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Discussions to Employ Women's Capital in Saudi Investment Projects

Abeer al-Houkal chairs the periodic meeting of the Businesswomen’s Committee of the Chamber of Commerce and Industry in Riyadh. (Asharq Al-Awsat)
Abeer al-Houkal chairs the periodic meeting of the Businesswomen’s Committee of the Chamber of Commerce and Industry in Riyadh. (Asharq Al-Awsat)
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Discussions to Employ Women's Capital in Saudi Investment Projects

Abeer al-Houkal chairs the periodic meeting of the Businesswomen’s Committee of the Chamber of Commerce and Industry in Riyadh. (Asharq Al-Awsat)
Abeer al-Houkal chairs the periodic meeting of the Businesswomen’s Committee of the Chamber of Commerce and Industry in Riyadh. (Asharq Al-Awsat)

Asharq Al-Awsat has learned that the Coordinating Council for Women’s Affairs at the Council of Saudi Chambers intends to involve businesswomen in various economic sectors, training and rehabilitation programs, initiatives and appropriate investment opportunities in the Kingdom.

The Businesswomen’s Committee of the Chamber of Commerce and Industry in Riyadh held its periodic meeting on Friday chaired by Abeer al-Houkal.

The discussions tackled several topics, including opportunities to increase the competitiveness of micro-enterprises and ways to raise financial awareness for women and to employ capital in successful investment projects.

According to the information obtained, the Coordinating Council called on all chambers of commerce and industry across the Kingdom to compile data to build an integrated base for Saudi businesswomen.

It aims to use this database in directing invitations to the available programs, initiatives and opportunities that it oversees.

Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef revealed in April that more than 17,000 Saudi women work in industrial cities.

“The oases of MODON provide an attractive environment and incubator for women’s investments, as well as for entrepreneurs and small projects,” he said.

He pointed out that the ministry’s industrial strategy aims to adopt advanced industrial techniques and reduce dependence on low-skilled labor.

“The future jobs will be based on creative thought derived from the society’s cultural awareness.”

The Minister said that the industry and mineral resources system seeks to develop the national industry and achieve the optimal investment of mineral resources, which contributes to the access of Saudi products to global markets, in addition to meeting the requirements of local markets.

He affirmed that investment in the industrial sector has become so easy due to the clarity of procedures and the available legislation and incentives.

Ajlan al-Ajlan, chairman of the board of directors of the chamber, said that the Saudi businesswomen are keeping pace with developments in the economy and the investment environment and have achieved great successes at all levels.

“All fields are open to them and there are equal opportunities for investors, whether they are women or businessmen,” Ajlan noted.

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Business

Aramco Reports 14% Decline in First-quarter Net Income to $27.3 Billion

Aramco President & CEO Amin H. Nasser. Reuters file photo
Aramco President & CEO Amin H. Nasser. Reuters file photo
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Aramco Reports 14% Decline in First-quarter Net Income to $27.3 Billion

Aramco President & CEO Amin H. Nasser. Reuters file photo
Aramco President & CEO Amin H. Nasser. Reuters file photo

Saudi Aramco reported on Tuesday a 14% decline in net income to $27.3 billion in the three months to March 31, down from $31.9 billion a year earlier, according to a company earnings statement.

The company declared base dividend payouts for the first quarter totaling $20.3 billion and a performance-linked dividend distribution of $10.8 billion to be paid in the second quarter.

“Our first-quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries and to people worldwide,” said Aramco President & CEO Amin H. Nasser.

“We also continue to execute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally-integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders.”

He expected Aramco’s “portfolio to continue to evolve as we aim to contribute to an energy transition that offers solutions to climate challenges, but at the same time recognizes the need for affordable, reliable, and flexible energy supplies.”

Business

UAE, New Zealand to Launch Talks for Free Trade Deal

The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement. WAM
The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement. WAM
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UAE, New Zealand to Launch Talks for Free Trade Deal

The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement. WAM
The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement. WAM

The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement, which will boost trade and investment ties between the two nations.

