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Arab News
18 hours ago
- Business
- Arab News
Saudi Arabia's industrial, logistics sectors add $263bn to non-oil GDP in 2024
RIYADH: Saudi Arabia's National Industrial Development and Logistics Program contributed SR986 billion ($262.8 billion) to the Kingdom's non-oil gross domestic product in 2024, accounting for 39 percent of the total, according to the program's annual performance report. This figure marks an increase from SR949 billion in 2023 and underscores NIDLP's central role in advancing the goals of Vision 2030 to diversify the Saudi economy beyond oil. The report highlighted substantial progress across the program's strategic sectors — industry, mining, energy, and logistics — demonstrating what NIDLP described as a 'qualitative transformation' in the national economy. The total contribution of non-oil activities to the broader GDP reached 55 percent, with the manufacturing sector alone growing by 4 percent, and both mining and transport/storage sectors expanding by 5 percent. Saudi Arabia's broader economic performance in 2024 reflected resilience amid oil market fluctuations, with overall GDP growing by 1.3 percent for the year, driven primarily by expansion in non-oil sectors, according to data from the General Authority for Statistics. Launched in 2019, NIDLP aims to integrate key sectors and leverage local content and the Fourth Industrial Revolution to build a diversified and value-added economic base. The 2024 report details a range of achievements that indicate continued momentum toward these long-term economic transformation goals. "The number of executive initiatives under the program reached 284 by the end of 2024, of which 163 have been completed, with a completion rate of 57 percent, confirming the pace of achievement and the program's ability to deliver impact,' the report quoted Minister of Industry and Mineral Resources Bandar Alkhorayef, also chairman of the NIDLP Committee, as saying. 'The total number of employees in NIDLP sectors surpassed 2.43 million, including more than 508,000 new jobs created during the year. Among those, over 81,000 were taken up by Saudi nationals,' he added in the report. Non-oil exports reached a total value of SR514 billion in 2024, reflecting a 13.2 percent year-on-year increase. Of this, SR217 billion came from non-oil goods exports, which rose by 4 percent. Re-exports surged 42 percent to reach SR90 billion, while services exports climbed 14 percent to SR207 billion. Chemicals topped the export categories with SR78.5 billion, followed by electrical equipment at SR42.9 billion, metals and metal products at SR23.3 billion, and food and beverage products at SR10.5 billion. The labor market also saw strong gains. Total employment across NIDLP sectors reached 2.433 million workers in 2024. The program created more than 508,000 new jobs last year, including over 81,000 roles for Saudi nationals — 42,000 for men and 39,000 for women. Key employment drivers included manufacturing, mining and quarrying, electricity and gas, and logistics. Non-government investments in program sectors reached SR665 billion. The Saudi Industrial Development Fund's cumulative loan approvals totaled SR198 billion, while export credit facilities issued by the Saudi Export-Import Bank stood at SR69.14 billion. Industrial activity expanded significantly, with 12,589 industrial establishments recorded by year-end. The number of ready-built factories reached 1,511. Non-government investments in industrial cities and special zones totaled a cumulative SR1.41 trillion. The local defense industry also advanced, with cumulative sales by domestic companies hitting SR34.32 billion. The national industrial strategy continues to push for the localization of supply chains in sectors like medical supplies, automotive, energy-related products, and petrochemicals. In renewable energy, the program recorded significant progress. Total renewable energy capacity initiated in 2024 reached 20 gigawatts, including 3.7 GW of new solar project agreements and 3.6 GW of new commercial operations. The lowest recorded wind energy cost globally was also achieved, at 5.87 halalas per kilowatt-hour. These efforts contributed to an annual carbon emissions reduction of approximately 1.7 million tonnes. In mining, exploration spending reached SR228 per sq. km. The number of mining sites offered for competitive bidding increased 380 percent from the previous year. The sector aims to contribute SR176 billion to GDP and create 219,000 jobs by 2030. Saudi Arabia was ranked second globally for mining license environment quality, the report stated. Logistics witnessed similar advances. A total of 1,056 logistics licenses were issued, while re-export logistics centers expanded to 23 in 2024, up from just two in 2019. Port utilization rose to 64 percent, compared to a baseline of 50.2 percent. Customs clearance time was reduced to just two hours, and container throughput reached 7.5 million units. Key performance indicators exceeded several targets. Military industrialization localization reached 19.35 percent, surpassing the 12.5 percent goal and up from a 7.7 percent baseline. Local content in non-oil