Tag: Saudi Arabian Records

SAUDI ARABIA emerges as Global Leader in Green Minerals, says Vice Minister. World’s 3rd Largest Producer of Phosphate Fertilizer

Saudi Arabia has the competitive advantage of becoming a global leader in green minerals, according to the vice minister for mining affairs at the Ministry of Industry and Mineral Resources.

Addressing a news conference for the third edition of the Future Minerals Forum scheduled from Jan. 9-11 in Riyadh, Khalid Al-Mudaifer emphasized that the Kingdom holds a unique competitive edge as a central hub for mineral processing encompassing green minerals, steels, aluminum, copper and magnesium.

“Saudi Arabia is a place to convene the world. Our demand for minerals and our transformation in minerals make us the place for the convening,” Al-Mudaifer told Arab News in an interview. 

He also underlined that the Kingdom boasts substantial natural resources estimated to be around $1.3 trillion.

A significant share of these resources includes phosphate, constituting 25 percent of the estimated wealth.

“Saudi Arabia is the third largest producer of phosphate fertilizer … this is considered almost 7 percent of the world,” Al-Mudaifer asserted.

Reaffirming the Kingdom’s competitive advantages, Al-Mudaifer also underscored that the process of making phosphate involves specific infrastructure needs, including gas for ammonia and nitrogen production and sulfur, which Aramco produces through its oil and gas operations.

These competitive advantages have enabled the Kingdom to build its phosphate industry on the back of investments of over SR60 billion ($16.2 billion).

“We have announced, or there is work to enable phosphate four and three, for which another SR40 billion will be invested in the future,” Al-Mudaifer added.

The goal is to position the Kingdom as the second or third-largest supplier of phosphate fertilizers globally.

Additionally, he noted that the private sector has played a significant role, investing more than SR120 billion in these initiatives.

At the same time, the government has also contributed over SR50 billion to enhance and support the growth of the phosphate industry.

This approach illustrates a collaborative effort between the private and public sectors to boost Saudi Arabia’s capabilities and competitiveness in the global phosphate fertilizer market.

During the news conference, Al-Mudaifer revealed that 95 countries and over 20 organizations worldwide will participate in the FMF.

“For the first time, we will have the Saudi Geological Survey participate in this conference,” he said, adding that there would be over 75 sessions from Jan. 10-11.

In October, during the Middle East and North Africa Climate Week 2023, Al-Mudaifer highlighted Saudi Arabia’s strategy for becoming a powerhouse in the sector, according to the Saudi Press Agency.

He emphasized that by leveraging the Kingdom’s strategic location, advanced infrastructure and strong local demand, the government is charting a path toward securing the minerals necessary for its national industrial transformation.

“Saudi Arabia is committed to the transition to green energy, as demonstrated by the development of a mining and mineral industries strategy designed to address critical challenges,” he had said then.

The Kingdom has pledged to achieve net-zero emissions by 2060. It has undertaken $1 billion of climate change initiatives to hit this target, including working toward a regional carbon capture and storage center, an early storm warning hub and cloud seeding programs.

source/content: arabnews.com (headline edited)

____________

Khalid Al-Mudaifer emphasized that the Kingdom holds a unique competitive edge as a central hub for mineral processing encompassing green minerals, steels, aluminum, copper and magnesium. AN

_________________

SAUDI ARABIA

SAUDI ARABIA: NEOMs ENOWA to Develop World’s First High-Voltage Smart Grid

NEOM’s water and electricity subsidiary ENOWA has developed a blueprint for the world’s first renewable, high-voltage smart grid, Peter Terium, the company’s CEO, told Arab News.

In an interview on the sidelines of the 2023 UN Climate Change Conference, Terium said that the “grid of microgrids” will allow ENOWA to supply the NEOM region with sizable, 100 percent renewable electricity that simultaneously provides a 50 percent reduction of the corridor footprint.

According to the CEO, the principle of smart grids is simple, as they are traditionally used on a small scale in buildings. However, the sheer size of the development and the scope of coverage needed for the nine to 10 million individuals who will be residing in NEOM adds to the difficulty of the undertaking.

“That’s a huge achievement given it’s the size that makes it complex. You know, one windmill, a refrigerator, and a television are all 100 percent renewable. But a NEOM within the Kingdom that eventually is going to have nine to 10 million inhabitants. That’s very sizable,” Terium said.

In order to ensure minimum disturbance to the natural terrain and minimize visual disruption, the CEO noted that this would require limiting the number of corridors and implementing part of the grid to operate underground.