New Zealand’s Minister for Trade Todd McClay met his UAE counterpart to announce the start of talks on a Comprehensive Economic Partnership Agreement, according to a statement on Tuesday.

UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said that a Comprehensive Economic Partnership Agreement will open up a range of opportunities for both countries, “with the UAE offering direct access to new markets for New Zealand’s exports, particularly in food and agricultural products, while our services exporters and investors will be able to explore a range of high-value sectors. We are both eager to get started.”

"The UAE is an important bilateral partner for New Zealand, and today’s launch of negotiations is an exciting step towards growing our significant trade and economic relationship," said McClay.

The UAE is New Zealand's largest trade partner in the Middle East and exports hit NZ$1.02 billion ($613 million) in the year to September 2023, up 17% from the year before, according to New Zealand foreign ministry data.

Business

ECB Grows More Confident About Cutting Rates, Policymakers Say

The European Central Bank headquarters in Frankfurt. SPA
The European Central Bank headquarters in Frankfurt. SPA
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ECB Grows More Confident About Cutting Rates, Policymakers Say

The European Central Bank headquarters in Frankfurt. SPA
The European Central Bank headquarters in Frankfurt. SPA

The European Central Bank is growing more confident about cutting interest rates as euro zone inflation continues to ease, three ECB policymakers said on Monday.
ECB policymakers Philip Lane, Gediminas Simkus and Boris Vujcic said separately that the latest inflation and growth data cemented their belief that inflation will head back to the central bank's 2% target by the middle of next year.
Euro zone inflation stood at 2.4% in April and a crucial indicator of underlying price pressures slowed while the economy staged a small rebound.
"Both the April flash estimate for euro area inflation and the first quarter GDP number that came out improve my confidence that inflation should return to target in a timely manner," ECB Chief Economist Lane told Spanish newspaper El Confidencial.
Simkus, Lithuania's central bank governor, was more outspoken, saying he continued to expect the ECB to reduce rates three times by the end of 2024.
"My thinking is that there are some other interest rate cuts coming in the future, but I will restrict myself from elaborating on how many, even if I have already expressed that this year, I would expect three cuts," Simkus told reporters in Vilnius, according to Reuters.
The ECB has all but promised a rate cut on June 6 and money markets are almost fully pricing in three cuts this year, with traders boosting their bets after some dovish rhetoric by the Federal Reserve and weak US jobs data late last week.
This would take the rate that the ECB pays on bank deposits from a record 4% to 3.25%, a level that most policymakers would still describe as restrictive -- or curbing economic activity.
"The incoming data so far are quite consistent with our projections," Croatian governor Boris Vujcic said at the Vilnius event. "If the projections stand, as we see it at the moment, I would expect the loosening of the policy stance, but still staying in the restrictive territory to make sure inflation is brought down to the 2% level."
While the ECB insists it is not dependent on the Fed, a widening interest rate gap between the world's biggest central banks would weaken the euro and boost European inflation, likely limiting the ECB's appetite for going it alone.
Lane said that April inflation data finally showed progress on services prices but the bank would continue to focus on services to make sure it did not derail disinflation later on.
The ECB expects it to fluctuate around this level for most of this year, before falling again in 2025.

Business

Saudi-US Business Council to Mark 13th Anniversary of Its Founding

Interim President and CEO; Executive Director at US-Saudi Business Council Susanne Lendman. (SPA)
Interim President and CEO; Executive Director at US-Saudi Business Council Susanne Lendman. (SPA)
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Saudi-US Business Council to Mark 13th Anniversary of Its Founding

Interim President and CEO; Executive Director at US-Saudi Business Council Susanne Lendman. (SPA)
Interim President and CEO; Executive Director at US-Saudi Business Council Susanne Lendman. (SPA)

The Saudi-US Business Council will organize a celebration Wednesday in Houston, Texas, on the occasion of the 13th anniversary of its founding. Investment and business figures from the two countries will attend.
In a statement to the Saudi Press Agency, the council's interim President and CEO Susanne Lendman stated that the anniversary comes as American exports to the Kingdom hit $13.87 billion in 2023, amid thriving expectations for trade relations between the two countries.
She emphasized the council’s commitment to facilitating partnerships through targeted outreach, missions, executive roundtables, and seminars throughout the United States to increase broad opportunities for trade and investment between the two countries.

