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Saudi Q3 GDP Grows 8.6% y/y

Saudi Arabia's gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021. (Asharq Al-Awsat)
Saudi Arabia's gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021. (Asharq Al-Awsat)
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Saudi Q3 GDP Grows 8.6% y/y

Saudi Arabia's gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021. (Asharq Al-Awsat)
Saudi Arabia's gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021. (Asharq Al-Awsat)

Saudi Arabia's gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021, according to initial government estimates on Monday, as the world's top oil exporter benefits from higher energy prices.

Growth was largely driven by a 14.5% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.6%.

Second quarter real gross domestic product was up 12.2%, the Kingdom reported in September, exceeding a flash estimate at the end of July of 11.8% growth on the back of higher oil prices.

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Saudi Industry Minister Strengthens Relations with Danish Private Sector to Boost Bilateral Trade

Saudi Industry Minister strengthens relations with Danish private sector to boost bilateral trade. (SPA)
Saudi Industry Minister strengthens relations with Danish private sector to boost bilateral trade. (SPA)
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Saudi Industry Minister Strengthens Relations with Danish Private Sector to Boost Bilateral Trade

Saudi Industry Minister strengthens relations with Danish private sector to boost bilateral trade. (SPA)
Saudi Industry Minister strengthens relations with Danish private sector to boost bilateral trade. (SPA)

Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, held a series of bilateral meetings on Friday with leaders of several leading Danish companies in the industry and mining sectors. Discussions covered joint investment opportunities, as well as the enablers and incentives offered by the Kingdom to investors, the Saudi Press Agency reported.
The meetings focused on strengthening cooperation in the industrial and mining sectors between the two sides, with an emphasis on leveraging the strategic opportunities presented by the National Strategy for Industry across its 12 priority sectors that the Kingdom aims to localize and develop. This was discussed alongside the opportunities provided by the comprehensive mining strategy, in line with the objectives of Saudi Vision 2030.
Alkhorayef also met with executives from the pharmaceutical, food, and mining sectors, including FLSmidth, Danfoss, Novo Holdings, Novonesis, and Arla Foods.
The visit reflects Saudi Arabia’s continued efforts to deepen economic partnerships with leading industrial nations and attract global expertise to accelerate the growth and competitiveness of the Kingdom's industrial and mining sectors.