To achieve 100 percent renewable electricity in NEOM, Terium emphasized the crucial role of an efficient grid, highlighting that individuals often underestimate that all solar and wind farms require connectivity to “bring the electrons to the customer.”

Another key element, the CEO underscored, is storage. In order to ensure the stabilization, backup, and security of its renewable supply, the giga-project is implementing a portfolio of storage solutions.

The development is investing “billions and billions of Saudi riyals” to ensure that its first customers have access to green electricity, sustainable water, and reliable quality electricity through its grid and storage.

“One example is already for sure and we are expanding into the market with that, which is the world’s largest closed-loop pump, hydro storage, and it combines the traditional form of water-based hydro storage, so a small upper lake and a lower lake,” Terium said.

“That has two effects. First of all, it reduces the evaporation of the water. So that’s an economic effect. But the second effect is that it is a great attractor for birds. Birds and wildlife. So we have a major positive solution for storage that is pretty sizable, the largest in the world,” he added.

Considering the challenges ahead, the CEO highlighted that the development isn’t exclusively centered on creating new technologies. Instead, their key focus is to ensure that the electricity supplied to the NEOM region is renewable, dependable, and affordable.

While not entirely cheap, mature large-scale solar and wind technologies remain affordable, underscored Terium, and will thus be primarily implemented into the framework of connectivity used by the futuristic city.

“The NEOM region has a combination of very intensive solar irradiation and very abundant wind profiling — the solar during the day and the wind mainly in the evening. That makes it a perfect combination to take these two cheapest renewable technologies and get as much as possible out of them,” he outlined.

While the existing infrastructure for electricity amounted to half a gigawatt to 1 GW, the company has “ramped that up” to 3 GW with the aim of 5-6 GW in the near future.

According to Terium, the first tenders of solar and wind power plants have already been established, and the large green hydrogen plant being built will amount to 5-6 GW of installed capacity for power generation by the year 2026.

Due to the size of the NEOM development, the executive underscored that ENOWA is currently at about 5 percent completion of its infrastructure, with the goal of accelerating to 10 percent in the coming 12 to 18 months.

He said: “NEOM is going to be a large undertaking. And what we do is build the infrastructure in line with the growth of NEOM. So that’s why the percentage of 5 or 10 percent sounds low, but it is connected to the size, eventually, of NEOM. And then again, five or 10 eventually of a massive undertaking is already a huge project.”

The company is working with the Kingdom’s Ministry of Energy and collaborating with entities like the King Abdullah University of Science and Technology in its energy-centric ventures. Alongside KAUST, ENOWA will be installing the first carbon capture capacity into a gas-fired plant in the Kingdom. The executive said: “That is one example, but there are many other ones and all the institutions that are there in the Kingdom we work with, but also outside of the Kingdom.”

Through collaboration, it hopes to bring some of its ideas on how to scale renewable energy to the region through its renewable energy approaches and Saudi Arabia’s green hydrogen strategy, a part of which is the NEOM green hydrogen plant.

Terium said: “The Kingdom has now embarked upon a hydrogen strategy and a renewable energy strategy, but it may take advantage of some of the lessons learned that we had in the early stage. And we can bring in some of our ideas of how you can do that bigger and at a larger scale.”

What is important, according to the CEO, is that hydrogen needs to reach its customers, and there are more cost-effective solutions than shipping it in the form of ammonia.

Thus the decision to build a pipeline corridor infrastructure to Europe is something “that only a country like Saudi Arabia can do because that’s a job and a size which is even way too big for even NEOM.”

source/content: arabnews.com (headline edited)

____________

ENOWA to develop world’s first high-voltage smart grid | Arab News – YouTube

_________________

SAUDI ARABIA

SAUDI ARABIA: Female Jockey Razan Al-Rajhi Aces 100 km Endurance Race in France

Razan Al-Rajhi is riding high after completing a 100 km endurance race in France.

 Saudi jockey Razan Al-Rajhi is riding high after completing a 100 km endurance race in France — less than a year after taking to the saddle.

And her achievement in Le Pertre was recently celebrated at an event organized by the Al-Sarim Al-Battar Academy at its stable in Janadriyah, on the northern outskirts of Riyadh.

The academy offers a program dedicated to training female jockeys.

Al-Rajhi told Arab News: “The endurance race in France was challenging, but I was determined to demonstrate that Saudi women are capable of achieving anything.”

