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Saudi Arabia is nearing the end of the second phase of its Vision 2030 plan (2021-2025), a period that has seen strong growth and expanding opportunities across multiple sectors, with key economic indicators reflecting the Kingdom’s progress. Performance data for 2024 shows that Saudi Arabia, the Arab world’s largest economy, is firmly on course to meet its Vision 2030 targets, with a significant number of metrics exceeding initial projections. According to the latest figures, 93% of the tracked indicators have been either fully or partially achieved. A total of 299 indicators have met their goals entirely. Meanwhile, data on Vision…

Saudi Arabia’s non-oil exports reached an unprecedented SAR515 billion in 2024, marking the highest value in the Kingdom’s history. This achievement represents a significant 13% increase compared to the previous year and an impressive growth of over 113% since the launch of Vision 2030. The robust growth spanned all export sectors. Merchandise exports climbed to SAR217 billion (+4%), fueled by respective increases of 2% and 9% in petrochemical and non-petrochemical exports, reported the Saudi Press Agency on Saturday. Re-exports surged to SAR90 billion, demonstrating a remarkable 205% growth since the inception of Vision 2030. Services exports also reached an all-time…

Saudi Arabia’s economy continued its upward trajectory in 2024, solidifying its status as one of the world’s most stable and fastest-growing markets. This momentum is being driven by the Kingdom’s unwavering commitment to economic diversification — a central pillar of Vision 2030 — which has significantly boosted non-oil sectors, expanded private sector participation, and increased the economy’s ability to generate jobs and attract investment. Non-oil activities now contribute a record 51% to real GDP, marking a major milestone in the country’s transformation journey. According to the Vision 2030 annual report, Saudi Arabia’s real non-oil GDP grew by 3.9% in 2024…

Global policymakers gathering in Washington this week breathed a collective sigh of relief that the US-centric economic order that prevailed for the past 80 years was not collapsing just yet despite Donald Trump’s inward-looking approach. The Spring Meetings of the International Monetary Fund and the World Bank were dominated by trade talks, which also brought some de-escalatory statements from Washington about its relations with China. But some deeper questions hovered over central bankers and finance ministers after Trump’s attacks on international institutions and the Federal Reserve: can we still count on the US dollar as the world’s safe haven and…

Saudi Finance Minister Mohammed Al-Jadaan, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, and World Bank Group (WBG) President Ajay Banga stressed on Friday their commitment to Syria’s economic recovery. Meeting on the sidelines of the 2025WBG/IMF spring meetings in Washington, they co-hosted a high-level roundtable for Syria, bringing together the Syrian authorities, finance ministers, and key stakeholders from multilateral and regional financial institutions, as well as economic and development partners. “Building on earlier discussions – including at the Paris Conference on Syria (February 13), the AlUla roundtable on February 16 and Brussels IX conference (March 17) — this event…

International Monetary Fund member countries said on Friday that rising trade tensions were sapping growth and fueling uncertainty as well as market and financial stability risks, but reaffirmed their commitment to the institution as critical to helping countries navigate a difficult environment. In a chair’s statement, the IMF’s steering committee also reaffirmed prior foreign exchange commitments and voiced support for a realignment of quotas, or shareholding, that better reflects countries’ positions in the global economy. “The world economy is at a pivotal juncture,” the International Monetary and Financial Committee (IMFC) said in a statement as the spring meetings of the…

The US-Saudi Business Council, in collaboration with the White House and the US Department of Commerce, hosted a high-level investment event on Friday in Washington.The event was held in preparation for the upcoming visit of US President Donald Trump to the Kingdom of Saudi Arabia as part of ongoing efforts to strengthen the economic partnership between the two countries, the Saudi Press Agency said Saturday.The event was attended by senior executives from more than 50 American companies, alongside a high-level Saudi delegation that included officials from over 10 ministries, government agencies, and private-sector companies. The gathering provided a valuable opportunity…

China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing’s concerns about the trade war’s economic fallout. The dispensation, which follows de-escalatory statements from Washington, signals that the world’s two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession. Beijing’s exemptions – which business groups hope would extend to dozens of industries – pushed the US dollar up slightly and lifted equity markets…

China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing’s concerns about the trade war’s economic fallout. The dispensation, which follows de-escalatory statements from Washington, signals that the world’s two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession. Beijing’s exemptions – which business groups hope would extend to dozens of industries – pushed the US dollar up slightly and lifted equity markets…

‘Most important part of economy’ Ministers coming from private sector Chosen Abu Dhabi for latest project Egypt’s second-richest man Naguib Sawiris has predicted a long-awaited turnaround in the country’s private sector. Sawiris told AGBI that it had taken the Egyptian government a long time to acknowledge the importance of the private sector, but that it now knows that the country’s economic future rests on it. “The private sector is the most important part of the economy. It can drive prosperity and growth,” the billionaire developer said. “We have a much better government now than we used to. We have ministers…