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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
Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
DUBAI, UAE, Dec. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange,is excited to announce the integration of Tonstakers, the leading liquid staking protocol on the TON blockchain, into its Web3 Wallet. This marks the first of Bybit Web3’s TON staking offerings, reinforcing its commitment to expanding decentralized finance (DeFi) opportunities for its users.
With this integration, Bybit Web3 Wallet users can now seamlessly stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the growth and success of the TON ecosystem. The integration also opens the door for 130 million users in the TON ecosystem to access TON staking directly within the Bybit Web3 Wallet.
Bybit is dedicated to simplifying DeFi adoption by providing intuitive and user-friendly staking experiences. This milestone partnership with Tonstakers enables users to unlock annual returns estimated between 3% and 5% APY, with rewards automatically compounded, further cementing Bybit’s role as a leader in DeFi accessibility.
Why Tonstakers Matters: The First of Its Kind
Tonstakers is the inaugural partner in Bybit Web3’s TON staking initiative, setting a new standard for staking services. With a total value locked (TVL) exceeding $260 million and a significant market share in the liquid-staked TON sector, Tonstakers offers Bybit Web3 Wallet users unparalleled access to TON staking benefits:
- Effortless Staking: Securely stake $TON with ease, thanks to the user-friendly interface within the Bybit Web3 Wallet.
- Earn $tsTON Rewards: Receive tokenized staked Toncoin ($tsTON), which can be leveraged within DeFi applications across the TON ecosystem.
- Explore DeFi Liquidity: Engage with Tonstakers Earn to provide liquidity using $tsTON, unlocking diverse earning opportunities.
“Bybit Web3 is proud to deepen our integration with the TON blockchain, a crucial step in our mission to foster a thriving and interconnected Web3 ecosystem,” said Emily Bao, Head of Bybit Web3. “This integration empowers our users with seamless and trusted access to TON liquid staking pools and unlocks valuable earning opportunities. As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience. We believe this integration will significantly contribute to the growth and success of the TON ecosystem.”
Start Staking Today To begin staking your $TON and earning with $tsTON, visit https://www.bybit.com/en/web3/staking and discover the power of Bybit Web3 Wallet’s integration with Tonstakers. Bybit Web3 Wallet currently supports a wide range of staking services beyond TON tokens, including ETH, USDT, USDC, bbSOL, SUI, and more.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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LAS VEGAS, Dec. 27, 2024 /PRNewswire/ — Yaber reported a remarkable 100% year-over-year sales surge during Black Friday. The T2 outdoor projector, featuring a built-in battery and handle-to-stand design, ranked among Amazon’s Top 3 “Most Wished For” list. Meanwhile, the L2s projectors, available in exclusive Pantone colors, sold out shortly after launch.
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About Yaber
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The letter “Y” in Yaber embodies the youthful vigor and innovative spirit of Generation Y. It’s not just a symbol, but a unique representation of youth identity and attitude towards life, infusing the brand with rich cultural connotations of youthfulness within simplicity.
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