Saudi Economy Registers Highest Growth among G20 Countries

Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries. (Asharq Al-Awsat)
Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries. (Asharq Al-Awsat)
TT

Saudi Economy Registers Highest Growth among G20 Countries

Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries. (Asharq Al-Awsat)
Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries. (Asharq Al-Awsat)

Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries, despite the complex economic conditions and challenges facing the world.

This rise has exceeded the expectations of international organizations, which have estimated the Saudi GDP to increase by 8.3 percent.

The recent growth is the highest in the last decade, according to the GDP report and national accounts indicators for the fourth quarter of 2022 issued by the General Authority for Statistics (GASTAT) on Thursday.

In this regard, experts told Asharq Al-Awsat that the Saudi government’s efforts to stimulate the local private sector and increase the volume of investments contributed to this rise, pointing that economic reforms have led to the growth of non-oil activities, which reflected positively on the Saudi economy.

In comments to Asharq Al-Awsat, Fadel Al-Buainain, member of the Shura Council, said the Saudi GDP saw a remarkable rise, as the fastest and highest growth at the G20 level, thanks to the government’s continuous efforts in economic reforms and the development of the non-oil sector, which is witnessing an unprecedented recovery.

The government continues to support the local private sector’s endeavor to raise the volume of production and export of national products, in addition to encouraging investments and attracting foreign capital, he stressed.

Economist Fahad bin Jumah told Asharq Al-Awsat that the growth of Saudi GDP was the result of the increase of non-oil activities and the efficiency of spending that was achieved thanks to the government’s incentives to the local private sector.

In its report, GASTAT said the current growth rate is the highest annual rate in a decade, adding that the Saudi GDP crossed, at current prices, the $1 trillion mark in 2022 — for the first time in history.

All economic activities registered positive growth rates during the year, it noted. The contribution of crude oil and natural gas activities reached 32.7%, followed by government services at 14.2%, manufacturing activities except oil refining at 8.6% and wholesale and retail trade activities, restaurants and hotels at 8.2%.



Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
TT

Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Oil prices slipped on Thursday as investors weighed the International Energy Agency's lowering of its global oil demand forecast for 2026 against potential escalation of US-Iran tensions.

Brent crude oil futures were down 19 cents, or 0.27%, at $69.21 a barrel by 1232 GMT. US West Texas Intermediate crude fell 8 cents, or 0.12%, to $64.55.

Global oil demand will rise more slowly than previously expected this year, the IEA said on Thursday while projecting a sizeable surplus despite outages that cut supply in January.

The Brent and WTI benchmarks reversed gains to turn negative after the IEA's monthly report, having derived support earlier from concerns over the US-Iran backdrop.

US President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu on Wednesday that they had yet to reach a definitive agreement on how to move forward with Iran but that negotiations with Tehran would continue.

Trump had said on Tuesday that he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran. The date and venue of the next round of talks have yet to be announced.

A hefty build in US crude inventories had capped the early price gains. US crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, the Energy Information Administration said, far exceeding the 793,000 increase expected by analysts in a Reuters poll.

US refinery utilization rates dropped by 1.1 percentage points in the week to 89.4%, EIA data showed.

On the supply side, Russia's seaborne oil products exports in January rose by 0.7% from December to 9.12 million metric tons on high fuel output and a seasonal drop in domestic demand, data from industry sources and Reuters calculations showed.


Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco
TT

Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco

Saudi Aramco sold oil from its $100 billion Jafurah project in the first reported export from the massive natural gas development, Bloomberg reported.

Jafurah is Aramco’s first unconventional field, developed using the type of hydraulic fracturing, or fracking, techniques pioneered in the US shale patch.

The deposit, which Chief Executive Officer Amin Nasser calls the company’s crown jewel, will produce massive amounts of natural gas once at capacity, expected in 2030. It also has plentiful volume of liquid fuels that will boost the company’s returns, Nasser has said.

The oil that Aramco sold is condensate, a light oil liquid that’s often found in gas deposits, according to traders with knowledge of the purchases. It will go to buyers in Asia for loading later this month or in early March, Bloomberg quoted the traders as saying.


Industry Ministry: Saudi Arabia Saw 220% Surge in Mining Licenses in 2025

The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
TT

Industry Ministry: Saudi Arabia Saw 220% Surge in Mining Licenses in 2025

The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
The surge highlights the appeal of the mining investment environment in the Kingdom. SPA

The Saudi Ministry of Industry and Mineral Resources has announced record growth in the number of new mining exploitation licenses issued in 2025, showing a remarkable increase of 220% compared to 2024.

The surge highlights the appeal of the mining investment environment and the ministry's ongoing efforts to promote the exploration and utilization of the Kingdom's mineral resources, which are valued at over SAR9.4 trillion.

Jarrah Al-Jarrah, the ministry’s spokesperson, revealed that total investment in these new licensing projects has exceeded SAR44 billion, focused on the extraction of high-quality mineral ores, including gold and phosphate.

Al-Jarrah emphasized that the ministry is dedicated to facilitating mining investments and streamlining the process for both local and international investors, thereby supporting sector development and maximizing returns.

This effort aligns with the objectives of Saudi Vision 2030, which aims to position mining as the third pillar of national industry and a key contributor to economic diversification.

The Saudi mining sector made significant progress in the 2024 annual survey of mining companies conducted by the Fraser Institute of Canada.

The Kingdom improved its position in the Mining Investment Attractiveness Index, moving up from 114th place in 2013 to 23rd place globally. This achievement underscores the effectiveness of regulatory and legislative reforms within the sector.