Ministers: Saudi Arabia Continues its Transformational Journey at Accelerated Pace

The annual report for Vision 2030 showed tremendous achievements in all programs and initiatives. (Asharq Al-Awsat) 
The annual report for Vision 2030 showed tremendous achievements in all programs and initiatives. (Asharq Al-Awsat) 
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Ministers: Saudi Arabia Continues its Transformational Journey at Accelerated Pace

The annual report for Vision 2030 showed tremendous achievements in all programs and initiatives. (Asharq Al-Awsat) 
The annual report for Vision 2030 showed tremendous achievements in all programs and initiatives. (Asharq Al-Awsat) 

Ministers and officials in the Saudi government said that the Kingdom is continuing its comprehensive transformational journey at an accelerated pace since the launch of Vision 2030, which laid a basic foundation for a vibrant society and a prosperous economy.
A number of government officials commented on the annual report of Vision 2030, stressing that the achievements were made with resolve and persistence following comprehensive reforms.
Minister of Economy and Planning Faisal Al-Ibrahim said that the Kingdom’s achievements in 2023 demonstrated the strength and flexibility of its economy, as non-oil activities recorded their top contribution to the real gross domestic product at 50 percent, which is its highest historical level.
For his part, Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia was reaping the results of economic reforms, pointing to an accelerated pace to diversify the economy and enhance the efficiency of financial performance, as well as other achievements that lay the foundations of a strong and diversified economy.
The Minister of Human Resources and Social Development, Ahmed Al-Rajhi, touched on some of the accomplishments during the past year, saying that 2.3 million citizens were now working in the private sector, compared to 1.7 million in 2019, in addition to increasing the percentage of women’s participation in the labor market to 35.5 percent.
He added that efforts are underway with all partners to localize specific professions and create a stimulating work environment in promising sectors.
In turn, Minister of Health Fahd Al-Jalajel explained that Saudi Vision 2030 is moving at an accelerated pace.
“Today, we are reaping the fruits of its journey with many accomplishments that support the provision of distinguished health care for the individual and society and the achievement of sustainable health development,” he stated.
For his part, the Minister of Hajj and Umrah, Dr. Tawfiq Al-Rabiah, commenting on the report, stated: “Eight years of successes and transformation, for development and a better future, through Saudi Vision 2030...”
Minister of Transport and Logistics Services, Engineer Saleh Al-Jasser, said: “Today, we are reaping the fruits of extensive national achievements in the transportation and logistics sectors, to enhance economic growth and support sustainable development.”
Moreover, Minister of Industry and Mineral Resources Bandar Al-Khorayef stated that Saudi Vision 2030 contributed to transforming the industrial sector into an attractive investment environment, developing human capabilities in line with the requirements of the modern industrial sector, and unleashing the large and promising capabilities of the mining sector.
Minister of Municipal, Rural Affairs and Housing, Majid Al-Hogail, pointed to the transformation witnessed in the housing sector in 2023, stimulated by Vision 2030, by regulating the real estate market, developing its laws, and increasing the supply.
“We continue our efforts to raise the quality of housing and enable citizens to own properties,” he noted.
The Minister of Tourism, Ahmed Al-Khatib, revealed that the Kingdom has achieved the target of Vision 2030 in 2023 by welcoming 100 million tourists, raising the goal to 150 million tourists, and committing to empowering the sector.
Minister of Sports, Prince Abdulaziz Al-Faisal, also spoke about the report, saying: “Under the leadership of our great nation... and with its unlimited support... the goals of Saudi Vision 2030 will be achieved.”



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.