Saudi Arabia's economy has contracted 4.8% year-on-year in the second quarter, according to flash estimates, highlighting the kingdom's continued dependence on oil revenues despite years of economic diversification efforts.

The decline was driven primarily by a 24.7% drop in oil-related activities, while non-oil sectors provided only limited support. The latest figures come as geopolitical tensions across West Asia continue to influence oil production, energy markets, and global supply chains.

Although Saudi Arabia's Vision 2030 aims to reduce reliance on hydrocarbons, the latest GDP data underscores the challenges of transforming an economy still heavily tied to crude oil exports.

Saudi Arabia's Economy Shrinks 4.8% as Oil Slump and West Asia Tensions Weigh on Growth

Saudi Arabia held the third edition of its annual artificial intelligence themed event... Indicating the oil-rich country's strong embrace of AI.

Vision 2030: AI summit in Saudi Arabia

Eight years since the Arab kingdom undertook an ambitious project to overhaul and diversify the Saudi economy, the country is struggling to keep the project afloat and meet the 2030 deadline. Why is the oil-rich nation's mega project in trouble?

Saudi Arabia: Is the crown prince's 'Vision 2030' fading under fund crunch?

According to a person acquainted with the situation, Wall Street powerhouse Goldman Sachs has secured a license to locate its regional headquarters in Saudi Arabia's capital, Riyadh.

The strategic move by Goldman Sachs follows the Saudi cabinet's recent ratification of new legislation aimed at increasing foreign investment in the kingdom. Under the new regulations, organizations that do not establish a regional headquarters in Saudi Arabia risk losing access to lucrative government contracts. Firms that set up shop in the kingdom, on the other hand, qualify for tax breaks.

The decision is consistent with Crown Prince Mohammed bin Salman's ambitious Vision 2030 strategy, which aims to diversify the Saudi economy away from its reliance on oil. Attracting big financial firms such as Goldman Sachs is an important part of this approach.

The move taken by Goldman Sachs highlights Riyadh's growing importance as a financial hub in the Middle East. Goldman Sachs is preparing to capitalise on the kingdom's economic changes and increasing investment prospects by establishing a regional headquarters in Saudi Arabia.

(With inputs from Reuters)

According to a person acquainted with the situation, Wall Street powerhouse Goldman Sachs has secured a license to locate its regional headquarters in Saudi Arabia's capital, Riyadh.

According to a person acquainted with the situation, Wall Street powerhouse Goldman Sachs has secured a license to locate its regional headquarters in Saudi Arabia's capital, Riyadh. The strategic move by Goldman Sachs follows the Saudi cabinet's recent ratification of new legislation aimed at increasing foreign investment in the kingdom. Under the new regulations, organizations that do not establish a regional headquarters in Saudi Arabia risk losing access to lucrative government contracts. Firms that set up shop in the kingdom, on the other hand, qualify for tax breaks. The decision is consistent with Crown Prince Mohammed bin Salman's ambitious Vision 2030 strategy, which aims to diversify the Saudi economy away from its reliance on oil. Attracting big financial firms such as Goldman Sachs is an important part of this approach. The move taken by Goldman Sachs highlights Riyadh's growing importance as a financial hub in the Middle East. Goldman Sachs is preparing to capitalise on the kingdom's economic changes and increasing investment prospects by establishing a regional headquarters in Saudi Arabia. (With inputs from Reuters)

Goldman Sachs receives license to establish regional headquarters in Riyadh

As part of Vision 2030, Saudi Arabia is undergoing a major transformation. To diversify its economy Saudi Arabia now seeks to position itself as one of the most happening tourist destinations in the world. By 2030, Saudi Arabia wants to attract 100 million tourists. So, what changes has Saudi Arabia brought in? Alhasan Aldabbagh, President – APAC, Saudi Tourism Authority sat down with Mohammed Saleh for an exclusive chat.

100 million tourists to visit Saudi Arabia by 2030 | Alhasan Aldabbagh speaks to WION

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter.

According to the latest Saudi government data, the economy grew by 3.9 percent in the first three months of 2023. In the preceding quarter (October-December 2022), the economy grew at 5.5 percent.&nbsp;

However, the Saudi government's plan to diversify its predominantly oil-based economy has got a further boost. Non-oil activities grew by 5.8 percent in the first quarter of 2023 compared to last year.&nbsp;In the same period, oil activities grew only by 1.3 percent.&nbsp;

Saudi Arabia has been aiming to diversify its economy by reducing its focus on oil-related activities.

