SAMA economy report: Positive indicators despite a small GDP contraction

King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of Vision 2030. (SPA)
Updated 06 September 2018
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SAMA economy report: Positive indicators despite a small GDP contraction

  • Report highlights surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016

JEDDAH: King Salman on Wednesday discussed the economic prospects of the country with the country’s finance minister and other officials, after being presented with the 54th annual report of the Saudi Arabian Monetary Authority (SAMA).

The meeting, which took place at Al-Salam Palace in Jeddah, saw the attendance of the Minister of Finance Mohammed bin Abdullah Al-Jadaan, SAMA Gov. Ahmed Abdulkarim Alkholifey and the governor’s deputies.

SAMA, in its annual report, detailed the economic and financial developments of the country in 2017. King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of the Kingdom’s Vision 2030.

Alkholifey, on his part, said that the national economy had witnessed a number of positive indicators despite the contraction of the GDP by about 0.86 percent, as a result of the decline of the GDP of the oil sector by 3.09 percent. However, the GDP of the non-oil sector registered a positive growth of 1.05 percent. The average consumer price index fell by 0.9 percent in 2017 compared to a rise of 2.0 percent in 2016.

He added that the most telling achievement was the remarkable improvement in the Kingdom’s current account of the balance of payments, which recorded a surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016. Another feather in its cap was the inclusion of the Saudi Stock Exchange in a number of global market indexes for emerging markets – a move expected to attract more local and foreign investments.

Alkholifey expressed hope that the local economy would continue to adjust to reforms adopted during the last two years by achieving good growth rates and contributing to the goals of the kingdom. He added that the policies are helping the Kingdom move toward achieving a diversified and sustainable economy.

He also noted that in early 2018, a financial sector development program was conceptualized to advance the sector and, in turn, support the economy, stimulate savings and improve its ability to meet future challenges.

Alkholifey said that accelerating the growth of the financial sector was one of SAMA’s key tasks – something which it hopes to achieve to support the economic goals of the Kingdom.


Saudi crown prince receives Italian PM in AlUla

Saudi Arabia’s Crown Prince Mohammed bin Salman receives Italian Prime Minister Giorgia Meloni at the winter camp in AlUla.
Updated 40 min 53 sec ago
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Saudi crown prince receives Italian PM in AlUla

  • Two leaders discussed relations between their countries and ways to support and enhance them in various fields

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman received Italian Prime Minister Giorgia Meloni at the winter camp in AlUla on Sunday.

The two leaders discussed relations between their countries and ways to support and enhance them in various fields, Saudi Press Agency reported. 

Saudi Arabia’s Crown Prince Mohammed bin Salman is pictured at the winter camp in AlUla on Sunday. (SPA)

They also discussed regional and international developments and issues of common interest during the meeting. 

Meloni arrived in the Kingdom on Saturday. 

Italian Prime Minister Giorgia Meloni is pictured at the winter camp in AlUla on Sunday. (SPA)

 


Islamic leaders call for unity against extremism at Bangkok conference

Updated 26 January 2025
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Islamic leaders call for unity against extremism at Bangkok conference

RIYADH: Participants in Bangkok on Sunday at the third Khair Ummah conference of the Association of Southeast Asian Nations stressed Islam’s foundation in worshipping Allah and following the Prophet Muhammad’s teachings, urging Muslims to promote moderation while contributing to progress.

In a final communique of the two-day event, which was organized by the Saudi Ministry of Islamic Affairs in Thailand, participants called on scholars to uphold Islam’s tolerant values and address misinterpretations of religious discourse.

They highlighted the importance of following the path of the Prophet’s companions, combating extremism, and rejecting groups that misused religion for personal gain, the Saudi Press Agency reported.

Participants stressed the need to leverage modern media and technology to promote Islam, counter misinformation through research, and develop programs instilling Islamic values and tolerance in young people.

Participants at the event, organized by the Saudi Ministry of Islamic Affairs in Thailand, called on scholars to uphold Islam’s tolerant values and address misinterpretations of religious discourse. (SPA)

The conference focused on research papers by various scholars and aimed to strengthen communication among Islamic leaders and institutions to advance civilization.

