عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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.

Most Viewed

 
 
Business

Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
TT
TT

Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.