مشاركتي في برنامح حديث الخليج
قناة الحرة
May 12, 2023
May 10, 2023
Saudi Arabia Continues to Diversify its Economy
Abdullah Al Alami*
May 10, 2023
The US Federal Reserve and the European Central Bank announcements of interest rate hike, confirms that the inflation will remain high for a long time. The repetition of this scenario several times recently leads the way to tightening monetary measures throughout the world.
As
for Saudi Arabia, it continues to diversify its economy, taking several factors
into consideration. I specifically mean the growth of investment in new areas
including non-oil sectors, the launch of huge infrastructure, introducing new tourism
projects, and utilizing advanced technology in financial services.
Let me provide
a couple of examples. Small and Medium Enterprises General Authority (Monsha'at) announced 23 new initiatives as part of the 7 strategic programs. These initiatives include national
transformation, financial sector sustainability, with concentration on human resources
development.
This
is not all, Riyadh announced its desire to retreat from dependence on
oil. This is an important and positive path, as 90% of the state's
revenues used to be generated from oil, but have recently dropped to
60%. In addition, the Saudi Gross Domestic Product (GDP) achieved the
highest growth rate among the G20 countries, at 9.9% in 2022, and is expected to
be the same in 2023.
Among
other positive developments, the International Monetary Fund expected Saudi non-oil
GDP growth to reach 4.9% in 2023 and 4.2% next year. This is a result of applying
financial and economic policies and managing investment projects in a
professional manner.
Saudi
Arabia continues to implement its development projects in cooperation with
international companies. I am specifically talking about 108 regional
companies that have moved their headquarters to Riyadh during the past two
years, including 26 American companies. This is a result of new promising
opportunities and profitable partnership with the Saudi institutions.
*Saudi writer
April 4, 2023
Positive Saudi Track 2023
Abdullah Al Alami*
April 4, 2023
Saudi Arabia signed 100 agreements with international partners, and licensed more than 90 companies to open regional headquarters in the Kingdom.
Starting January 2024, Saudi Arabia will not contract with any foreign commercial establishment whose regional headquarters is not in the Kingdom. This decision came at the right time, and includes bodies, institutions, and funds affiliated with the government or any of its agencies.
This is good, but not enough. We need to preserve the reputation of our investment policies. On March 9, 2023, investors requested a refund of $42 billion from Silicon Valley Bank in the USA. The whole world watched how the Federal Deposit Insurance Corporation (FDIC) closed the bank within 24 hours to stop the bleeding of withdrawals.
In addition to the risk reduction factor, limiting Saudi contracts to international companies that have a regional center in the Kingdom is a positive decision. This will create thousands of jobs for citizens, transfer expertise, localize knowledge, and attract more investments to the Kingdom.
Nothing is 100% safe anymore; the loss of Silicon Valley Bank did not result only from investments in high-risk debts, but surprisingly by acquiring strong mortgage-backed securities and Treasury bills, which are among the safest around the world.
This is how Silicon Valley Bank topped the list of failed financial records. We, in Saudi Arabia, must screen foreign institutions who deal with the Saudi government and institutions.
It became clear that Silicon Valley investments were affected by a series of economic events, including supply chain bottlenecks, and soaring inflation rates. However, the demand for credit increased in Saudi Arabia, with relatively few returns, but more efficient and less risk.
As indicated at the Global Priority Summit in the United States this week, the International Monetary Fund expects the Saudi economy to grow by 7.5 percent, as the highest growth rate among developing countries. Also, Saudi investment funds managed $150 billion in assets in 2015, which has now grown to $650 billion, with a target of $1 trillion by the end of 2025. This is what I call “good news”.
Due to improving operational efficiencies, current Saudi investment total net income increased by more than 28 percent to reach 62.7 billion Saudi riyals. Saudi banks will continue the positive track in 2023 as the Saudi Central Bank extends the periods of support packages to avoid potential crises.
We want to succeed in attracting new and "safe" domestic and foreign investments to the Kingdom. We also want to develop economic relations with regional and global partners for a better future for Saudi Arabia and the region.
*Saudi writer
October 16, 2022
"So who’s ‘naive’ about Saudi Arabia, now?"
Ms. Attiah
This is regarding your article "So who’s ‘naive’ about Saudi Arabia, now?"
https://www.washingtonpost.
Not only the so-called article is full of lies about Saudi Arabia, but also defies the norms of proper journalism. Instead, you should have written about US crimes around the world.
YOU should have written about the outcome of “The International Tribunal on Human Rights Abuses Against Black, Brown and Indigenous Peoples” held Oct. 23-25 at The Malcolm X and Dr. Betty Shabazz Memorial and Educational Center in Washington Heights, New York City, aka Turtle Island, Lenape land.
YOU should write about the millions of African people murdered, disappeared and nearly exterminated over a period from 1492 through the present.
YOU should have written about testimonies heard regarding an alarming pattern and practice of US police murdering Black, Brown and Indigenous people with impunity. YOU should have written about civilians murdered by the US in cold blood in Iraq, Afghanistan, Vietnam, Japan, The Dominican Republic, Laos, and other parts of the world.
YOU should have written about traditional torture techniques in solitary confinement lasting for decades in the US, which goes so far beyond the U.N.-constituted definitions of torture that they defy any modern standard of humane government.
YOU should have written about the fact that the U.S. is the only industrialized nation in the world that denies the existence of political prisoners.
A Alami
Saudi writer
July 27, 2022
The 63 Million Riyal Case
Abdullah Al Alami*
The Public Prosecution's statement is clear; investigations proved that a Saudi female citizen had with her foreign husband, committed money laundering, with financial flows exceeding 63 million Saudi riyals.
The
court issued a preliminary ruling against the criminals, and sentenced them to jail
for a period of 12 years in accordance with the Anti-Money Laundering Law and
the Anti-Concealment Law.
This
crime reminds me of the suspicious phone calls and text messages people receive
inquiring about their personal bank information to help them conduct “lucrative
financial transactions”. We must alert the authorities immediately about
these calls, as the Public Prosecution is responsible for protecting national
economy from all forms of criminal practices.
Saudi
Central Bank has done well by establishing the Joint Operations Center for
Saudi Banks, which monitors cases of financial corruption. The Center brought
together all Saudi banks under one roof in 162 workstations, to help monitor and
trace financial crimes.
Thanks
to the Public Prosecution Office for demanding tougher sentences against the
perpetrators in the 63 million Riyal case.
*Saudi Writer
July 12, 2022
Why is President Biden visiting Saudi Arabia
Abdullah Alami*
12 July 2022
US President Joe Biden's visit to Saudi Arabia on July 15 is an opportunity for international media to have a closer look at the Kingdom.
The Saudi Public Investment Fund (PIF) is ranked sixth among the world's largest sovereign wealth funds with total assets of $620 billion. Saudi sales rose by 28% for the second consecutive month, and (PIF) assets jumped 163%, or 248 billion dollars, during the first five years of implementing the Kingdom's Vision 2030.
The US National Security Council coordinator, Brett McGurk, is obviously interested in the Saudi economy. We seek - with or without US assistance - strengthening the Kingdom's role in the global markets. Riyadh seized good investment opportunities in US stocks in 2020, and we will do the same when and where available.
Protests against the US administration is increasing due to segregation against African Americans, and recent abortion ruling. These issues will not support Biden in the next elections, and he will need all the help he can get.
Meanwhile, Saudi Arabia is moving steadily towards achieving its economic goals, including localizing technologies, and building strategic partnerships with friendly industrial nations.
*Saudi Economist
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