SAMA economy report: Positive indicators despite a small GDP contraction

King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of Vision 2030. (SPA)
Updated 06 September 2018
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SAMA economy report: Positive indicators despite a small GDP contraction

  • Report highlights surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016

JEDDAH: King Salman on Wednesday discussed the economic prospects of the country with the country’s finance minister and other officials, after being presented with the 54th annual report of the Saudi Arabian Monetary Authority (SAMA).

The meeting, which took place at Al-Salam Palace in Jeddah, saw the attendance of the Minister of Finance Mohammed bin Abdullah Al-Jadaan, SAMA Gov. Ahmed Abdulkarim Alkholifey and the governor’s deputies.

SAMA, in its annual report, detailed the economic and financial developments of the country in 2017. King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of the Kingdom’s Vision 2030.

Alkholifey, on his part, said that the national economy had witnessed a number of positive indicators despite the contraction of the GDP by about 0.86 percent, as a result of the decline of the GDP of the oil sector by 3.09 percent. However, the GDP of the non-oil sector registered a positive growth of 1.05 percent. The average consumer price index fell by 0.9 percent in 2017 compared to a rise of 2.0 percent in 2016.

He added that the most telling achievement was the remarkable improvement in the Kingdom’s current account of the balance of payments, which recorded a surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016. Another feather in its cap was the inclusion of the Saudi Stock Exchange in a number of global market indexes for emerging markets – a move expected to attract more local and foreign investments.

Alkholifey expressed hope that the local economy would continue to adjust to reforms adopted during the last two years by achieving good growth rates and contributing to the goals of the kingdom. He added that the policies are helping the Kingdom move toward achieving a diversified and sustainable economy.

He also noted that in early 2018, a financial sector development program was conceptualized to advance the sector and, in turn, support the economy, stimulate savings and improve its ability to meet future challenges.

Alkholifey said that accelerating the growth of the financial sector was one of SAMA’s key tasks – something which it hopes to achieve to support the economic goals of the Kingdom.


Saudi legal center issues key research on e-commerce, tax, sports

Updated 6 sec ago
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Saudi legal center issues key research on e-commerce, tax, sports

  • Focus also on regulations for privatization of healthcare sector
  • Legal framework for firms listing on stock exchange under study

RIYADH: The Center of Legal Studies and Research has released seven studies covering various sectors of the economy including business, health, e-commerce and sports, the Saudi Press Agency reported. 

The research is a part of the center’s aim to highlight key developments and challenges within the Kingdom’s legal and legislative framework, the SPA reported. 

The studies, which are in line with the Saudi Vision 2030 plan, also focuses on regulations for managing special economic regions and zones.

One study focused on the privatization of the healthcare sector and developing regulations in line with international best practice.

Another paper looked at tax legislation in the Kingdom and made recommendations on insolvency.

There was also research conducted on a suitable legal framework for listing Special Purpose Acquisition Companies on the Saudi Arabia stock exchange.

The center began issuing research for the first time last year on ways to streamline the Kingdom’s legal framework for the economy. 

All publications are accessible on the center’s website at www.clsr.gov.sa.


Saudi Fashion Commission launches product-development studio

Updated 08 May 2024
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Saudi Fashion Commission launches product-development studio

  • The Lab will help develop sustainable, thriving industry
  • Assist local designers, firms fulfil ‘Made in Riyadh’ plan

Riyadh: Saudi Arabia’s Fashion Commission recently launched a studio for product development, The Lab, in Riyadh.

The launch was attended by Misk Foundation CEO Badr Al-Badr, Deputy CEO Omar Najjar, industry specialists, and officials from government entities. The headquarters of the project is in Mohammed bin Salman Nonprofit City, or Misk City. 

Fashion Commission CEO Burak Cakmak said The Lab would help develop a sustainable and thriving industry. And assist local designers fulfill their creative visions as a part of the “Made in Riyadh” label. 

Misk City CEO David Henry said The Lab would elevate the fashion industry in the Kingdom, and allow domestic businesses to showcase their products in the country and abroad.

Henry highlighted Misk City’s contribution to promoting national retail brands in the fashion sector and supporting small- and medium-sized local companies. 

The studio would support education and training programs for young Saudi Arabian designers and open new avenues for investment in the fashion sector. 

It would also assist in hosting fashion events and festivals in Misk City.


Saudi, British teams to explore prehistoric sites in Farasan Islands and Jazan

Updated 08 May 2024
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Saudi, British teams to explore prehistoric sites in Farasan Islands and Jazan

  • Saudi Heritage Commission, York University ink pact in Riyadh
  • Survey, excavation data will help rehabilitate archeological sites

RIYADH: The Saudi Heritage Commission has signed a scientific cooperation agreement with the University of York in the UK for archaeological surveys at prehistoric sites on the Farasan Islands in the Jazan region, as well as along the Red Sea coast in the southwest of the Kingdom.

Representing the commission at the signing ceremony, held recently at its headquarters in Riyadh, was the general manager of archaeology, Abdullah Al-Zahrani, along with the commission’s CEO, Jasser Al-Harbash. The University of York was represented by the project director at the archaeological site, Prof. Geoff Bailey.

