Saudi Arabia Achieves Record Growth in Promising Sectors

Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of 2023. (Asharq Al-Awsat)
Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of 2023. (Asharq Al-Awsat)
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Saudi Arabia Achieves Record Growth in Promising Sectors

Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of 2023. (Asharq Al-Awsat)
Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of 2023. (Asharq Al-Awsat)

Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of this year, one of the opportunities launched by Vision 2030 for the local and foreign business sectors.

According to a recent report by the Ministry of Commerce, a copy of which was obtained by Asharq Al-Awsat, commercial registers of the video game sector grew 92 percent during the first quarter of this year, bringing the total to more than 1,600.

Last year, Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, launched the National Gaming and Esports Strategy, kicking off a new era for the Kingdom to play a pioneering role in the sector and making it a global hub for the gaming industry by 2030.

It also serves the Vision 2030 objectives, which aim to diversify Saudi Arabia’s economy, create new job opportunities in different industries and provide world-class entertainment to residents and visitors.

The Saudi government established a specialized authority that focused on developing Artificial Intelligence and the data sector. It reported a 74 percent growth in commercial registers in the sector during the first quarter of 2023, bringing the total to more than 3,200.

According to the report, commercial registers in the computer programming sector increased by 30 percent, bringing the total number to 11,800.

In market research and opinion polls, commercial registers in this sector increased by 95 percent during the first quarter of 2023, with more than 200.

The report revealed that the sector of recreation increased by 18 percent in the first quarter of the year, with a total of more than 2,800 commercial registers.

The film industry witnessed a 39 percent increase in exported commercial registers, bringing the total number to more than 1,500.

On Monday, the Ministry of Commerce issued the first quarterly bulletin on the performance of the business sector and its developments in the Kingdom during the first quarter of 2023.

The bulletin revealed the most prominent indicators of growth in various activities and sectors and the developments of regulations during the year.

It also reported on the consumer protection system, the commercial register, trade names, the family business charter, and the corporate governance regulations.

The bulletin showed the volume of growth in the records of institutions and companies, the highest sectors that witnessed remarkable growth, the distribution of exported records to Saudi regions, indicators of economic activities in promising sectors, and the growth of e-commerce in the Kingdom.

It also shed light on businesswomen, funding of small and medium enterprises, the developments in the transformation of institutions into companies according to the new corporate system, and the benefits of recently issued laws and regulations, including commercial treatments and franchising, and the Saudi building code.



New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
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New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, approved a new social insurance system for new workers during its session on Tuesday.
This move aims to boost labor market efficiency, ensure the sustainability of insurance funds, and support local talent stability. The Kingdom is gearing up for large-scale economic projects that require ongoing updates to meet national goals.
The government aims for a sustainable and fair retirement system, improving laws and regulations.
Minister of Economy and Planning Faisal Al-Ibrahim previously highlighted Saudi Arabia’s proactive approach to managing rising workforce rates and their retirement implications.
Minister of Human Resources and Social Development Ahmed Al-Rajhi affirmed that the Cabinet’s decision enhances retirement system efficiency and provides insurance protection for participants and their families, adapting to labor market changes.
Finance Minister Mohammed Al-Jadaan stressed the decision's goal to secure insurance coverage for participants while ensuring the sustainability of insurance funds and protecting beneficiaries' rights, thereby promoting economic and social stability.
Moreover, the Cabinet has decided to maintain current provisions of the civil retirement and social insurance systems for current participants, excluding those nearing retirement age and specific groups qualifying for pensions.
The General Organization for Social Insurance clarified that the new system applies only to newly employed civilians in both public and private sectors without prior contributions to either retirement or current social insurance systems.
Existing participants will continue under current rules, except for changes related to retirement age and qualifying periods for pensions for those with less than 20 years of contributions and under 50 lunar years old at the time of the amendments.
The retirement age for covered groups will gradually increase from 58 to 65 years, starting 4 months beyond the current retirement age, based on the participant's age when the amendments take effect.
The current retirement and insurance systems will remain unchanged for participants aged 50 and above or with 20 or more years of contributions at the time of the amendments.
For new labor market entrants, the new system facilitates job mobility between public and private sectors, with contribution rates gradually increasing by 0.5% annually over 4 years, starting from the second year.