On The 94th Saudi National Day…Sustainable Development

The kingdom is living at its peak during the reign of the custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Highness Crown Prince Mohammed bin Salman Al Saud, and thanks to Allah and then thanks to the godfather of the Vision “2030”, Prince Mohammed bin Salman, a number of historical achievements have been achieved at all economic, social and all other aspects of life.

Ninety-four years, nine decades during which countries have fallen to the bottom after the glory they have sung, cherished and held a high position, economies have collapsed, markets have collapsed, a decrease in GDP and disturbances in general economic indicators, but the reality since 2016, namely the announcement of the “vision of the Kingdom 2030″, with its axes of development and work from generation to generation and an important achievement of to reach the custodian of the Two Holy Mosques King Salman bin Abdulaziz, may God protect him, Prince Mohammed, the”vision of the kingdom2030”, and the guidance of her godfather, helped build and construction Development projects, a strong economy and a strong infrastructure are rising and continuing to give, so that development projects, a strong economy and a strong infrastructure are realized on the ground, and then large economic edifices are extended in all governorates, according to the highest international standards of construction and reconstruction in the heart of the desert, witnessed from far to near, connecting near and far and uniting all trends and patterns.

The kingdom is on its way to achieving more achievements, as the official data achieved during the second quarter of 2024 showed 8.5% for the gross domestic product of oil activities (fixed prices) (change on an annual basis), according to the General Authority for Statistics, and amounted to 4.4%؜, for the gross domestic product of non-oil activities (fixed prices) (change on an annual basis), according to the General Authority for Statistics, the inflation rate reached 1.7% (based on the annual change in the consumer price basket), according to the Central Bank of Saudi Arabia, and the unemployment rate for Saudis for the quarter the first year of 2024 was 7.6%, according to the General Authority for Statistics, and the participation of Saudi women in the labor market reached 35.8%, for the quarter The first of 2024, according to the General Authority for Statistics, non-oil commodity exports amounted to 3.3% (based on an annual change for the second quarter of 2024), according to the General Authority for Statistics, and the percentage of home ownership for Saudis reached 60% for the first quarter of 2024, according to the General Authority for Statistics.

At the international level, the kingdom of Saudi Arabia has recorded qualitative leaps at the global level, achieving advanced ranks in the indicators of flexible working arrangements, ease of finding skilled employees in the labor market, and equal wages for similar work between the sexes, according to reports issued by the World Economic Forum ( WEF) for the year 2024. The kingdom of Saudi Arabia has achieved the 16th place globally out of 67 countries that are the most competitive in the world according to the report of the annual book of global competitiveness, issued by the Global Competitiveness Center of the International Institute for administrative development (IMD), which is one of the main competitiveness reports monitored and analyzed by the National Competitiveness Center in coordination with the relevant government agencies.

The kingdom advanced one rank in the 2024 edition, supported by the improvement of business legislation and infrastructure, which made it ranked 4th among the group of twenty countries, where it advanced in the business efficiency axis from 13th to 12th place, while maintaining its previous rank of 34 in the infrastructure axis, and remained in the top twenty ranks in economic performance and government efficiency.

Standard & Poor’s also confirmed its credit rating of the kingdom in local and foreign currency at -1 A/A, while adjusting the outlook from stable to positive.

The agency explained in its September 2024 report that its confirmation of the kingdom’s credit rating with a positive outlook comes as a result of the kingdom’s continued efforts in comprehensive reforms and investments, which will contribute to supporting the development of the non-oil economy and the sustainability of public finances.

The agency pointed out that it expects an upward growth of the non-oil sector in the kingdom in the medium term as a result of the continued implementation of the initiatives of Saudi Vision 2030, while prioritizing the acceleration of major infrastructure projects in order to ease the pressure on public finances.

The agency predicted that the kingdom’s GDP will continue to grow during the years 2024-2027 based on the noticeable growth in investments in the non-oil sector, high consumption rates, in addition to its expectation that the kingdom will emerge in the long term as a more diversified economy, with more job opportunities for young people.

The kingdom of Saudi Arabia climbed 25 ranks in the United Nations e-Government Development Index 2024, to the fourth place globally, the first regionally and the second on the group of twenty countries in the digital services index.

According to a statement issued by the digital authority on Tuesday, September 17, 2024, the kingdom also achieved the seventh place in the e-participation index, and the city of Riyadh achieved the third place among 193 cities around the world.

The report praised the great development of the kingdom of Saudi Arabia in the field of digital government, as it achieved the sixth place globally, and the kingdom has witnessed during the past years qualitative investments since the launch of the Saudi Vision 2030.

In memory of the 94th Saudi national day… I extend my highest congratulations to the custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Highness Crown Prince Mohammed bin Salman, our dreams transcend the aspirations of the wise leadership, so we raise our economy to the ladder of glory and sovereignty, achieving with our determination pioneering achievements in the fields of markets and economies with pride and ambition consistent with Vision 2030.