Business

Biggest Water Theme Park in the Region 'Aquarabia' Joins Six Flags Qiddiya City

Located in Qiddiya City, Aquarabia will complement Six Flags Qiddiya City, the city's flagship theme park. SPA
Located in Qiddiya City, Aquarabia will complement Six Flags Qiddiya City, the city's flagship theme park. SPA
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Biggest Water Theme Park in the Region 'Aquarabia' Joins Six Flags Qiddiya City

Located in Qiddiya City, Aquarabia will complement Six Flags Qiddiya City, the city's flagship theme park. SPA
Located in Qiddiya City, Aquarabia will complement Six Flags Qiddiya City, the city's flagship theme park. SPA

The Board of Directors of the Qiddiya Investment Company (QIC) has announced the launch of Aquarabia, the first water theme park of its kind in Saudi Arabia and the largest in the region.

Located in Qiddiya City, Aquarabia will complement Six Flags Qiddiya City, the city's flagship theme park and the first Six Flags park to be designed and built outside of North America.

Embracing Qiddiya's Power of Play philosophy, Aquarabia will be Saudi's first home-grown water theme park and will draw visitors from across the globe with its twenty-two rides and family-friendly water-based experiences. This includes four world records, including the world's tallest water coaster, the tallest drop body slide, the tallest water slide, and the longest mat racer.

Aquarabia will also offer the first underwater adventure ride featuring fully submersible vehicles. Adrenaline lovers will enjoy an extreme watersports zone dedicated to rafting, kayaking, canyoneering, free solo climbing and cliff jumping, as well as the Kingdom's first surf pool. Moreover, Aquarabia will offer immersive, narrative-based design elements and attractions seldom seen in water parks, with its theming based around ancient desert wellsprings and Qiddiya’s wildlife seeking an oasis.

Aquarabia will complement Qiddiya City's theme park offering with the previously announced Six Flags Qiddiya City, a thrill park that will push the boundaries of the possible with twenty-eight rides and attractions.

Six Flags Qiddiya City will feature five world record-breaking coasters spread across six uniquely themed lands: Sirocco Tower, the world’s tallest free standing shot tower ride; Gyropsin, the world’s tallest pendulum ride; Spitfire, the world’s tallest inverted top hat coaster; Iron Rattler, the world’s tallest tilt coaster; and the Falcons Flight, the world's tallest, fastest and longest roller coaster which will run parallel to the F1 track.

Aquarabia and Six Flags Qiddiya City are located within Qiddiya City in an entirely walkable neighborhood where visitors can find a unique selection of activities and a broad range of hotels, dining options and even a green oasis to unwind and recharge between exhilarating rides and adrenaline-pumping experiences. Through innovative design and infrastructure, visitors will move around effortlessly, minimizing journey time and maximizing enjoyment. The seamless connection between both new parks is a statement that in Qiddiya City, every moment spent exploring is filled with excitement.

Business

Saudi Arabia’s Alat Boosts Sustainable Manufacturing Capabilities

Alat is a company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy. SPA
Alat is a company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy. SPA
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Saudi Arabia’s Alat Boosts Sustainable Manufacturing Capabilities

Alat is a company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy. SPA
Alat is a company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy. SPA

Alat, a PIF company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in Saudi Arabia, has announced the launch of two new business units - Electrification and AI Infrastructure.

Alat made the announcement in a press release on Monday. It said the two business units will address unprecedented global demand for AI infrastructure and the urgent need to support global energy transition by strengthening electricity grid technology.

Electrification is a key goal for Alat to not only strengthen grid technology for robust and increased use of technology, but also as the growth of electricity grows exponentially, with electricity being the key energy produced by solar, wind and hydrogen clean energy to power industrial processes, it said.

