Saudi Arabia’s King Salman receives 55th monetary authority’s annual report

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September 04, 2019

The report was presented to the king at Al-Salam Palace in Jeddah by Finance Minister Mohammed Al-Jadaan and SAMA Gov. Dr. Ahmed Alkholifey. (SPA)

  • The report reviewed economic and financial developments in the country during 2018
  • The king noted SAMA’s important role in serving the national economy

JEDDAH: King Salman on Wednesday received the 55th annual report of the Saudi Arabian Monetary Authority (SAMA), which reviewed economic and financial developments in the country during 2018.

The report was presented to the king at Al-Salam Palace in Jeddah by Finance Minister Mohammed Al-Jadaan and SAMA Gov. Dr. Ahmed Alkholifey. The king noted SAMA’s important role in serving the national economy.

Alkholifey reviewed key indicators in SAMA’s report, and said due to the state following balanced economic policies, the Saudi economy saw positive developments in most of its sectors in 2018.

Gross domestic product (GDP) at constant prices grew 2.4 percent against a 0.7 percent contraction in 2017.

The GDP of the oil sector increased by 3.1 percent, non-oil GDP grew by 2.2 percent, and prices remained stable with inflation at 2.5 percent.

The current account surplus in the Kingdom’s balance of payments increased significantly to SR265 billion ($70.6 billion), compared to a surplus of SR39 billion in 2017. Non-oil exports increased by 22 percent to reach SR236 billion.

The meeting was attended by Interior Minister Prince Abdul Aziz bin Saud bin Naif, Foreign Minister Ibrahim Al-Assaf and Tamim bin Abdul Aziz Al-Salem, assistant special secretary to the king.

Also on Wednesday, King Salman received Nasser Hamdy, who bid farewell to the monarch on the occasion of the end of his tenure as Egypt’s ambassador to Saudi Arabia.

This article was first published in Arab News

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