Saudi Arabia’s Islamic Minister Sheikh Abdullatif Al-Asheikh on Saturday emphasized that the conference aimed to strengthen Islamic unity and uphold Islamic identity through solidarity and adherence to the truth.

He said that scholars had a significant responsibility in light of global challenges and the intellectual, political, social, and security issues facing the world.

Al-Asheikh added: “This situation calls for a real response from scholars and researchers to clarify the right religious stance against sedition and to reinforce the core principles of the Islamic faith.”


Umrah guests from 18 African nations visit Islamic heritage sites in Madinah

Updated 26 January 2025
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Umrah guests from 18 African nations visit Islamic heritage sites in Madinah

RIYADH: The third group of the Custodian of the Two Holy Mosques Guests Program for Umrah and Visit toured several historical and religious sites in Madinah, the Saudi Press Agency reported.

As part of a cultural program by the Ministry of Islamic Affairs, the visit aimed to enrich the cultural experience of visitors and Umrah performers in the holy city.

The group, consisting of 250 pilgrims from 18 African countries, visited the Uhud site, Mount Al-Ramah, and the Uhud Martyrs’ Cemetery, learning about this historic turning point in Islam.

At Quba Mosque, the guests performed prayers and were briefed on its facilities and the ongoing expansion projects designed to increase capacity and enhance services for worshippers.

The guests also learned about the mosque’s historical and religious significance as the first mosque built after the Prophet Muhammad’s migration to Madinah.

Additionally, they toured the King Fahd Glorious Qur’an Printing Complex in Madinah, where they explored the technical and administrative departments and learned about the various stages of printing the Holy Qur’an and its translation into multiple languages.

The visit also showcased the complex’s efforts in recording Qur’anic recitations, interpreting its meanings, advancing Qur’anic sciences, and supporting Islamic research and studies.

The guests were introduced to the complex’s written and audio publications, which aim to spread Islamic teachings worldwide. At the end of the tour, representatives of the complex presented copies of the Holy Qur’an to the guests.

This third group is part of a larger initiative to host 1,000 male and female pilgrims from 66 countries this year. After their visit to Madinah, the guests will travel to Makkah to perform Umrah rituals.


Saudi project clears 840 Houthi mines in Yemen

Updated 26 January 2025
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Saudi project clears 840 Houthi mines in Yemen

RIYADH: Members of Saudi Arabia’s Project Masam removed 840 explosive devices from various regions of Yemen last week.

The total included 38 anti-tank mines, 800 unexploded ordnances and two explosive devices, according to a recent report.

Ousama Al-Gosaibi, the initiative’s managing director, said a total of 479,794 mines had been cleared since its inception in 2018.

The explosives were planted indiscriminately and posed a threat to civilians, including children, women and the elderly.

The demining operations took place in Marib, Aden, Jouf, Shabwa, Taiz, Hodeidah, Lahij, Sanaa, Al-Bayda, Al-Dhale and Saada.

The initiative trains local demining engineers and provides them with modern equipment. It also offers support to Yemenis injured by the devices.

Teams are tasked with clearing villages, roads and schools to facilitate safe movement for civilians and the delivery of humanitarian aid.


Jouf’s camping sites highlight spring tourism

Updated 26 January 2025
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Jouf’s camping sites highlight spring tourism

RIYADH: The National Center for Vegetation Cover Development and Combating Desertification has designated eight spring camping sites in areas of Jouf.

These, the Saudi Press Agency reported on Sunday, are Rahiya, Hadib National Park, Al-Rasif, Al-Yatima, Al-Mahta, Al-Athath, Al-Adhra’, and Laijah National Park.

Popular for wilderness tourism, these sites attract visitors with natural landscapes, early spring blooms such as lavender and buttercup, as well as truffle hunting.

Camping in Jouf is a prominent social winter activity, fostering connections and celebrating the region’s vibrant post-rain spring landscapes, SPA reported.

Local wilderness enthusiast Bilal Al-Khalidi highlighted weekend camping as a cherished pastime, with groups traveling in adventure-ready vehicles and dividing tasks such as transporting tents and cooking equipment.

Once at the site, campers set up tents, prepare Saudi coffee and tea, hike, and collect wild aromatic plants, he said, adding that evenings are dedicated to dinner and overnight stays, while mornings begin with flatbread cooked over charcoal.