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.
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.
KSA Macroeconomic Assessment
On the basis of Age
By Educational Level
By Literacy Rate
By Household Size and Income
Average Family Income
Average Individual income with income (SAR)
By Number of Households
Number of Households
Average monthly Household income (SAR)
Saudi and Non-Saudi
Average monthly income (on the basis of gender)
Average monthly income of a Saudi family (On the basis of qualification)
Average monthly income of a Saudi family (On the basis of marital status)
Average per capita monthly income
Saudi and Non-Saudi
Average per capita monthly expenditure
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
Restaurants and Hotels
Furniture and Furnishings
Fabric, Apparel and Footwear
Recreation and Culture
Labor Force Participation Rate (%)
Male – Non-Saudi
Female – Non-Saudi
Male – Saudi
Female – Saudi
Percentage distribution of Employment (%)
Percentage distribution of Employment (%)
Age 15 – 24
Age 25 – 34
Age 35 – 44
Age 45 – 54
Unemployment rate by nationality (%)
Unemployment rate by Gender (%)
At Tarif Al Jadid
King Saud University
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J&T Express Sees Strong Growth in Lunar New Year, Showcasing Advantageous Southeast Asia Logistics Network
HONG KONG, Feb. 23, 2024 /PRNewswire/ — J&T Express, a global logistics service operator, announced the company has achieved significant enhancements in parcel volume and delivery efficiency across several key markets in China and Southeast Asia during the recent Lunar New Year, attributing to the company’s continuous operational capacity improvements and early preparations for the holiday season.
Data of J&T Express reveals that over the Lunar New Year period, its average daily parcel delivery time in China improved by approximately 5% compared to the previous year, while the average daily delivery rate increased by approximately 17% year-on-year. In Singapore, there has been an 81% year-on-year increase in its parcel volume, alongside a 9% improvement in average delivery time efficiency. Similarly, in Malaysia, its parcel volume surged by approximately 54% year-on-year.
In addition to China, the Lunar New Year is celebrated as a public holiday in numerous Southeast Asian countries. With the global popularity of e-commerce, ensuring reliable logistics services during the holiday season has become increasingly critical for businesses and consumers alike. As the largest courier service provider in Southeast Asia, J&T Express plays a vital role in meeting this demand.
With the company’s extensive and comprehensive logistics network across multiple countries, coupled with its year-round collaboration with e-commerce platforms and expertise in operating during the Lunar New Year in the Chinese market, J&T Express has significantly bolstered its hardware and personnel and updated the delivery fleet in key markets to meet the challenges of delivering shipments during the holiday season.
For instance, J&T Express Vietnam added over 3,000 delivery personnel before the Lunar New Year, and upgraded more than 100 service points, expanding the operational area by over 7,000 square meters. Additionally, at the end of December 2023, J&T Express Vietnam officially received 140 new trucks from THACO AUTO.
According to a forecast by the Ho Chi Minh City’s Department of Industry and Trade, seasonal purchases are expected to grow by more than 11% in 2024, and the growth trend of social commerce will continue as well. Against the backdrop of a thriving online shopping landscape, the demand for delivery services presents both opportunities and challenges. Recognizing the potential, J&T Express Vietnam has strategically improved and enhanced its service quality to meet the evolving demands. The recent upgrade of the company’s truck fleet not only reflects the company’s clear goal of improving the quality of its transportation services but also helps the company meet the growing demand for deliveries during the holiday season, creating significant benefits for its customers with guaranteed service quality and capacity. With unwavering confidence in the market’s prosperity and a customer-centric approach, J&T Express is poised to seize growth opportunities in Vietnam and is actively accelerating its market capture. It will continue to expand its logistics network and transit centers to ensure optimal operational processes and improve user experience and service quality.
