Saudi Arabia set to be world’s fastest-growing major economy

[Acetic Acid]

6.2 % in 2021 ? That is an achievement

From june 2021 to may 2022

 

[JohnyD]

Wikipedia is not a reliable source as everyone can edit it.

I prefer to go by the official sources which in this case is the state budget of KSA from last year and official KSA data.

No doubt that KSA’s economy is reliant on oil to a great extend but this influence is decreasing each month and as I wrote initially the KSA non-oil economy is booming as is KSA as a whole in terms of economic growth, reforms, various sectors, industralization, military sector etc.

Barring any large scale regional war, I am fully convinced that KSA will continue to develop at a rapid speed on almost all fronts.

And unlike 99% of the world’s 200 + countries, KSA has assests worth of 50 trillion USD. It is the third most ressource rich country on the planet after Russia and USA. One of the largest sovereign wealth funds on the planet worth ov’er 1 trillion USD.

10 Countries With the Most Natural Resources

Commodities are the raw materials used for products manufactured worldwide. This article lists the top 10 countries with the most value in natural resources.

www.investopedia.com

and have in mind that KSA has a small population of just 36 million. They are absolutely stacked, the people/locals that is for centuries to come.



It is the same lot that think that Arab history began with the discovery of oil 80 years ago in Arab lands, seemingly forgetting 1300 years of Islamic history prior to that, that the Arab world is home to the oldest civilizations on the planet (recorded at least), that the same Arabs from modern-day KSA (Arabia) created the largest and most influential empires of any people in the Muslim world and some of the most influential and largest in the entire world history. Much of which is the living heritage of the entire Muslim world.

In fact the Muslim world was the most prosperous and powerful when it was ruled by the Arabs. Food for thought for the “pious” anti-Arab hypocrites out there.

It is as if those people were deliberately trying to reduce Arabs to the past 80 years alone. It is just as if the same people had a hatred/dislike for them. It is so obvious to spot. So funny to witness. It never gets old.

fyi, i m not anti arab .i wish ksa a good luck

 

[Kingdom come]

And unlike 99% of the world’s 200 + countries, KSA has assests worth of 50 trillion USD. It is the third most ressource rich country on the planet after Russia and USA. One of the largest sovereign wealth funds on the planet worth ov’er 1 trillion USD.

What ??? 50 trillion

 

[Zornix]

Saudi citizens don't even have basic human rights, Gulf Arabs are living in a mirage.

 

[Corruptistan]

What ??? 50 trillion

10 Countries With the Most Natural Resources

Commodities are the raw materials used for products manufactured worldwide. This article lists the top 10 countries with the most value in natural resources.

www.investopedia.com

Plus one of the largest sovereign wealth funds in the world, investments and assets home and abroad worth trillions of dollars, Makkah and Madinah etc.

50 trillion dollars is my overall estimation. Divide that with less than 30 million locals currently and which country of the world can even remotely compete which such a wealth if it was divided equally?

Anyway it was a side comment to the diversification talk earlier and me stating that KSA/the locals are loaded for the next many centuries.

Anyway have in mind that KSA has undergone probably the greatest societal and economic changes of any country in the past few many years. The country has changed forever.

Just 6 years ago you would be considered crazy if you thought that KSA would be hosting F1, international golf tournaments, tennis tournaments, the most important boxing matches (Joshua - Usyk the latest), sold out music concerts with the most famous musical names in the world, football tournaments, women serving in the military, booming art museums, vibrant local art scene, wide-ranging judicial, economic, social reforms, silencing the most conservative clerics, opening up the country for tourism, removing hostile litterature towards other religions, women driving again, booming local cinema, women at football stadiums, women now alone can ask for a divorce etc.

All this and much more just within a few years. So yes, we need to look at the overall picture and what KSA was coming from and the era from 1979 to 2015.

Saudi citizens don't even have basic human rights, Gulf Arabs are living in a mirage.

They live more comfortably than your average American and in a far safer envrioment that remains in touch with its own core values. US democracy (oligarchy) is a joke. No welfare state either unlike KSA.

If what you say was even remotely true, we would have seen this manifest itself long ago. I lived in KSA for most of my life, already prior to the reforms nobody was envying the West despite millions of locals visiting the West annualy (tourism) or studying there.

I suggest to ask locals and see for yourself.

May Allah (swt) continue to bless the Land of the Two Holy Mosques and the land of Prophets.

 

[The SC]

The commercial office market is at its peak.

The first quarter of 2022, 9200 new licenses were issued to international companies in Saudi Arabia, more than the licenses issued in the last 6 years combined.

Financial position: fully occupied
- Occupancy rate for Class A offices in Riyadh is 97%
Price per square meter: 1700 riyals per square meter

https://twitter.com/x/status/1569416121815646208

 

[The SC]

After oil and gas, Saudi Arabia announces the discovery of a huge wealth of gold in the Valley of the Branch in Medina..

 

[Corruptistan]

After oil and gas, Saudi Arabia announces the discovery of a huge wealth of gold in the Valley of the Branch in Medina..