By combining Saudi Arabia’s rich resources of solar energy and other clean energy sources with electric powered industrial systems, Alat intends to manufacture solutions that will contribute significantly to the global energy transition and the decarbonization of industry, the statement added.

According to the statement, the Electrification business unit will focus on transmission and distribution technologies. It will also include the connection of renewable energy sources to the grid and latest technologies for gas and hydrogen generation and compression.

The AI Infrastructure business unit is focused on the technology necessary for AI capabilities and encompasses network and communications equipment, servers, data center networking equipment, data center storage, industrial edge servers, and industry 4.0 computing, said Alat.

The adoption of AI in combination with other industry 4.0 technologies, including robotics, will enable a leap forward in smart manufacturing and the creation of intelligent factories. The AI Infrastructure Business Unit will not only manufacture solutions for Alat customers but will also contribute to Alat’s advanced technology goals, it added.

"I am pleased to announce these two exciting new divisions as they will make a significant contribution to Alat’s overall strategic goal of developing an advanced, sustainable future for industry,” the statement quoted Global CEO at Alat Amit Midha as saying.

Business

Lord Mayor of London: Intense Efforts Underway to Deepen Partnerships between Saudi Arabia, UK

Lord Mayor of London Michael Mainelli. (Asharq Al-Awsat)
Lord Mayor of London Michael Mainelli. (Asharq Al-Awsat)
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Lord Mayor of London: Intense Efforts Underway to Deepen Partnerships between Saudi Arabia, UK

Lord Mayor of London Michael Mainelli. (Asharq Al-Awsat)
Lord Mayor of London Michael Mainelli. (Asharq Al-Awsat)

Lord Mayor of London Michael Mainelli revealed that intense efforts are underway to maximize fintech, green financing, AI, space and cyberspace partnerships with Saudi Arabia.

He added that the UK and Saudi Arabia are important trade partners. “The UK is Saudi Arabia’s largest trading partner in Europe,” he told Asharq Al-Awsat in an interview on the sidelines of his participation at the special meeting of the World Economic Forum in Riyadh last week.

“By working together, British expertise and innovation in sustainable finance can help the Saudi financial services sector to unlock the huge opportunities offered by the green transition,” he remarked.

“One of the major projects we have coming up with Saudi Arabia is the UK-Saudi Sustainable Infrastructure Summit taking place at Mansion House in London on the 24 June in partnership with the Saudi British Joint Business Council (SBJBC UK),” he revealed.

Greatest trade partner

Moreover, Mainelli said: “The UK and Saudi Arabia are important trade partners. The UK is Saudi Arabia’s largest trading partner in Europe with trade worth £17.4 billion (SAR 82 billion). Meanwhile the Gulf Cooperation Council (GCC) is the UK’s fourth largest trading partner with trade worth £65 billion (AR 305 billion). While Saudi investment in the UK is estimated to be worth up to £65 billion (SAR 305 billion).”

“We welcome the ongoing free-trade negotiations between the GCC and the UK and we hope it follows the recommendations of the UK-GCC Joint Trade and Investment Review, which called for swift progress on market access in professional, business and financial services,” he went on to say.

On the importance of the Davos Riyadh Forum and to what extent there will be new opportunities for bilateral, regional and global cooperation in providing clean energy, he said: “The World Economic Forum in Riyadh was an opportunity for Saudi Arabia to showcase the extraordinary progress they’ve made in diversifying their economy away from oil and gas as part of their ambitious Vision 2030.”

“It's great that Saudi Arabia is looking really deep into its future, and I applaud that. I think where Saudi Arabia is headed in hydrogen technology has great potential, as well as in the fields of biology and healthcare,” stressed Mainelli.

“One of the best things about Vision 2030 is the creation of good intellectual jobs for the Saudi people. It is an uplifting vision of what a nation of 40 million can achieve,” he said.

