Latest news with #Al-Ibrahim
Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
Al-Ibrahim: Saudi Arabia develops smart legislation and digital systems to meet needs of investors
Saudi Gazette report RIYADH — Minister of Economy and Planning Faisal Al-Ibrahim emphasized that Saudi Arabia is now opening its doors to the world and has a roadmap in line with Vision 2030. "The Kingdom has developed smart legislation and digital systems to meet the needs of international investors. There are significant changes not only in the regulations and laws governing investment and business, but also in the way business is conducted, adopting smart systems, digital transformation, and regulations focusing on attracting investment," he said while addressing the Saudi-Spanish Business Forum in Riyadh on Thursday. Al-Ibrahim said that Saudi Arabia is advancing toward global competitiveness and a knowledge-based economy. "Since the launch of Vision 2030, private investments in non-oil sectors have grown by 70 percent, fueled by over 900 economic and structural reforms that have boosted investor confidence and streamlined the business environment. This is in addition to issuing more than 36,000 business licenses," he said noting that there are more than 6,000 companies operating in the Kingdom. Referring to the Saudi – Spanish investment relations, Al-Ibrahim said that there have been investments exceeding $3 billion over three decades, with more than 200 Spanish companies operating in the fields of healthcare, agriculture, real estate, and digital technology. "These numbers reflect the strength and momentum of the growing partnership between the Kingdom and Spain, as Spanish expertise plays a vital role in the Kingdom's transformation," he said, adding that the forum aims to explore new opportunities, strengthen partnerships, and formulate further cooperation, with the goal of creating added value across various sectors. The visiting Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero also addressed the forum, which saw the participation of more than 300 Saudi and Spanish officials and investors. The forum was organized by the Federation of Saudi Chambers of Commerce in collaboration with the Ministry of Economy and Planning and the Ministry of Investment. Earlier on Wednesday, Caballero co-chaired the fourth session of the Saudi-Spanish Joint Commission. The Saudi-Spanish Joint Commission is centered on the shared commitment to fostering a prosperous future partnership, grounded in mutual economic interests and strengthening trade and investment relations between the two countries. Al-Ibrahim andSeveral current and upcoming initiatives were discussed, with a focus on enhancing economic, social, and cultural ties between the Kingdom and Spain. These initiatives highlight the strength of relations and the mutual commitment of both sides to expanding cooperation across various sectors.
Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
Oil is no longer our budget engine, says Saudi minister
Saudi Gazette report DOHA — Minister of Economy Faisal Al -Ibrahim has said the Saudi economy has always been ready for various oil price scenarios. Speaking at the Qatar Economic Forum in the Qatari capital Doha. Al -Ibrahim added, "The oil is no longer what drives our budgets, but our priorities are the engine." The results of the quick estimates projected by the General Authority for Statistics (GASTAT) in Saudi Arabia for the first quarter of 2025 showed the real GDP growth by 2.7%, compared to the first quarter of 2024. It also stated that this growth was due to the increase in non-oil activities by 4.2%, and government activities achieved a growth of 3.2%, while oil activities witnessed a decrease of 1.4% on an annual basis. The local product achieved a growth of 0.9% in the first quarter of 2025, compared to the fourth quarter of the previous year 2024, and this came as a result of the increase in government activities by 4.9%, in addition to the growth of non -oil activities at a rate of 1.0%, while oil activities witnessed a decrease by 1.2% on a quarterly basis. GASTAT stated that a comprehensive update made it showed an increase in the estimates of GDP for the year 2023 by 14.1%, an increase of SR566 billion compared to the previously published estimates for the same year, to reach the size of the gross domestic product after the update S 4.5 trillion. Also, a higher relative contribution to the non -oil economy amounted to 53.2%, an increase of 5.7% over the previous results, affected by the high volume of economic activities for small and medium enterprises compared to previous estimates. Construction activities increased by 61%, as well as wholesale and retail trade, restaurants and hotels by 29.8%, in addition to transportation, storage and communications activities by 6.25%, as well as an increase in the size of a number of other economic activities.
