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Saudi Finance Minister: Economic Indicators Have Shown Positive Reforms

Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
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Saudi Finance Minister: Economic Indicators Have Shown Positive Reforms

Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)

Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan said in a speech on the occasion of the 88th anniversary of the Saudi National Day that the positive economic indicators have proved the importance of the structural reforms that the Kingdom has undertaken.

He pointed out that this year’s national day coincided with a number of achievements in support of economic growth, with the economic indicators highlighting positive structural reforms thanks to the wise leadership that enabled the Saudi economy to address the challenges.

“Today, we live in an important phase of the development process; we are moving towards the horizons of glory, in accordance with an ambitious vision that is the Kingdom’s Vision 2030,”
Jadaan stated.

These positive assurances come as recent figures published in the 54th annual report of the Saudi Arabian Monetary Agency (SAMA) highlighted the strength of the Kingdom’s financial sector, with the figures showing the growth of local banks’ capital and reserves by 6.3% in 2017.

According to the same report, the Saudi economy registered a number of positive indicators, notably the non-oil GDP growth of 1.05% and the current account surplus of SAR57.1 billion ($ 15.2 billion) in 2017.

The report revealed that the total assets of commercial banks increased by 2.2% to reach more than two trillion riyals ($ 533.3 billion). The capital and reserves of local banks increased by 6.3% to reach SAR318 billion ($ 84.4 billion).

Saudi Arabia - one of the 20 most powerful economies in the world - has played a key role in energy markets over the past years. The Kingdom is among the top countries that achieve balance in providing oil, which has helped stimulate the global economy towards more production and manufacturing processes.

The Saudi economy has recorded in 2018 the highest spending budget in the country’s history that exceeded one trillion riyals ($266.6 billion).

With regards to the Saudi budget for 2018, the financial performance indicators of the general budget for Saudi Arabia for the first half of the current year showed that the total revenue amounted to about SAR439.8 billion ($117.2 billion), an increase of 43% compared to the same period last year.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."