J&T Express is a global logistics service provider. According to Frost & Sullivan, J&T Express was the No. 1 express delivery operator in Southeast Asia by parcel volume in 2022 and had the highest market share in China. The company adopts an innovative business model that combines unified standards with a high degree of regional autonomy. This model balances service quality and flexible decision-making, reduces costs, and enables localized and efficient development in each market. With its self-developed JMS system, J&T Express is able to integrate and manage the full lifecycle of shipments, from order placement and collection to settlement, ensuring efficient operations in each market.
J&T Express has further expanded its express delivery business to five countries in Latin America, the Middle East, and North Africa, building upon its successful operations in China and Southeast Asia. Currently, the company provides express delivery services in 13 countries worldwide.
Looking ahead, J&T Express is committed to enhancing its global logistics network while continuously improving service quality and operational efficiency. The company is eager to establish collaborative partnerships with new industry leaders to deliver high-quality logistics solutions for customers worldwide.
About J&T Express
J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.
United Imaging Showcases AI-Driven Innovations and Expands European Presence at ECR 2024
VIENNA, Feb. 23, 2024 /PRNewswire/ — United Imaging, a global leader in medical technology, is showcasing its full portfolio of AI-empowered innovations at the European Society of Radiology (ECR) 2024 in Vienna, Austria. The company highlights its significant EU growth since establishing its regional headquarters in Poland in 2019.
Dr. Al Zhang, Ph.D, Chairman & Co-CEO of United Imaging, stated, “The theme of this year’s ECR, ‘next-generation radiology,’ aligns seamlessly with our innovation philosophy. We’re not just thinking about today; we’re actively shaping the future. At United Imaging, all our innovations are AI-driven, enhancing clinical workflows and supporting diverse scenarios, solidifying our commitment to delivering value to the global medical community. Our future-ready innovation strategy has propelled us to significant global growth.”
Lukasz MIZERKA, vice president of United Imaging international business and general manager for Europe, added, “Last March, we held our first brand launch at ECR, officially introducing our passion for change to the European market. During the year, we achieved swift progress, extending our footprint to numerous European countries with our high-end equipment, serving as testament to the resonance of our mission of bringing ‘equal healthcare for all’. This year marks both our second ECR and fifth year in Europe, and we’re going to present our full portfolio of groundbreaking products and numerous world-first innovations to showcase our confidence and persistence in Europe. We eagerly await everyone to witness our changes and embrace the bright future ahead.”
In five years, United Imaging has introduced hundreds of systems and reached 16 European countries, offering efficient and professional service. Globally, United Imaging’s products have reached more than 12,000 institutions in over 60 countries, including the U.S., France, Italy, Japan, Korea, and the UAE. Also, the company’s top-tier technologies have led to collaborations with prestigious institutions such as Yale University, UC Davis, Washington University in St. Louis, and University of Texas.
Highlighting the growth at ECR 2024, United Imaging will feature the uMR Jupiter 5T (not CE marked in EU) at ECR 2024, a revolutionary whole-body 5T MRI system. The world’s first whole-body ultra-high field 5T MR, the uMR Jupiter 5T, is a revolutionary whole-body 5T MRI system. It transcends the traditional constraints of ultra-high-field MRI, previously confined to imaging of the brain and selected MSK joints. The potential applications of the uMR Jupiter 5T extend to encompass not only the brain and MSK, but also the abdomen, cardiac, pelvis and other additional anatomical regions. The uMR Jupiter 5T has the potential to eclipse the capabilities of standard 3T MRI machines in resolution and signal-to-noise ratio, delivering clarity that empowers radiologists to ‘see the unseen.’ The uMR Jupiter 5T is also designed to overcome the key hurdles of ultra-high field MRI: image uniformity and radio frequency safety. It fits into existing 3T MRI spaces, signaling a significant advancement in the industry.
