Saudi Arabia revises GDP figures up for Q2 despite oil sector slowdown

Retail, as well as the restaurants and hotel industry, jumped 16.9 percent, while the manufacturing sector grew 15.3 percent. (Shutterstock)
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Updated 13 September 2021
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Saudi Arabia revises GDP figures up for Q2 despite oil sector slowdown

  • Latest figures from the General Authority for Statistics (Gastat) published today showed an 8.4 percent growth in the Kingdom’s non-oil sector

Riyadh: Saudi Arabia revised its GDP figures for the second quarter of this year on the back of strong growth in private sector and non-oil activities, despite a slowdown in its oil sector, official data showed today. 

The Kingdom's private sector grew by 11 percent in Q2, compared to the same period last year, pushing GDP up by 1.8 percent, up from 1.5 percent the General Authority for Statistics (Gastat) reported last month.

The data represents a rebound after five consecutive quarters of year-on-year declines, including a 7 percent drop in the second quarter of 2020 when lockdowns to slow the spread of the pandemic took effect globally.

Today's figures from Gastat showed an 8.4 percent growth in the Kingdom’s non-oil sector, while the oil sector contracted 6.9 percent with the Kingdom curtailing production under its agreement with OPEC+.

The government sector grew by 2.3 percent, Gastat showed.

Economic activities in the Kingdom showed moderate recovery from the pandemic, with transactions in community, social, and personal services growing at the highest rate of 17.1 percent.

Retail, as well as the restaurants and hotel industry, jumped 16.9 percent, while the manufacturing sector grew 15.3 percent.


The Family Office to host global investment summit in Saudi Arabia

Updated 18 January 2026
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The Family Office to host global investment summit in Saudi Arabia

RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.

The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.

The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.

Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.

Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.

The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.

The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.

With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.

The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.