“The UK and London’s expertise in fintech, green finance and insurance make it a natural partner of choice to help Saudi Arabia achieve its Vison 2030 objectives of a diversified economy, financial inclusion and sustainable development.”

“As the UK’s international ambassador for financial and professional services I’m here in the Kingdom to meet with Saudi Arabia’s emerging fintech and green finance clusters, as well as AI and space companies. I will also be holding bilateral meetings with ministers from the finance ministry and investment ministry to discuss how best to deepen our partnership with Saudi Arabia in financial services, notably insurance, banking, digital, green finance, cybersecurity and fintech,” he revealed.

Twinning between London, Riyadh

On the trend towards twinning between London and Riyadh and the most important cooperation projects proposed for both parties, he noted that the UK-Saudi Sustainable Infrastructure Summit in June is one of the major projects coming up with Saudi Arabia.

“The summit will convene up to 200 high-level participants, including policymakers, industry leaders, and financial professionals from the UK and Saudi Arabia, alongside international attendees. It will focus on facilitating knowledge exchange between the UK and Saudi Arabia, with an ambition on deepening existing bilateral partnerships,” said Mainelli.

“In addition, it will encourage more UK financial and professional firms to become proactive partners in offering their skills, products, expertise and capital to help Saudi Arabia reach their sustainable infrastructure ambitions as outlined in Vision 2030. It also demonstrates the importance of creating partnerships and meaningful long-term collaboration between the two Kingdoms.”

“The topics of the summit include: The importance of UK-Saudi Collaboration in Sustainable Infrastructure Development and Advancing the Green Transition; Financing Sustainable Infrastructure: Bridging the investment gap, and the role of public-private partnerships and innovative financing models; Urbanization and Sustainable City Development: Giga Projects and smart urban planning; Green Technology and Renewable Energy Initiatives: Scaling green technologies and promoting innovation,” he revealed.

Mainelli added: “Saudi Arabia is a country at the heart of economic transformation and sustainable development through its economic diversification plan, Vision 2030. With the UK a world leader in sustainable finance, I’m confident that the summit will create solutions and set a template for the rest of the world to follow.”

Business

CEO of Savvy Games Group: Saudi Arabia to Become Global Hub for Electronic Games Industry

Participants are seen at an e-sports event that was recently held in Saudi Arabia. (Asharq Al-Awsat)
Participants are seen at an e-sports event that was recently held in Saudi Arabia. (Asharq Al-Awsat)
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CEO of Savvy Games Group: Saudi Arabia to Become Global Hub for Electronic Games Industry

Participants are seen at an e-sports event that was recently held in Saudi Arabia. (Asharq Al-Awsat)
Participants are seen at an e-sports event that was recently held in Saudi Arabia. (Asharq Al-Awsat)

Saudi Arabia is moving forward in the electronic games industry as part of its efforts to be a global hub in the sector and to attract foreign investments.

The Savvy Games Group, which is wholly owned by the Public Investment Fund (PIF), seeks to develop this promising industry, stated its CEO, Brian Ward.

In an interview with Asharq Al-Awsat, Ward said Savvy aims to become the leading international gaming company in the world and the first investor in the games and e-sports sector at the global level.

The company’s goals also include transforming the Kingdom into the next global hub for games, he underlined, noting that there were currently 16 centers around the world and Riyadh aims to become be the 17th and one of the largest hubs.

Ward revealed that Savvy’s strategy consisted of three pillars. They are: investing in game development and distribution, working with other concerned parties in Saudi Arabia, including government entities, giant projects, or commercial bodies, in order to transform the Kingdom into a major global hub for gaming, and finally, developing e-sports.

He stressed that with regard to e-sports, Savvy has acquired two companies, ESL and FACEIT, and merged them into one entity, and then added a third company called Vindex, which all have been integrated into the ESL FACEIT Group.

“We then invested 30 percent in an e-sports company based in China called (VSPO),” Ward added, explaining that Savvy currently owns 40 percent of the market share in e-sports around the world.

He explained that e-sports is primarily concerned with live events and tournaments, broadcasting live, and playing virtual sports games over the Internet.