Zawya
02-05-2025
- Business
- Zawya
Saudi Arabia releases updated GDP data highlighting expanded non-oil sector contribution
RIYADH — Minister of Economy and Planning and Chairman of the General Authority for Statistics (GASTAT), Faisal Al-Ibrahim, announced that the newly released update to Saudi Arabia's Gross Domestic Product (GDP) marks a major strategic milestone in the Kingdom's economic transformation. The comprehensive revision, conducted by GASTAT, enhances the accuracy and transparency of national economic data and reflects international best practices. It enables better measurement of emerging sectors such as fintech, logistics, sports, the creative economy, and entertainment. 'The updated GDP measurement reflects the Kingdom's ongoing transformation and the momentum of economic diversification,' Al-Ibrahim said. 'Improved coverage of high-growth sectors allows for a more accurate economic picture and strengthens the case for targeted policy and investment decisions.' The revision revealed that non-oil activities now account for 53.2% of GDP — a 5.7 percentage point increase from earlier estimates — underscoring the expanding role of non-oil sectors in the economy. In the first quarter of 2025 alone, non-oil activities grew by 4.2%. The update was based on extensive fieldwork and administrative data, including visits to 2.4 million sites, 122,000 households, and more than 880,000 agricultural holdings. It also involved over 60 administrative data sources and expanded the classification of economic activities from 85 to 134 categories. Notable growth was recorded in key sectors: construction surged by 61%, wholesale and retail trade, restaurants, and hotels by 29.8%, and transportation, storage, and communications by 25.6%. Al-Ibrahim emphasized that these changes align with Saudi Vision 2030's objectives to diversify the economy, strengthen private sector participation, and enhance the Kingdom's global competitiveness. 'The Kingdom's economic outlook is positive, driven by structural reforms, strategic projects, and improved data systems. Regular updates to our statistics are vital to ensuring accurate, transparent information for policymakers, investors, and the broader public,' he concluded. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
02-05-2025
- Business
- Saudi Gazette
Saudi Arabia releases updated GDP data highlighting expanded non-oil sector contribution
Saudi Gazette report RIYADH — Minister of Economy and Planning and Chairman of the General Authority for Statistics (GASTAT), Faisal Al-Ibrahim, announced that the newly released update to Saudi Arabia's Gross Domestic Product (GDP) marks a major strategic milestone in the Kingdom's economic transformation. The comprehensive revision, conducted by GASTAT, enhances the accuracy and transparency of national economic data and reflects international best practices. It enables better measurement of emerging sectors such as fintech, logistics, sports, the creative economy, and entertainment. 'The updated GDP measurement reflects the Kingdom's ongoing transformation and the momentum of economic diversification,' Al-Ibrahim said. 'Improved coverage of high-growth sectors allows for a more accurate economic picture and strengthens the case for targeted policy and investment decisions.' The revision revealed that non-oil activities now account for 53.2% of GDP — a 5.7 percentage point increase from earlier estimates — underscoring the expanding role of non-oil sectors in the economy. In the first quarter of 2025 alone, non-oil activities grew by 4.2%.The update was based on extensive fieldwork and administrative data, including visits to 2.4 million sites, 122,000 households, and more than 880,000 agricultural holdings. It also involved over 60 administrative data sources and expanded the classification of economic activities from 85 to 134 growth was recorded in key sectors: construction surged by 61%, wholesale and retail trade, restaurants, and hotels by 29.8%, and transportation, storage, and communications by 25.6%.Al-Ibrahim emphasized that these changes align with Saudi Vision 2030's objectives to diversify the economy, strengthen private sector participation, and enhance the Kingdom's global competitiveness.'The Kingdom's economic outlook is positive, driven by structural reforms, strategic projects, and improved data systems. Regular updates to our statistics are vital to ensuring accurate, transparent information for policymakers, investors, and the broader public,' he concluded.
