Abdullah Al Alami*
June 1, 2021
Positive Signs
As we approach the middle of 2021, the Saudi economy shows some
positive signs.
The Saudi stock market rose above 10500 points last Sunday. The index has
increased by 21% since the beginning of the year. Saudi oil and non-oil
exports were also positive and recorded an increase over the
same period in 2020. Saudi exports in March 2021 to China
amounted to 14.3 billion riyals, making China the main
destination for exports.
The development of commercial legislation is proceeding in full
swing, creating more opportunities.
We have initiatives to develop various sectors, in line with the efforts
of the National Competitiveness Center.
Other positive aspects include introducing companies affiliated with
the Public Investment Fund to the market, plans to sell a 1% stake
in Aramco, reduce spending, and redirect expenditures.
Furthermore, the contribution of small and medium enterprises to
the Saudi economy increased by 45%.
However, there is also a decline in citizen's spending and delay of mega
projects due to the slowdown in the worldwide economy.
Nevertheless, economic and social reforms initiated by Saudi Arabia
are still on top of the list in the Saudi Vision programs.
*Saudi writer