This agreement is part of the commission’s ongoing effort to expand field archaeological surveys and excavation work across the Kingdom. And to prepare and rehabilitate archaeological sites by expanding the base of scientific partnerships with universities and international research centers specializing in heritage.

Through this agreement, the commission aims to gather more scientific data on prehistoric sites and understand patterns of ancient pastoral activity.

Field studies will be conducted, and the publication of the findings from archaeological surveys and excavations will be broadened as a result of this collaboration.

The aim is also to attract top-notch scientific talent to assist with such projects.

The agreement calls for the joint preparation of periodic reports and scientific studies, as well as the exchange of information and expertise in related fields.

Last week, the Heritage Commission signed an agreement with Japan’s Kanazawa University to collaborate on archaeological work at two prehistoric sites in Jouf and Tabuk.

It highlights the commission’s commitment to expanding its field work and archeological surveys across the Kingdom and enhances its scientific partnerships with specialist universities and centers around the world.


Syrian refugees benefit from KSrelief’s volunteer program

Updated 08 May 2024
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Syrian refugees benefit from KSrelief’s volunteer program

  • The week-long program involved 23 volunteers who assisted more than 900 Syrian refugees

RIYADH: The 25th volunteer training program organized by Saudi aid agency KSrelief recently concluded at Zaatari refugee camp in Jordan, Saudi Press Agency reported.

The week-long program involved 23 volunteers who assisted more than 900 Syrian refugees.

Run in collaboration with the Technical and Vocational Training Corp. and the Saudi Arabian Football Federation, the program offered training courses in areas such as tablet and mobile phone maintenance, sewing and embroidery, ceramics, pottery, and carpentry.

It also included English language courses, interactive science courses in chemistry and physics, and activities to enhance children’s creative and social skills.

Additionally, the program provided medical services at the camp’s clinics in specialties such as ophthalmology, dermatology, diabetic foot care, and physical and occupational therapy.

Workshops for wheelchair maintenance and repair and about medical equipment were also held.

This program was one of KSrelief’s volunteer initiatives and emphasized the importance of volunteer work.


Saudi Arabia and UK conclude talks on development and aid, make recommendations

Updated 07 May 2024
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Saudi Arabia and UK conclude talks on development and aid, make recommendations

  • The nations agree during 2-day event to establish a framework for cooperation in support of efforts to achieve UN’s Sustainable Development Goals
  • They also agree to collaborate on projects in Bangladesh, Ukraine and Sudan, and enhance cooperation between the Saudi Fund for Development and UK authorities

RIYADH: The Second Strategic Dialogue on International Development and Humanitarian Assistance between Saudi Arabia and the UK concluded on Tuesday with a high-level plenary session.

Aqeel Al-Ghamdi, the assistant general supervisor for planning and development at Saudi aid agency KSrelief, reviewed several recommendations by both sides, the Saudi Press Agency reported. They included an agreement to establish a framework for cooperation between the countries in support of efforts to achieve the UN’s Sustainable Development Goals, and to continue discussions of goals on the sidelines of the UN General Assembly.

Al-Ghamdi said both countries also agreed to collaborate on projects in Bangladesh, Ukraine and Sudan, including the exchange of expertise, skills and research, and field visits. They will also work to enhance cooperation between the Saudi Fund for Development and UK authorities, through a memorandum of cooperation signed on the sidelines of the talks.

The two-day event, which began on Monday at the KSrelief headquarters in Riyadh, was chaired by the organization’s general supervisor, Abdullah Al-Rabeeah. The Saudi delegation included the Kingdom’s ambassador to the UK, Prince Khalid bin Bandar, and the CEO of the Saudi Fund for Development, Sultan Al-Murshid.

The British delegation was led by Andrew Mitchell, the deputy foreign secretary and minister of state for development and Africa, and included the British ambassador to the Kingdom, Neil Crompton.

Earlier on Tuesday, representatives of the countries took part in two roundtable meetings on “the effectiveness of aid, research and study impact” and “community resilience, results-based management, monitoring and evaluation.”

The former considered ways to: facilitate the exchange of successful strategies and the lessons that can be learned from them; promote effective development practices; develop concrete and implementable recommendations to integrate community resilience; monitor and evaluate future projects; and strengthen the existing partnership between the countries through a shared commitment to the provision of effective aid and sustainable development.

It also discussed opportunities to enhance coordination among donors to improve the effectiveness of aid, and the importance of cooperation in efforts to strengthen the interconnected nature of humanitarian, development and peace-building efforts to help ensure peace and prosperity in fragile and high-risk countries, in addition to the basic principles for enhancing programs in support of an interconnected approach that can ensure sustainability and resilience.

The participants in the latter roundtable exchanged views on the progress made in efforts to achieve the UN’s Sustainable Development Goals, ways in which this might be accelerated, and the challenges they face. They also agreed on prioritization of Saudi-British efforts to achieve the goals, and explored opportunities for the development of this cooperation.