SAUDI ARABIA : Hassan bin Moejeb Al-Huwaizi appointed as first Vice -President of Union of Arab Chambers (UAC)

Appointment made during UAC’s 135th session, being held in Doha.

The Union of Arab Chambers appointed Hassan bin Moejeb Al-Huwaizi, President of the Federation of Saudi Chambers, as its first Vice President, Saudi Press Agency reported on Sunday.

The appointment was made during the UAC’s 135th session, which is being held in Doha.

In addition to his new role, Al-Huwaizi holds several prominent positions, including VP of the Federation of GCC Chambers, and president of the Abha Chamber, SPA added.

He thanked the Union of Arab Chambers for its confidence in his abilities, and Al-Huwaizi emphasized the need to strengthen intra-Arab trade.

Currently, intra-Arab trade constitutes just 13.8 percent of the total foreign trade of Arab countries, a figure he described as modest compared to other regional economic blocs.

Al-Huwaizi urged for intensified efforts to eliminate regulatory, customs, and procedural barriers that hinder trade among Arab nations.

source/content: arabnews.com (headline edited)

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The Union of Arab Chambers appointed Hassan bin Moejeb Al-Huwaizi, President of the Federation of Saudi Chambers, as its first Vice President. (SPA)

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SAUDI ARABIA

SAUDI ARABIAN: FOOTBALL – The long history of The Beautiful Game in Saudi Arabia

Lack of historical resources means that there is some debate over which club is officially the oldest in the nation.

Football is such an integral part of culture in the Kingdom that the history of the game in the country dates back to the era before the formation of the modern Saudi state.

However, a lack of historical resources means that there is some debate over which club is officially the oldest in the nation.

Al-Wehda in Makkah is one that claims to be the first. Though the club acknowledges it was officially registered in its current form in 1946, its official website quotes historian Mohammed Ghazali as saying it was originally founded under the name Al-Hizb in 1916.

Jeddah side Al-Ittihad believes it is the Kingdom’s oldest club, however, with an official founding date of Dec. 26, 1927, almost five years before the unification in September 1932 that created the modern Saudi state.

Al Ittihad. Photo: Arab News Archive / Al-Ittihad believes it is the Kingdom’s oldest club. (Photo: Arab News Archive)

Given such uncertainty about the exact origins of the game in the country, in 2023 the Saudi Arabian Football Federation launched the Saudi Football History Documentation Project.

Saudi historians and international experts nominated by FIFA are working to research and record a definitive, agreed-upon history of football in the Kingdom.

The committee announced on Sept. 16 the completion of the first phase of the project, finding that the national team played a total of 92 matches and the clubs played more than 7,000 matches between 1902 and 1982.   

But much of Saudi Arabia’s footballing history is clear.

Al-Ahli club, for example, is another one of the Kingdom’s oldest clubs, having been founded in 1937. Other early organizations include Al-Ettifaq (1945), Al-Shabab (1947), Al-Riyadh (1953), Al-Nassr (1955), and Al-Hilal (1957).

The SAFF was established in 1956 as the governing body for the sport in the country. That same year, the Kingdom gained international football recognition when it joined FIFA, allowing local teams to participate in global competitions.

Al Ahli. Photo: Arab News Archive / Al-Ahli club is another one of the Kingdom’s oldest clubs, having been founded in 1937. (Photo: Arab News Archive)

In 1957, the Kingdom’s national team played its first competitive international match, a game against Lebanon in Beirut that ended in a 1-1 draw.

While there have been domestic national leagues in Saudi Arabia since the 1970s, the Saudi Pro League was not established in its current form until 2008.

In 1984, the Saudi national team won the AFC Asian Cup for the first time, with Majed Abdullah and Shaye Al-Nafisah claiming the goals in a 2-0 win over China in the final. The Kingdom retained the trophy four years later.

Saudi Arabia made their debut at the FIFA World Cup in 1994, which was held in the US, and reached the round of 16. Their success continued when they were once again crowned Asian Cup champions in 1996.