He stressed that there is a great number of young Saudis who are very enthusiastic and knowledgeable about games, but the majority of them do not have experience in working in the field, pointing to the need for programs that build the appropriate skills to fill the jobs generated by foreign investments.

Ward highlighted Savvy’s endeavors in developing games, saying that the company has acquired Scopely, a large gaming company based in California and ranked fourth among the largest mobile gaming companies in the world.

Asked about the success factors that help the company achieve its goals, he talked about the support provided by the Saudi Public Investment Fund and the company’s Board of Directors, which have allocated $38 billion to the Savvy Games Group over a long period of time.

According to Ward, Saudi Arabia is the only country in the world that has adopted a national strategy for gaming and e-sports, which he said is expected to provide 39,000 jobs and establish 250 gaming companies.

To achieve this goal by 2030, very close coordination will take place between all the industry players and the different ministries, he underlined.

Touching on the main challenges that have faced the global gaming sector over the past two years, Ward said the macroeconomic climate has become a little more complex, meaning alternative sources of financing for some companies have been difficult, as venture capital, private equity, and public companies have generally been shrinking, not expanding.

He emphasized that the Savvy Games Group has long-term patient capital, thanks to the PIF, which enables it to be an alternative long-term strategic capital partner in an environment that has been more capital constrained.

Asked about the partnership between Savvy and Al Hilal Club, Ward said that the company was pleased to partner with the football club and congratulated it on winning the Saudi Super Cup final in the UAE.

Business

Saudi Budget Results Highlight Progress in Implementing Reforms

A report issued by Riyad Bank expects the non-oil private sector to grow by 4.5% this year (SPA)
A report issued by Riyad Bank expects the non-oil private sector to grow by 4.5% this year (SPA)
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Saudi Budget Results Highlight Progress in Implementing Reforms

A report issued by Riyad Bank expects the non-oil private sector to grow by 4.5% this year (SPA)
A report issued by Riyad Bank expects the non-oil private sector to grow by 4.5% this year (SPA)

