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Saudi Economy Grows 8.7%

Saudi Arabia registered an 8.7% economic growth in 2022. (Asharq Al-Awsat)
Saudi Arabia registered an 8.7% economic growth in 2022. (Asharq Al-Awsat)
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Saudi Economy Grows 8.7%

Saudi Arabia registered an 8.7% economic growth in 2022. (Asharq Al-Awsat)
Saudi Arabia registered an 8.7% economic growth in 2022. (Asharq Al-Awsat)

Saudi Arabia registered an 8.7% economic growth in 2022, the General Authority for Statistics (GASTAT) said on Tuesday.

The real GDP of the Kingdom during the fourth quarter of 2022 grew by 5.4 percent, compared to the same period in 2021.

“This increase in GDP was a result of the growth in the oil activities by 15.4 per cent, non-oil activities by 5.4 per cent and government services activities by 2.2 per cent,” GASTAT said in its report.

The report showed that the real GDP of non-oil activities increased by 6.2 percent, compared to the same period the previous year.

The seasonally adjusted real GDP increased by 1.5 percent during the fourth quarter of 2022, compared to the third quarter.

Bloomberg said that the Saudi economy was the fastest growing in the world since 2021, indicating that the recovery of non-oil exports boosted government revenues.

In parallel, the International Monetary Fund (IMF) raised its forecast for the growth of the Kingdom’s economy during 2024 to 3.4 percent.

The agency said that Saudi Arabia leads the rankings of major economies, ahead of India, revealing the growth of the non-oil sector of Saudi Arabia, which is the engine of job creation at the fastest pace in more than a year.

It added that the Saudi government would use the surplus from the budget to replenish its reserves and make additional transfers to sovereign wealth funds, as well as boost spending on projects aimed at helping diversify the country’s economy away from dependence on oil revenues.

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Saudi Arabia Advances to Become the ‘Silicon Valley’ of Mining

The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
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Saudi Arabia Advances to Become the ‘Silicon Valley’ of Mining

The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)

Saudi Arabia is pushing to become a global hub for critical minerals, aiming to be the “Silicon Valley” of mining. At the fourth Future Minerals Forum in Riyadh, the kingdom announced new deals, investment plans, and discoveries.
Industry Minister Bandar Al-Khorayef said Saudi Arabia will explore mineral opportunities across 50,000 square kilometers this year. The Kingdom also unveiled a $100 billion mining investment plan, with $20 billion already in advanced stages or under construction.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman announced that Aramco has identified “promising” lithium concentrations exceeding 400 parts per million in its operational areas, with lithium production in the kingdom expected to begin as early as 2027.
In line with this, Aramco revealed a joint venture with Saudi Arabian Mining Company (Ma’aden) to explore and produce minerals critical to the energy transition, including extracting lithium from high-concentration deposits.
The latest edition of the Future Minerals Forum brought together over 20,000 participants from 170 countries and featured 250 speakers across more than 70 sessions.
Saudi ministers and international officials highlighted key challenges facing the mining sector, including the need for increased private sector investment, advanced technology, regulatory frameworks, supply chain issues, carbon emissions from production, and a shortage of skilled talent.
In early 2024, Saudi Arabia’s Ministry of Industry and Mineral Resources raised its estimate of the kingdom’s untapped mineral resources from $1.3 trillion to $2.5 trillion, driven by new discoveries.
At last year’s forum, the ministry launched a $182 million mineral exploration incentive program to reduce investment risks, support new commodities, promote green projects, and empower small-scale mining operators.
Additionally, Al-Khorayef launched the Mining Innovation Studio at the Future Mineral Forum 2025.
In his opening remarks, Al-Khorayef stated that the new studio was designed to attract global talent and accelerate cutting-edge technology, in alignment with Riyadh’s vision to become the “Silicon Valley of mining”.
He clarified that the Kingdom is promoting upcoming exploration opportunities across 5,000 square kilometers of mineralized belts in 2025 as it continues its steadfast growth in the mining sector.
Al-Khorayef further noted that the Saudi mining sector is the fastest growing globally, and affirmed that its mineral potential stands at an estimated $2.5 trillion.
He elaborated that the allocation of new exploration sites to tap mineral wealth is part of Saudi Arabia’s efforts to establish mining as the third pillar of the Kingdom’s industrial economy.