| 10 December 2023, Sunday |

Oxford Economics Predicts Saudi Economy to Cross $1 Trln Mark in 2022

Oxford Economics has predicted that the Saudi economy will cross the trillion-dollar mark for the first time this year.


The leader in global economic forecasting and econometric analysis pointed out that the growth rate of Saudi Arabia’s national product will reach 7.5 % during 2022.


It should be noted that the International Monetary Fund has previously expected that Saudi Arabia’s growth rate will remain in the range of 7.6% this year.


One of the main goals of Saudi Vision 2030 is for the Kingdom to become one of the fifteen largest economies in the world by 2030 and to achieve a target of $1.7 trillion in gross national product.


The Saudi Department of Statistics has projected that Saudi Arabia’s real GDP growth rate will be 11.8% in the second quarter of 2022.


In other news, the Ministry of Investment of Saudi Arabia reported the signing of a range of new investment deals in diverse sectors such as advanced manufacturing, construction and real estate, ICT, tourism, entertainment and sports, highlighting the success of the National Investment Strategy in attracting investment inflows to Saudi Arabia.


Buoyed by the ambitious objectives of the National Investment Strategy, the quarter saw the signing of 49 major investment deals worth at least $925 million and set to create about 2,000 new jobs.


Some of the major deals include a $133.3 million agreement between the Saudi Ports Authority and DP World to build a logistics park at Jeddah Islamic Port and a $37 million funding round led by global finance giant Mastercard into Saudi e-commerce firm HyperPay to expand the Kingdom’s digital payment ecosystem.


Investment Minister Khalid Al-Falih responded to the latest investment deals and figures by highlighting the impact of governmental plans.


“The National Investment Strategy is a catalyst to deliver on our Vision 2030 national objectives of seeing the private sector contribute 65% to GDP and growing foreign direct investment to 5.7% of GDP,” said Al-Falih.


“Despite global headwinds, we are seeing strong interest from global investors in diverse industries to partner with Saudi Arabia,” he added.

  • Asharq Al-Awsat