The Saudi budget statement for the first quarter of 2024 highlighted the government’s continued efforts to complete the reform process and achieve financial sustainability in the face of global challenges.
Saudi Arabia considers strengthening non-oil activities and empowering the private sector to be two pillars of Vision 2030. Last year, non-oil activities in Saudi Arabia grew by 4.7 percent, and recorded their highest contribution to real GDP ever at 50 percent.
Non-oil revenues in Saudi Arabia during the first quarter of 2024 amounted to about SAR 111.5 billion ($26.7 billion), an increase of 9 percent, compared to SAR 102.3 billion ($27.28 billion) in the same period last year.
Oil revenues reached SAR 181.9 billion ($48.5 billion), recording an increase of 2 percent compared to the first quarter of 2023, as total revenues reached SAR 293.433 billion ($78.2 billion).
This increase comes in light of the continued implementation of structural initiatives and reforms to diversify the economy and enhance non-oil revenues, in addition to developing tax administration and improving collection procedures.
Expenses
Total expenses in the first quarter of 2024 amounted to SAR 305.8 billion ($81.5 billion), recording an increase of 8 percent compared to the same period in 2023, where they reached SAR283.9 billion ($75.7 billion).
The government has continued to provide social support to those eligible, in addition to developing the level of public services provided to citizens and residents, and implementing many projects and strategies that achieve positive structural changes, with the aim to diversify the economic base.
Deficit
The budget deficit at the end of the first quarter of 2024 amounted to about SAR 12.4 billion ($3.3 billion), compared to about SAR 2.9 billion ($773 million) in the same period last year, due the Saudi trend to adopt expansionary spending for activities with economic returns, while accelerating the implementation of projects and programs with social and economic incomes.
At the same time, the Kingdom’s fiscal policy aims to achieve a balance between promoting economic growth, maintaining financial sustainability and developing non-oil revenues, while working to raise the efficiency of spending and increase the participation of the private sector in the economy.
Public debt
The total public debt until the end of the first quarter of 2024 was about SAR 1,115.8 trillion ($297.5 billion), including SAR 665.0 billion ($177.3 billion) in internal debt.
The figures of the first quarter of 2024 confirm that the government is completing the financial and economic reforms within the framework of Saudi Vision 2030, with the aim to achieve financial sustainability in the medium and long terms and enhance the strength of the economy, in the face of global economic challenges and developments.
Health and social development
Government support for the sectors of health, social development and municipal services is considered one of the pillars that contribute to improving and raising the quality of public services provided to citizens and residents, and thus promoting the quality of life, in accordance with Saudi Vision 2030.
Total spending on these sectors by the end of the first quarter of 2024 amounted to about SAR 87.3 billion ($23.28 billion), registering an increase of 22 percent compared to the same period last year.
Goods and services expenses
The first quarter report showed a significant increase in expenses on goods and services compared to the same period last year, as a result of a rise in expenditures on medical supplies for the health and social development sector, and the military.
This comes in parallel with an increase in spending on many programs and strategies related to promising sectors, including sports, in addition to the country’s efforts to develop the tourism sector.
The first quarter report also showed a significant increase in spending on the municipal services sector compared to the same period last year. This includes spending on developmental housing programs, which will contribute to raising the percentage of property ownership among Saudi families, as well as spending on a number of projects and initiatives aimed at improving the quality of life of citizens, such as the sports track project and the green suburbs initiative.
Non-oil revenues
The first quarter report also highlighted a rise in non-oil revenues compared to the same period or 2023.
The consumer spending index grew by about 10.6 percent during the first quarter, while bank credit granted to the private sector increased by about 10.1 percent and the number of factories that started production reached about 172 during the first two months of this year.
Economic strength
In remarks to Asharq Al-Awsat, Shura Council member Fadl al-Buainain said that the results of the Saudi budget during the first quarter of 2024 confirmed Saudi Arabia’s trend to expand spending on the health and social development sectors.
He noted that the figures also showed the government’s keenness to complete financial and fiscal reforms within the framework of Saudi Vision 2030.

 

 

Business

SABIC Hosts First Boao Forum for Asia in Riyadh on Monday

Saudi capital, Riyadh (SPA)
Saudi capital, Riyadh (SPA)
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SABIC Hosts First Boao Forum for Asia in Riyadh on Monday

Saudi capital, Riyadh (SPA)
Saudi capital, Riyadh (SPA)

The Saudi Basic Industries Corporation (SABIC) will host in Riyadh on Monday the first Boao Forum for Asia conference under the theme “Energy Transformation for a Sustainable Future” to boost international cooperation and increase integration among various sectors.
Building on its 16-year strategic partnership with the forum, SABIC remains committed to enhancing cooperation among companies and countries linked to product value chains, a statement from the corporation said.
In addition to supporting the annual conferences, SABIC has also participated in several related conferences, including the “Science, Technology, and Innovation Forum” and the “Global Economic Development and Security Forum” under the Boao Forum for Asia, where SABIC shared its rich expertise in innovation and sustainability.
SABIC has enhanced its commitment to the Chinese market in recent years through the forum's leading role in promoting regional cooperation and sustainable and comprehensive growth.
It has collaborated with local partners to expand its presence since its entry into the country in the 1980s.
SABIC is dedicated to supporting high-quality economic development in China by offering more innovative solutions covering the entire value chain.
It has increased its activity in renewable energy applications in China to facilitate its transition towards sustainable development through an innovation-based strategy, which also forms a significant part of the company's global roadmap towards carbon neutrality.
As a leader in the chemical industry, SABIC seeks to support the transition in the energy sector towards a sustainable future by enhancing cooperation and innovation.
It is worth noting that China continues to adopt further economic reforms and enhance the Sino-Saudi strategic partnership, and SABIC continues to benefit from the Boao Forum for Asia as a prominent platform to enhance its participation in various industries and contribute to the strategic integration between China's Belt and Road Initiative and Saudi Vision 2030.