sectors reached SR1.231 trillion, above the target of SR1.11 trillion. The number of final licenses issued for promising industries hit 3,107, compared to a target of 845 and a baseline of 169. Cumulative exports of promising industries reached SR135.6 billion, exceeding the target of SR98.7 billion. The number of re-export-linked logistics centers also surpassed targets, with 23 centers established versus a target of 16. At the highest level, NIDLP contributes to three primary pillars of Vision 2030: fostering a vibrant society, creating a thriving economy, and building an ambitious nation. One of the six first-tier Vision 2030 objectives that the program directly supports is the development and diversification of the national economy, particularly through job creation and enhanced government performance to promote social responsibility. NIDLP also addresses second-tier goals by strengthening private sector participation and maximizing value across key economic sectors. The program seeks to improve the competitiveness of Saudi Arabia's energy sector, enhance local content in oil and gas industries, and promote the development of renewable energy sources. Additionally, the program supports the creation of specialized economic zones and the rehabilitation of industrial cities to attract investment and facilitate growth. Another key strategic focus of the program is the expansion of non-oil sectors, including mining and downstream industries. NIDLP targets the localization of high-potential sectors such as advanced manufacturing and defense industries, while increasing local content across non-oil value chains. These initiatives are designed to unlock the full economic potential of the Kingdom's natural resources and industrial capabilities. As part of its logistics mandate, the program also works to establish and improve the performance of logistics hubs, while enhancing domestic, regional, and international connectivity across trade and transport networks. These efforts are central to NIDLP's ambition to solidify Saudi Arabia's position as a global logistics hub, reinforcing the Kingdom's strategic role in global supply chains. Overall, the program encompasses 96 detailed targets at the third level of Vision 2030 planning, 12 of which are directly linked to NIDLP initiatives. These targets serve as the operational backbone for achieving the broader national goals of economic diversification and industrial competitiveness.
Saudi Gazette
6 days ago
- Business
- Saudi Gazette
GASTAT: Inflation remains stable at 2.3% in June
Saudi Gazette report RIYADH — The annual inflation rate in Saudi Arabia remained relatively stable at 2.3 percent in June 2025 compared to the same month last year. The Consumer Price Index (CPI) or inflation recorded a slight increase of 0.1 percent in June compared to the previous month of May when it stood at 2.2 percent, according to the monthly statistics bulletin published on Tuesday by the General Authority for Statistics (GASTAT). Saudi Arabia continues to record one of the lowest inflation rates among G20 countries. According to the report, this rise was mainly driven by an increase in the prices of the housing, water, electricity, gas and fuel section by 0.2 percent. The CPI witnessed slight increases in prices for several other categories on a monthly basis, including food and beverages by 0.1 percent, miscellaneous personal goods and services by 0.5 percent and recreation and culture by 0.3 percent. On an annual basis, the slight increase is attributed to a 6.5 percent increase in the prices of housing, water, electricity, gas, and fuel. This category has the greatest impact on inflation during this month, given its weighting of 25.5 percent of the index. The increase in the housing category was driven by a 7.6 percent increase in rents paid for housing, specifically a 7.1 percent increase in villa rental prices in June 2025. A number of other categories also saw price increases on an annual basis. Prices in the food and beverages section rose by 1.5 percent, driven by a 2.4 percent increase in meat and poultry prices. Prices in the miscellaneous personal goods and services section rose by 4.1 percent, impacted by a 26.5 percent increase in the prices of jewelry, watches, and antiques. Prices in the restaurants and hotels section rose by 1.6 percent, driven by a 1.9 percent increase in the prices of restaurants, cafes, and similar establishments. The education section saw a 1.4 percent increase, impacted by a 5 percent increase in higher education fees. On the other hand, some sections recorded year-on-year price declines. Prices in the home furnishings and equipment section fell by 1.7 percent, impacted by a 3.6 percent decrease in the prices of furniture, carpets, and floor coverings. Prices in the clothing and footwear section also fell by 0.6 percent, due to a 1.4 percent decrease in the prices of ready-made garments. Transportation prices fell by 0.7 percent, driven by a 1.7 percent decline in vehicle purchase prices. While some categories rose on a monthly basis, the CPI witnessed declines in both the health and communications categories, which fell by 0.3 percent and 0.1 percent respectively. Transportation