Saudi economy

Saudi Arabia to spend big

Riyadh - Muslimchronicle

Saudi Arabia said on Tuesday its economy contracted for the first time in eight years due to painful austerity measures as it announced record spending to stimulate growth. The OPEC kingpin said gross domestic product for 2017 shrank by 0.5 percent due to a drop in crude production in line with an agreement with major oil producers aimed at boosting prices. Oil sector GDPRead more

Saudi economy shrinks for first time in 8 years

Riyadh - Muslimchronicle

The Saudi economy shrank by 0.5 percent in 2017 for the first time in eight years due to a drop in oil production, the finance ministry said on Tuesday. The last time the OPEC kingpin's economy contracted was in 2009, when gross domestic product dropped 2.1 percent after the global financial crisis sent oil prices crashing. The world's leading crudeRead more

Saudi budget deficit narrows

Riyadh - Muslimchronicle

Saudi Arabia appears set to post a lower-than-expected budget deficit this year as oil revenues rebounded and the kingdom kept public spending in check, official figures showed Monday. Faced by a persistent budget shortfall, the world's largest oil exporter has embarked on an ambitious reform programme to curb expenditure and lessen its dependence on crude. The kingdom will onRead more

87,575 business licenses issued

Riyadh - Muslimchronicle

The Ministry of Commerce and Investment issued 87,575 commercial registrations for women at the end of the Hijra year 1438. Licenses were issued throughout the Kingdom, with the highest number in Riyadh with 20,086, followed by Jeddah (13,826), Makkah (5,098), Madinah (4,400) and Taif (3,861), a ministry official said. They were issued for businesses in various fields, including trade, manufacturing,Read more

Mideast growth to dive as Saudi economy stagnates

Dubai - Muslimchronicle

Economic growth in the Middle East and North Africa is forecast to slow considerably over oil prices as the Saudi economy slides, the International Monetary Fund said on Monday. After a better than expected performance with five percent growth in 2016, the economies of countries in the Middle East and North Africa as well as Pakistan and Afghanistan will subsideRead more

Saudi Arabia’s parallel market to help boost SMEs’ growth

Jeddah - Arab Today

Saudi Arabia’s parallel market Nomu is likely to help boost the growth of small and medium enterprises (SMEs), said a report issued by Jadwa Investment on Monday. According to the Small and Medium Enterprise Authority (SMEA), bringing the Kingdom’s SMEs contribution in line with global peers could add a further SR1.1 trillion ($293.3 billion) to the country’s gross domestic productRead more

Saudi bank lending growth slows to lowest in nearly seven years

Dubai - Arab Today

Annual growth in Saudi Arabian bank lending slowed in January to its lowest level in nearly seven years, official data showed on Tuesday, a sign of weak corporate demand but also improving liquidity in the economy. Bank loans to the private sector rose just 1.8 percent from a year earlier, compared to 2.4 percent in December, the central bank said.Read more

Saudi Arabia sees first deflation in over a decade

Dubai - Arab Today

Consumer price deflation hit Saudi Arabia in January for the first time in over a decade, official data showed on Tuesday, but plans for increased state revenues mean prices are unlikely to continue falling for more than a few months. Prices fell 0.4 per cent from a year earlier last month, their first drop since the early 2000s, and decreasedRead more

Saudi Arabia pays SR40bn owed to contractors

Riyadh - Arab Today

Saudi Arabia has made a payment of SR40 billion it owed to private companies, in less than two weeks after Deputy Crown Prince Mohammed bin Salman, chairman of the Council for Economic and Development Affairs, announced a settlement of dues to the contractors. The payment was late due to a sharp decline in oil revenue and the new measures takenRead more

PIF considers buying stake in power firm ACWA

Al Khobar - Arab Today

Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, said sources familiar with the matter. PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role of advisingRead more