In more recent years, the Kingdom has continued to make strides in football, including the introduction of the first domestic women’s league in 2020, followed by the SAFF Women’s Cup in 2023.

Fuad Anwar is a former member of the Saudi national team who began his career in 1991 with Al-Shabab. He is perhaps best remembered for his performances during the 1994 World Cup, in which he scored two goals that helped the Saudis qualify for the knock-out stage. He also participated at the 2000 FIFA Club World Cup with Al-Nassr.

He told Arab News that three football clubs in particular shaped the football scene in the Kingdom.

Al Ittihad. Photo: Arab News Archive / Al-Ittihad believes it is the Kingdom’s oldest club. (Photo: Arab News Archive)

“There was a cultural shift in sports because of Al-Ahli, Al-Ittihad and Al-Wehda,” Anwar said. “The world became more accepting of Saudi Arabia and the region to be a part of the football scene … football culture became relevant in every part of the country, from Riyadh and beyond.”

Anwar highlighted in particular the efforts of Prince Khaled Al-Faisal, Prince Abdullah Al-Faisal, and Prince Faisal bin Fahad to create a successful foundation for sports culture in the Kingdom.

Prince Khaled Al-Faisal played an instrumental role in the development of football in the region, having come up with the idea of launching a tournament for the Arabian Gulf in the late 1960s. Prince Abdullah, meanwhile, served as co-founder and chairperson of Al-Ahli, and Prince Faisal held a number of positions with domestic and regional sporting organizations.

Ahmed Eid Al-Harbi, a former Al-Ahli player who now chairs the SAFF’s board of directors, highlighted Prince Abdullah’s significant role in the development of Saudi football and sport in general.

He told Arab News the prince devoted much of his time to the development of youth to benefit the future of sport not only in the Kingdom but in the wider Gulf and Arab world, and on the continental and international stages.

“He didn’t merely adopt the club (Al-Ahli) for the sake of exercising a sport or achieving trophies, he spoke of the club as a university established to nurture and spotlight sports talents, giving them the attention and care they deserve,” said Anwar.

Nader Al-Sahleh, 61, a Saudi from the Eastern Province, told Arab News that he has witnessed the evolution of football in the Kingdom through the years, all the way back to the 1970s when, as a child, he played the game with neighbors and schoolmates in parks and fields.

“Those were beautiful, irreplaceable days filled with challenges, such as participating in neighborhood football leagues and Ramadan tournaments,” he said.

“These experiences impacted my life, introduced me to friends I still cherish today and created wonderful memories that I wish could return.”

Football in the Kingdom has evolve tremendously over the years, Al-Sahleh said, and “as a result, Saudi teams now compete to win, as seen in our victories in the Asian Cup and our dominance in Asian football.”

He added: “Crown Prince Mohammed bin Salman has stated his ambition to make the Saudi League one of the top 10 leagues in the world, which is a testament to the development of Saudi football.

“Currently, Saudi Arabia is constructing massive stadiums to host the Asian Cup and even the FIFA World Cup. This is just a brief overview of the progress of Saudi football, and we are grateful to our government, led by the (king) and the crown prince, for their continued support. May our sports continue to advance and prosper.”

source/content: arabnews.com (headline edited)

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Saudi historians and international experts nominated by FIFA are working to research and record a definitive, agreed-upon history of football in the Kingdom. Photo: Arab News Archive

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SAUDI ARABIA

SAUDI ARABIA : Tributes paid to Safeya Binzagr, the ‘mother of Saudi art

Safeya Binzagr helped bridge the cultural link between Japan and Saudi Arabia.

Katakura Kunio, the former Japanese ambassador to Egypt, Iraq, and the UAE, has paid tribute to Safeya Binzagr, who passed away last week, emphasizing the profound impact of her contributions to enhancing Japan’s cultural ties with Saudi Arabia.

Binzagr, known as the “mother” of Saudi Arabia’s fine art movement and a symbol of Vision 2030, helped bridge the cultural link between Japan and Saudi Arabia and was the aunt of current Saudi Ambassador to Japan Dr. Ghazi Faisal Binzagr.

