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Judge Ghada Aoun said she had issued a subpoena for Riad Salameh, after Lebanon's Central Bank Governor failed to attend an investigation session for the third time.
Aoun last month imposed a travel ban on Salameh, who is at the centre of investigations into alleged fraud and other misconduct connected to Lebanon's deep financial crisis.
RIYADH: Saudi Arabia’s gross domestic product is expected to grow 3.7 percent in 2025, driven by a rise in the Kingdom’s non-oil activities, according to an analysis.
In its latest report, Mastercard Economics Institute said Saudi Arabia’s rapid expansion of its GDP will outperform the projected global average, which is estimated at 3.2 percent in 2025.
The Kingdom’s robust growth in the non-oil sector signifies the nation’s steadily progressing economic diversification journey aimed at reducing reliance on crude revenues.
According to the analysis, Saudi Arabia’s projected economic growth in 2025 is higher than that of major players, including the US, Germany, and Japan, as well as the UK, France, and Australia.
“With robust non-oil economic activity and continued investments aligned with Vision 2030, Saudi Arabia is set to maintain its strong growth trajectory, outpacing global markets,” said Khatija Haque, chief economist of Mastercard for the Eastern Europe, Middle East and Africa region.
She added: “As we move into 2025, a year shaped by evolving fiscal and monetary policies, the Kingdom’s diversification efforts and supportive economic reforms will solidify its position as a key driver of regional economic expansion. These structural shifts will continue to redefine economic landscapes, charting new pathways for sustainable growth.”
In November, a report released by the International Monetary Fund projected that Saudi Arabia’s economy is expected to remain resilient, with the Kingdom’s GDP set to expand by 1.5 percent and 4.6 percent in 2024 and 2025, respectively.
In September, another study released by credit-rating agency S&P Global said that Saudi Arabia’s GDP will expand by 1.4 percent in 2024 before accelerating to 5.3 percent in 2025.
The Mastercard analysis revealed economic diversification efforts in the Kingdom will continue in 2025 as the government leverages strong balance sheets to finance investment in infrastructure.
The report added that private sector investments should also benefit from lower interest rates, supporting employment and domestic consumption.
Regionally, the tourism sector is expected to remain a bright spot for the economies in the Gulf Cooperation Council region.
“The GCC’s strong push to develop its tourism offerings has positioned it as one of the fastest-growing destinations in the world. In addition, the strength of the region’s US dollar-pegged currencies is fueling the demand for outbound travel,” said Mastercard Economics Institute.
Steady inflation levels
The Mastercard Economics Institute further projected that Saudi Arabia’s inflation is expected to stay at a healthy level of 2 percent in 2025, while consumer spending in the Kingdom is projected to expand by 4.5 percent.
Earlier this month, a report released by Saudi Arabia’s General Authority for Statistics revealed that the Kingdom’s annual inflation rate reached 2 percent in November compared to the same month in 2023.
Saudi Arabia’s inflation rate is one of the lowest in the Middle East region and globally, indicating the Kingdom’s effective measures to stabilize the economy and combat global price pressures.
In October, the World Bank projected that Saudi Arabia’s inflation level is expected to stay at 2.1 percent in 2024 and 2.3 percent in 2025, lower than the Gulf Cooperation Council average.
Globally, Mastercard Economics Institute projected that the average inflation level will remain at 3.2 percent next year.
“Inflation across major economies eased significantly in 2024, underpinned by lower prices of durable goods and reduced inflation for non-durable goods. While upside risks to good prices remain due to tariffs, moderating wage growth is expected to decrease services inflation,” said the report.
Rising female workforce and population growth
The study highlighted that population growth in the Kingdom also acts as an essential driver for economic activity and, particularly, private consumption.
According to the analysis, inbound migration into Saudi Arabia has greatly enriched the human capital of the country, with the next inflow of migrants contributing 4.9 percent of the population growth between 2019 and 2023.
In November, a report released by the BlackRock Investment Institute also echoed similar views, highlighting that Saudi Arabia’s young and growing workforce and abundant natural resources could play a crucial role in determining the Kingdom’s economic growth in the future.
Mastercard added that the participation of women in Saudi Arabia’s labor force is growing, driven by enabling government policies, increasing job creation in female-dominated sectors, and flexible work arrangements.
