المرأة السعودية ضمن أفضل نساء العرب
July 22, 2024
Saudi Women among The Best Arab Women
July 15, 2024
Saudi Global Competitiveness
Abdullah Al Alami*
July
15, 2024
Saudi Arabia achieved a historic and
unprecedented reduction in the unemployment rate. The incentives are clear;
several recent decisions contributed to adding new job opportunities in attractive fields to the young generation. In addition, initiatives were launched
to adopt new policies to stimulate the recruitment of qualified Saudis with technical
skills and at the same time support advanced training programs Kingdome-wide.
Thus, there are distinctive transformations aimed
at diversifying the economy, which has created job
opportunities with good salaries and attractive incentives. This has improved the standard of living and enhanced purchasing power. Saudi
Arabia provides aid to companies that employ and train citizens to meet the country’s
labor market needs.
The outcome is clear; success in creativity and
innovation, and development of modern technologies to enhance the Kingdom’s global
competitiveness. There is also a keenness to provide young people with the skills
necessary to engage in advanced technical jobs. This will stimulate
professional development and contribute to building distinguished human capital
in a healthy job market.
Here are two recent examples. The Shura Council
called on Al-Baha University to create specialized programs with academic
accreditation. The Shura Council also called on Hail University to work on
diversifying its investments of its own revenues to achieve financial
efficiency and sustainability. I believe we need to expand the recruitment of qualified
faculty members in health, technical, and engineering specialties in all Saudi
major universities where possible.
How does oil fit into all of this? Benchmark
crudes are set to post some growth due to possible forecasts for demand and supply
disruptions are likely to ease. Strong fuel demand is expected in the United
States this summer, and oil demand will probably peak by 2029 at around 106
million barrels per day.
However, there are conflicting signals about
the US economy. The US Federal Reserve has not decided whether to keep interest
rates steady or postpone the decision until end of 2024. Ayman Al-Sayyari,
Governor of the Saudi Central Bank, stressed that Saudi Banks are safe from troubled
US Banks. Riyadh has reconfirmed the availability of safe and guaranteed liquidity,
and the strength of its financial position.
*Saudi Economist
July 2, 2024
Soon... Saudi Arabia Among the World's 15 Largest Economies
Abdullah Al-Alami*
Saudi arts and culture caught the attention of calligraphers and craftsmen at the Saudi pavilion at the 2024 Beijing International Book Fair. The Kingdom was rightfully named the guest of honor at the world’s second-largest book fair. The Saudi pavilion contributed to enriching the rapprochement between civilizations, and highlighting the Saudi intellectual side to the Chinese audience through a cultural program that included 15 seminars, an exhibition of traditional costumes, as well as a display of instruments used in Saudi music.
During the same period, Saudi Arabia mobilized the largest number of companies specialized in sustainable infrastructure to explore opportunities at the UK-Saudi summit in London. I might add that the value of trade exchange between Riyadh and London exceeded $21 billion, and the next goal is to increase the volume to $37.5 billion by 2030. Riyadh also hosted the Saudi-British Partnership Council meeting, attended by ministers, and 800 participants from the public and private sectors, to develop economic relations between the two countries.
The Saudi-US Investment Council also held meetings in Washington with the participation of 20 government agencies. The volume of trade exchange between the Kingdom and America in 2023 amounted to $34 billion, as mineral products were among the national goods exported to the United States, while cars and their parts were the most prominent American imported goods.
Saudi Arabia also achieved the fastest economic growth rate of 8.7 percent, and the percentage of Saudi non-oil activities in Saudi Arabia reached 51 percent of the real GDP. In addition, Riyadh granted exploration licenses in six precious metals sites, and the second largest global bank has allocated its headquarters in Riyadh. Saudi Arabia is expected to become one of the distinguished construction markets in the world with contracts amounting to $181.5 billion.
In short, Saudi Arabia is approaching the list of the 15 largest economies in the world.
*Saudi writer