Just 11 months ago, Al-Rajhi did not know how to ride a horse but was determined to learn. She raced twice in Bahrain before applying for the event in France, where she qualified and earned her first star.

More than 60 riders from Europe also took part.

Al-Rajhi leads a team of 15 girls. She said: “As beginners in this field, we support and inspire each other. My girls work hard, push themselves, and I’m proud of their dedication.”

For world cup race qualification, she must now complete 120 km for her second star, and 160 km for her third.

Hatem Hassanein, an international referee, coach, and academy owner, said Al-Rajhi, the only Arab female participant in the championship, amazed jockeys, participants, and judges with her skills.

“I teach girls to ride horses while also helping them build bravery and commitment,” he added.

Al-Rajhi is preparing for the 2024 Custodian of the Two Holy Mosques Endurance Cup in AlUla, an international endurance racing world cup.

source/content: arabnews.com (headline edited)

___________

Al-Rajhi is the first female horse rider from the program to participate in European races, specifically in France in the Le Pertre region, after obtaining the approval of the Saudi Federation to participate in this tournament in which more than 60 male and female riders from various European countries participated, achieving the distance required of them. (Supplied)

________________

SAUDI ARABIA

SAUDI ARABIA: Saudi Doctor Dr. Hani Najm Wins First ‘Great Arab Minds Award’ in Medicine

  • Dr. Najm: Award is ‘culmination of a long journey and diligent work in the field of heart surgery’
  • Doctor attributes success to ‘great education’ he received in Saudi Arabia

Saudi surgeon Dr. Hani Najm has been named the first winner of the Great Arab Minds award in medicine, which was launched by Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE, and ruler of Dubai, in January 2023.

The award, which celebrates the most brilliant minds in the Arab world and their positive impacts on society, acknowledges accomplishments across six categories: engineering and technology, medicine, economics, architecture and design, natural sciences, and literature and arts.

It was presented to the Saudi surgeon in recognition of his outstanding contributions to pediatric and adult cardiac surgery, as well as his innovations in surgery to treat congenital heart diseases.

The doctor is credited with the design and development of a flexible, growth-compatible heart valve to be used inside a child’s body. It can be implanted in the heart and adjusts according to a child’s growth over the years, sparing infants and children the risks of multiple surgical procedures.

Najm participated in over 10,000 surgical operations in newborns, children, and adults with heart diseases, managing complex and critical cases.

Born in Riyadh, Najm graduated from the College of Medicine, King Saud University in 1985. He was trained in general surgery, cardiothoracic surgery, and pediatric congenital heart surgery in Canada.

For 17 years, he headed the Children’s Heart Center at the King Abdulaziz Medical City in Riyadh and was a pioneer in performing critical heart surgeries for patients in the Kingdom, sparing them the need to travel abroad for treatment. He was also one of the first surgeons to perform an artificial heart transplant in Saudi Arabia.

He headed the Saudi Heart Association, served as editor in chief of the Journal of Saudi Heart Association, and was an associate professor at King Abdulaziz University for Health Sciences, Riyadh. He is also an international lecturer in the field of congenital heart surgery.

He joined Cleveland Clinic in 2016 as the chair of pediatric and congenital heart surgery and is currently a member of many national and international professional organizations, including the Gulf Heart Association, the Board of Trustees of the American College of Cardiology, and the European Society of Cardiothoracic Surgery.

Speaking to Arab News, Najm said: “This award is the culmination of a long journey and diligent work in the field of heart surgery. I did not expect this much success in the beginning.

“This award will reflect greatly on my work and on the work of eminent Arab scholars, who in turn will aspire and work hard to obtain the award … a source of pride for all Arabs.

“When I came to the US, one of my most important goals was to be an ambassador for my country. I was striving to gain the trust of the team, the hospital, and the community. Everyone knew that I was coming from a different society, so I worked hard to prove myself and (show) that my recruitment was the right move,” he said.

Najm dedicated this award to his homeland, which he said opened the doors for him to the best centers in the world for training.

He underlined that the excellence he has achieved is the result of the great education he received in Saudi Arabia.

He also thanked his wife and children for supporting him during this journey and the many long hours he spent in the hospital for surgeries.

