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Saudi Environment Ministry Announces Recycling Plan, Boosting GDP by SR120 Bn

Saudi Arabia was able to preserve more than 90,000 hectares and plant 50 million trees (Asharq Al-Awsat)
Saudi Arabia was able to preserve more than 90,000 hectares and plant 50 million trees (Asharq Al-Awsat)
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Saudi Environment Ministry Announces Recycling Plan, Boosting GDP by SR120 Bn

Saudi Arabia was able to preserve more than 90,000 hectares and plant 50 million trees (Asharq Al-Awsat)
Saudi Arabia was able to preserve more than 90,000 hectares and plant 50 million trees (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water, and Agriculture (MEWA) revealed a plan to develop the waste sector in the Kingdom which includes a 95% recycling target.
The plan will contribute approximately SR120 billion to the gross domestic product.
The Ministry's annual report for 2023 stated its goal of sustainability through recycling 100 million tons annually and creating over 100,000 jobs, aligning with Saudi Vision 2030.
The report highlighted efforts towards sustainable development goals, including the National Environmental Strategy, which has over 65 initiatives and an investment of over SAR 55 billion.
Saudi Arabia's waste management recycling rate stands currently at 3-4%, the world's lowest, which the Ministry aims to increase to 95%.
It acknowledges the existence of hazardous wastes, like medical waste, needing scientific management to ensure public safety.
The Ministry has also been able to preserve 90,000 hectares and has planted over 50 million trees, boosting community awareness and environmental compliance.
Efforts to monitor environmental compliance contributed to raising the level of quality of life.
The report noted that the Kingdom's Dust Storm Center recorded the lowest dust storms, just 10%. This success is attributed to numerous reserves, increased rainfall, cloud seeding, and the planting of nearly 50 million trees nationwide.

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Saudi Arabia Reports SAR540 Billion in Services Trade with 7% Annual Growth

Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
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Saudi Arabia Reports SAR540 Billion in Services Trade with 7% Annual Growth

Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)

Saudi Minister of Commerce Dr. Majid Al-Kassabi announced on Wednesday that the Kingdom’s trade in services reached SAR540 billion in 2023, reflecting an annual growth rate of 7%.

Speaking at a panel discussion on Trade in Service at the World Economic Forum in Davos, he underscored the global significance of the services sector, which makes up approximately 65% of the world’s gross domestic product (GDP), 60% of foreign investments, and serves as the largest provider of jobs worldwide, particularly benefiting women.

He emphasized the need for global collaboration to reduce regulatory and procedural obstacles in the services sector, adding that simplifying these systems would boost competitiveness and alleviate burdens on small and medium enterprises (SMEs), thereby raising their economic contribution.

Al-Kassabi outlined Saudi Arabia’s significant investments in digital infrastructure, including SAR93.7 billion already spent and an additional SAR75 billion allocated for future projects.

The investments, he said, aim to support digital transformation, boost businesses, and attract foreign investments.

The Kingdom has partnered with international organizations to establish legislative frameworks that protect investments and advance human resource development and has created a Center for Distinguished Residence to attract skilled talents, he went on to say.

The World Economic Forum emphasized the critical importance of collaboration between the public and private sectors for the future of trade in services. It highlighted its partnership with the National Competitiveness Center on the Facilitating and Developing Trade in Services initiative, which focuses on key sectors such as information and communications technology (ICT), finance, transportation and logistics services, and mining. The sectors are vital as they underpin all economic activities.