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growth

HOW AI CAN DRIVE Economic DIVERSIFICATION

In a 2016 interview with al-Arabiya television, Saudi Arabia’s crown prince Mohammed bin Salman did not mince words when he said: “We have developed a case of oil addiction.” This is the central economic dilemma facing Saudi Arabia and the other oil-producing countries of the Middle East – their dependence…

THE ECONOMIC OUTLOOK FOR SAUDI ARABIA

Recent developments According to the World Bank, Saudi Arabia’s economy contracted moderately at 0.6 percent in 2017, as oil production was restrained in accordance with the OPEC+ agreement, and non-oil sector growth slowed in the wake of reduced public spending. Early data for 2018 suggests that non-oil gross domestic product…

GCC BANKS ACHIEVE 6% PROFIT GROWTH

The Boston Consulting Group’s (BCG) annual banking index, released last month, revealed that the GCC banking industry grew in 2017 at 2.3 percent, lower than in 2016. Growth stemmed almost exclusively from retail and corporate banking. While, there was a significant decline in revenue growth,the upside was that banks were…

DEVELOPING AN ENTREPRENEURSHIP ECOSYSTEM

In 2015, Saudi Arabia’s gross domestic product was estimated at SAR 597.3 billion ($159.3 billion). At that time, the World Bank’s Global Competitiveness Report (GCR) ranked the kingdom’s economy 25th out of 144 countries. The Saudi economy was characterised as one that was “transitioning” from “factor-driven” to “efficiency-driven,” a position…