In a message to Saudi doctors, Najm said: “You have a high level of professionalism, just like all the doctors in the world. The root of my distinction is the education I got from King Saud University, on which I built my scientific and practical experiences. You are the seeds of success, and you can get global recognition, especially in light of the great support provided by our country.”

source/content: arabnews.com (headline edited)

____________

Saudi surgeon Dr. Hani Najm joined Cleveland Clinic in 2016 as the chair of pediatric and congenital heart surgery. (acc.org)

_________________

SAUDI ARABIA

SAUDI ARABIA: Saudi Ambassador to UK , Prince Khalid bin Bandar Al-Saud was Appointed by Unanimous Decision at its 33rd session in London, as the President ‘International Maritime Organization’ (IMO)

Prince Khalid bin Bandar Al-Saud was appointed via unanimous decision.

Saudi Arabia’s ambassador to Britain was elected on Monday as president of the International Maritime Organization General Assembly by its member states, the Kingdom’s embassy to the UK announced.

During a meeting of its 33rd session in London, the IMO members appointed Prince Khalid bin Bandar Al-Saud via a unanimous decision.

The IMO is the United Nations’ specialized agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships.

The meeting in the British captial was opened by secretary-general Kitack Lim, who highlighted the organization’s achievements during the current biennium, including the adoption of the 2023 IMO GHG Strategy, and emphasized the need to decarbonize and digitalize shipping in the years ahead.

source/content: arabnews.com (headline edited)

____________

During a meeting of its 33rd session in London, the IMO members appointed Prince Khalid bin Bandar Al-Saud as president via a unanimous decision. (X/@SaudiEmbassyUK)

_________________

SAUDI ARABIA

SAUDI ARABIA students Mujtaba Hussein Salem and Majed Abdullah Al-Majed Win 1st place in ‘World Robot Olympiad’ Challenge

  • Mujtaba Hussein Salem and Majed Abdullah Al-Majed claimed first place in a World Robot Olympiad final
  • General director of Al-Ahsa Education Hamad bin Muhammed Al-Issa: This is certainly a win for the Kingdom and its people

Two Saudi secondary school students have claimed first place in a World Robot Olympiad final in Panama. 

Mujtaba Hussein Salem and Majed Abdullah Al-Majed, both from Al-Ahsa, triumphed against student competitors from around the world in the Virtual Robot Challenges category.

Elementary students Fatima Ali Al-Rashid and Fatima Akil Salem finished fifth in the Future Innovators category. 

Scores of students in different age groups competed in a variety of categories at the international olympiad, held from Nov. 7-9.

Hamad bin Muhammed Al-Issa, general director of Al-Ahsa Education, described the Saudi students’ performance as a “significant accomplishment.”

Many teams of Al-Ahsa students have performed well while representing the Kingdom in global competitions, he added.

“Not only are our students drawn to the world of artificial intelligence, but they also lead in this field worldwide. This is certainly a win for the Kingdom and its people,” he said.

“To every loyal teacher who has provided support, and to every school principal who has worked hard to unleash the students’ potential in all fields, I hope your efforts will be blessed and I wish you all the best, as such achievements do not happen out of nowhere or by chance, but are the results of dedicated work and innovative students who don’t know the meaning of impossible and can face any challenge.”

Student instructor Khaled Al-Massoud told Arab News that the students’ performance is an “accomplishment for the country.” 

The two winners told Arab News that support provided by the Kingdom played a key role in their victory.

Intensive training under the supervision of Al-Massoud “helped us reach the highest levels in the Olympiad,” they added.

source/content: arabnews.com (headline edited)

____________

Mujtaba Hussein Salem and Majed Abdullah Al-Majed, both from Al-Ahsa, triumphed in the Virtual Robot Challenges category. (Supplied)

_________________

SAUDI ARABIA

SAUDI ARABIAN Woman Athlete Kariman Abuljadayel sets New Open-Water Rowing Record

When a Saudi Arabian athlete rowed her boat over 6.2 miles of open water in 57 minutes and 24 seconds, she smashed the Guinness World Record.

Kariman Abuljadayel tried to break the record in the Red Sea off the coast of Jeddah after being the first Saudi woman to compete in the 100-meter event at the 2016 Olympic Games in Rio.

She claimed that the endeavour was hampered by the intense heat and other issues.

Abuljadayel told Guinness World Records, “That day had a strong current that slowed the boat down. I was forced to put in more effort to just maintain the movement let alone move fast for the sake of breaking the record.” She said, “I will be honest, I wanted to quit, it was too much, but a strong voice of determination within me that drove me to continue rowing and break through the imaginary barriers.”

According to GWR, the athlete broke the record for the quickest time to row 10 kilometers (open water) in rowing.

