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Saudi Economy Ministry Launches Indicator to Monitor Private Sector’s Performance

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
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Saudi Economy Ministry Launches Indicator to Monitor Private Sector’s Performance

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour

The Ministry of Economy and Planning launched on Sunday a novel economic analysis index, known as MEPX, to monitor the performance of the Kingdom’s private sector, the Saudi Press Agency reported.

MEPX is a leading indicator that has been designed and developed by the Ministry’s economic analysts to track ten economic factors classified into four categories, consumers, firms, and the financial and trade sectors. It provides regular, in-depth analysis of the Kingdom’s private sector business cycles through advanced econometrics techniques, SPA said.

The insights and analysis gathered by MEPX will enable the Ministry to further support the Kingdom’s economic policymaking and strategies based on emerging data, market trends and fluctuations.

Commenting on the launch of the innovative economic tool, Minister of Economy and Planning Faisal F. Alibrahim said: “The first MEPX business cycle composite index marks an important milestone in our mission to provide accurate, trusted, and transparent economic data and statistics in the Kingdom.

“As the Kingdom records its fastest economic growth in a decade, increasing access to emerging data is crucial to informing pro-growth policymaking as we look to enhance the private sector’s contribution to 65 percent of Saudi Arabia’s GDP by 2030.”

He added: “MEPX will allow economists, policymakers and business leaders to not only analyze and predict emerging trends but proactively Identify short and medium-term growth opportunities to ensure we continue to progress sustainably on our journey of social and economic transformation.”

According to the latest World Economic Outlook Report issued by the International Monetary Fund (IMF) in October, Saudi Arabia is set to become the world’s fastest growing major economy in 2022, with a growth rate of 7.6%.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.