As part of Saudi Vision 2030, the country aims to diversify non-oil exports and increase its share in the non-oil GDP from 16 percent to 50 percent in 2030.&nbsp;Finance, insurance, other business services, transport and communication, non-oil manufacturing and agriculture are the key components of Saudi Arabia's push for a non-oil economy.&nbsp;

The increased push towards&nbsp;the non-oil sector is largely influenced by the volatile nature of oil as a commodity. Oil prices are prone to global economic and political volatility, as seen during the ongoing Ukraine war and global economic slowdown.

Meanwhile, Saudi Arabia also reported a deficit of $770 million in the first three months of 2023, as the government increased spending by nearly 30 percent, largely due to the expenditure on salaries and economic diversification projects.&nbsp;

However, higher non-oil revenues drove Saudi Arabia's income in 2023. Non-oil revenues rose by 9 percent while oil revenues fell by 3 percent in the first three months of 2023 due to lower crude prices.&nbsp;

This is in contrast to last year, when surging oil prices boosted revenue for Saudi Arabia This also led to the its first budget surplus in almost 10 years.

The budget deficit is also reflective of the International Monetary Fund's projection that the Saudi Arabian economy will grow at just 3.1 percent this year, down from 8.7 percent last year, as global crude oil prices remain below the $80 per barrel.&nbsp;

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.9 percent in the first three months of 2023. In the preceding quarter (October-December 2022), the economy grew at 5.5 percent. However, the Saudi government's plan to diversify its predominantly oil-based economy has got a further boost. Non-oil activities grew by 5.8 percent in the first quarter of 2023 compared to last year. In the same period, oil activities grew only by 1.3 percent. Saudi Arabia has been aiming to diversify its economy by reducing its focus on oil-related activities. As part of Saudi Vision 2030, the country aims to diversify non-oil exports and increase its share in the non-oil GDP from 16 percent to 50 percent in 2030. Finance, insurance, other business services, transport and communication, non-oil manufacturing and agriculture are the key components of Saudi Arabia's push for a non-oil economy. The increased push towards the non-oil sector is largely influenced by the volatile nature of oil as a commodity. Oil prices are prone to global economic and political volatility, as seen during the ongoing Ukraine war and global economic slowdown. Meanwhile, Saudi Arabia also reported a deficit of $770 million in the first three months of 2023, as the government increased spending by nearly 30 percent, largely due to the expenditure on salaries and economic diversification projects. However, higher non-oil revenues drove Saudi Arabia's income in 2023. Non-oil revenues rose by 9 percent while oil revenues fell by 3 percent in the first three months of 2023 due to lower crude prices. This is in contrast to last year, when surging oil prices boosted revenue for Saudi Arabia This also led to the its first budget surplus in almost 10 years. The budget deficit is also reflective of the International Monetary Fund's projection that the Saudi Arabian economy will grow at just 3.1 percent this year, down from 8.7 percent last year, as global crude oil prices remain below the $80 per barrel.

Saudi Arabia's economy grew slower in 2023 but non-oil sector got a boost

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close.

After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history.

Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel.

In its newly released 658-page prospectus, Aramco said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

"The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said.

The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks.

Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion.

The prospectus said the offering period will start on Sunday, November 17, ending on November 28 for individual investors and on December 4 for institutional investors.

The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close.

"Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date.

Aramco is the world's most profitable company and last year posted $111.1 billion in net profit.

In the first nine months of this year, Aramco's net profit dropped 18 per cent to $68.2 billion.

At the end of last year, Saudi reserves in the fields the company operates consisted of 336.2 billion barrels of oil equivalent, including 261.5 billion barrels of crude oil and condensate, 36.1 billion barrels of NGLs and 233.8 trillion standard cubic feet of natural gas, Aramco said.

The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman's "Vision 2030," aimed at leading the world's biggest crude exporter away from oil.

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close.

