next year (+ 0.2 points).

The OECD expects growth of 0.9 percent in the Eurozone this year, up slightly by 0.1 points, after reassessing Italian GDP growth to 1.2 percent (+0.6 points).

Growth in France is expected to be 0.8 percent (+0.1 points) and zero in Germany (-0.3 points). The UK could see growth of 0.3 percent. Outside Europe, The GDP in the US is likely to grow by 1.6 per cent, and in India 6 per cent.

“The recovery will be weak by past standards,” Lombardelli wrote, noting that the growth forecast for 2024 remains unchanged at 2.9 percent.

One of the challenges that the OECD referred to is the persistence of non-energy and food inflation, which “is still high”.

“Central banks need to maintain restrictive monetary policies until there are clear signs that underlying inflationary pressures are abating,” the chief economist said.



World Bank Increases Climate Spending to 45%

An atrium is seen at the World Bank headquarters in Washington, US, October 14, 2017. REUTERS/Yuri Gripas
An atrium is seen at the World Bank headquarters in Washington, US, October 14, 2017. REUTERS/Yuri Gripas
TT

World Bank Increases Climate Spending to 45%

An atrium is seen at the World Bank headquarters in Washington, US, October 14, 2017. REUTERS/Yuri Gripas
An atrium is seen at the World Bank headquarters in Washington, US, October 14, 2017. REUTERS/Yuri Gripas

The World Bank on Friday said it will increase the amount it spends annually on climate-related projects to 45% of its financing over 2024 to 2025, up from 35% now, as part of a policy overhaul to better respond to climate change.

The Washington-based development bank, whose new president Ajay Banga is leading reforms, said it will spend $40 billion, $9 billion more than was previously programmed.

Founded as World War Two drew to a close to alleviate poverty, under Banga, the bank is seeking to expand programs to respond to climate change and hunger, while boosting the bank's lending power with new funding and balance sheet rules.


Business, Philanthropy Sectors Activate Contributions at COP 28 for Climate Solutions

 The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
TT

Business, Philanthropy Sectors Activate Contributions at COP 28 for Climate Solutions

 The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)

The Business and Philanthropy Climate Forum at COP28, focuses on implementing tangible solutions to global climate and nature challenges.

This year’s COP 28 conference will see more than 1300 CEOs of organizations and leaders from charitable enterprises representing over 100 countries.

The Forum seeks to address key priorities outlined in the COP 28 agenda, such as energy transition, climate finance, nature conservation, and inclusivity.

Its objectives encompass safeguarding Earth’s natural heritage and biodiversity, funding adaptation plans, and fostering more sustainable agricultural systems and practices.

The Forum serves as a platform for practical and actionable solutions, bringing together diverse stakeholders to tackle pressing issues on a global scale.

COP28 Special Representative for Business and Philanthropy and Chair of the Forum Badr Jafar stated that the gathering marks a pivotal breakthrough in global climate discourse.

According to Jafar, the Forum will bring together a significant number of business leaders and philanthropic innovators to convey a powerful message about the importance of collaboration and comprehensive action for all.

Speaking to Asharq Al-Awsat on the sidelines of COP 28, Jafar said: “Dr. Sultan Al-Jaber, the President of COP 28, calls for what he terms effective change in the working approach that energizes the private sector and its resources with a passion for climate issues.”

“This Forum provides vital sectors with a platform to contribute effectively to shaping global climate policies,” added Jafar.

“The vision of the COP 28 President is committed to adopting a working methodology that supports energy transition, improves climate finance, and focuses on solutions mindful of human and environmental needs, ensuring that all initiatives are inclusive,” he explained.

Emphasizing that the Forum will be a dynamic interactive platform, Jafar highlighted that it will provide participating delegations with an unprecedented opportunity to pledge new responsibilities and goals, outlining a clear path for the next steps and required actions.

“The primary objective of the Forum is to enable the private sector to take practical steps that move them from the realm of theoretical agreements and commitments to the practical world of implementation and tangible results,” said Jafar.

Jafar explained that $3 trillion is the total global investment required annually to achieve the net-zero emissions goal by 2050.

Developing countries need investments totaling $2.4 trillion each year until 2030 to meet the Paris Agreement targets and address issues like biodiversity loss, land degradation, and soil deterioration.

“We will need radical natural solutions costing $8 trillion from now until 2050,” Jafar told Asharq Al-Awsat.

“These amounts are undoubtedly enormous, reflecting the magnitude of the risks at stake. The stark reality increasingly evident to us is the impossibility of mobilizing these trillions, or even coming close to doing so, without the ingenious involvement of the private sector with its innovative capabilities, resources, and expertise,” he explained.