KSA (Arabia) has always been famous for its gold since antiquity and the first recorded sources emerged. This is even described in many scriptures (Torah, Bible and Quran).

The largest goldmine in antitquity in the region was located in modern-day KSA:

Mahd adh Dhahab - Wikipedia

en.wikipedia.org

From this goldmine most of the elaborate gold of the Pharaohs emerged from as well as the rumored gold of King Solomon to just mention a few rulers.

KSA has trillions USD worth of mineral wealth overall. It is one of the most blessed countries in the world in this regard.

 

[aviator_fan]

This idiotic myth amongst Pakistanis and other haters has been perpetuating for some time. Saudi's non-oil exports have been higher than Pakistan's total export for sometime now.

Not only. KSA’s non-oil economy is booming and recording the highest growth in its history. KSA has undergone fundamental reforms on all fronts in the past few years under the wise leadership of MbS. This article alludes to that already.

I wish Saudis didn't blow this all on the useless Noem project.

And see this , after Walid was released from arrest: his body language marks that of a reformed economy, certainly. One where your king takes a portion of what you own.

 

[Corruptistan]

I wish Saudis didn't blow this all on the useless Noem project.

And see this , after Walid was released from arrest: his body language marks that of a reformed economy, certainly. One where your king takes a portion of what you own.

Planet earth is calling the user @aviator_fan on PDF.

Breaking news, KSA has been making 60 billion USD surplus each month this year alone. They made almost 500 billion (0.5 trillion) USD this year alone. This is more than 85% of the world's countries entire economies let alone surplus wealth.

NEOM Is supposed to cost 300 billion and a long-term project that will likely take at least 10 + years. Divide that number into 10 years and it is barely 30 billion each year. The project is planned to be a monetary gain on the long run too. And let us even see when or how much is even going to be built.

What is an undeniable fact is that KSA is currently swimming in money and each day, weak, month and year becoming less and less reliant on oil.

 

[MultaniGuy]

Mash'Allah good for them.

 

[Corruptistan]

Saudi Arabia's GDP will rise at highest rate in 10 years in 2022, says S&P​

The US ratings agency upgraded the Saudi forecast positively

Raúl Redondo

Saudi Arabia's Gross Domestic Product (GDP) will grow by 7.5% in 2022, the highest rate of increase in the last 10 years, according to estimates by the US rating agency Standard & Poor's.

The post-pandemic economic recovery is thus expected to remain strong, according to the estimates, with robust growth in GDP, which is the macroeconomic benchmark that expresses the monetary value of a country's or region's output of goods and services for final demand over a given period, typically one year or quarterly.

S&P also upgraded its outlook for Saudi Arabia to positive and set the Saudi kingdom's short- and long-term foreign and local currency sovereign credit ratings at A-/A-2, the official Saudi news agency SPA reported.

S&P's forecast also indicated that the Saudi kingdom's state budget surplus may be 6.3% this year.

The credit rating agency also stated that the positive trend reflects the strength of GDP growth, the Kingdom's positive financial policies and the government's economic reforms aimed at diversifying the economy.

In this way, Saudi Arabia's plan for the country's economic future to diversify the Saudi economy away from dependence on oil remains on track. The Saudi Vision 2030 plan is the strategy outlined by the Arab country to boost and develop different sectors other than energy in order to avoid excessive dependence on hydrocarbons, Saudi Arabia's main source of financing for decades.

With these important economic reforms, the trend in the Kingdom is to strengthen national economic growth in the long term based on various areas such as new technologies, tourism, the banking sector and various other industries that are having a great weight in the national economy along with the oil sector, which also remains buoyant.

Moreover, S&P noted in its latest report that there will not be a sharp increase in sovereign debt costs in the Kingdom because most of the public debt portfolio runs at a fixed rate, as reported by Arab News.

S&P also added that inflation in Saudi Arabia is relatively low compared to other neighbouring nations, and is expected to remain under control because the Saudi government subsidises fuel and food prices, as well as linking the Saudi rial to a currency such as the US dollar that is showing great strength recently against other currencies such as the euro, for example.

Growth in the non-oil sector also remains strong, with solid growth in services as the economy continues to recover from the pandemic. The economy is also benefiting from large public investment projects, largely financed by the Public Investment Fund and the National Development Fund," S&P said in the report.

Saudi Arabia's GDP will rise at highest rate in 10 years in 2022, says S&P

Saudi Arabia's Gross Domestic Product (GDP) will grow by 7.5% in 2022, the highest rate of increase in the last 10 years, according to estimates by the US rating agency Standard & Poor's. The post-pandemic economic recovery is thus expected to remain strong, according to the estimates, with...

atalayar.com

Article from today.

 

[Corruptistan]

Jadwa Investment revises Saudi Arabia’s overall GDP growth to 8.7%​

Updated 21 September 2022
ARAB NEWS
September 20, 202211:02

The report further said the Saudi Arabia government’s total revenue in 2022 is projected at SR1,338 billion ($355.79 million) (Shutterstock)

RIYADH: Saudi Arabia’s overall gross domestic product growth is expected to hit 8.7 percent in 2022, according to a report by Jadwa Investment, up from an earlier forecast of 7.7 percent.