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history. Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel. In its newly released 658-page prospectus, Aramco said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals. The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later. "The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares," the prospectus said. The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks. Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion. The prospectus said the offering period will start on Sunday, November 17, ending on November 28 for individual investors and on December 4 for institutional investors. The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close. "Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date. Aramco is the world's most profitable company and last year posted $111.1 billion in net profit. In the first nine months of this year, Aramco's net profit dropped 18 per cent to $68.2 billion. At the end of last year, Saudi reserves in the fields the company operates consisted of 336.2 billion barrels of oil equivalent, including 261.5 billion barrels of crude oil and condensate, 36.1 billion barrels of NGLs and 233.8 trillion standard cubic feet of natural gas, Aramco said. The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman's "Vision 2030," aimed at leading the world's biggest crude exporter away from oil.

Saudi Aramco stock offering to launch November 17

Unveiling the development vision for the next decade, the government on Friday said it would focus on <a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">10 key areas including job creation</a>, physical and social infrastructure building, pollution-free nation and clean rivers.

Presenting the Budget 2019-20, Finance Minister Piyush Goyal laid out vision for 10 most important dimensions in 2030.

<a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">Also Read: Big takeaways from Union Budget 2019</a>

"The first dimension of this vision will be to build physical as well as social infrastructure for a $10-trillion economy and to provide ease of living," he said.

It will comprise, he said, next-generation infrastructure of roads, railways, seaports, airports, urban transport, gas and electric transmission and inland waterways.

On the social infrastructure side, Goyal said every family will have a roof over its head and will live in a healthy, clean and wholesome environment.

"We will also build quality, science-oriented educational system with institutes of excellence providing leadership at the top," he said.

The other dimensions of the visions include creating a <a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324">Digital India reaching every sector </a>of the economy; making India a pollution-free nation; expanding rural industrialisation using modern digital technologies to generate massive employment; space; and clean rivers.

Elaborating on rural industrialisation, he said this would be built upon the Make in India approach to develop grassroots-level clusters, structures and mechanisms encompassing the MSMEs, village industries and start-ups spread in the country.

The fifth dimension of the Vision for India 2030 is clean rivers, with safe drinking water to all Indians and efficient use of water in irrigation using micro-irrigation techniques.

"Our coastline and our ocean waters powering India's development and growth is the sixth dimension of our vision," he said, adding that making India self-sufficient in food, exporting to the world to meet their food needs and producing food in the most organic way is the eighth dimension.

"High farm production and productivity will be achieved through modern agricultural practices and value addition. An integrated approach towards agro and food processing, preservation, packaging and maintenance of the cold chain will be our focus of attention," he added.

Further, he said that by 2030, the government will work towards a distress-free healthcare and a functional and comprehensive wellness system for all.

"Our India of 2030 will have a proactive and responsible bureaucracy which will be viewed as friendly to people," the minister said.

With this comprehensive 10-dimensional Vision, "we will create an India where poverty, malnutrition, littering and illiteracy would be a matter of the past. India would be a modern, technology-driven, high growth, equitable and transparent society," the minister said.

Unveiling the development vision for the next decade, the government on Friday said it would focus on 10 key areas including job creation, physical and social infrastructure building, pollution-free nation and clean rivers.

Unveiling the development vision for the next decade, the government on Friday said it would focus on 10 key areas including job creation, physical and social infrastructure building, pollution-free nation and clean rivers. Presenting the Budget 2019-20, Finance Minister Piyush Goyal laid out vision for 10 most important dimensions in 2030. Also Read: Big takeaways from Union Budget 2019 "The first dimension of this vision will be to build physical as well as social infrastructure for a $10-trillion economy and to provide ease of living," he said. It will comprise, he said, next-generation infrastructure of roads, railways, seaports, airports, urban transport, gas and electric transmission and inland waterways. On the social infrastructure side, Goyal said every family will have a roof over its head and will live in a healthy, clean and wholesome environment. "We will also build quality, science-oriented educational system with institutes of excellence providing leadership at the top," he said. The other dimensions of the visions include creating a Digital India reaching every sector of the economy; making India a pollution-free nation; expanding rural industrialisation using modern digital technologies to generate massive employment; space; and clean rivers. Elaborating on rural industrialisation, he said this would be built upon the Make in India approach to develop grassroots-level clusters, structures and mechanisms encompassing the MSMEs, village industries and start-ups spread in the country. The fifth dimension of the Vision for India 2030 is clean rivers, with safe drinking water to all Indians and efficient use of water in irrigation using micro-irrigation techniques. "Our coastline and our ocean waters powering India's development and growth is the sixth dimension of our vision," he said, adding that making India self-sufficient in food, exporting to the world to meet their food needs and producing food in the most organic way is the eighth dimension. "High farm production and productivity will be achieved through modern agricultural practices and value addition. An integrated approach towards agro and food processing, preservation, packaging and maintenance of the cold chain will be our focus of attention," he added. Further, he said that by 2030, the government will work towards a distress-free healthcare and a functional and comprehensive wellness system for all. "Our India of 2030 will have a proactive and responsible bureaucracy which will be viewed as friendly to people," the minister said. With this comprehensive 10-dimensional Vision, "we will create an India where poverty, malnutrition, littering and illiteracy would be a matter of the past. India would be a modern, technology-driven, high growth, equitable and transparent society," the minister said.