The Kingdom, aligned with Vision 2030 goals, had initially targeted 30 percent of women’s participation in the workforce by the end of this decade.
Speaking at the Future Investment Initiative in Riyadh in October, Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia aims to achieve 40 percent female workforce participation by the end of this decade, surpassing its Vision 2030 target of 30 percent.
“The latest World Bank data shows that women’s representation in the Saudi workforce grew from 18 percent in 2017 to 34.5 percent in 2023. This marked increase is mainly due to the easing of social and other restrictions in the Kingdom in recent years, driven by its ambitious Vision 2030 that seeks to build a thriving economy where everyone has the opportunity to succeed,” said Mastercard Economics Institute.
It added: “Women’s labor force participation likely reflects the disproportionate job creation in female-dominated sectors, such as health care and education. In addition, the rise of remote work and the flexibility it brings tends to help women, who are often still the primary caregivers, as it makes it easier to raise children while working.”
Global outlook
According to the analysis, the UAE is expected to witness an economic expansion of 5 percent in 2025, while inflation is set to average 2.5 percent.
India’s GDP is projected to expand by 6.6 percent next year, while the economy of the US and the UK is expected to grow by 2.3 percent and 1.2 percent, respectively.
France is expected to witness an economic growth of 0.8 percent in 2025, while the economies of Germany, Italy, and Canada are set to expand by 0.6 percent, 0.7 percent, and 1.8 percent, respectively.
RIYADH: Saudi Arabia is exploring partnership opportunities with Germany, Japan, and France in emerging technologies, artificial intelligence, and digital infrastructure, as officials convened in Riyadh during the 19th Internet Governance Forum.
Running from Dec. 15 to 19 at the King Abdulaziz International Conference Center, the UN-organized forum convened global leaders to promote international digital cooperation and address emerging challenges in Internet governance.
On the sidelines, Vice Minister of Communications and Information Technology Haytham Al-Ohali held discussions with officials from the three nations to strengthen collaboration in the digital economy space.
This comes as Saudi Arabia is working to position itself as a global leader in AI and digital transformation under Vision 2030. Goals include increasing the digital economy’s gross domestic product contribution from 14 percent in 2022 to 19.2 percent by 2025, digitizing 92 percent of government services, and raising the ICT sector’s GDP share to 4 percent.
At the forum’s opening, the Kingdom unveiled the Riyadh Declaration, a commitment to developing inclusive and responsible AI technologies to address global challenges and drive economic value.
Saudi Minister of Communications and Information Technology Abdullah Al-Swaha highlighted the declaration’s focus on AI’s role in increasing digital accessibility, enhancing digital literacy, protecting the environment, and promoting economic inclusion.
He underscored the importance of ensuring fairness, inclusivity, and safety in the development and deployment of AI technologies while leveraging data for societal advancement.
“The Kingdom is committed to addressing key challenges such as unequal access to algorithms, data, and computing resources,” Al-Swaha said.
As part of its Vision 2030 goals, the Kingdom plans to provide high-speed broadband access to 90 percent of households in densely populated cities, implement nationwide e-invoicing to enhance tax compliance, and rank among the world’s top 15 countries in AI by the end of this decade.
Al-Ohali’s meeting with Stefan Schnorr, state secretary at Germany’s Ministry for Digital and Transport, focused on strengthening technical cooperation and promoting innovation.
His talks with Takuo Imagawa, the vice minister for international affairs at Japan’s Ministry of Internal Affairs and Communications, explored Saudi-Japanese partnerships in AI and emerging technologies.
Similarly, Al-Ohali’s meeting with French Ambassador for Digital Affairs Henri Verdier centered on advancing joint initiatives in technical innovation and the digital economy.
Gulf Cooperation Council Secretary-General Jasem Al-Budaiwi underscored the significance of Saudi Arabia hosting the IGF, reflecting the Kingdom’s leadership in digital governance and commitment to Vision 2030’s objectives.
“This enhances the Kingdom’s position as a key destination for global events aimed at achieving sustainable development across various sectors,” he said.
Al-Budaiwi added that the event highlights Saudi Arabia’s communications, information technology, and digital government capabilities.
