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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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Business

China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
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China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo

China's exports of fuel oil, mainly for low-sulphur marine fuel bunkering, rose 42% year-on-year in May, customs data showed on Saturday.

Volumes totaled 1.76 million metric tons, or about 360,695 barrels per day (bpd), up 4% from April, according to General Administration of Customs data.

Some marine fuel demand had been diverted from regional hub Singapore to China's Zhoushan due to cheaper prices at Chinese ports during most of ⁠May, market sources ⁠said.

Fuel oil imports in May extended declines after plummeting last month to what was then the lowest level since customs data for them began in 2021.

Imports of fuel oil totaled 559,346 tons ⁠in May, down 43% from April and 57% from a year earlier.

The imports, mostly purchased by refineries for use as feedstock, remained capped this quarter as China's independent refineries trimmed runs amid weak domestic demand for products, market sources said, according to Reuters.

Business

Saudi Arabia Expands Investment Prospects in Military Industries

The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
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Saudi Arabia Expands Investment Prospects in Military Industries

The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)

Saudi Arabia used the Eurosatory 2026 defense and security show to open new investment horizons, showcasing promising opportunities and a regulatory environment designed to attract capital.

The participation helped sharpen the appeal of the Kingdom’s military industries and drew the attention of major global companies seeking strategic partnerships that support Saudi localization targets.

The Saudi pavilion, held at the Paris exhibition from June 15 to 19, reinforced the Kingdom’s position as a leading investment destination in the military industry sector.

Organized by the General Authority for Military Industries (GAMI), the pavilion brought together 10 government and private entities alongside the authority.

The participation underlined Saudi Arabia’s welcome to investors from around the world seeking opportunities in the military industries sector. It also highlighted the Kingdom’s efforts to localize more than 50% of military spending by 2030.

On the sidelines of the exhibition, GAMI Governor Ahmad Al-Ohali met Patrick Pailloux, French Director General for Armament (DGA), as well as representatives of major global defense companies.

The meetings focused on ways to strengthen cooperation in military industries and exchange expertise, supporting the development of a sustainable sector, improving the readiness of military equipment, boosting self-sufficiency and contributing to the national economy.

The Saudi participation also saw the signing of several agreements and memorandums of understanding, part of GAMI’s efforts to develop military industries, strengthen supply chains and enable strategic partnerships.

The authority organized a workshop titled “Developing Supply Chains in Military Industries,” which discussed how an attractive investment environment for local and international investors can help build a diversified and prosperous economy in the sector.

The pavilion showcased the integration of government efforts, national industrial and service capabilities, and the innovative technologies presented by participating Saudi companies. It also highlighted the country’s attractive investment environment and the rapid growth of its military industries sector.

The sector’s contribution to GDP rose from 2.2 billion riyals, or about $587 million, in 2021 to 6.6 billion riyals, or about $1.76 billion, in 2024. The localization rate of military spending also climbed to nearly 25% in 2024, as the Kingdom works toward localizing more than 50% of military spending by 2030.

GAMI said the Saudi pavilion’s participation strengthened the Kingdom’s position as a trusted international partner, expanded its network of relations with major global companies and enabled national firms to showcase their capabilities while exploring opportunities for growth and expansion in global markets.

Business

Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
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Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)

Iraq has increased crude oil production from its southern fields by 250,000 barrels per day to around 1.75 million barrels per day as more tankers load crude from the country's ports, Iraqi oil officials told Reuters on Friday, Reuters reported.

 

The officials said Iraq plans to raise production further to two million barrels per day in the coming few days.

 

Iraq, like other Gulf oil producers, has suffered the biggest drop in oil revenue as a result of the effective closure of the Strait of Hormuz amid the US-Iran War.