عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Economy Minister: Saudi Arabia is a Promising Powerhouse in Achieving Global Sustainable Economy

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
TT
TT

Economy Minister: Saudi Arabia is a Promising Powerhouse in Achieving Global Sustainable Economy

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour

Minister of Economy and Planning Faisal bin Fadhil Alibrahim underlined that the Kingdom, under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, is a promising global powerhouse, carrying out a significant and influential role in international efforts aimed at achieving global economic stability, development, and sustainable growth.

Commenting on the Kingdom’s participation in the two-day G20 Summit, which opened on Saturday in New Delhi, the minister said, in remarks to the Saudi Press Agency (SPA), that the Kingdom is playing an influential role in formulating a global economic order capable of achieving the G20's goal of promoting sustainable growth while safeguarding the interests of all nations.

He also said that the Kingdom’s membership in the G20 is a testimony of its economic importance and pivotal role in shaping global economic policies, highlighting in this regard the Kingdom’s developmental and economic accomplishments.

The minister clarified that the Kingdom is achieving strong economic and financial performance, with non-oil activities growing by 6.1% in the second quarter of the current year compared with the same period last year, confirming the success of Saudi Arabia's economic diversification efforts.

Moreover, he said, the Saudi economy achieved a growth rate of 8.7% in 2022, the fastest among G20 countries, surpassing the expectations of international organizations, which had estimated it at a maximum of 8.3%.

The minister stated that the Kingdom has achieved crucial improvements in global competitiveness indicators, ranking 17th among the world’s 64 most competitive economies, according to the annual Global Competitiveness Report by the World Competitiveness Center (WCC) of the International Institute for Management Development (IMD).
Additionally, he said that Saudi Arabia secured the top three positions in 23 indicators within the report and topped other global indicators, reflecting the ongoing transformation journey undertaken by the Kingdom.

“The Kingdom's participation in the G20 Summit embodies its pivotal and influential role on both regional and international fronts. The G20 countries represent two-thirds of the world's population, encompassing 85% of the global economy, and contribute to 75% of international trade. Therefore, the summit is one of the most significant international economic platforms addressing issues that have a profound impact on the global economy,” the minister said.

He also pointed out that the summit's agenda aims to deepen international cooperation and create a conducive environment for achieving common interests. The minister said meetings review the progress in implementing the 2030 Sustainable Development Goals (SDGs) while taking into consideration the economic development needs of developing countries.

This is done by responsibly addressing emerging issues and addressing common challenges, contributing to the development of ambitious and integrated global communities, he noted.

Additionally, the minister stressed that the Kingdom is seeking consensus to find solutions to the global challenges, as it has called for establishing a comprehensive framework that enhances alignment between SDGs and the requirements of rapid growth.

He further emphasized, "Through our diligent work with our partners in the G20, we are confident that we will overcome global economic challenges and emerge with a more resilient global economy to face any future shocks."

"International cooperation among G20 countries is not limited to coordinating efforts in the economic and developmental fields alone, but it also aims to find innovative solutions to address environmental, health, and social development issues, empower individuals and communities, and open new horizons for innovation and digitalization. These goals were echoed through the Saudi Vision 2030, making the Kingdom a promising and influential developmental model on the global stage," he added.

Most Viewed

 
 
Business

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
TT
TT

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo

The European Union's executive arm requested “full clarity” from the United States and asked its trade partner to fulfill its commitments after the US Supreme Court struck down some of President Donald Trump’s most sweeping tariffs.

Trump has lashed out at the court decision and said Saturday that he wants a global tariff of 15%, up from the 10% he announced a day earlier.

The European Commission said the current situation is not conducive to delivering "fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as agreed to by both sides and spelled out in the EU-US Joint Statement of August 2025.

American and EU officials sealed a trade deal last year that imposes a 15% import tax on 70% of European goods exported to the United States. The European Commission handles trade for the 27 EU member countries.

A top EU lawmaker said on Sunday he will propose to the European Parliament negotiating team to put the ratifying process of the deal on pause.

“Pure tariff chaos on the part of the US administration,” Bernd Lange, the chair of Parliament’s international trade committee, wrote on social media. “No one can make sense of it anymore — only open questions and growing uncertainty for the EU and other US trading partners.”

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

“A deal is a deal,” the European Commission said. “As the United States’ largest trading partner, the EU expects the US to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments. EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed."

Jamieson Greer, Trump’s top trade negotiator, said in a CBS News interview Sunday morning that the US plans to stand by its trade deals and expects its partners to do the same.

He said he talked to his European counterpart this weekend and hasn’t heard anyone tell him the deal is off.

“The deals were not premised on whether or not the emergency tariff litigation would rise or fall,” Greer said. “I haven’t heard anyone yet come to me and say the deal’s off. They want to see how this plays out.”

Europe’s biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Among the biggest US exports to the bloc are professional and scientific services like payment systems and cloud infrastructure, oil and gas, pharmaceuticals, medical equipment, aerospace products and cars.

“When applied unpredictably, tariffs are inherently disruptive, undermining confidence and stability across global markets and creating further uncertainty across international supply chains,” The Associated Press quoted the commission as saying.

As primarily a trading bloc, the EU has a powerful tool at its disposal to retaliate — the bloc’s Anti-Coercion Instrument. It includes a raft of measures for blocking or restricting trade and investment from countries found to be putting undue pressure on EU member nations or corporations.

The measures could include curtailing the export and import of goods and services, barring countries or companies from EU public tenders, or limiting foreign direct investment. In its most severe form, it would essentially close off access to the EU’s 450-million customer market and inflict billions of dollars of losses on US companies and the American economy.

Business

GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
TT
TT

GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).

A statistical report published on Sunday showed that the economies of the Gulf Cooperation Council countries recorded growth in gross domestic product, supported by economic diversification programs and fiscal reforms. Combined GDP reached $2.3 trillion, ranking ninth globally, with a growth rate of 2.2 percent.

The report revealed that GCC countries achieved qualitative advances in 2024 across competitiveness, energy, trade, and digitization, driven by growth in non-oil sectors, improved quality of life, the development of digital infrastructure, and a stronger regional and international presence.

In the “GCC in Numbers” report issued by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf, it was emphasized that GCC states continue to record real GDP growth “thanks to economic diversification programs and fiscal reforms, with GDP reaching $2.3 trillion, ranking ninth globally, and posting growth of 2.2 percent.”

The report also showed improvement in global economic indicators, including competitiveness, resilience, and economic dynamism.

GCC countries ranked first globally in oil reserves at 511.9 billion barrels, third worldwide in natural gas production at 442 billion cubic metres, and second globally in natural gas reserves at 44.3 billion cubic metres.

GCC countries ranked 10th globally in total exports valued at $849.6 billion, 11th in imports at $739.0 billion, 10th in total trade at $1.5895 trillion, and sixth worldwide in trade balance surplus at $109.7 billion.

Business

Algeria Tenders to Buy Nominal 50,000 Metric Tons Soft Milling Wheat

Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
TT
TT

Algeria Tenders to Buy Nominal 50,000 Metric Tons Soft Milling Wheat

Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo

Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Sunday.

The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought, Reuters reported.

The deadline for submission of price offers in the tender is Tuesday, February 24, with offers having to remain valid until Wednesday, February 25. The wheat is sought for shipment in three periods from the main supply regions including Europe: April 16-30, May 1-15 and May 16-31. If sourced from South America or Australia, shipment is one month earlier.

Algeria is a vital customer for wheat from the European Union, especially France, but Russian and other Black Sea region exporters have been expanding strongly in the Algerian market.