Katakura, chairman of Japan’s Foundation for Desert Culture, fondly recalled Safeya’s “warm and encouraging nature” toward him and his late wife, Motoko.

“Her support was instrumental in Motoko’s cultural anthropological fieldwork in Wadi Fatima,” he said. “She always welcomed the foundation’s follow-up missions with open arms, fostering a deep and personal connection with us.”

Katakura said Binzagr was not only a gifted artist whose work inspired many but also a cherished friend and mentor. Her passion for creativity and dedication to her paintings left an indelible mark, and her artistic legacy will continue to inspire future generations.

Ambassador Binzagr commented: “Building a cultural bridge is the core for creating a distinguished future between two countries and I strive, as an ambassador, to support this because it creates an opportunity for common interests to rise to a common outlook and mutually supportive values.

“The mission carried out by my late aunt will continue (in) the making of a new era. She was one of the pillars that paved the way for this through her dedication to building and promoting the culture of the arts for future generations. The Kingdom considers her the mother of the cultural heritage of creative fine arts.”

The ambassador said there are ongoing efforts to further collaboration between Japan’s Foundation for Desert Culture and prominent foundations in the Kingdom to build upon the cultural ties between the two countries.

source/content: arabnews.com (headline edited)

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Late Safeya Binzagr and Professor Katakura. (National Museum of Ethnology, Japan & Kanakawa Foundation)

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SAUDI ARABIA

SAUDI ARABIA : Family of Saudi doctors become Guinness record breakers in cancer awareness stunt

Rawan Amir, 28, along with twin brothers Amaar and Baraa, 23, as well as Muaaz, 17, are siblings in a wider family of seven doctors.

Four siblings who are all doctors, or training to become doctors, from Saudi Arabia have broken the Guinness World Records title for the most awareness ribbons on a car with 5,637 ribbons, it was announced this week.

The ribbons featured 16 different colors, representing major types of cancers as the initiative is aimed at encouraging people to take up early screening.

Rawan Amir, 28, along with twin brothers Amaar and Baraa, 23, as well as Muaaz, 17, are siblings in a wider family of seven doctors.

The parents along with another sister are also doctors in different fields. The family lost their grandfather to colon cancer, and their grandmother to ovarian cancer.

Speaking to Guinness World Records Amaar Amir said: “If we managed to educate at least one person, then there is a possibility that we save a life, which is the greatest deal for us as doctors and medical students.”

He continued: “Medical students see a lot suffering in this area. Cancer affects lots of people’s lives, and different type of cancers are possible in different ages. The earlier someone know about it the better. This makes a big difference for survivals.”

The four siblings grew up in a well-educated environment. The parents used to buy books, especially biology ones, and allow their children to read them from an early age.

According to Amaar, the medical curriculum is very strong in Saudi Arabia, so most of the family studied in the Kingdom, with some continuing their majors in the US.

Amaar and Baraa are senior medical students, while Rawan is a Cardiology Fellow. Their brother Muaaz is high school graduate who has applied to medical school. Their elder sister is also an Endocrinology Fellow, while their mother is Chief of Pathology, and finally their father is Consultant Nephrologist.

Living in Dhahran in the Eastern Province of Saudi Arabia, the team used their family car, Toyota Rav 4, for the attempt. They have also used 56,370 centimeters of ribbons, and 21,385 cm of double-sided tape, all cut individually by hand to create 10cm ribbons, and placed on the car.

The family’s work and study schedules are usually busy, so they decided to do something special and bring benefit to the community. In ribbons and tape, they have used six times the height of The Great Pyramid of Giza, all placed on a single SUV family vehicle.

“We wanted to apply to break a Guinness World Records title because it is the gold standard in providing a platform for talented people and unique achievements. We know that our Nobel cause will reach thousands and potentially millions around the world by obtaining this prestigious certificate,” Amaar added.

source/content: arabnews.com (headline edited)

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The ribbons featured 16 different colors, representing major types of cancers as the initiative is aimed at encouraging people to take up early screening. (GWR)

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SAUDI ARABIA

SAUDI ARABIA: King Faisal Specialist Hospital and Research Center (KFSHRC) performs World’s First fully Robotic Heart Transplant

Saudi Arabia’s King Faisal Specialist Hospital and Research Center has performed the world’s first fully robotic heart transplant, Saudi Press Agency reported.

