RIYADH: The Saudi economy recovered in 2021 after a tough year of pandemic restrictions as vaccination campaigns rolled out in the kingdom and across the world driving its key oil exports, Arab News reported. MENA’s largest economy bounced back from last year, when the kingdom’s gross domestic product contracted by 4.1 per cent, according to the International … Read more
CAIRO: The Saudi economy expanded by an annual rate of 7 per cent in the third quarter of this year driven by higher oil production, Arab News quoted the data released by Gastat. This is the highest yearly growth rate since 2012. Growth was also upwardly tweaked to 7 per cent compared to an initial estimate of … Read more
RIYADH: Saudi Arabia is set to experience strong economic growth in the fourth quarter of 2021, thanks to oil production hitting its highest level since April 2020, Arab News quoted a report from Capital Economics. Some 9.76 million barrels per day were produced in October, broadly in line with pre-virus levels of output, analysts at the London-based … Read more
RIYADH/CAIRO: The International Monetary Fund (IMF) expects the Saudi economy to grow 2.8 per cent in 2021 and 4.8 per cent in 2022, Arab News quoted it, as saying, in its annual World Economic Outlook. The new 2021 growth forecast for the kingdom upgrades on the 2.4 per cent growth prediction from the previous report, issued in July. However, the … Read more
RIYADH: A booming mortgage market has helped fuel economic growth in Saudi Arabia this year, Arab News quoted financial analysts KPMG, as saying. The firm’s ‘Future Finance’ report claimed businesses operating in the real estate sector are key figures among the kingdom’s non-bank financial institutions (NBFIs), which are helping the economy recover after the pandemic. … Read more
Companies in the private sector are allowed by a Saudi ministerial decision on Monday to reduce salaries by 40 percent. In addition to this, it has also allowed termination of contracts due to the economic crisis occurring because of coronavirus pandemic. According to a local newspaper, the cabinet will not publish the new decision. Saudi … Read more
The Saudi Social Development Bank, with the support of the National Development Fund, has launched a program to support owners of small and emerging enterprises in promising and priority sectors, as well as low-income families, the Saudi Press Agency said. Arab News while quoting Saudi Press Agency reported that Its doing so by allocating an … Read more
