Saudi National Day… Successes in the face of adversity

The Saudi economy is stronger than ever
Saudi National Day… Successes in the face of adversity

This year, Saudi Arabia’s National Day comes at a very important stage for the Kingdom.

Today, the Saudi economy is stronger than ever, in contrast to the great challenges the world faces.

The Kingdom recorded a growth of 12.2% in Q2, the highest quarterly growth in 11 years;

On the path of economic diversification within Saudi Vision 2030, the Kingdom is focusing on using oil revenues to channel investments into non-oil industries and promising sectors. Saudi’s non-oil economy grew by 5.4%, on the strength of its Public Investment Fund successes.

Saudi Crown Prince Mohammed bin Salman expects the fund’s assets to exceed $2 trillion by 2030 from the current $620 billion, making it the largest sovereign wealth fund in the world.

Tourism plays a key role in the Kingdom’s plans for diversification, with the sector contributing 10% to the GDP. It’s on a path towards attracting 100 million visitors annually.

On the other hand, inflation is still low, unlike record numbers globally, with a 3% mark backed by a strong economy and multiple support programs geared for its citizens. This makes the Kingdom one of the G-20 countries with the lowest levels of inflation.

Despite the circumstances facing the region and the world, Saudi Arabia continues to make forward progress, with cultural openness being only one of a long list of advantages that guarantee its leadership standing.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.