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Saudi Arabia Macroeconomic Boom: 8.7% GDP Growth, Vision 2030 & $7.6% Fiscal Surplus Fuel Transformation Journey – Ken Research
GURUGRAM, India, Feb. 12, 2024 /PRNewswire/ — Saudi Arabia’s macroeconomic landscape is experiencing a dynamic shift, fueled by surging oil prices, ambitious diversification efforts, and transformative Vision 2030 initiatives. Ken Research’s “Saudi Arabia Macroeconomic Assessment” report paints a vibrant picture, highlighting key trends, opportunities, and challenges for businesses and investors. This press release delves into the report’s insights, offering a snapshot of the Kingdom’s evolving economic landscape.
Key Highlights: A Glimpse into the Saudi Economy
- Booming Oil Revenue: Driven by high oil prices, Saudi Arabia’s real GDP growth reached 8.7% in 2022, with non-oil GDP growth at a promising 4.8%. This translates to a fiscal surplus of 7.6% of GDP in 2022, providing significant resources for development initiatives.
- Vision 2030’s Transformative Power: The ambitious Vision 2030 plan aims to diversify the economy, reduce oil dependence, and create a vibrant private sector. Initiatives like NEOM and giga-projects are already attracting investments and stimulating non-oil growth.
- Strategic Reforms: Reforms like opening up new sectors to foreign investment and streamlining regulations are improving the business environment and attracting international interest.
- Population Growth and Consumption Boom: Saudi Arabia’s young and growing population, coupled with rising disposable incomes, is driving domestic consumption, creating opportunities for diverse sectors like retail, tourism, and healthcare.
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Market Segmentation: A Deeper Dive into Key Sectors
The report segments the Saudi Arabian economy into key sectors:
- Oil & Gas: Despite diversification efforts, oil and gas remain the backbone of the economy, accounting for 50% of government revenue in 2022. Rising oil prices and production are expected to continue fueling economic growth in the near term.
- Non-Oil Sectors: With a focus on non-oil growth, sectors like construction, manufacturing, and financial services are witnessing significant investments and development.
- Tourism & Hospitality: Recognizing its tourism potential, Saudi Arabia is investing heavily in developing tourism infrastructure and attracting international visitors. This sector is poised for high growth in the coming years.
Future Outlook: Charting a Course for Continued Growth
Despite the positive outlook, some challenges remain:
- Geopolitical Risks: Regional instability and fluctuating oil prices pose potential risks to economic stability.
- Diversification Challenges: Successfully transitioning away from oil dependence requires sustained efforts in developing non-oil sectors and attracting diverse investments.
- Human Capital Development: Upskilling and reskilling the workforce are crucial to meet the demands of the diversifying economy.
Despite these challenges, the Saudi Arabian economy is on a promising trajectory, driven by:
- Continued Government Support: Vision 2030 initiatives and ongoing reforms are expected to continue driving economic diversification and attracting investments.
- Technological Advancements: Embracing advanced technologies like AI and cloud computing will further enhance efficiency and productivity across sectors.
- Strategic Partnerships: Collaborations with international players will foster knowledge transfer, skill development, and technology adoption.
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Key Takeaways for Stakeholders:
This report offers valuable insights for various stakeholders in the Saudi Arabian economy:
- Investors: Identifying lucrative investment opportunities in high-growth sectors like tourism, healthcare, and technology.
- Businesses: Understanding the evolving market landscape, regulatory framework, and consumer trends to adapt their strategies effectively.
- Government Agencies: Formulating policies and regulations that support economic diversification, attract foreign investment, and create a skilled workforce.
- Individuals: Gaining insights into the economic outlook and potential growth opportunities within the Kingdom.
Conclusion:
Saudi Arabia’s macroeconomic landscape is brimming with potential, presenting exciting opportunities for businesses and investors alike. By navigating the challenges, capitalizing on the growth drivers, and embracing the transformative power of Vision 2030, the Kingdom is poised for a prosperous and diversified future.
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Taxonomy
KSA Macroeconomic Assessment
By Population
On the basis of Age
By gender
By nationality
By Educational Level
By Literacy Rate
Male
Female
By Household Size and Income
Saudi
Non-Saudi
Average Family Income
Average Individual income with income (SAR)
By Number of Households
Number of Households
Average monthly Household income (SAR)
Saudi
Non-Saudi
Saudi and Non-Saudi
Average monthly income (on the basis of gender)
Male
Female
Average monthly income of a Saudi family (On the basis of qualification)
PHD
Masters
Diploma
Average monthly income of a Saudi family (On the basis of marital status)
Divorced
Married
Never Married
Widowed
Average per capita monthly income
Saudi
Non-Saudi
Saudi and Non-Saudi
Average per capita monthly expenditure
Saudi
Non-Saudi
Saudi and Non-Saudi
Breakup of the household expenditure (%), (Saudi- Non-Saudi)
Housing, Water, Electricity, Gas, and other Fuels
Miscellaneous Personal Goods and Services
Food and Beverages
Transport
Restaurants and Hotels
Furniture and Furnishings
Communications
Fabric, Apparel and Footwear
Recreation and Culture
Education
Health
Tobacco
Labor Force Participation Rate (%)
Male – Non-Saudi
Female – Non-Saudi
Male – Saudi
Female – Saudi
Percentage distribution of Employment (%)
Male (Non-Saudi)
Female (Non-Saudi)
Male (Saudi)
Female (Saudi)
Percentage distribution of Employment (%)
Age 15 – 24
Age 25 – 34
Age 35 – 44
Age 45 – 54
Age 55+
Unemployment rate by nationality (%)
Saudi National
Non-Saudi National
Unemployment rate by Gender (%)
Female
Male
Major Region
Riyadh
Al Arid
Al Qirawan
Al Narjis
Al Yasmin
Al Sahafa
Al Malqa
Al Izdihar
Dammam
Dhahran
Al Khobar
Jeddah
Mecca
Tabuk
Medina
Al Mohammadiyyah
Al Ghadir
King Fahd
Al Muruj
An Nafal
Ar Rabi
Al Khuzama
Al Nakheell
Hittin
Al Aqiq
Ar Rihab
Al Khalidiyah
Al Faisaliyah
At Tarif Al Jadid
Diriyah
King Saud University
Almugaider
For More Insights On Market Intelligence, Refer To The Link Below: –
Saudi Arabia Macroeconomic Assessment
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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