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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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View original content:https://www.prnewswire.co.uk/news-releases/saudi-arabia-macroeconomic-boom-8-7-gdp-growth-vision-2030–7-6-fiscal-surplus-fuel-transformation-journey–ken-research-302059428.html
Fintech PR
Acceleration of global marketing collaboration between Milk Partners, AirAsia rewards, and The Sandbox
– Milk Partners, AirAsia rewards and The Sandbox are collaborating to provide a new experience allowing users to earn real-world value through the metaverse gaming platform
– Launching metaverse game project ‘MiL.k X BIGGIE Wonderverse’ offering SAND Tokens, Milk Coins and AirAsia points
– “MiL.k is committed to continuously expanding its blockchain ecosystem through strategic partnerships with global partners.”
SEOUL, South Korea, Oct. 23, 2024 /PRNewswire/ — Milk Partners has announced a collaboration with The Sandbox, the global metaverse platform, and AirAsia rewards, the loyalty program of Asia’s leading online travel agency (OTA), AirAsia MOVE. This partnership is set to offer global users an immersive Web3 experience where they can earn rewards with real-world value through engaging in a metaverse-based game.
The newly launched ‘MiL.k X BIGGIE Wonderverse’ metaverse game allows users to earn Sand Tokens, Milk Coins, and AirAsia points. The game is inspired by BIGGIE, the mascot of AirAsia rewards, and modeled after the BIGGIE Wonderland mini-game in the AirAsia MOVE app. Users need to first complete tasks by collecting Milk Coins (symbolized game assets) in the Sandbox metaverse, which can be exchanged for other game assets such as virtual AirAsia points, virtual passports, and virtual boarding passes. Once all tasks are completed, users will then be rewarded with Milk Coins, Sand Tokens, and AirAsia points.
This collaboration has been based on MiL.k’s reliability and strong global network, which has steadily expanded partnerships with major global companies and has become an innovative model for the industry.
This collaboration is part of MiL.k’s broader strategy to expand its blockchain-based loyalty ecosystem, which already includes partnerships with SK OK Cashbag, Lotte L.Point, CU, Megabox, Yanolja, and others. AirAsia rewards operates a comprehensive loyalty platform for the AirAsia group, enhancing its travel and lifestyle businesses, including airlines, online travel agent (OTA), logistics, aviation services, e-commerce, financial services, and more. The Sandbox, a global metaverse platform with over 6 million users, offers a unique space for creating games and generating revenue. Together, AirAsia rewards and The Sandbox will further expand MiL.k’s ecosystem through global partnerships.
The CEO of Milk Partners, Jungmin Cho said “Following our successful collaboration event with CU, we are happy to announce the next event with AirAsia rewards. Through this partnership, for partners, we are providing a new marketing channel on metaverse and for users, we are expecting to share the fun experience and real benefits.” He added, “We will continue to explore various opportunities with global partners across diverse industries.”
In June, MiL.k introduced a metaverse experience ‘Play CUX MiL.k’ with CU and The Sandbox, offering users an engaging new way to explore blockchain and the metaverse. MiL.k is committed to continuously expanding its global partnerships to provide more exciting experiences for global users.
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View original content:https://www.prnewswire.co.uk/news-releases/acceleration-of-global-marketing-collaboration-between-milk-partners-airasia-rewards-and-the-sandbox-302282640.html
Fintech PR
H&M Foundation: Global Change Award 2025 launched – with a mission to accelerate innovation for a net-zero textile industry by 2050
STOCKHOLM, Oct. 23, 2024 /PRNewswire/ — The H&M Foundation today announces a significant shift in its overall strategic direction, focus on supporting the textile industry in halving its greenhouse gas emissions every decade by 2050, while promoting a just and fair transition for both people and the planet. The innovation challenge Global Change Award 2025 (GCA) is the first initiative to reflect this shift.
GCA is now seeking innovative ideas addressing different high emission areas across the textile industry value chain, including sustainable materials and processes, responsible production, mindful consumption, and ‘wildcards’ that support the GCA purpose. Today, only a fraction of philanthropic capital is directed to climate.
“The textile industry needs all hands-on deck if we are going to meet our climate goals by 2050, and we must ensure this transition is fair for everyone. I really believe that innovation is key to decarbonising the industry, and that the Global Change Award can play a role in identifying and growing future changemakers whose ideas can have a transformative impact if given the right support,” says Karl-Johan Persson, Board Member of the H&M Foundation.