Pioneering the digital transformation of medical imaging, the booth will also feature AI platforms for the full portfolio of innovations. The uAIFI is an end-to-end technology platform that revolutionarily enhances MRI with AI-integrated hardware and software, significantly improving image quality and expediting diagnostic processes while enhancing user-friendliness. Pioneering with care, the uAIFI offers a holistic approach across the care continuum. Standout features include ACS, the AI-assisted MR acceleration technology designed to enhance both 2D and 3D imaging, and EasySense respiratory gating and monitoring, offering a unique, belt-free experience for patients while simultaneously streamlining the workflow for healthcare professionals, redefining the image quality standard. Evolving intelligently, this future-oriented, human-centered platform undoubtedly brings a new level of AI integration to uMR systems. In tandem with uMI scanners, uExcel is a multi-dimensional molecular imaging technology platform. It aims to meet the advanced demands for functionality, usability, safety, stability, and scientific research. Combined with uExcel UDP, the ultra-digital-platform detector, uExcel SCAN, the smart scanning toolset, uExcel CARE, the AI reconstruction engine, uExcel QA, the efficient quality control system and uExcel EXPLORE, the suite for scientific research, this platform empowers the exploration with ease and innovation both today and tomorrow, promising a more comfortable experience for patients, and a more effective workflow for doctors. Furthermore, the uVera Technology empowers the DSA system with intuitively bionic ability by intelligence-driven robotics, perception, and imaging. And the All-In-One Solution redefines radiotherapy workflow efficiency from CT simulation to treatment delivery.
Adhering to the “Born with AI” philosophy and aligning with the theme of this year’s ECR, “Next Generation Radiology,” United Imaging Intelligence (UII), an AI company within the United Imaging Group’s portfolio, will demonstrate how the fusion of AI is revolutionizing healthcare, highlighting the company’s comprehensive approach to innovation. At the company’s booth this year, UII is poised to showcase its latest medical AI technological breakthroughs, including groundbreaking AI applications of large medical image models and surgical planning, as well as a full spectrum of medical AI solutions across neurology, cardiology, thoracic care, and oncology.
In terms of novel AI applications, UII will unveil the uAI SAT, a smart annotation tool powered by the large medical image model, as well as the next generation of uAI Pioneer Portal, which is equipped with a goggle-less 3D monitor controlled by hand gestures. The audience will experience advancements in 3D surgical planning for thoracic, hepatobiliary, and urological surgeries. Additionally, with a wide array of clinical solutions, UII will also present its support throughout the entire clinical workflow from imaging and prevention to diagnosis, treatment, follow-up assessment, and research.
Aiming at propelling radiology into a new era of transformation, UII has deployed its innovative products in over 3,000 medical institutions worldwide and formed research and product collaborations in Europe, remaining steadfast in further expanding development and partnerships across the globe, thus universally enhancing medical AI accessibility.
(Notes: Products and features mentioned herein may not be commercially available in all countries. Their future availability cannot be guaranteed.)
Attendees of the ECR are welcome to explore the forefront of radiology at booth 401 – Expo X4, where United Imaging persists in connecting innovation with patient well-being through cutting-edge technologies.
Flash News: Native Integrates OKX Wallet for Seamless Access
SINGAPORE, Feb. 22, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for February 23, 2024.
OKX Wallet’s browser extension is now integrated with Native, the invisible decentralized exchange (DEX) layer that allows each DEX to be owned by an individual project. By integrating OKX Wallet, Native users can now easily connect their wallets to access the DEX network’s deep liquidity pools directly from the Native interface.
The integration gives Native traders improved convenience by enabling decentralized trading without leaving Native. Users also maintain control of their private keys while trading on Native’s DEX layer, improving security.
OKX Wallet is a secure and user-friendly crypto wallet and gateway to decentralized apps. By integrating with Native, OKX Wallet gives its users access to Native’s broad DEX liquidity pools and trading capabilities. This creates a smooth, seamless trading experience for the Native community.
A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:
- OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
- DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
- NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
- Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.
OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.
As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.
To learn more about OKX, download our app or visit: okx.com
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