Saudi Arabia continued to implement broad economic and financial reforms in 2023, which reflected positively on economic growth rates, as well as on the ratings of credit rating agencies.
In an interview with Al-Arabiya Business, Dr. Nayef Al-Ghaith, chief economist at Riyad Bank, confirmed that GDP is expected to grow by about 4% in 2024, while expectations indicate that non-oil GDP will rise by about 5% during the same year.
Al-Ghaith added that the Kingdom's non-oil GDP is achieving significant growth, driven by mega projects such as NEOM, Qiddiya, and other projects, and spending policies.
He continued: There are many sectors that lead to the growth of non-oil domestic product, especially tourism, as well as the technology sector, which is expected to contribute positively to the growth of non-oil GDP.
He stressed that in general, such projects show results in the medium and long term, and will show greater results by the beginning of 2025, and growth in non-oil GDP may reach 6% in the near future.
Al-Ghaith pointed out that Saudi companies will not be affected much by interest rate fluctuations in America, in light of the growth achieved by the non-oil sector in the Kingdom.
The South Korean-owned automotive supplier, BC GEN Hungary Kft., has announced a new investment of HUF 21 billion, which will create 400 new jobs in Salgótarján. The announcement was made by Minister of Foreign Affairs and Trade Péter Szijjártó in Budapest on Tuesday.
In recent years, China has pivoted its investment strategy in Central Asia, particularly in Kazakhstan and Uzbekistan, towards renewable energy projects. Notably, agreements were signed in 2023 for Chinese companies to build substantial solar photovoltaic plants in multiple Uzbek regions, representing a total of $4 bn in investment.
Japan welcomed a record 17.78 million foreign visitors in the first half of 2024, the country’s tourism agency has said, as the weak yen helped drive tourist numbers above pre-pandemic levels.