As per Jafar, the challenge lies in the absence of a global framework that organizes collaboration among all capital sources swiftly and on an extremely broad scale.


COP28 Agrees to Operationalize ‘Loss And Damage Fund’

People arrive at the venue of the COP28 United Nations climate summit in Dubai on November 30, 2023. The UN climate conference opens in Dubai on November 30 with nations under pressure to increase the urgency of action on global warming. (Photo by KARIM SAHIB / AFP)
People arrive at the venue of the COP28 United Nations climate summit in Dubai on November 30, 2023. The UN climate conference opens in Dubai on November 30 with nations under pressure to increase the urgency of action on global warming. (Photo by KARIM SAHIB / AFP)
TT

COP28 Agrees to Operationalize ‘Loss And Damage Fund’

People arrive at the venue of the COP28 United Nations climate summit in Dubai on November 30, 2023. The UN climate conference opens in Dubai on November 30 with nations under pressure to increase the urgency of action on global warming. (Photo by KARIM SAHIB / AFP)
People arrive at the venue of the COP28 United Nations climate summit in Dubai on November 30, 2023. The UN climate conference opens in Dubai on November 30 with nations under pressure to increase the urgency of action on global warming. (Photo by KARIM SAHIB / AFP)

Officially launched in the vibrant city of Dubai, United Arab Emirates, the Conference of the Parties to the United Nations Framework Convention on Climate Change, known as COP28, is now underway.

The conference aims to address the challenges of climate change, marking a pivotal moment since the Paris Agreement.

Invitations have been extended to explore diverse strategies to confront the impacts of climate change and navigate the complex path laid out by the international community.

This event represents a significant milestone in the ongoing global efforts to combat climate change since the Paris Agreement, and expectations are high for substantial outcomes.

On the inaugural day of the week-long conference, a significant milestone was achieved with the adoption of the first foundational resolution.

Delegates at the COP28 climate talks in Dubai formally adopted a loss and damage fund Thursday to transfer finances to countries hit hardest by the climate crisis.

The details had already been agreed earlier this month at a pre-COP session, when it was decided that the World Bank would host the fund.

Participants emphasized the conference’s role in fostering global collaboration for effective and swift action.

The newly established fund garnered contributions exceeding $300 million in its initial round of pledges.

In a groundbreaking move, the UAE Foreign Minister Sheikh Abdullah Bin Zayed announced the country’s commitment of $100 million to the new fund dedicated to addressing climate-related disasters.

“We congratulate all parties on the historic adoption of this fund for climate impact response and announce the UAE’s commitment of $100 million as our contribution. We call on all countries in a position to do so to contribute generously, as an important symbol of solidarity,” Sheikh Abdullah posted on X.

Among other nations that pledged contributions to the fund during the previous conference held in Sharm El Sheikh, Egypt, were India with $100 million, the United Kingdom with up to £60 million ($75.89 million), the United States with $17.5 million, and Japan with $10 million.

In a remarkable early win for the Cop28 presidency, a loss and damage fund became official on day one.

“We’ve delivered history today. The first time a decision has been adopted on day 1 of any COP. And the speed at which we have done so is also historic. Getting this done demonstrates the hard work of so many, particularly members of the transitional committee who worked tirelessly to get us to this point. This is evidence that we can deliver. COP28 can deliver,” said Dr Sultan Al Jaber, president, COP28.

In a statement, Al Jaber said the fund will support billions of people, lives and livelihoods that are vulnerable to the effects of climate change.


Abu Dhabi's Aldar Properties Buys London Square for $291 Mln

FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
TT

Abu Dhabi's Aldar Properties Buys London Square for $291 Mln

FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo

Abu Dhabi's Aldar Properties has bought London-based developer London Square for an enterprise value of 1.07 billion dirhams ($291 million) in its first acquisition outside the Middle East.
"Aldar intends to leverage its expertise and balance sheet to support London Square's land acquisition strategy to enable it to develop larger and prime central London sites," the two companies said in a joint statement on Friday.
The companies said the transaction should also have a positive impact on sales, given the opportunities to cross-sell across their respective customer base.
Aldar is 25%-owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company and 26%-owned by International Holding Company.

Established in 2010, London Square is widely known for its Nine Elms development, located in proximity to the Battersea Power Station.
The development features over 750 luxury homes, affordable housing and 21,500 square feet of commercial and retail space.