Arab News
27-04-2025
- Business
- Arab News
Saudi Arabia to power data platforms with AI to drive Vision 2030 goals
RIYADH: Saudi Arabia plans to enhance its data platforms, strengthen digital transformation, and use artificial intelligence and modern technologies to improve statistical operations and data accuracy, according to a minister. In his opening remarks at the first Saudi Statistics Forum held from April 27–28 in Riyadh, Economy and Planning Minister Faisal Al-Ibrahim said the Kingdom aims to build a modern, accessible, and globally competitive data ecosystem to support decision-making aligned with Vision 2030. 'In the coming phase, we will continue to develop data platforms, strengthen the digital transformation journey, and leverage administrative data, artificial intelligence, and modern technologies to further improve statistical operations, enhance data accuracy, and facilitate easier access to information,' Al-Ibrahim said. He added: 'Today, Saudi Arabia stands as an international platform for showcasing achievements, sharing success stories with the global community, accelerating the pace of development, and maximizing positive impact both locally and internationally in the field of statistics.' The minister emphasized that the country will continue to develop administrative data systems and adopt modern technologies to improve the accuracy and accessibility of information across sectors. The forum coincides with the 65th anniversary of establishing official statistical work in the Kingdom. This journey has witnessed the sector undergo transformative shifts toward higher quality and greater transparency. 'Transparency is crucial in supporting evidence-based decisions, especially given international challenges that highlight the need to develop statistical systems, adopt high-performance standards, and enhance the speed and efficiency of decision-making,' Al-Ibrahim. He continued: 'Today, many national and international statistical agencies and organizations are participating in this forum with the aim of transferring expertise, sharing pioneering experiences in statistical methodologies and best practices, and showcasing modern approaches to innovation and statistical development.' The minister emphasized the crucial role of accurate, timely data in enabling evidence-based policymaking, particularly in the face of global challenges, and highlighted the need for resilient and agile statistical systems. 'Saudi Arabia today stands as an international platform for showcasing achievements, sharing success stories, and accelerating positive impact both locally and globally in the field of statistics,' Al-Ibrahim added. The forum comes as Saudi Arabia prepares to host the Sixth UN World Data Forum in Riyadh in November 2026. During the event, Fahad Al-Dossari, president of GASTAT, reiterated the authority's commitment to supporting decision-makers by continuously developing the statistical system to meet national and international standards. 'Statistics are no longer merely supportive tools; today, they are at the heart of development work and a critical enabler of sustainable development, ensuring efficient spending, enhancing service quality, and supporting economic and social growth,' Al-Dossari said. He noted that the authority has recently launched a number of strategic initiatives aimed at achieving full digital transformation in statistical operations, including promoting statistical innovation, enhancing the use of AI technologies, analyzing big data, and updating methodologies to align with best global practices. As part of its efforts to meet rising demands for data in a rapidly evolving economy, GASTAT introduced around 39 new statistical products in 2023. These products aim to deliver greater detail, broaden sector coverage, and enhance regional statistics to better inform both public policies and private sector investments. Al-Dossari stressed that continuous collaboration between GASTAT and its partners in the government, private sector, and academic institutions is key to ensuring the success of Saudi Arabia's broader data agenda. He also highlighted the importance of national surveys as critical tools for expanding statistical coverage and providing timely indicators. During a panel discussion, the role of data as a foundation for industrial development and economic diversification was further emphasized by Minister of Industry and Mineral Resources Bandar Alkhorayef. 'In the industrial sector, we cannot imagine that industry could thrive without infrastructure — whether in the form of industrial cities, energy supply, or other essential elements. Without this infrastructure, neither industry can grow nor investment be attracted,' Alkhorayef said The minister underlined that Saudi Vision 2030 targets specific sectors that require precise, regularly updated data, allowing investors to accurately assess market conditions, identify opportunities, and anticipate trends. Recognizing this, Saudi Arabia has taken proactive steps to institutionalize early technology adoption across sectors. 'Today, there is a massive abundance of data, and the key question is how we can harness it to serve decision-making processes and reduce associated risks,' Alkhorayef said. He continued: 'One of the risks we must be cautious about is relying on modern technologies without having accurate and trustworthy data sources, which can lead to misleading results despite the strength of the tools used.' Therefore, here in the Kingdom, 'we consider the early integration of technology as an essential part of all sectors.' As technology reshapes the world of statistics, the nation is positioning itself at the forefront of innovation in data management. Alkhorayef emphasized the growing global opportunity to harness AI and big data analytics to drive smarter decision-making. However, he warned that relying on modern technologies without ensuring the accuracy and reliability of data can lead to misleading outcomes. The Saudi Data and Artificial Intelligence Authority also plays a key role in regulating and accelerating the use of data technologies, striking a balance between strong legislative frameworks and rapid digital transformation efforts. 'SDAIA combines regulation and ensuring the proper development of technologies with accelerating their use to serve our national goals, whether to achieve the objectives of Vision 2030 or to support investors in accessing data quickly and mitigating investment risks,' Alkhorayef said. He continued: 'Thus, I believe the integrated system we see today positions the Kingdom as one of the best countries for attracting investments, thanks to the high level of reliability regarding opportunities and how to capitalize on them.' During the forum, GATSTAT signed memorandums of understanding with four countries, including the UAE's Federal Competitiveness and Statistics Centre, Qatar's National Planning Council, Statistics Estonia, and Finland. The MoUs aim to foster cooperation and facilitate the exchange of expertise in the field of statistics.
