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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
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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.

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CEO of Cisco Saudi Arabia: Our Investments in the Kingdom Continue to Support Digital Transformation

The logo of US networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. (Reuters)
The logo of US networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. (Reuters)
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CEO of Cisco Saudi Arabia: Our Investments in the Kingdom Continue to Support Digital Transformation

The logo of US networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. (Reuters)
The logo of US networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. (Reuters)

Saudi Arabia has demonstrated a strong commitment to IT infrastructure amid significant advancements in the Kingdom’s tech sector on global indices. This has positively impacted Cisco, a global leader in security and networking solutions, which has reported consistent performance in line with the opportunities available in the country and reaffirmed its decision to continue investing in Saudi Arabia to support its digital transformation initiatives.

In an interview with Asharq Al-Awsat, Salman Faqeeh, CEO of Cisco Saudi Arabia, said the Kingdom showcased the strength and efficiency of its infrastructure during the COVID-19 pandemic, positively influencing Cisco’s operations over the past few years.

Cisco, a technology company listed on the US stock market and headquartered in Silicon Valley, California, specializes in developing, manufacturing, and selling networking devices, software, and communication equipment.

Faqeeh stated that Cisco is committed to playing a key role in supporting Saudi Arabia’s digital transformation through strategic investments. In 2023, the company opened a regional office in Riyadh to strengthen its operations across the Middle East and North Africa and deepen its presence in the Kingdom. Senior executives also held high-level meetings with government and private sector leaders to solidify partnerships in the local market.

Faqeeh stressed that the company has consistently invested in programs to accelerate digital transformation, supporting the Kingdom’s efforts in key sectors and fostering an innovation ecosystem. He added that since the launch of Saudi Arabia’s Digital Transformation Program in 2016, part of Vision 2030 aimed at enhancing digital skills and promoting innovation, Cisco has implemented more than 20 projects in critical areas such as healthcare, education, and smart cities.

Faqeeh praised the Kingdom’s achievements in digital transformation, citing its significant progress on global indices. Saudi Arabia ranked second among G20 countries in the 2024 ICT Development Index and led in cybersecurity readiness.

Boosting cybersecurity is a top priority for Saudi Arabia, particularly given the rising number of cyberattacks globally, he added. In this context, he pointed to Cisco’s efforts to provide solutions that protect data and digital infrastructure, citing a 2023 Cisco study, which revealed that 99% of surveyed organizations in the Kingdom increased their cybersecurity budgets, although 67% reported experiencing security incidents in the past year.

He also addressed challenges in artificial intelligence (AI), highlighting a recent Cisco study that found 93% of Saudi companies have AI strategies, but only 7% are fully prepared with the necessary infrastructure to implement these technologies.

Moreover, Faqeeh underscored the impact of Cisco’s Networking Academy program in Saudi Arabia, which has trained over 336,000 individuals, including more than 35% female participants—one of the highest percentages globally.

Regarding academic collaborations, he emphasized Cisco’s ongoing partnership with the King Abdullah University of Science and Technology (KAUST), aimed at improving the educational environment and empowering academic staff and students with cutting-edge solutions.

Cisco is also committed to environmental sustainability, aiming for net-zero greenhouse gas emissions by 2040. Faqeeh noted the company’s focus on delivering energy-efficient technology solutions and contributing to the Kingdom’s goals for carbon neutrality.

The company will participate as a strategic sponsor in the Black Hat cybersecurity conference, set to take place in Riyadh from November 26–28. According to Faqeeh, the company aims to use this platform to strengthen collaboration with clients and partners in the Kingdom, offering innovative security solutions that protect data and facilitate the safe adoption of AI technologies.