Saudi Arabia Railways Signs Deal to Transport Thousands of Vehicles Annually by Trains

This agreement represents a turning point in the transportation and logistics services sector. (SPA)
This agreement represents a turning point in the transportation and logistics services sector. (SPA)
TT

Saudi Arabia Railways Signs Deal to Transport Thousands of Vehicles Annually by Trains

This agreement represents a turning point in the transportation and logistics services sector. (SPA)
This agreement represents a turning point in the transportation and logistics services sector. (SPA)

Saudi Arabia Railways (SAR) and Al-Jabr Automotive have collaborated to transport thousands of vehicles annually by train from King Abdulaziz Port in Dammam, aiming to boost operational efficiency, reduce costs, and minimize damage and carbon emissions.

The four-year contract plays a significant role in enhancing the efficiency of operational processes, cutting expenses, and minimizing the incidence of damage related to the transportation and handling of new cars.

Furthermore, it serves to alleviate pressure on the port.

CEO of SAR Dr. Bashar Al-Malik told Asharq Al-Awsat that Saudi Arabia Railways aims this year to finalize the removal of more than one million truck trips.

In 2022, trains contributed to keeping 1.8 million trucks off the Kingdom's roads.

Al-Malik noted that each truck that is kept off the roads has a positive impact on the environment by reducing carbon emissions, saying transporting goods through trains enhances the efficiency of operational processes and reduces traffic.

Looking forward to outreaching new customers to achieve a tangible impact on the environment and society, the CEO of SAR pointed out that the agreement represents a milestone towards achieving the strategic vision of a comprehensive transformation in the transport and logistics sector.

“We are taking a significant step through this agreement. Not only we are expanding and diversifying the services provided to our customers but also offering logistical transport solutions that contribute to reducing carbon emissions and enhancing traffic safety levels,” he said.

He further emphasized that the recent collaboration underscores full dedication to achieving sustainability goals and offering transportation solutions that prioritize the future of the nation and succeeding generations.

Bandar Al-Jabri, former president of the national committee of transport in the Council of Saudi Chambers, told Asharq Al-Awsat that this step backs economic, trade, and logistical movements among the cities of the Kingdom for the aim of achieving the goals of Saudi Vision 2030.

He noted that trains complement the maritime, land, and air sectors, expressing belief that the cost of transporting goods by trains and trucks is approximately the same.

The deal also underscores SAR’s steadfast commitment to providing sustainable solutions in the transport and logistics sector.

Aligned with the National Strategy for Transport and Logistics, SAR aims to reduce carbon emissions by 25 percent by 2030, in line with the Kingdom’s environmental initiatives.

Established in 2006, SAR is the owner and operator of the North Train Railway Network and carries on the vision to build sustainable passenger and cargo transport. SAR was assigned to take over the operations and management of the network from the Saudi Railway Organization in 2021.

Al-Jabr Automotive opened its first automotive showroom in 1959 in AlKhobar. The company occupies a leading position in the Saudi automobile market, having 28 showrooms and 38 fully-fledged service centers across the Kingdom.


Saudi Arabia Extends Voluntary Oil Cut

The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024.  (Asharq Al-Awsat)
The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)
TT

Saudi Arabia Extends Voluntary Oil Cut

The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024.  (Asharq Al-Awsat)
The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)

Saudi Arabia will extend a cut in the amount of oil it sends to the world, an official source from the Ministry of Energy said Thursday.

The source said that the voluntary cut of one million barrels per day, which was implemented in July 2023, will stay in place through the first three months of next year.

Therefore, the Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions, the source said.

The source also noted that this voluntary cut is in addition to the voluntary cut of 500,000 barrels a day previously announced by the Kingdom in April 2023, which extends until the end of December 2024.

The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+countries with the aim of supporting the stability and balance of oil markets.


Expo 2030 Accelerates Massive Tourism Projects in Riyadh

Diriyah Tourism Area (Diriyah Gateway Development Authority)
Diriyah Tourism Area (Diriyah Gateway Development Authority)
TT

Expo 2030 Accelerates Massive Tourism Projects in Riyadh

Diriyah Tourism Area (Diriyah Gateway Development Authority)
Diriyah Tourism Area (Diriyah Gateway Development Authority)