The two-and-a-half-hour operation was carried out on a 16-year-old patient suffering from end-stage heart failure.

A medical team led by Dr. Feras Khaliel, head of Cardiac Surgery and director of the Robotics and Minimally Invasive Surgery Program at KFSHRC, performed the operation after weeks of preparation.

The pioneering achievement, overcoming significant medical challenges associated with such procedures, reinforces Saudi Arabia’s leadership in healthcare, and highlights KFSHRC’s ability to innovate medical practices, SPA said.

The process began with detailed theoretical planning to ensure precision and minimize potential risks.

The team devised a surgical approach to access the heart and perform the transplant without opening the chest of the patient.

To ensure the effectiveness of this approach, the team practiced the procedure virtually seven times over three days before carrying out the operation.

The successful operation has been hailed as a significant development in heart transplant surgery, moving away from traditional chest-opening procedures that require long recovery periods, often lasting months.

Robotic technology allows for minimally invasive surgery, reducing pain, shortening recovery time, and minimizing the risk of complications. This significantly improves patients’ quality of life and accelerates recovery.

KFSHRC CEO Dr. Majid Al-Fayyad said that the successful operation marked another major advance in heart transplant surgery, first performed in the 1960s.

“The success of the world’s first robotic heart transplant marks a transformative leap, not only for our institution but also for Saudi Arabia’s journey toward global leadership in specialized medicine, in line with Saudi Vision 2030, which places innovation at the core of its efforts to improve quality of life,” he said.

“This remarkable achievement would not have been possible without the unwavering support of the Saudi leadership, who have prioritized the development of the healthcare sector, paving the way for a transformative leap in health care services, unlocking new possibilities to elevate the quality of life for patients both locally and globally,” he added.

The breakthrough aligns with KFSHRC’s commitment to medical innovation. As a leading training center in robotic organ transplant surgery, KFSHRC contributes to advancing the global understanding of minimally invasive organ transplants by collaborating with medical institutions worldwide to train their medical teams and achieve better outcomes, further elevating global medical practices.

source/content: arabnews.com (headline edited)

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Saudi hospital conducts world’s first fully robotic heart transplant. (SPA)

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SAUDI ARABIA

SAUDI ARABIA : The First International Artificial Intelligence Olympiad (IAIO) begins in Riyadh

The first activities of the International Artificial Intelligence Olympiad (IAIO) began yesterday, Sunday, which is organized by the Kingdom of Saudi Arabia, represented by the Saudi Data and Artificial Intelligence Authority (SDAIA), for the first time in the world, in cooperation with the International Center for Research and Ethics in Artificial Intelligence (ICAIRE) and the International Research Center for Artificial Intelligence in Slovenia, and under the auspices of the United Nations Educational, Scientific and Cultural Organization (UNESCO), with the participation of more than 25 countries.

The Saudi Press Agency (SPA) reported that the Olympiad, which will continue until September 12, 2024, contributes to strengthening friendly international relations between technology and software experts and artificial intelligence teachers in various countries, drawing the attention of young people to these modern technologies, and encouraging other countries to organize similar competitions in the future.


The Olympiad aims to motivate participants to engage in active discussions to explore the various applications of artificial intelligence, and encourage exceptionally talented young people in this field, which is of increasing global interest.


It also contributes to enhancing the organization of artificial intelligence competitions for secondary school students, and motivating them to find smart solutions by designing algorithms based on learning, data structuring, and programming.


The Olympiad enables male and female students, artificial intelligence specialists, and influencers in the world to delve into the future landscape of artificial intelligence, keep pace with the rapid changes the world is witnessing in this field, and provide young cadres with modern technical skills

source/content: wam.ae (headline edited)

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SAUDI ARABIA

SAUDI ARABIA : Khalid Al-Harbi, Majid Binsuaiger Win Silver in Table Tennis Doubles at ‘ITTF World Masters Championship Rome 2024’

Saudi Arabia’s Majid Binsuaiger and Khalid Al-Harbi achieved a remarkable feat on Sunday by winning the silver medal in table tennis doubles at the ITTF World Masters Championships Rome 2024.

