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Saudi Arabia's Inflation Relatively Stable in August

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Inflation Relatively Stable in August

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

The Consumer Price Index (CPI) reached 2.0% in August 2023, down from July, remaining relatively stable on a yearly basis.

This stability is due to the robustness of the Saudi economy and the economic measures taken by Saudi Arabia to counter global inflation rates.

Inflation rates in Saudi Arabia remain stable compared to G20 countries and most countries worldwide.

In August 2023, the inflation rate showed relative stability at 2.0% compared to August 2022.

The CPI measures consumers' prices for a fixed basket of goods and services consisting of 490 items. The respective prices are collected through field visits to points of sale.

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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.