The forum, attended by over 9,000 participants from 170 countries, features more than 300 sessions under themes such as Harnessing Innovation and Balancing Risks in the Digital Space, Advancing Human Rights and Inclusion in the Digital Age, and Improving Digital Governance for the Internet We Want.
The event highlights Saudi Arabia’s growing influence in digital governance and its efforts to harness innovation to drive global sustainability and digital inclusion.
RIYADH: Saudi Arabia is working to automate 40 percent of its electricity distribution network by the end of 2025, having already achieved 32 percent of this target, according to the minister of energy.
Prince Abdulaziz bin Salman made the announcement at the opening of the 12th Saudi Arabia Smart Grid 2024 Conference in Riyadh, held under the theme “Energy and Sustainability.”
Automating an electricity distribution network uses technologies like smart meters and real-time monitoring to improve efficiency, and also facilitates the integration of renewable energy – which aligns with Vision 2030 goals of producing 50 percent of the Kingdom’s electricity using renewable sources.
In his opening remarks, Prince Abdulaziz highlighted the key role of smart grid technologies in transforming energy systems, focusing on smart meters, automation, and enhanced communication to improve electricity production, transmission, and consumption.
The minister highlighted Saudi Arabia’s progress under Vision 2030 saying: “More than 11 million smart meters have been installed across the Kingdom since 2021, contributing to improved energy consumption efficiency and enabling consumers to track their consumption in real time through smart applications, thereby enhancing their ability to make more informed decisions about electricity conservation.”
This large-scale deployment has empowered consumers with the ability to monitor their real-time energy consumption through advanced applications, enabling them to make informed decisions to optimize electricity use and promote energy conservation, SPA reported.
Similar efforts were seen in different nations in the Gulf Cooperation Council with the UAE’s Dubai Electricity and Water Authority and Qatar’s Kahramaa advancing smart grid initiatives to enhance energy infrastructure.
DEWA’s multi-billion project integrates AI, blockchain, and IoT for seamless communication and automation, supporting smart city goals. Meanwhile, Kahramaa’s smart meters, covering 450,000 units, improve monitoring, reduce operational costs, and support sustainability by optimizing energy use and integrating clean energy.
Discussing automation efforts, Prince Abdulaziz revealed that the ministry is advancing plans to establish nine control centers by 2026.
These facilities will be equipped with state-of-the-art technologies to enable real-time monitoring and precision management of the electricity distribution network.
These developments aim to enhance network stability and performance, ensuring Saudi Arabia remains at the forefront of technological innovation in energy management.
The minister also addressed the challenges posed by renewable energy sources, particularly their sensitivity to weather conditions. To mitigate these challenges and maintain grid reliability, the Kingdom is enhancing its energy storage capabilities.
Current plans target a battery storage capacity of 26 gigawatt-hours, with the goal of increasing this to 48 GWh by 2030.
Regarding the efforts to enhance the stability and efficiency of the national grid, which is the largest in the Middle East and Africa, the minister said: “We continue to expand transmission and distribution networks and develop flexible transmission system technologies that contribute to enhancing energy exchange and reducing losses.”
He added: “Additionally, four regional control centers have been established, along with a national control center, whose advanced systems enable efficient monitoring and operation of the networks, thereby strengthening the security and resilience of the electrical grid.”
Following the inauguration of the conference, Prince Abdulaziz oversaw the signing of several agreements and memorandums of understanding aimed at further advancing energy solutions across the Kingdom.
He also honored the winners of the Energy Hackathon, which saw participation from more than 60 participants. The contestants presented creative and innovative projects focused on energy storage efficiency and sustainability, reflecting the growing emphasis on nurturing talent and fostering innovation in the energy sector.
The three-day conference is set to host discussions on over 40 scientific papers, showcasing the latest research, technologies, and sustainable solutions in the field of smart grids.
These talks will spotlight the role of smart grid systems in enabling digital transformation, enhancing renewable energy solutions, and creating new opportunities for private sector participation.
Launched in Jeddah in 2011, SASG began as the first specialized event on smart grid technologies with global participation. Now an annual fixture in Saudi Arabia, it has attracted over 55,000 participants and 280 sponsors and exhibitors, offering a platform to showcase products, services, and innovations.