Competing in the 45-49 years age category, the Saudi duo showcased their skills and defeated teams from Sweden, Germany, and France on their way to the podium, SPA reported. Their exceptional performance earned them a well-deserved spot in the finals, where they secured the silver medal.

They narrowly finished behind the duo of Giovanni Maria from Italy and Cédric Merchez from Belgium, highlighting their strong performance throughout the championship.

source/content: english.aawsat.com (headline edited)

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Saudi Arabia’s Majid Binsuaiger and Khalid Al-Harbi win the silver medal in table tennis doubles at the ITTF World Masters Championships Rome 2024. SPA

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SAUDI ARABIA

SAUDI ARABIA: World’s First-Ever 3D Printed Mosque Opens in Jeddah, Saudi Arabia

The Kingdom of Saudi Arabia is now home to the world’s first 3-D-printed mosque, spanning an area of 5,600 sqm. Located within the Al-Jawhara suburb of Jeddah, the mosque stands as a tribute to the late equestrian Abdulaziz Abdullah Sharbatly. The project by Forsan Real Estate utilizes cutting-edge 3D printing technology from Guanli.

The mosque’s construction was completed within six months and spearheaded by Wajnat Abdulwahed, the spouse of the late Abdulaziz Abdullah Sharbatly. Aimed at fostering serenity amongst worshipers while integrating natural light, the mosque also features distinctive minarets, creating a landmark within the neighborhood.

The inauguration of the mosque positions Saudi Arabia as a technological hub, surpassing the United Arab Emirates’ projected timeline for a similar endeavor. Dubai announced an initiative to construct the world’s first 3D-printed mosque last May. As a new and complex technique, the successful completion of the world’s 3D-printed religious infrastructure holds potential for the future of architecture and design.

The project has garnered global attention, showcasing the limitless possibilities of 3D printing technology in construction. In an interview with Arab News, Abdulwahed stressed the importance of “not losing the essence that mosques must embody, while also adhering to general conditions such as emphasizing the values of the King Salman Urban charter, the architectural details in the cultural heritage of Hejazi architecture and presenting them in a contemporary format.”

The Kingdom of Saudi Arabia is undergoing a tremendous transition, redefining its identity on a global level. As part of its 2030 Vision, the kingdom is moving towards innovation throughout the built environment, aiming to revive the culture and diversify its economy. In January, Populous unveiled the designs for the Prince Mohammed Bin Salman Stadium, a new multi-use venue to contribute to the offerings of Qiddiya City near Riyadh, Saudi Arabia. Last year, construction on the Jeddah Tower resumed after a five-year hiatus, set to become the world’s tallest skyscraper and beat the UAE’s Burj Khalifa. Designed by Adrian Smith + Gordon Gill Architecture, the tower is set to reach a height of 1,000 meters.

In other recent news related to 3D printing, ICON has just released various technologies and products to modernize construction processes further, including a robotic printer facilitating multi-story construction. In December, ArchDaily curated an exploration of 3D Printing at large and its vast potential through manufacturing all kinds of forms and geometries. From 3D Printed insulated walls to 3D-printed Tiles, the technology and its impact on the future of building construction holds vast potential.

source/content: archdaily.com / Nour Fakharany (headline edited)

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SAUDI ARABIA

SAUDI ARABIA assumes Presidency of ‘Arab League Educational, Cultural & Scientific Organisation (ALESCO) until 2026

Saudi Arabia has assumed the presidency of the Executive Council of the Arab League Educational, Cultural and Scientific Organization until 2026.

The official announcement was made on Friday during the 27th session of the ALECSO, which was held in Jeddah under the presidency of Saudi Arabia. During the session, Iraq handed over the presidency to the Kingdom.