and tobacco products prices remained relatively unchanged in June 2025. The CPI reflects changes in the prices paid by consumers for a fixed basket of 490 items. Saudi Arabia's wholesale price index recorded an annual increase of 2.1 percent during June 2025, compared to the same month in 2024. This increase was primarily due to a 4.5percent increase in the prices of other transportable goods, in addition to a 4.4 percent increase in the prices of agricultural and fishing products. The prices of other transportable goods, excluding metal products, machinery, and equipment, increased by 4.5 percent in June 2025 compared to June 2024. This increase was driven by an 8.2 percent increase in the prices of refined petroleum products and a 9.3 percent increase in the prices of furniture and other transportable goods not elsewhere classified. The prices of agricultural and fishing products also increased by 4.4 percent, driven by a 7 percent increase in the prices of fish and other fishery products, as well as a 6.7 percent increase in the prices of agricultural products. In a related context, the prices of food products, beverages, tobacco, and textiles increased by 0.2 percent. This was due to a 1.4 percent increase in the prices of grain mill products, starch, and other food products, in addition to a 1.1percent increase in the prices of leather, leather products, and footwear. On the other hand, the prices of raw materials and metals decreased by 1.1 percent, due to a 1.1 percent decrease in the prices of stones and sand. The prices of metal products, machinery, and equipment also decreased by 0.3 percent, due to a 4.7 percent decrease in the prices of radio, television, and communications equipment and equipment, as well as a 3.5 percent decrease in the prices of used general-purpose machinery. On a monthly basis, the wholesale price index decreased by 0.1 percent in June 2025 compared to the previous month of May. This decrease was due to a 0.2 percent decrease in the prices of metal products and machinery and equipment, driven by a 0.5 percent decrease in the prices of radio, television, and communications equipment and equipment, and a 0.5 percent decrease in the prices of used general-purpose machinery. The index of other transportable goods, excluding metal products, machinery, and equipment, also decreased by 0.1 percent due to a 0.4 percent decline in the prices of basic chemicals and a 0.2 percent decline in the prices of glass and non-metallic products. In the same context, the prices of food, beverages, tobacco, and textiles decreased by 0.2 percent, due to a 0.5 percent decline in the prices of finished textile goods excluding clothing and a 0.4 percent decline in the prices of leather, leather products, and footwear. On the other hand, the prices of agricultural and fishery products increased by 0.4 percent due to a 0.6 percent rise in the prices of live animals and animal products, and a 0.4 percent rise in the prices of agricultural products. Meanwhile, the prices of raw materials and metals remained stable, recording no significant changes in June 2025.
Arab News
6 days ago
- Business
- Arab News
Saudi Arabia's inflation holds steady at 2.3% in June
RIYADH: Saudi Arabia's annual inflation rate stood at 2.3 percent in June, up slightly from 2.2 percent in May, according to the latest data released by the General Authority for Statistics. The increase in prices was primarily driven by a rise in housing rents, which continued to exert upward pressure on the cost of living, even as other consumer categories experienced mixed price movements. Housing and utility costs remained the biggest contributor to inflation, rising by 6.5 percent year on year. This surge was largely due to a 7.6 percent increase in actual housing rents, with villa rental prices alone climbing 7.1 percent compared to June last year. Given that the housing component carries a significant weight of 25.5 percent in the consumer price index basket, its persistent escalation has had an outsized impact on overall inflation. Compared to its Gulf Cooperation Council neighbors, the Kingdom's inflation sits near the regional average. In the UAE, annual inflation hovered around 2.3 percent in recent months, reflecting similar housing-related pressures. The Saudi food and beverage segment experienced an annual increase of 1.5 percent, driven by a 2.4 percent rise in meat and poultry prices. The cost of personal goods and services rose by 4.1 percent, influenced in large part by a 26.5 percent spike in jewelry, watches, and antiques. Restaurants and hotels also saw moderate inflation, rising 1.6 percent annually, while education prices increased by 1.4 percent, driven mainly by a 5 percent hike in tertiary education fees. At the same time, downward pressure came from a handful of categories. Prices for furnishings and household equipment fell by 1.7 percent due to a decline in furniture and carpeting. Clothing and footwear prices dipped 0.6 percent, primarily due to a reduction in garment costs, while transportation prices declined 0.7 percent year on year, reflecting a 1.7 percent drop in vehicle prices. On a monthly basis, the CPI remained broadly stable in June, registering