“I want express my appreciation to my mother, Suraya Alshehry,” Kariman said. “Who nurtured this early passion and guided it before it faded. She is my role model and hero.”

source/content: bolnews.com (headline edited)

_______________

source: Fastest time to row 10km (open water) – Guinness World Records / youtube.com

_________________

SAUDI ARABIA

SAUDI ARABIA re-elected to lead UN World Tourism Organization (UNWTO) Body in 2024

Saudi Arabia will also host UNWTO General Assembly in 2025.

The Executive Council of the UN World Tourism Organization has endorsed the re-election of Saudi Arabia as its president for 2024.

The decision was taken during the council’s meeting in Samarkand, Uzbekistan, this week.

Saudi Minister of Tourism and Chairman of the Executive Council Ahmed Al-Khateeb said: “During the period of the first presidency of the Kingdom in 2023, plenty of initiatives that comprised partnership, innovation, and progress were launched, and the achievements during that period were based on a common vision, cooperation and firm commitment among all members of the organization.

“We have all paved the way to build a vision for a resilient tourism sector, and we look forward to continuing our leadership role in 2024.

“We recall the aspirations and hopes of all member states, and we will strive to implement the goals in a way that ensures the tourism sector continues to achieve economic exchange and cultural and humanitarian rapprochement between countries,” Al-Khateeb added.

He noted the unlimited support of the tourism sector from the Kingdom’s leadership, including the provision of “important international initiatives aimed at promoting sustainable development,” such as the establishment of the Sustainable Tourism Global Center announced by Crown Prince Mohammed bin Salman during the Saudi Green Initiative in October 2021.

Al-Khateeb explained that the center had recently announced the launch of an international research center, intended to be a high-level reference body to help accelerate the tourism sector’s transition to climate neutrality.

The minister said that, in alignment with the Kingdom’s vision and commitment to shaping the future of global travel, it had, during its presidency of the Executive Council in 2023, taken a “pioneering role in the tourism sector,” based on a carefully implemented plan. This vision gave priority to global cooperation and formed the basis for “pioneering initiatives that aim to reimagine the tourism sector.” He cited the outline of “a clear and comprehensive roadmap aimed at supporting global cooperation and pioneering initiatives” as an example.

The UNWTO also announced that Saudi Arabia has been selected to host the 26th session of its General Assembly in 2025. It will be the first UN General Assembly to be held in the Kingdom.

That announcement came during Al-Khateeb’s participation in the 25th session in Samarkand, which ran from Oct. 16 to 20.

Saudi Arabia is “determined to reshape the global tourism scene,” Al-Khateeb said. The General Assembly’s session in Saudi Arabia will feature a variety of activities aimed at raising awareness of the role of tourism in promoting sustainable development and peace in the world, he added, and will also provide an opportunity for the Kingdom to showcase its tourism and cultural developments and “enhance international cooperation in this important sector.”

On his official X account, Al-Khateeb wrote: “It’s my upmost honor to announce that the Kingdom of Saudi Arabia has been selected to host the 26th General Assembly of the UNWTO in 2025. We will continue to ascend and positively impact the tourism sector in order to achieve the global needs and aspirations.”

In another post, the minister said: “The election of Saudi Arabia to chair the Executive Council of the UN World Tourism Organization for a second term is an affirmation of our commitment to the world to empower the tourism sector globally, and support the ambitious development plans to create promising opportunities.”

Princess Haifa bint Mohammed Al-Saud, Saudi Arabia’s vice minister for tourism, also posted on X, saying: “As we continue to move forward with vision and purpose, the Kingdom proudly steps into the global spotlight once again. Happy to share that Riyadh will host the 26th session of the UN World Tourism Organization General Assembly in 2025.”

source/content: arabnews.com (headline edited)

________

The Executive Council of the UN World Tourism Organization has endorsed the re-election of Saudi Arabia as its president for 2024. (SPA)

_________________

SAUDI ARABIA

SAUDI ARABIA provided $95 billion in Humanitarian Aid to 160 countries, Eng. Waleed Al-Khereiji, Deputy Minister of Foreign Affairs

Saudi Arabia’s Deputy Minister of Foreign Affairs Eng. Waleed Al-Khereiji emphasized that the Kingdom has never hesitated to harness all its capabilities to serve humanitarian causes. “The humanitarian aid provided by the Kingdom over the past 70 years has exceeded $95 billion and that benefited 160 countries around the world, making it at the forefront of donor countries for humanitarian and development aid,” he said.

