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  • Will Saudi Arabia’s recent gold discovery provide a major boost to its economy?

    The Saudi Arabian Mining Company (Ma'aden) last week announced it found massive gold deposits in the Makkah region.

    The discoveries, the first from an exploration programme launched by the company in 2022, are located along a 100km strip in the south of Ma'aden's Mansourah-Massarah gold mine.

    “The gold discovery could prove significant as the gold content of the ore is high,” Nasser Saidi, a former Lebanese economy minister and vice governor of the country's central bank, told The National.

  • India Is Chasing China’s Economy. But Something Is Holding It Back.

    India’s economy is booming. Stock prices are through the roof, among the best performing in the world. The government’s investment in airports, bridges and roads, and clean-energy infrastructure is visible almost everywhere. India’s total output, or gross domestic product, is expected to increase 6 percent this year — faster than the United States or China.

  • Ministry of Economy and Planning Adds New Indicators to ‘Data Saudi’

    The Ministry of Economy and Planning (MEP) said new indicators were added to Data Saudi, which now includes official data about the Kingdom’s economic interaction with more than 180 countries, according to an MEP press release. The new data provides a detailed breakdown of Saudi Arabia’s foreign trade with each country, including the total exports and imports of products, value, trends, and trade balance. Data Saudi also incorporates 19 new indicators for each of the Kingdom's regions, with enhanced user interface (UI) to further boost user experience.

  • Saudi Economy, Planning Min. Meets U.S Ambassador in Riyadh

    Moreover, a major point of discussion was the strategic initiatives and investments that could benefit both countries. The Economy and Planning Minister highlighted several projects and sectors where US expertise and investment could play a transformative role. In response, the US Ambassador showed great interest and assured of exploring these possibilities. Enhancing trade relations was another critical topic of the meeting. Both representatives deliberated on ways to streamline trade processes, reduce barriers, and increase the volume of trade between the United States and Saudi Arabia. This discussion is expected to pave the way for a more fluid and lucrative trade relationship.

  • Global economy may avoid recession in 2024

    A number of big banks expect global growth to slow further in 2024, squeezed by elevated interest rates, higher energy prices and uncertainties in the world's two largest economies, although they see less chances of a recession.

    The global economy is forecast to grow 2.9% this year, a Reuters poll of economists showed, and is expected to slow to 2.6% for the coming year.

    While the global economy may avoid a recession, Europe and the United Kingdom may still see its milder form, according to the poll.

  • Saudi Arabia ranks among top 20 countries in Circular Carbon Economy Index by KAPSARC

    Saudi Arabia ranks among the top 20 countries in the 2023 Circular Carbon Economy Index, with most countries improving their index scores from the previous year, but the substantial gap remains between the top and the bottom. During COP28, the King Abdullah Petroleum Studies and Research Center in Riyadh officially unveiled the Index, covering 64 nations and representing 90 percent of global economic activity. It offers a comprehensive evaluation of global progress toward achieving net-zero emissions and readiness for the circular carbon economy.

  • Saudi Economy Shrinks 4.4% In Third Quarter On Plunge In Oil Sector

    The country’s oil activities plunged by 17% year-on-year in the quarter, while non-oil and government activities rose by 3.5% and 1.9%, respectively, in the quarter, according to the General Authority for Statistics (GASTAT).

  • Google’s new cloud region to add $109 billion to Saudi Arabia’s economy

    Google Cloud has officially announced the opening of its new cloud region in Dammam, Saudi Arabia. This strategic expansion aims to deliver high-performance, low-latency Google Cloud Platform services, catering to a diverse range of clients from public sector organisations and large businesses to small and medium-sized enterprises (SMEs) and startups across Saudi Arabia and the wider Middle East.

  • Stark UN report on devastation to Palestinian economy shows GDP fell 4% after a month of war

    A U.N. report paints a stark picture of the devastation of the collapse of the Palestinian economy after a month of war and Israel’s near-total siege of Gaza. The gross domestic product shrank 4% in the West Bank and Gaza in the war’s first month, sending over 400,000 people into poverty — an economic impact unseen in the conflicts Syria and Ukraine, or any previous Israel-Hamas war, the U.N. said.

  • Saudi economy to grow in 2024 supported by non-oil activity: PwC ME Chairman

    Saudi economy will likely witness growth in 2024, driven by new reforms and diversification efforts that will set the foundation for future development and investments in the Kingdom, Riyadh Al-Najjar, Chairman of PwC Middle East, told Argaam.   He added that non-oil activity, supported by an increase in investments, will be the main growth driver this year and beyond.   Some sectors recently witnessed major changes, including tourism, hospitality, healthcare, digital transformation, and agriculture.