Latest news with #FaisalAl-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
22-05-2025
- Business
- Saudi Gazette
Saudi-Spanish business forum kicks off in Riyadh
Saudi Gazette report RIYADH — The Saudi-Spanish Business Forum, organized by the Federation of Saudi Chambers in cooperation with the Ministry of Economy and Planning and the Ministry of Investment, kicked off on Thursday in Riyadh. Minister of Economy and Planning Faisal Al-Ibrahim and Spanish Minister of Economy, Trade and Business Carlos Cuerpo were present at the event with more than 300 officials and investors. Al-Ibrahim affirmed that Saudi Arabia is confidently moving toward a knowledge-based economy, driven by Saudi Vision 2030. He noted that the Kingdom's non-oil sectors accounted for 54.8% of GDP in 2024, for the first time in Saudi Arabia's history. He explained that Saudi's Vision 2030 has witnessed a 70% growth in private investments in non-oil sectors since its launch, as a result of the implementation of more than 900 economic and structural reforms that have contributed to enhancing investor confidence and facilitating the business environment. Cuerpo emphasized that Saudi Arabia is Madrid's most important partner in the region, and the presence of Spanish companies in the Kingdom has increased by 57% over the past three years. He explained that the current economic situation in Spain is suitable for strengthening relations with Saudi Arabia. Spain has reached a record level of financing capacity, while the tourism sector is the main driver, and it has occupied advanced positions in attracting renewable energy projects and research and development activities related to artificial intelligence, he said. Chairman of the Saudi-Spanish Business Council Khalid Al-Hogail explained that Saudi Arabia and Spain are seeking to explore investment opportunities and enhance trade exchange in promising and vital sectors. He noted that trade and investment relations are currently witnessing development; in 2024, the volume of trade exchange reached approximately $6 billion. He noted that the council is working to strengthen partnerships between business leaders in sectors such as energy, tourism, construction, sports, food, and logistics services. Four agreements were signed between Saudi and Spanish companies across several economic sectors. Specialized sector-specific sessions and workshops were also held, highlighting the investment environment and opportunities in both countries, particularly in vital economic sectors, as well as the incentives and facilities offered to investors from both sides. It is noteworthy that the volume of trade exchange between Saudi Arabia and Spain at the end of 2024 amounted to SR22.9 billion, with Saudi exports amounting to SR12.4 billion, while its imports from Spain amounted to SR10.5 billion.
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.