After Riyadh’s triumph in securing the hosting rights for Expo 2030, attention has shifted towards the Saudi tourism sector, poised to benefit significantly from millions of visitors worldwide during the exhibition period.
Concurrently, Riyadh is accelerating its tourism projects to capitalize on the exhibition's momentum.
On Tuesday, Riyadh surpassed the Italian capital Rome and the Korean city of Busan during the first round of voting held in France.
The Group CEO of Diriyah Company, Jerry Inzerillo, views Saudi Arabia’s victory in hosting Expo 2030 as a significant success for the kingdom's tourism sector.
According to Inzerillo, the announcement of the Kingdom of Saudi Arabia hosting Expo 2030 is a testament to the magnitude of the transformation and success achieved by the Kingdom.
He anticipated that the exhibition would attract no less than 28 million visitors immersing themselves in unique cultures across 246 astonishing pavilions.
Earlier, Saudi Arabia achieved a significant milestone in the tourism sector, ranking second globally in terms of tourist arrivals during the first seven months of 2023.
According to the Ministry of Tourism, the Kingdom witnessed a remarkable 58% growth in tourist numbers during the first seven months of this year when compared to the same period in 2019.
This data was sourced from the UNWTO World Tourism Barometer, published by the United Nations World Tourism Organization (UNWTO) in September.
“We aim to receive 50 million annual visits to Diriyah, create over 178,000 direct job opportunities, and contribute $18.6 billion to the gross domestic product by 2030,” said Inzerillo in a press release on Wednesday.
Diriyah, known as the cradle of the kingdom and one of Saudi Arabia's most important historical sites, symbolizes national pride and a source of Saudi identity.
Fahad Al-Rasheed, CEO of the Royal Commission for Riyadh City, told the Associated Press that the kingdom’s exhibition plan includes transforming Riyadh into an “open-ended art exhibition without borders.”
Saudi Arabia continues its global openness to welcome the largest number of visitors, aiming to achieve its targets of receiving 100 million tourists by 2030.
Recently, the Ministry of Tourism announced the electronic issuance of visit visas for citizens of six countries, bringing the total number of countries benefiting from this service to 63.

 

 


OECD Outlook: Significant Risks to Global Economy if Hamas-Israel Conflict Expands

OECD expects inflation to gradually decline to 5.3 percent next year in its member countries (dpa)
OECD expects inflation to gradually decline to 5.3 percent next year in its member countries (dpa)
TT

OECD Outlook: Significant Risks to Global Economy if Hamas-Israel Conflict Expands

OECD expects inflation to gradually decline to 5.3 percent next year in its member countries (dpa)
OECD expects inflation to gradually decline to 5.3 percent next year in its member countries (dpa)

The Organization for Economic Cooperation and Development (OECD) reduced its forecast for global GDP growth to 2.9 percent in 2023 while keeping next year's forecast unchanged.
It warned that the worsening conflict between Israel and Hamas in the Gaza Strip could undermine the economy.
According to the estimates of the Paris-based institution, "If the conflict escalates and spreads to the entire region, the risks of growth slowdown and increased inflation will be much greater than they are now."
The Organization noted that the war has had a relatively limited impact on the global economy, noting that international growth would slow to 2.7 percent in 2024 from an expected 2.9 percent pace this year.
OECD Chief Economist Clare Lombardelli explained in the report that the obstacles holding back the economy are not coming from the Middle East and that tight financial conditions, weak trade, and low confidence all have grave consequences.
"Global growth is set to remain modest, with the impact of the necessary monetary policy tightening, weak trade, and lower business and consumer confidence being increasingly felt."
Consumer price inflation is expected to gradually ease towards central bank targets in most economies to 5.3 percent next year, compared to 7.4 percent this year.
GDP growth in the US is projected at 2.4 percent in 2023 before slowing to 1.5 percent in 2024. In the euro area, GDP growth is projected to be 0.6 percent in 2023 before rising to 0.9 percent in 2024 and 1.5 percent in 2025.
Lombardelli stated that the "pace of growth is uneven."
China is expected to grow at a 5.2 percent rate this year before growth drops to 4.7 percent in 2024 and 4.2 percent in 2025 due to ongoing stresses in the real estate sector and continued high household saving rates.
The Organization pointed out that if the war in the Middle East intensifies and expands, the impact of its transition on the global economy may be mainly through oil and gas prices.
It indicated that a ten percent rise in the price of a gas barrel may lead to an increase in global inflation by 0.2 points in the first year and a decrease in growth by 0.1 points.
Trade may be significantly affected, especially since two international trade routes, the Strait of Hormuz and the Suez Canal, are within the conflict zone.


Saudi Arabia’s Jazan Attracts over $8Bn in New Investments

Jazan City for Basic and Transformational Industries (Jubail and Yanbu Company)
Jazan City for Basic and Transformational Industries (Jubail and Yanbu Company)
TT

Saudi Arabia’s Jazan Attracts over $8Bn in New Investments

Jazan City for Basic and Transformational Industries (Jubail and Yanbu Company)
Jazan City for Basic and Transformational Industries (Jubail and Yanbu Company)

The two-day Jazan Investment Forum 2023, held in the Jazan region in southwest Saudi Arabia, witnessed the signing of agreements and memoranda of understanding exceeding $8 billion dollars on its first day.