Since GCA launched in 2015, 46 innovations have received support and a combined grant of 8 million euros. While it continues to award 10 winners every year, with each receiving 200,000 EUR, there are other key updates to the GCA:
- New focus area – decarbonising the textile industry.
- Holistic approach – equipping changemakers with a holistic people and planet mindset.
- Wider range of changemakers – switching to a nomination-based process, instead of an open application system.
- Systems change approach – equipping changemakers to consider the entire textile value chain and its interconnectedness while also considering the impact on people.
“While the industry is hungry for innovation, the holistic perspective to decarbonisation is often lacking, and the critical early stages of an innovator’s journey overlooked – this is where philanthropy can make a real difference”, says Annie Lindmark, Programme Director for Innovation at the H&M Foundation.
In addition to financial support, winners will gain access to a powerful network of mentors, collaborators, and industry leaders to help bring their solutions to life. Together with partners Accenture and KTH Royal Institute of Technology, H&M Foundation will invite the winners to participate in a yearlong, tailormade Changemaker Programme. The Global Change Award 2025 winners will be announced in April 2025.
CONTACT: Jasmina Sofić, Media Relations Responsible, +4673 465 59 59
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View original content:https://www.prnewswire.co.uk/news-releases/hm-foundation-global-change-award-2025-launched—with-a-mission-to-accelerate-innovation-for-a-net-zero-textile-industry-by-2050-302283317.html
Exclusive tech event will convene business leaders, investors and thought leaders in 2025
LAGUNA BEACH, Calif., Oct. 22, 2024 /PRNewswire/ — Dow Jones announced today the expansion of WSJ Tech Live through a multi-year agreement that will bring the marquee event to the State of Qatar starting next year. Appearing on stage at this year’s event in Laguna Beach, Calif., Sheikh Jassim bin Mansour bin Jabor Al Thani, Director of the Government Communications Office of the State of Qatar, and Almar Latour, publisher of The Wall Street Journal and CEO of Dow Jones, jointly announced that WSJ Tech Live Qatar will debut in late 2025 and take place annually for five years.
This marks the first time WSJ’s most exclusive tech event will be held in the Middle East. The invitation-only conference will bring together an audience of over 200 C-suite executives, investors, innovative startups and influential venture capitalists from across the world. Dow Jones will continue to operate WSJ Tech Live annually in California while adding WSJ Tech Live Qatar to the calendar starting in December 2025.
Sheikh Jassim highlighted that the conference aligns with Qatar’s vision to become a global hub for advanced technology and innovation, as outlined in the Third National Development Strategy and Qatar National Vision 2030.
“Hosting WSJ Tech Live marks another significant step in the growth of Qatar’s technology ecosystem,” said Sheikh Jassim. “When the world’s top tech leaders gather in Qatar, it will create an unparalleled opportunity to benefit from their diverse expertise, insights and global networks. This will inspire local talent, attract international investment, and create avenues for strategic global partnerships that propel our development journey forward.”
“Dow Jones and The Wall Street Journal deliver reliable journalism, data, and analytics to business professionals worldwide, and to do so we must reflect the entire global business community,” said Latour. “With the MENA region’s growth and increased role in tech–especially at the intersection of AI and the energy sector–we are delighted to be partnering with Qatar.”
Currently in its 11th year, WSJ Tech Live convenes the biggest newsmakers in technology across entertainment, music, robotics and AI, science and more. This year’s marquee event is the company’s most successful Tech Live since its inception, with record-breaking sponsorship revenue. The event showcased groundbreaking insights on a wide range of topics including the global impact of generative AI, the future of brain-computer interfaces, the outlook for startup investments, fostering the next generation of technology talent and how the upcoming U.S. election could impact the tech industry.
WSJ Tech Live joins a series of global events hosted in Qatar, including the FIFA World Cup™, Web Summit Qatar, Formula 1 Qatar Grand Prix, and Doha Forum. The event also builds on Dow Jones’s existing presence in MENA, which serves as an important hub for reporting from The Wall Street Journal, and home to key sales and services functions.
About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).
About the Government Communications Office of the State of Qatar
The Government Communications Office was established in 2015 to serve as the strategic communications arm of the State of Qatar. It coordinates communications activities across government and public-sector institutions, showcasing the country’s vision, initiatives and achievements in line with the Qatar National Vision 2030.
View original content:https://www.prnewswire.co.uk/news-releases/dow-jones-to-expand-wsj-tech-live-event-to-qatar-302283664.html
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