In its Macroeconomic Update report, the firm noted that the Kingdom’s oil GDP is projected to witness a year-on-year growth of 16.6 percent, while the non-oil market will rise by 4.3 percent, driven by higher private sector growth of 4.4 percent.

“Since the start of the year, Jadwa’s non-oil private sector composite index has been trending upwards. More specifically, we see higher growth in three sectors: non-oil manufacturing, wholesale & retail trade, restaurants & hotels, and transport, storage and communication,” Jadwa Investment’s report noted.

The report further said the Saudi Arabia government’s total revenue in 2022 is projected at SR1,338 billion ($355.79 million), while the fiscal surplus is expected to total SR335 billion — 8.7 percent of GDP.

“Government revenues were up by 43 percent in H1 2022 over H1 2021 levels, lifted by a combination of yearly rise in Saudi refined products and crude oil export volumes in H1, higher Brent oil prices, and higher oil production,” according to the document.

Jadwa Investment added that the Brent oil forecast for 2022 is at $102 per barrel, despite a surge in crude prices.

According to the report, the Kingdom’s average oil output will witness a slight rise from 10.5 million barrels per day to 10.6 mbpd in 2022.

Earlier, American credit rating agency S&P predicted that Saudi Arabia’s GDP is expected to grow at the highest rate in 10 years , to 7.5 percent in 2022.

S&P report noted that the surplus in the Kingdom’s state budget is expected to be about 6.3 percent in 2022.

In June, credit rating agency Moody’s Investors predicted that the Kingdom’s GDP will grow at an average rate of five percent in the period 2021-2023.

Jadwa Investment revises Saudi Arabia’s overall GDP growth to 8.7%

RIYADH: Saudi Arabia’s overall gross domestic product growth is expected to hit 8.7 percent in 2022, according to a report by Jadwa Investment, up from an earlier forecast of 7.7 percent. In its Macroeconomic Update report, the firm noted that the Kingdom’s oil GDP is projected to witness a...

www.arabnews.com

 

[lightning F57]

No point holding currency or bond as assets, inflation across other economies will erode the value. Best to invest those billions into infrastructure, tech, research, people which is more profitable in the long term.

 

[mb444]

Jadwa Investment revises Saudi Arabia’s overall GDP growth to 8.7%​

Updated 21 September 2022
ARAB NEWS
September 20, 202211:02

View attachment 882180
The report further said the Saudi Arabia government’s total revenue in 2022 is projected at SR1,338 billion ($355.79 million) (Shutterstock)

RIYADH: Saudi Arabia’s overall gross domestic product growth is expected to hit 8.7 percent in 2022, according to a report by Jadwa Investment, up from an earlier forecast of 7.7 percent.

In its Macroeconomic Update report, the firm noted that the Kingdom’s oil GDP is projected to witness a year-on-year growth of 16.6 percent, while the non-oil market will rise by 4.3 percent, driven by higher private sector growth of 4.4 percent.

“Since the start of the year, Jadwa’s non-oil private sector composite index has been trending upwards. More specifically, we see higher growth in three sectors: non-oil manufacturing, wholesale & retail trade, restaurants & hotels, and transport, storage and communication,” Jadwa Investment’s report noted.

View attachment 882181

The report further said the Saudi Arabia government’s total revenue in 2022 is projected at SR1,338 billion ($355.79 million), while the fiscal surplus is expected to total SR335 billion — 8.7 percent of GDP.

“Government revenues were up by 43 percent in H1 2022 over H1 2021 levels, lifted by a combination of yearly rise in Saudi refined products and crude oil export volumes in H1, higher Brent oil prices, and higher oil production,” according to the document.

Jadwa Investment added that the Brent oil forecast for 2022 is at $102 per barrel, despite a surge in crude prices.

According to the report, the Kingdom’s average oil output will witness a slight rise from 10.5 million barrels per day to 10.6 mbpd in 2022.

Earlier, American credit rating agency S&P predicted that Saudi Arabia’s GDP is expected to grow at the highest rate in 10 years , to 7.5 percent in 2022.

S&P report noted that the surplus in the Kingdom’s state budget is expected to be about 6.3 percent in 2022.

In June, credit rating agency Moody’s Investors predicted that the Kingdom’s GDP will grow at an average rate of five percent in the period 2021-2023.

Jadwa Investment revises Saudi Arabia’s overall GDP growth to 8.7%

RIYADH: Saudi Arabia’s overall gross domestic product growth is expected to hit 8.7 percent in 2022, according to a report by Jadwa Investment, up from an earlier forecast of 7.7 percent. In its Macroeconomic Update report, the firm noted that the Kingdom’s oil GDP is projected to witness a...

www.arabnews.com

Perhaps you are correct in that preception of SA does need to change.

Can you share if you have it about the non oil sectors that SA is making progress in. Thanks in advance. I did try to google search but did not come across any solid info.