In a speech delivered on behalf of Minister of Culture Prince Badr bin Abdullah bin Farhan, Minister of Education and Chairman of the Saudi National Committee for Education, Culture and Science Yousef Al-Benyan welcomed the ministers and heads of national committees for education and science participating in the session.

Al-Benyan stressed the Kingdom’s humanitarian and fraternal support for the Gaza Strip within the framework of Arab cooperation and solidarity.

He affirmed Saudi Arabia’s support for Khalid Anan, the only Egyptian and Arab candidate for the position of director-general of the organization.

Al-Benyan concluded the speech by praising the efforts of Arab countries in supporting ALECSO, and building bridges of communication to achieve common regional goals.

Saudi Deputy Minister of Education Mohammed Al-Sudairi confirmed that holding the ALECSO meetings in Jeddah coincides with an increase in the role of Saudi national institutions to support the work of the organization.

He added that the number of Saudi initiatives exceeded 45, reflecting Saudi Arabia’s interest and belief in the importance of working with international organizations and its regional environment.

Iraqi Minister of Education Ibrahim Al-Jabouri, head of the 26th session, pointed out achievements made in the previous session, and various programs aimed at building bridges of cooperation between Arab culture and the rest of the world.

Director General of ALECSO Mohammed Ould Omar thanked King Salman and Crown Prince Mohammed bin Salman for hosting the event in Jeddah.

He presented the most prominent programs, initiatives, and projects implemented by the organization between the 26th and 27th sessions with international organizations, such as UNESCO, the work of the Arab Summit in Algeria, the Francophone Summit, the 13th Conference of Arab Ministers of Education in Rabat, and the International Conference on Adult Education, also held in Morocco.

At the end of the 27th session, ministers and heads of the Arab delegations agreed on the importance of supporting the Palestinian cause, condemning and denouncing the displacement that the Palestinian people, as well as the destruction of Palestinian antiquities.

They also addressed the importance of supporting culture, education, innovation, and science in the Arab world. 

source/content: arabnews.com (headline edited)

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SAUDI ARABIA / ARAB SCIENCE

SAUDI ARABIA GDP growth higher than G20 average: OECD

 Saudi Arabia’s economy witnessed growth of 1.4 percent in the first quarter of 2024 – higher than that seen across the G20 as a whole, according to new data.

The Organisation for Economic Co-operation and Development has released its latest gross domestic product report for the G20 countries, noting that the Kingdom bounced back from a contraction of 0.6 percent in the previous three-month period. 

GDP in the G20 area grew by 0.9 percent quarter-on-quarter in the first quarter of 2024, slightly up from 0.7 percent in the previous quarter. 

The economic performance of the G20 area was primarily driven by China and India, with Turkiye, Korea, and Indonesia also recording higher GDP growth than the G20 average. 

Turkiye led with an increase of 2.4 percent, followed by India at 1.9 percent, China at 1.6 percent, Korea at 1.3 percent, and Indonesia at 1.2 percent. 

The report highlighted that while Saudi Arabia experienced a significant recovery, other G20 countries faced varying economic conditions. 

The US saw a slowdown, with GDP growth dropping to 0.3 percent in the first three months of the year from 0.8 percent in the previous quarter. 

Japan’s economy contracted by 0.5 percent, and South Africa saw a contraction of 0.1 percent. 

Conversely, Brazil, the UK, and Germany showed signs of recovery in the first quarter of 2024 after contractions over the previous three month period, with growth reaching 0.8 percent, 0.6 percent, and 0.2 percent, respectively. 

Canada, Mexico, and the EU grew by 0.4 percent, 0.3 percent, and 0.3 percent, respectively, in the three months to the end of March, after zero growth in the final quarter of 2023. 

Year-on-year, GDP in the G20 area grew by 3.3 percent in the first three months of the year, maintaining the same growth rate as the previous quarter. 

Among G20 economies, India recorded the highest year-on-year growth rate at 8.4 percent in the first quarter of 2024, followed by Turkiye at 7.4 percent. 

However, Saudi Arabia recorded the most significant year-on-year decline at a drop of 1.5 percent. 

