The impact of the holiday season on the economy

During three centuries, the kingdom has gone through many turns, and it withstood the unrest that prevailed on the Arabian Peninsula at that time until it established unity, stability and security, and dedicated inspiring stories to history in its development and progress, and what it has reached today of Prosperity, a solid economy and a firm identity.

Saudi Arabia is celebrating the twenty-second of February on Foundation Day, whose story began three centuries ago and is still being actively continued by the descendants who have succeeded in achieving a strong breakthrough since the inauguration of Crown Prince Mohammed bin Salman’s “vision of the Kingdom 2030”.

In a few years, the kingdom was able to reserve a place among the major and emerging economies, and this is confirmed by the statistics of international organizations, and Saudi Arabia’s ranking among the countries in many indicators, even the director of the International Monetary Fund said at the Davos forum 2023, “when I visited Saudi Arabia, I was surprised by the level of progress achieved by the kingdom in the implementation of Vision 2030, and it has become a bright spot for the global economy and the economy of the region, and this is happening in difficult times for the global economy.

The Saudi economy witnessed key events during 2023, starting with the policy of reducing production, winning the hosting of the expo, hosting the 2034 World Cup, and ending with tax exemptions to attract the headquarters of international companies.

Saudi Arabia continued its progress in the competitiveness indicators related to the financial market, achieving the third place among the most competitive countries at the level of twenty countries, according to the annual book of global competitiveness issued by the competitiveness center of the Institute of Administrative Development for 2023, and the Kingdom recorded a significant leap in the global transportation and logistics services system after climbing 17 ranks in the logistics index issued by the World Bank.

Saudi Arabia has managed to attract more than 180 regional headquarters of international companies to exceed the government’s targets set at 160 regional headquarters of international companies by the end of 2023, and “lucid” company for the manufacture of electric cars has launched its factory in King Abdullah Economic City in Rabigh governorate (western Saudi Arabia), and will start producing about 5 thousand vehicles to gradually reach 150 thousand.

As a result of these achievements, a number of credit rating agencies, the IMF and the World Bank announced raising expectations for the growth of the Saudi economy, as the IMF said: the Saudi economy is witnessing a transformation as a result of the ongoing reforms to reduce dependence on oil, diversify sources of income and enhance competitiveness, while Fitch agency raised its credit rating of Saudi Arabia to “A” with a stable outlook reflecting its financial strength and the size of its sovereign assets.

At an important economic event, Energy Minister Prince Abdulaziz bin Salman announced new natural gas discoveries in the eastern province and the Empty Quarter of the Kingdom, and revealed the operation of the first hydrogen-powered train in the Middle East.

As for the global energy markets, the Saudi government decided to voluntarily reduce its production by 1.5 million barrels per day to the level of 9 million barrels per day, after the “OPEC plus” meeting, in the Swiss capital Vienna, in a step to support the global oil markets and protect producers and consumers alike from damage

Saudi Arabia launched the second phase of the business visit visa service “visiting investor” electronically to include all countries of the world, thus opening the way for all investors to enter and seize the opportunities available in the local market, and thanks to government measures and measures, the country was able to control the inflation rate to continue to decline gradually since the beginning of 2023 until last October, in which it recorded the lowest level for almost two years at 1.6%, on an annual basis.

The kingdom has a strong and growing economy, which is one of the best economies in the Middle East, and the state always seeks in its development plans to diversify the economic base, in order to reduce dependence on oil as a major resource for the national economy.

From a fat day … The economy of the kingdom of Saudi Arabia continues the March of progress and sustainable development, and the state always seeks in its development plans to diversify the economic base and diversify the sources of its economic production, and support the growth of the private sector in order to reduce dependence on oil as a major resource for the national economy, and provide job opportunities for Saudi youth by enhancing the contributions of the private sector, and attracting foreign capital to support investment projects, as well as the kingdom wants to strengthen its competitive position among the countries of the world, so it considers sustainable development a key strategic option.

These successes did not come from a vacuum, but from a deep belief in the possibilities that the kingdom possesses, and the strengths of the Saudi economy, where Saudi Arabia faced development challenges and provided possible solutions, implemented through important economic reforms, and implemented these reforms by His Excellency Crown Prince Mohammed bin Salman with his team within Special standards.

The beginnings are always difficult, but what the Saudi economy has reached today indicates other positive changes in the future.