Saudi Industrial Sector Plays Wider Role in Economic Growth

Spread the info

Time: July 04, 2018

Positive growth witnessed in Saudi Arabia’s industrial sector for 2018’s first quarter is considered a milestone marking large contribution to the Kingdom’s non-oil sector.

Official data released by the Saudi General Authority for Statistics reveal the great contribution made by economic activities in the growth of the non-oil sector, where most of the growth was brought about by improved non-oil industry and mining.

Both non-oil industry and mining sectors grew by 4.6 percent and 6.3 percent respectively, and both are expected to lead further growth in the future. Such progress is in line with the Kingdom Vision 2030 which is anchored in diversifying the national economy.

The Saudi Industrial Fund launched over 40 initiatives in its new strategy for being the lead contributor to industrial transformation in the Kingdom by providing integrated financial and advisory products and services that meet investor needs.

Saudi Industrial Development Fund Director-General Ibrahim bin Saad Al-Mujal, in an open meeting for industrialists in the Jeddah Chamber of Commerce on Tuesday, reviewed the project on developing the Fund’s strategy for achieving core objectives of the Kingdom’s Vision 2030.

He stressed the Fund’s role in advancing industrial development by financing projects, providing studies and consulting services, supporting and managing various programs aimed at developing the industrial system for a sustainable development in the Kingdom.

Mujal pointed out that improving the efficiency of loan procedures is one of the Fund’s priorities, and is expected to empower and support small and medium size enterprises.

In this regard, the Energy Ministry is looking at broader prospects for developing the national industrial sector, which will make the contribution of this sector to the national economy deeper and stronger in the coming stage.

The Saudi economy, the largest in the Middle East, has succeeded in achieving positive growth in the first quarter of 2018, set at 1.2 percent, in testimony to the feasibility of economic reforms to diversify the economy and reduce oil dependence.

The Saudi GDP rose by 1.2 percent at the end of the first quarter of 2018, reaching 647.8 billion riyals ($172.7 billion), compared to a 640.4 billion riyals ($170.7 billion) in 2017.

Non-oil GDP rose by 1.6 percent by the end of the first quarter of 2018, standing at 371.02 billion riyals ($98.9 billion).

The GDP of the oil sector rose 0.6 percent to 273.3 billion riyals ($72.8 billion) in the first quarter of 2018 compared to 271.6 billion riyals ($72.4 billion) in the first quarter of 2017.

This article was first published in Asharq Al-Awsat 

If you want more interesting news or videos of this website click on this link Asharq Al-Awsat Home 


Spread the info