MUST-READS

• Consulting firms’ grip on Saudi economy sparks local misgivings

  But some officials fear Saudi ministries have become over-reliant on western consultancies, from the Big Four of Deloitte, EY, KPMG and PwC to more specialist strategy consulting firms, as disgruntlement grows about the outsiders’ ever-growing role in running the country. “I’ll be in a lot of meetings where Minister X or Deputy Minister X is presenting a strategy,” said one Saudi professional who has worked both in the government and at a top consulting firm. “And the first thing that they’ll say is: ‘Ahlan wa sahlan, welcome, and I would like to let you know that consulting firm Y prepared this presentation’ . . . They don’t even take ownership of it.”

• Saudi Arabia and Japan to collaborate on digital economy growth, technology innovation

  Saudi Arabia’s Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha recently held a meeting in Jeddah with Taro Kono, Japanese minister for Digital Transformation, along with his accompanying delegation. During the meeting, Al-Swaha and Minister Kono discussed the potential for expanding investment opportunities in the digital field between their respective countries. The aim of this collaboration is to support the growth of the digital economy and foster innovation.

• Saudi Arabia building an economy of the future — Crown Prince

  The Crown Prince participated on Sunday in a Special Dialogue session at the World Economic Forum Special Meeting in Riyadh, attended by global leaders from government, business, and academia. During the session, he addressed the current geopolitical and economic challenges facing the world, and the Kingdom’s proactive efforts to expand global collaboration to foster a more resilient and integrated global economy. In his dialogue, the Crown Prince affirmed Saudi Arabia's commitment to being a stabilizing force in the region, emphasizing that cohesion and cooperation with regional and global partners are essential for achieving security and prosperity.

• Saudi Finance Minister Warns Geopolitics Is Top Economy Risk

  Jadaan also called on leaders to “do everything we can” to de-escalate, echoing comments more broadly made by Saudi government officials around Israel’s war against Hamas and tensions between Iran and Israel. The situation in the Middle East contributed to oil prices climbing above $90 a barrel earlier this month, keeping the pressure on inflation. Gold, a safe haven asset, also hit a record high in April.

• Saudi economy witnessing a fundamental shift, says minister

  Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to promote sustainable development since the launching of the Vision 2030 plan. He said the Kingdom’s efforts to diversify its economy have led to the creation of new sectors due to the initiation of several megaprojects such as NEOM, the Red Sea, and others

• UAE economy set to expand at ‘fastest clip’ in GCC

  Buoyed by strong performance in non-oil sectors, the UAE economy is on track to expand at the fastest clip in the region while Saudi Arabia will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks. The UAE's economy, expected to show strong performance in non-oil sectors, was forecast to expand 4.0 per cent in 2024, an upgrade from 3.8 per cent in January's poll, according to a Reuter’s poll. With oil prices not expected to rise significantly this year, economists now predict weaker growth for Saudi Arabia's oil-dependent economy. The latest Reuters poll forecast that the Saudi economy would expand 1.9 per cent in 2024, down from 3.0 per cent in a January poll.

• IMF Boosts Saudi Arabia’s 2025 Growth Forecast Again, Making it Second-Fastest Growing Economy

  The International Monetary Fund (IMF) has further strengthened its positive outlook for the Saudi Arabian economy by revising its 2025 growth forecast upwards for the second time this year. In its April "World Economic Outlook" report, the IMF raised the expected growth rate for the Kingdom to 6%, up from the 5.5% projection issued in January 2024. This upward revision comes despite the IMF maintaining a stable global growth forecast of 3.2%. Consequently, Saudi Arabia is now projected to be the second-fastest growing economy in 2025, trailing only India's anticipated growth rate of 6.5%.

• IMF Boosts Saudi Economy Growth Forecast to 6% by 2025

  The International Monetary Fund (IMF) has revised its expectations for Saudi Arabia’s economic growth, projecting a robust expansion of 6% by the year 2025. This represents an upward revision from the earlier forecast of 5.5% made earlier in the year. However, the IMF also noted a slight adjustment in its outlook for 2024, with the Kingdom’s output now expected to grow by 2.6%, down 0.1% compared to the previous projection. In its latest report, the IMF highlighted the broader economic landscape of the Middle East and Central Asian region, projecting growth rates of 2.8% and 4.2% for the years 2024 and 2025, respectively.

• World Bank raises its forecast of Saudi economy growth to 5.9%

  The World Bank raised its forecast for the growth of Saudi economy during the next year, 2025, by about 1.7% to 5.9%, compared to its previous forecast last January of 4.2%.

  The bank reduced its expectations for the growth of Saudi economy during 2024 to 2.5%, compared to its expectations last January of 4.1%, a difference of 1.6%.

• Is the EU the North Star for Circular Economy Push in Saudi Arabia?

  The European Union's (EU) circular economy (CE) framework is an exemplar of comprehensive and strategic environmental governance. This framework is meticulously designed to encompass robust legislation, set ambitious sustainability targets, and deploy diverse initiatives across sectors, which can serve as a powerful model for nations like Saudi Arabia aiming to enhance their own circular economy policies.

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