According to a separate report by the General Authority for Statistics released earlier in June, the Kingdom’s non-oil activities also rose by 0.9 percent in the first three months of this year compared to the previous quarter.  

Additionally, non-oil activities increased by 3.4 percent year-on-year in the first quarter of 2024.  

GASTAT further noted that Saudi Arabia’s GDP amounted to SR1.01 trillion ($270 billion) in the first quarter.  

“Crude oil and natural gas activities achieved the highest contribution to GDP by 23.4 percent, followed by government activities at 15.8 percent, and then wholesale and retail trade, restaurants, and hotels activities with a contribution of 10.4 percent,” said GASTAT in the report.  

Strengthening the non-oil private sector is crucial for Saudi Arabia, as the Kingdom is steadily diversifying its economy to reduce its decades-long dependence on oil.  

The report further noted that government activities in Saudi Arabia rose by 2 percent year-on-year in the first quarter while declining by 1.1 percent on a quarter-on-quarter basis.  

GASTAT added that the Kingdom’s oil activities increased by 1.7 percent in the first quarter compared to the previous quarter.  

However, oil activities dipped by 11.2 percent year-on-year as Saudi Arabia reduced its crude production in line with the decision of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.  

To maintain market stability, Saudi Arabia reduced its oil output by 500,000 barrels per day in April 2023, and this cut has now been extended until December 2024.  

In April, the International Monetary Fund projected that Saudi Arabia’s economy would grow by 2.6 percent in 2024 and 6 percent in 2025.  

In the same month, the World Bank also raised the growth prospects of the Kingdom’s economy to 5.9 percent in 2025, up from an earlier projection of 4.2 percent. 

Furthermore, Saudi Arabia’s gross fixed capital formation surged to SR317.5 billion in the first quarter of 2024, marking a significant 7.9 percent increase compared to the same period last year. 

According to a separate report by the Saudi Ministry of Investment released earlier this month, gross fixed capital formation expansion was driven by growth in both the government and non-government sectors.  

GFCF, which represents the net increase in physical assets within an economy, plays a crucial role in gross domestic product as it reflects capital accumulation supporting future production capabilities and economic growth. 

Of the total GFCF, the government sector contributed 7 percent, experiencing a robust growth rate of 18 percent. Meanwhile, the non-government sector, constituting 93 percent, also saw a substantial rise of 7.2 percent. 

Saudi Arabia’s proactive efforts to attract foreign direct investment and bolster bilateral relations have significantly strengthened the Kingdom’s economic trajectory.  

FDI serves as a pivotal catalyst for GFCF development, facilitating funding for investment projects and resource and knowledge transfer across borders, thereby fostering economic expansion and maturation. 

Key initiatives such as the National Investment Strategy, the Regional Headquarters Program, and zero-income tax incentives for foreign entities play a vital role in advancing Vision 2030, which aims to diversify and expand the economy. 

During this quarter, the Ministry of Investment issued 3,157 investment licenses, marking a 93 percent surge compared to the same period last year, excluding licenses issued under the anti-concealment law. 

In its economic and investment monitor released in late May, the ministry revealed that the construction and manufacturing sector dominated with 47 percent of total permits, followed by vocational and educational activities, information and communication technology and accommodation and food services as well as wholesale and retail trade. 

The real estate sector witnessed the most significant year-on-year growth, with a staggering 253.3 percent increase in investment licenses. 

Furthermore, 127 international firms secured permits to relocate their regional headquarters to Saudi Arabia in the first quarter of 2024, reflecting a remarkable 477 percent year-on-year upsurge. 

Leading corporations such as Google, Microsoft and Amazon as well as Northern Trust, Bechtel, IHG Hotels & Resorts, and Deloitte have established operations in the Kingdom under this program. 

The report also highlights that Saudi Arabia processed 445 applications for investor visit visas during the first quarter of this year, enabling overseas businesspersons to explore opportunities in the country. 

source/content: arabnews.com (headline edited)

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The report highlighted that while Saudi Arabia experienced a significant recovery, other G20 countries faced varying economic conditions. Shutterstock

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SAUDI ARABIA