JEDDAH: King Salman on Wednesday received the 55th annual report of the Saudi Arabian Monetary Authority (SAMA), which reviewed economic and financial developments in the country during 2018.
The report was presented to the king at Al-Salam Palace in Jeddah by Finance Minister Mohammed Al-Jadaan and SAMA Gov. Dr. Ahmed Alkholifey. The king noted SAMA’s important role in serving the national economy.
Alkholifey reviewed key indicators in SAMA’s report, and said due to the state following balanced economic policies, the Saudi economy saw positive developments in most of its sectors in 2018.
Gross domestic product (GDP) at constant prices grew 2.4 percent against a 0.7 percent contraction in 2017.
The GDP of the oil sector increased by 3.1 percent, non-oil GDP grew by 2.2 percent, and prices remained stable with inflation at 2.5 percent.
The current account surplus in the Kingdom’s balance of payments increased significantly to SR265 billion ($70.6 billion), compared to a surplus of SR39 billion in 2017. Non-oil exports increased by 22 percent to reach SR236 billion.
The meeting was attended by Interior Minister Prince Abdul Aziz bin Saud bin Naif, Foreign Minister Ibrahim Al-Assaf and Tamim bin Abdul Aziz Al-Salem, assistant special secretary to the king.
Also on Wednesday, King Salman received Nasser Hamdy, who bid farewell to the monarch on the occasion of the end of his tenure as Egypt’s ambassador to Saudi Arabia.
Saudi Arabia’s King Salman receives 55th monetary authority’s annual report
Saudi Arabia’s King Salman receives 55th monetary authority’s annual report
- The report reviewed economic and financial developments in the country during 2018
- The king noted SAMA’s important role in serving the national economy
Saudi Cabinet condemns ‘blatant’ Iranian aggression; affirms Kingdom’s right to respond to threats
RIYADH: Saudi Arabia has warned it reserves the “full right” to respond to Iranian aggression following a series of “blatant and cowardly” strikes targeting the capital and the Eastern Province.
The warning came during a late-night Cabinet session on Tuesday, chaired by Crown Prince and Prime Minister Mohammed bin Salman via videoconference, according to the Saudi Press Agency (SPA).
During the session, the Cabinet “reaffirmed Saudi Arabia’s full solidarity with the brotherly countries whose territories were subjected to blatant Iranian aggression”, signaling a united front against regional threats.
The session followed a dramatic escalation of hostilities, including a direct drone attack on the US Embassy in Riyadh.
Major General Turki al-Malki, spokesperson for the Ministry of Defense, confirmed that while air defenses intercepted multiple threats, the embassy compound sustained a “limited fire and minor material damage.”
General Al-Malki further announced that Saudi forces successfully intercepted and destroyed eight additional drones targeting the cities of Riyadh and Al-Kharj early Tuesday morning.
In a sharp rebuke of the embassy strike, the Saudi Ministry of Foreign Affairs (MOFA) cited a flagrant violation of the 1949 Geneva Convention and the 1961 Vienna Convention on Diplomatic Relations.
“The repetition of this flagrant Iranian behavior... will push the region toward further escalation,” the Ministry stated, underscoring that these provocations occurred despite Riyadh’s explicit policy of not allowing its airspace or territory to be used as a launchpad for strikes against Iran.
Global condemnation and solidarity
The Cabinet expressed deep appreciation for the wave of international support as world leaders condemned Tehran’s “indiscriminate” behavior.
In a joint show of force, the US and GCC member states (Bahrain, Kuwait, Qatar, Saudi Arabia and the UAE) along with Jordan stood united, labeling the strikes a “dangerous escalation” and reaffirming a collective right to self-defense.
Leaders from the United Kingdom, France, and India. — including Prime Minister Narendra Modi — voiced strong solidarity with the Kingdom. The UK government confirmed its forces are engaged in “defensive actions” to maintain regional stability.
Amid the heightened military tension, the Cabinet reviewed the Kingdom’s hospitality efforts for GCC citizens currently stranded at Saudi airports due to regional airspace closures. The crown prince reaffirmed that the state would mobilize all capabilities to support brotherly nations in any measures they take to restore regional peace and stability.