BEIJING/SINGAPORE: Oil prices eased further on Tuesday as China’s economic data renewed demand concerns, while investors remained cautious ahead of the US Federal Reserve’s interest rate decision, according to Reuters.
US West Texas Intermediate crude was down 11 cents at $70.60 a barrel at 07:09 a.m. Saudi time, while Brent crude futures fell 6 cents to $73.85 a barrel.
Prices were “weighed on by profit-taking after last week’s 6 percent rally and a batch of disappointing Chinese economic data yesterday,” IG market analyst Tony Sycamore said.
On Monday, prices fell from multi-week highs on unexpected weakness in consumer spending data from China, despite strength in industrial output, and as investors moved into a holding pattern ahead of the Fed's meeting.
The Fed will hold its last policy meeting of the year on Tuesday and Wednesday, where it is widely expected to cut interest rates by a quarter of a percentage point.
The meeting will also shed light on how much further officials think they will cut interest rates in 2025 and 2026, and whether the central bank will scale back easing in anticipation of higher inflation under the incoming Trump administration.
“A 25 basis point cut has already been priced in by the market, so any surprises (from the Fed meeting) may move the market,” said Anh Pham, a LSEG analyst.
Lower interest rates can boost economic growth and demand for oil.
The oil outlook for next year is clouded by growing supplies from non-OPEC+ countries such as the US and Brazil and slowing demand, chiefly in China.
The International Energy Agency said in its monthly report last week that even as producer group OPEC+ kept its output cuts in place, there will be a supply overhang of 950,000 barrels per day next year — almost 1 percent of world supply.
On Monday, the European Commission announced a 15th package of EU sanctions against Russia over its invasion of Ukraine, including tougher measures against Chinese entities and more vessels from Moscow’s so-called “shadow fleet” that are not regulated or insured by conventional Western providers.
A group of Western countries will begin to check insurance documents of Russia’s shadow fleet of vessels in the English Channel, Danish straits, Gulf of Finland and the sound between Sweden and Denmark.
The new EU sanctions are unlikely to translate to “real” disruption as most flows now do not use Western services, so they will not be disrupted, said LSEG’s Pham.
RIYADH: The Supply Chain and Logistics Conference in Saudi Arabia, which wrapped up on Dec. 16 in Riyadh, saw the signing of 91 agreements totaling SR8.3 billion ($2.2 billion). The two-day event, held under the patronage of Minister of Transport and Logistics Saleh Al-Jasser, focused on optimizing supply chain performance, improving logistics efficiency, and exploring new investment opportunities — all aligned with the Kingdom’s Vision 2030 strategy.
The conference brought together key stakeholders, including ministers, senior officials, top executives, and representatives from both local and international organizations, to discuss the latest advancements in supply chain management and global logistics trends.
In addition to the agreements, the event featured an exhibition with 65 participating companies and hosted eight specialized workshops. These sessions covered a broad spectrum of topics aimed at enhancing supply chain operations and adapting to evolving logistics demands.
One of the standout features of the conference was the Innovation and Entrepreneurship Corner, which displayed cutting-edge technologies such as a solar-powered vehicle and integrated platforms designed to streamline shipping and warehouse management for e-commerce businesses and retailers. These innovations aim to empower logistics teams and enhance omnichannel sales strategies.
A major theme of the discussions was the Kingdom’s progress in enhancing its supply chains and logistics infrastructure, which has become a vital component of Saudi Arabia’s drive for global competitiveness.
Key areas of focus included the role of artificial intelligence, data analytics, and digital innovation in strengthening the logistics sector and supporting the country’s broader economic objectives.
The importance of Saudi Arabia’s transport infrastructure, especially its extensive road network, was also emphasized as a fundamental asset in advancing logistics operations.
The conference aimed to solidify Saudi Arabia’s position as a leading global logistics hub, facilitating trade across Asia, Africa, and Europe. It also emphasized the development of export strategies to boost economic growth, foster collaboration between the public and private sectors, and highlight the Kingdom’s expanding role in global supply chain networks.
Through initiatives like these, Saudi Arabia continues to enhance its strategic importance as a central player in international trade and logistics.