a modest 0.2 percent increase from May according to the report. This was once again led by a 0.2 percent rise in the housing category, alongside slight increases in food, personal goods, and recreation services. Prices of health services and communication saw minor declines, while tobacco and transportation remained flat compared to the previous month. Saudi Arabia's inflation rate remains moderate by global and regional standards. A combination of government subsidies, regulated utility prices, and the riyal's fixed exchange rate to the US dollar are key stabilizing forces. Additionally, the country's subsidy framework, particularly in energy and essential food items, continues to shield consumers from global price shocks. While the Kingdom's inflation rate is in line with that seen in Kuwait — which reported a figure of approximately 2.2 percent as of May — other countries have seen a marked difference. Qatar's inflation remained significantly lower at just 0.5 percent year-on-year in April, and Bahrain experienced deflation, with consumer prices falling by about 1 percent annually in May. Oman also recorded one of the lowest rates in the bloc, holding under 1 percent for much of 2025. The shared currency pegs and regional subsidy models have collectively contributed to a subdued inflationary landscape across the Gulf. Oranges and lemons up Saudi Arabia's Wholesale Price Index saw an annual rise of 2.1 percent in June, driven mainly by 4.5 percent increase in transportable goods except metal products, machinery and equipment. The price of agriculture and fishery product also increased by 4.4 percent annually according to the General Authority of Statistics. Prices for metal products, machinery, and equipment declined by 0.3 percent due to a fall in electronics and industrial machinery costs. On a monthly basis, however, wholesale prices edged down 0.1 percent compared to May, suggesting some easing of cost pressures at the producer level. GASTAT's accompanying report on the Average Prices of Goods and Services offered a closer look at individual items affecting consumers directly. The price of medium African lemons surged by 12.6 percent in June compared to the previous month, marking one of the sharpest increases among fresh produce. Abu Sorra Egyptian oranges and Pakistani mandarins also saw notable jumps. Conversely, local onions became significantly cheaper, falling 16.7 percent month-on-month, while okra and imported onions dropped by 13.4 percent and 10.3 percent, respectively. These fluctuations underscore the seasonal and supply-driven nature of food price changes in the Kingdom. With inflation remaining broadly contained and economic diversification efforts continuing under Vision 2030, Saudi Arabia is maintaining a stable macroeconomic environment. While rents and discretionary spending categories such as jewelry and education continue to rise, broader price stability across essential goods and services reflects the resilience of the Kingdom's economic framework amid global uncertainty.
Asharq Al-Awsat
6 days ago
- Business
- Asharq Al-Awsat
Saudi Inflation Rate Remains Stable at 2.3% in June 2025
The General Authority for Statistics (GASTAT) reported that the annual inflation rate in Saudi Arabia remained stable at 2.3% in June 2025 compared to the same month of the previous year. The Consumer Price Index (CPI) also remained steady at 0.2% in June 2025 compared to May 2025, on a monthly basis. Similarly, the Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025 compared to the same month last year. However, the WPI decreased by 0.1% in June 2025 compared to May 2025. According to GASTAT, CPI reflects price changes paid by consumers for a fixed basket of 490 goods and services. This basket was selected based on the results of the 2018 Household Income and Expenditure Survey. Prices are collected through field visits to points of sale, and the CPI statistics are published monthly.
Arab News
11-07-2025
- General
- Arab News
Saudi Arabia observes World Population Day
JEDDAH: Saudi Arabia marked World Population Day, observed annually on July 11, with a focus on raising awareness of population issues and their impact on sustainable development and the environment. World Population Day was established in 1989 by the UN Development Program amid rapid population growth, which required accurate and reliable data to support development strategies. In this context, the Saudi General Authority for Statistics has enabled the Kingdom to stay abreast of global statistical advancements by adopting the latest international technologies and methodologies in conducting its census. These efforts ensure the quality and accuracy of data, enhancing the reliability of statistical indicators that form the foundation of national plans and policies. An integrated team at the authority is tasked with reviewing and verifying census data in accordance with the highest international standards, using advanced techniques for analysis and statistics. This work is carried out in cooperation with other government entities, ultimately contributing to the development of an accurate database that serves as a key reference for shaping economic and social policies.
