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Saudi Arabia and the Development of Africa The Media Line Staff Al-Jazirah, Saudi Arabia, May 22 The Kingdom of Saudi Arabia has a leading role in advancing development in developing countries in general, and African countries in particular. It is a role derived not from political or financial interests, but rather from a sense of responsibility toward countries that need help – even if those countries aren’t politically aligned with Riyadh. The kingdom’s pioneering role isn’t limited merely to financial aid; Saudi Arabia also engaged in diplomatic and political efforts aimed at solving systemic issues that hinder stability, development, and public health. Following the Summit on the Financing of African Economies held in Paris last week, the kingdom affirmed its leadership role in advancing the development of African nations, and its keenness to support international efforts directed at fostering security and stability in the African continent. In his addres ....
RIYADH: The International Monetary Fund’s (IMF) projection that the Saudi Arabian economy will rise by almost 5 percent next year, as a result of the Kingdom’s decisive handling of the coronavirus pandemic, has been welcomed by economic experts. “The authorities responded quickly and decisively to the COVID-19 crisis. Reforms under Vision 2030 have played a key role in helping the economy navigate the pandemic,” the fund said. The IMF estimated that the Saudi gross domestic product (GDP) will grow by 2.1 percent in 2021 and by 4.8 percent in 2022, adding that “the economic recovery is ongoing, the unemployment rate has fallen, and consumer price inflation is easing.” ....
RIYADH: Foreign investment in Saudi Arabia passed the SR2 trillion ($0.53 trillion) mark for the first time at the end of 2020, despite the financial impact of the COVID-19 pandemic. The total value of investments from overseas rose 9 percent year-on-year, or SR173.3 billion, in 2020, from SR1.833 trillion at the end of 2019, according to data from the Saudi Central Bank (SAMA). Fadhel Al-Buainain, a member of the Shoura Council, said that the milestone was remarkable and reflected the attractiveness of the Saudi market. He attributed the growth to the success of government programs designed to diversify the investment opportunities on offer and the legislative processes put in place to support and nurture the Kingdom’s investment ecosystem. ....
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