This event, sponsored by Crown Prince Mohammed bin Salman, sheds light on the investment climate in the region and promotes promising opportunities.

Prince Mohammed bin Nasser, Emir of Jazan region, inaugurated on Wednesday the activities of the forum.

He declared that “the forum aligns with the wise leadership’s support for the region’s development and its rapid qualitative leap in projects, bolstered by major initiatives and investment incentives.”

Prince Mohammed emphasized the logistical role of the Jazan City port for basic and transformational industries, serving as an economic icon by supporting factories and projects in Jazan.

He stated that one of the city’s features is that it witnessed the export of the first commercial shipment of locally manufactured alloy steel to the US.

Prince Mohammed also pointed out that the new King Abdullah International Airport will be completed by the end of 2024.

He also reviewed the projects of the Public Investment Fund (PIF) such as the Saudi Coffee Company, Saudi Downtown Company, and the Red Sea Global Company.

These initiatives underscore the region’s commitment to economic diversification and sustainable growth.

Moreover, Saudi Arabian Oil Co. (Saudi Aramco) is investing more than SAR90 billion in Jazan region, according to Downstream President Mohammed Al-Qahtani.

In his speech at the forum, Al-Qahtani stated that the most prominent of these investments include the development of infrastructure for Jazan City for Primary and Downstream Industries, and the establishment of Jazan refinery, one of the world’s largest refining projects, to process more than 400,000 barrels per day of oil, as well as a power plant.

The integrated Jazan Refinery and Petrochemical Complex will produce vanadium concentrate, a metal associated with the clean energy industry sector, he added.

The company also began exporting diversified and high-value products, ranging from gasoline, diesel, and chemicals to more sustainable electric power, Al-Qahtani said.

He further explained that Aramco implemented one of the largest projects of its kind in the world to generate electricity in Jazan using gasification and integrated gasification combined cycle (IGCC).

The project has a production capacity of 3,800 megawatts of electricity to meet the refinery's needs, in addition to local industries, homes and commercial facilities in the region.


Asia’s First Saudi ETF Debuts in Hong Kong

The new fund covers comprehensive sector indices, including investment, finance, basic materials, energy, and communications (Asharq Al-Awsat)
The new fund covers comprehensive sector indices, including investment, finance, basic materials, energy, and communications (Asharq Al-Awsat)
TT

Asia’s First Saudi ETF Debuts in Hong Kong

The new fund covers comprehensive sector indices, including investment, finance, basic materials, energy, and communications (Asharq Al-Awsat)
The new fund covers comprehensive sector indices, including investment, finance, basic materials, energy, and communications (Asharq Al-Awsat)

Hong Kong-based CSOP Asset Management announced that, in cooperation with the Public Investment Fund (PIF), the Saudi CSOP Fund has been listed on the Hong Kong Financial Market as the first exchange-traded fund (ETF) targeting the Saudi financial market in East Asia.
According to information released on Wednesday, the fund will enable Asian investments to benefit from the essential opportunities provided by the diverse and thriving Saudi stock market.
The Saudi ETF tracks the performance of the FTSE Saudi Arabia Index to invest in shares of more than 50 leading large and medium-sized companies listed in the Saudi Tadawul market.
The new fund covers a comprehensive number of sector indices, including investment and finance, basic materials, energy, and communications, which allows it to benefit from the performance of the most important indicators in the stimulating sectors of the Saudi economy.
The initial listing of the fund is scheduled to take place with assets under management worth more than $1 billion. At the same time, the launch of the CSOP Saudi ETF will allow East Asian investors to invest in the prosperous Saudi economy and contribute to its development by taking advantage of broad and promising future opportunities.

The Public Investment Fund seeks to boost its partnerships in various global markets, paving the way for unprecedented opportunities between the leading financial market center in Hong Kong and the Saudi stock market.
The Asian company said that Saudi Arabia is one of the fastest-growing major economies in the world, noting that the Kingdom ranks as the 17th largest economy in the world in terms of nominal gross domestic product in 2022.
Saudi Arabia is the world’s biggest oil exporter, and its economy expanded 8.7 percent in 2022 to exceed $1 trillion in size, outperforming its counterparts in the Middle East and the G20.
The Kingdom gained more growth engines after the unveiling of Vision 2030 in 2016, a long-term economic transformation plan to push the country into a diversified future.