Oxford Economics Predicts Saudi Economy to Cross $1 Trln Mark in 2022

Oxford Economics has predicted that the Saudi economy will cross the trillion-dollar mark for the first time in 2022, Asharq Al-Awsat
Oxford Economics has predicted that the Saudi economy will cross the trillion-dollar mark for the first time in 2022, Asharq Al-Awsat
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Oxford Economics Predicts Saudi Economy to Cross $1 Trln Mark in 2022

Oxford Economics has predicted that the Saudi economy will cross the trillion-dollar mark for the first time in 2022, Asharq Al-Awsat
Oxford Economics has predicted that the Saudi economy will cross the trillion-dollar mark for the first time in 2022, Asharq Al-Awsat

Oxford Economics has predicted that the Saudi economy will cross the trillion-dollar mark for the first time this year.

The leader in global economic forecasting and econometric analysis pointed out that the growth rate of Saudi Arabia's national product will reach 7.5 % during 2022.

The International Monetary Fund has previously expected that Saudi Arabia's growth rate will remain in the range of 7.6% this year.

One of the main goals of Saudi Vision 2030 is for the Kingdom to become one of the fifteen largest economies in the world by 2030 and to achieve a target of $1.7 trillion in gross national product.

The Saudi Department of Statistics has projected that Saudi Arabia's real GDP growth rate will be 11.8% in the second quarter of 2022.

In other news, the Ministry of Investment of Saudi Arabia reported the signing of a range of new investment deals in diverse sectors such as advanced manufacturing, construction and real estate, ICT, tourism, entertainment and sports, highlighting the success of the National Investment Strategy in attracting investment inflows to Saudi Arabia.

Buoyed by the ambitious objectives of the National Investment Strategy, the quarter saw the signing of 49 major investment deals worth at least $925 million and set to create about 2,000 new jobs.

Some of the major deals include a $133.3 million agreement between the Saudi Ports Authority and DP World to build a logistics park at Jeddah Islamic Port and a $37 million funding round led by global finance giant Mastercard into Saudi e-commerce firm HyperPay to expand the Kingdom’s digital payment ecosystem.

Investment Minister Khalid Al-Falih responded to the latest investment deals and figures by highlighting the impact of governmental plans.

“The National Investment Strategy is a catalyst to deliver on our Vision 2030 national objectives of seeing the private sector contribute 65% to GDP and growing foreign direct investment to 5.7% of GDP,” said Al-Falih.

“Despite global headwinds, we are seeing strong interest from global investors in diverse industries to partner with Saudi Arabia,” he added.



Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.