Budget 2019: Modi government's vision for India 2030 focuses on 10 key areas

Weeks ahead of Saudi Arabia is to lift the ban from women driving, seven women's rights activists were arrested on Saturday by the authorities.

The reason for the arrest is not cleared yet but media reports quoted activists saying that it was an attempt to silence the voices of women. However, the state's new channel has reported that arrests were made for allegedly working with foreign powers.

According to media reports, pro-government media outlets&nbsp;have also posted their photos and accused them of being "traitors".

Seven people who have been arrested include two-man -- Loujain al-Hathloul and Eman ak-Nafjan -- also all of them have raised their voices against the woman driving ban in past.

Another two woman activists, Nagjan and&nbsp;Hathloul have also been detained. Hathloul has been detained twice in the past. In 2014 she was detained after she attempted to drive across the border from the United Arab Emirates.

She was again briefly arrested for several days in 2017.

Among the various other reforms under the leadership of Crown Prince Mohammed bin Salman under his vision 2030, Saudi Arabia announced to lift the ban from women driving in September 2017. It will come into effect from June 2 and will allow women to drive cars, motorcycles and trucks.

Women drivers involved in road accidents traffic violations will be dealt&nbsp;at special centres established and run by women officials, noted an AFP report.

The vision 2030 is set to reduce the kingdom's dependence on oil and to diversify the economy and to also open up Saudi society.

Following these reforms, first film theatre was also opened in Riyadh, Saudi after a decade-long ban on theatres. Under which&nbsp;Saudi Arabia has reportedly planned to set up around 350 cinemas with over 2,500 screens by 2030 in hope to attract $1 billion through annual ticket sales.

Women are also allowed to join military services except the combat roles. The reforms have also allowed women to start their own business without taking permission from their husband or their guardian.

The reason for the arrest is not cleared yet but media reports quoted activists saying that it was an attempt to silence the voices of women

Weeks ahead of Saudi Arabia is to lift the ban from women driving, seven women's rights activists were arrested on Saturday by the authorities. The reason for the arrest is not cleared yet but media reports quoted activists saying that it was an attempt to silence the voices of women. However, the state's new channel has reported that arrests were made for allegedly working with foreign powers. According to media reports, pro-government media outlets have also posted their photos and accused them of being "traitors". Seven people who have been arrested include two-man -- Loujain al-Hathloul and Eman ak-Nafjan -- also all of them have raised their voices against the woman driving ban in past. Another two woman activists, Nagjan and Hathloul have also been detained. Hathloul has been detained twice in the past. In 2014 she was detained after she attempted to drive across the border from the United Arab Emirates. She was again briefly arrested for several days in 2017. Among the various other reforms under the leadership of Crown Prince Mohammed bin Salman under his vision 2030, Saudi Arabia announced to lift the ban from women driving in September 2017. It will come into effect from June 2 and will allow women to drive cars, motorcycles and trucks. Women drivers involved in road accidents traffic violations will be dealt at special centres established and run by women officials, noted an AFP report. The vision 2030 is set to reduce the kingdom's dependence on oil and to diversify the economy and to also open up Saudi society. Following these reforms, first film theatre was also opened in Riyadh, Saudi after a decade-long ban on theatres. Under which Saudi Arabia has reportedly planned to set up around 350 cinemas with over 2,500 screens by 2030 in hope to attract $1 billion through annual ticket sales. Women are also allowed to join military services except the combat roles. The reforms have also allowed women to start their own business without taking permission from their husband or their guardian.

Saudi Arabia detains seven activists ahead of lifting of driving ban

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