Latest news with #EconomyandPlanning
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
- Automotive
- Saudi Gazette
Alkhorayef: Saudi Arabia rapidly localizing auto industry, becoming re-export hub
Saudi Gazette report DOHA— Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Saudi Arabia's swift progress in localizing the automotive industry during his participation in a dialogue session at the Qatar Economic Forum in Doha on Wednesday. He emphasized that Saudi Arabia would become a re-export hub with its rapid transformation taking place in the automobile industry. The minister highlighted the Kingdom's emergence as a key player in car re-exports, driven by advancements in infrastructure and logistics services. He also discussed the Kingdom's focus on the future of the electric vehicle industry to achieve the goals of transitioning to clean energy, as per the goals of Vision 2030. Alkhorayef noted that industrial transformation, the adoption of advanced manufacturing technologies, and the deployment of applications from the Fourth Industrial Revolution, including AI and robotics, requires a robust digital infrastructure. He pointed out that the Kingdom has made substantial progress in this area through targeted investments in digital infrastructure and the implementation of regulations and laws to ensure privacy and cybersecurity. He stated that 2024 saw a significant leap in the performance of non-oil exports, with their contribution to GDP rising from 16 percent to 25 percent. This achievement stems from effective government policies, a favorable investment environment, and active engagement from the private sector. Speaking at a dialogue session during the Qatar Economic Forum, Minister of Economy and Planning Faisal Alibrahim underscored the continued efforts to implement reforms aimed at improving the business environment and enhancing investment opportunities in the Kingdom, in line with the objectives of Vision 2030. Alibrahim explained how the Kingdom is restructuring its economy for the long term, transitioning from a consumption-based model to a more complex and productive one, while continuing to attract global capital and talent. The minister emphasized that Vision 2030 is not merely a plan but a transformative journey, underpinned by institutional efficiency and effective decision-making.
Qatar Tribune
20-05-2025
- Business
- Qatar Tribune
QEF: Qatar, Saudi, Turkey share plans for sustainable growth
QNA Doha A high-level panel discussion took place on Tuesday during the fifth edition of the Qatar Economic Forum titled 'The Geoeconomics of Growth: Finance & Economy Minister Outlook,' explored how governments in the region are dealing with accelerating global economic challenges, and examined ways to enhance economic resilience and achieve sustainable growth amid geopolitical changes and technological and economic transformations. HE Minister of Finance of the State of Qatar Ali bin Ahmed Al Kuwari, HE Minister of Economy and Planning of the Kingdom of Saudi Arabia Faisal bin Fadel Al Ibrahim, and HE Minister of Treasury and Finance Republic of Turkey Mehmet Simsek participated in the session. During his remarks, HE Al Kuwari emphasized the importance of international cooperation and experience-sharing to develop financial policies that support growth, highlighting the critical role of strategic investments and structural reforms in building more resilient economies capable of withstanding future crises. Speaking on recent figures concerning economic partnerships between Qatar and the United States, HE Minister Al Kuwari noted that they reflect the depth of economic relations and the scale of trade between the two countries, adding they come at a time when the United States remains Qatar's most important investment destination, due to the strong opportunities and rewarding returns it offers. Regarding the Qatar Investment Authorityâ€s strategy, Minister Al Kuwari said that the current priorities include technology, artificial intelligence, pharmaceuticals, infrastructure, and real estate, and that this strategy is reviewed annually to align with global opportunities and mitigate risks. For his part, HE Al Ibrahim said that the Kingdom is steadily progressing in implementing Vision 2030, which aims to restructure the national economy on a sustainable foundation, moving away from traditional reliance on oil revenues. He described the vision as a long-term strategic plan focused on building a diverse and flexible economy capable of adapting to various global challenges. He added that the Saudi budget is no longer based on oil prices but rather on clear developmental and investment priorities, noting that the Kingdom is investing in institutional resilience to enhance its ability to adapt and evolve through building strong, effective institutions supported by medium- and long-term financial plans. He added that these plans enable adaptability across various economic scenarios, with a focus on the long term rather than short-term