Saudi economy to grow 7.7% in 2022: Jadwa Investment

Growth will help fund a current account surplus equal to 7.6 percent of GDP (Shutterstock)
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Updated 01 April 2022
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Saudi economy to grow 7.7% in 2022: Jadwa Investment

Saudi Arabia’s economy is forecast to grow 7.7 percent this year fueled by the expansion of the Kingdom’s oil sector, according to a report from Jadwa Investment.

The investment management and advisory firm sees the oil sector increasing by 15.5 percent, but it also estimates the level of ‘non-oil activities’ to grow by 3.4 percent.

This will help fund a current account surplus equal to 7.6 percent of gross domestic product.

On a micro level, Jadwa’s report says consumer confidence in Saudi Arabia is at a record high and will likely lead to a spending boom in the coming months.

It made the forecast as it revealed the Kingdom’s non-oil Purchasing Managers' Index hit its highest level for three months.

The report said that February’s PMI saw a sharp rebound to 56.2.

When it comes to inflation in Saudi Arabia, prices in February rose by 1.6 percent year-on-year — the highest rise in eight months — and by 0.3 percent month-on-month. 

“Looking ahead, we expect rises in global food prices, as a result of the Russian-Ukrainian conflict, to put upward pressure on food prices locally,” said the report.

The unemployment rate across the Kingdom declined to 11 percent in the final quarter of 2021, compared to 11.3 percent in the previous three months. 

Participation rates rose to 51.5 percent during Q4, compared to 49.8 percent in Q3, mainly as a result of higher female participation.

 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.