Saudi Arabia to Hold Human Capability Initiative in Feb 2024

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee. (SPA)
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Saudi Arabia to Hold Human Capability Initiative in Feb 2024

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee. (SPA)

The inaugural edition of the Human Capability Initiative (HCI) will be held in RIyadh on February 28-29, 2024.

The event will be held under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee, one of Saudi Arabia’s Vision 2030 Realization Programs.

Under the theme of “Future Readiness”, HCI will bring together over 6,000 experts, decision makers, and more than 150 international keynote speakers from government, private and non-profit entities, and think tanks from over 50 countries to explore impactful dialogues, create synergies and seize opportunities for human capability development worldwide.

HCI will focus on how to strengthen the human capability development ecosystem, promote innovative policy design and creative solutions, and showcase success stories of human capability development and its impact on economic growth.

This collective effort will contribute to a sustainable global agenda that pioneers solutions for human capabilities across all age groups, and sparks initiatives that proactively anticipate the challenges of tomorrow and help shape a promising future for all.

Minister of Education and Chairman of the Executive Committee of the Human Capability Development Program Yousef Al-Benyan, said: “The conference is the first of its kind global cooperative platform to catalyze international collaboration, enrich global dialogue in human capability development, and contribute to the development of human skills and a prosperous global economy.”

He added: “The conference will discuss challenges facing human capabilities development in light of global changes, and the most important skills required in the future global labor market, in addition to the impact of rapid developments in the digital and economic fields on human capabilities”.

“Topics addressed at HCI are of vital importance in driving new conversations on shaping policy, collaboration, and private-public-third sector partnerships and investment at a global level in developing human capabilities. This will contribute to building strong and flexible economies to meet future challenges,” he stressed.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.