fluctuations. Minister Al Ibrahim also said that the ongoing transformation is not only about reducing dependence on oil, but also about shifting from a consumption-based economy to one focused on production, innovation, and exports. This transformation has attracted significant foreign direct investment, thanks to available opportunities and a modern regulatory environment. He pointed out that the non-oil economies of the GCC countries recorded 3.7% growth in 2024, nearly double the global average, reflecting the success of economic transformation plans across the region, particularly in Saudi Arabia under Vision 2030. This growth, he said, signals growing recognition that the region's economies had long underutilized their potential. He affirmed that Saudi Arabia and other Gulf states have taken serious steps to restructure their economies, leading to increased opportunities in production, innovation, and exports, as well as attracting capital and talent. He also stressed that foreign direct investment is a key pillar of the Kingdomâ€s vision, with a target for FDI to constitute 5.7% of GDP by 2030, equivalent to approximately $100 billion in investment flows. Saudi Arabia has already seen positive indicators in this area, including the number of licenses issued, regional headquarters established, and ongoing investment deals. He noted that the Kingdom has implemented 900 economic and regulatory reforms to improve the business environment and is continuing efforts to enhance its appeal to global investors. During his remarks, HE Minister of Treasury and Finance Republic of Turkey said that his country is continuing to implement a comprehensive economic program aimed at reducing inflation and achieving sustainable growth, despite what he described as temporary side effects observed in some sectors, particularly manufacturing. He noted that Turkey has rebuilt its monetary policy and established a strong fiscal foundation, highlighting that everything was now in place to reduce inflation. He acknowledged that no remedy comes without side effects, in reference to sector-specific disruptions. The Turkish finance minister noted that earlier this year, the government provided direct support to labor-intensive export sectors to help mitigate the impact of the economic transition. He stressed that the essence of the program is to reduce inflation in order to pave the way for high and sustainable growth. Regarding manufacturing, he acknowledged that the sector is facing challenges due to slowed growth in the eurozone, Turkeyâ€s main trading partner. However, he emphasized that manufacturing only accounts for 23% of GDP, while the services sector continues to grow and generate employment. His Excellency also revealed that Turkey created nearly one million jobs last year and reiterated the governmentâ€s commitment to continuing the economic program despite short-term pressures. The session brought together finance and economy ministers from three rising economic powers in the region. Its significance lies in showcasing the direction of emerging economies playing pivotal roles in reshaping the global growth map through different means, whether through sovereign investments, infrastructure development, income diversification, or the creation of new, more flexible and innovative economic models.
Qatar Tribune
20-05-2025
- Business
- Qatar Tribune
Finance minister meets several ministers, officials on margins of QEF 2025
DOHA: Minister of Finance HE Ali bin Ahmed Al Kuwari has met with Minister of Economy and Planning of the Kingdom of Saudi Arabia HE Faisal bin Fadhil Alibrahim, on the margins of the Qatar Economic Forum 2025, held under the theme 'The Road to 2030: Transforming the Global Economy'. Both ministers conferred on a broad range of topics related to shared interests, particularly economic ones, as well as avenues for broadening collaborative efforts between the two nations. Separately, Al Kuwari met with Minister of Treasury and Finance of the Republic of Turkiye HE Mehmet Simsek, on the margins of the forum. They addressed a range of topics related to the shared interests of both countries, particularly in the financial and economic fields, as well as measures aimed at broadening the scope of these joint activities. Additionally, Al Kuwari met with His Grace The Duke of Richmond, Charles Gordon-Lennox, from King's Trust International. The meeting reviewed areas of mutual cooperation and discussed ways to strengthen relations across a number of sectors of shared interest, particularly in the fields of economy and investment, in addition to addressing regional and international economic developments. Al Kuwari also met with Executive Vice President and Chief Commercial Officer at Microsoft, Judson Althoff. Both sides deliberated on strengthening the frontiers of bilateral cooperation in the areas of investment, finance, and economics, as well as a host of topics of shared interest.
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. (