Al-Khereiji made the remarks while attending, on behalf of Foreign Minister Prince Faisal bin Farhan, the meeting of the 160th regular session of the Council of the Arab League at the ministerial level, at the league headquarters in Cairo.

He reiterated the Kingdom’s emphasis on the importance of peace in the Middle East, as it is the strategic choice for the Arab countries, and the importance of encouraging accelerated negotiations to reach a just and comprehensive solution that meets the aspirations of the Palestinian people in accordance with international resolutions and the Arab Peace Initiative. He expressed the Kingdom’s condemnation of the attacks, unilateral actions and repeated provocations by the Israeli occupation forces, which undermine the peace process.

Al-Khereiji expressed the Kingdom’s backing on Syria’s return to the Arab fold, stressing that this will contribute positively to efforts to resolve the crisis there and restore stability to Syria and the region. He reiterated the Kingdom’s support for all efforts made to reach a political solution to the Syrian crisis in a way that preserves Syria’s unity, security, stability and Arab identity. He repeated the Kingdom’s demand for the withdrawal of foreign forces and armed militias from Syria.

Regarding Sudan, Al-Khereiji said the Kingdom voices its deep concern over the cessation of talks that are aimed at ending the conflict and reaching a permanent ceasefire agreement.

Al-Khereiji also led the Saudi delegation, on behalf of Minister of Foreign Affairs Prince Faisal bin Farhan to the third session of the ministerial meeting for the Arab-Japanese political dialogue. The meeting of the foreign ministers from the Arab and Japanese sides was held at the headquarters of the Arab League. The Arab side was headed by Egyptian Foreign Minister Sameh Shoukry, while the Japanese side was headed by its Foreign Minister Yoshimasa Hayashi.

In his speech, Al-Khereiji expressed the Kingdom’s aspiration to advance Arab-Japanese cooperation to better levels in various fields. He stressed the importance of making the Middle East a safe, stable, and prosperous region that gives hope for a better future for all. “There is broad agreement with Japan regarding the importance of establishing peace, encouraging negotiated solutions, and strengthening security, stability, and development,” he said.

source/content: cdn.saudigazette.com.sa (headline edited)

____________

Saudi Deputy Minister of Foreign Affairs Eng. Waleed Al-Khereiji addressing the ministerial meeting for the Arab-Japanese political dialogue in Cairo.

_________________

SAUDI ARABIA

SAUDI ARABIA: Saudi Economy Joins Trillion-Dollar Club: FSC

Saudi Arabia has reached a significant milestone as its gross domestic product crossed the coveted 1 trillion-dollar mark for the first time, revealed the umbrella body of the Kingdom’s business community. 

According to the state-run news agency, the Federation of Saudi Chambers revealed that the Kingdom achieved the GDP of SR4.15 trillion ($1.11 trillion), meeting the state’s goals for 2025. 

The Saudi Press Agency cited the FSC study reporting that the Kingdom achieved an economic growth rate of 8.7 percent in 2022, the highest among the member states of G20. 

The report also found that the private sector’s contribution to the economy increased to SR1.63 trillion, or 41 percent of GDP in 2022, with a growth rate of 5.3 percent. 

Strengthening the non-oil private sector is a crucial agenda of Saudi Arabia’s Vision 2030, as the Kingdom’s economy has steadily reduced its dependence on oil. 

The report added that non-governmental investments increased to SR907.5 billion, with a growth rate of 32.6 percent in 2022, while the number of private workers rose from 8.08 million in 2021 to 9.42 million in 2022. 

Moreover, the number of Saudis working in the private sector increased from 1.91 million in 2021 to 2.19 million in 2022. 

Highlighting Saudi Arabia’s success in its economic diversification efforts, the Saudi Chamber of Commerce added that the value of non-oil exports reached SR315.7 billion in 2022, accounting for 20.5 percent of commodity exports. 

Earlier this month, the International Monetary Fund said Saudi Arabia’s fiscal prospects are solid in the near term, with risks broadly balanced, driven by Vision 2030, which has been diversifying the Kingdom’s economy since its launch in 2016. 

According to the UN financial agency, Saudi Arabia has sufficient precautionary reserves, and the peg of the exchange rate to the US dollar served the Kingdom’s economy well. 

IMF added that Saudi Arabia has maintained its average consumer price index despite rising inflation in other nooks.

source/content: arabnews.com (headline edited)

___________

The Kingdom achieved an economic growth rate of 8.7 percent in 2022, the highest among the member states of G20. Shutterstock 

_________________

SAUDI ARABIA