27/09/2017 13:26 AST

While the global economic growth rate declined from 3.4 percent in 2015 to 3.1 percent last year, the Kingdom’s economy grew by 1.7 percent, the Saudi Arabian Monetary Agency (SAMA) reported.

King Salman’s “wise leadership was keen on improving citizens’ standard of living, thus the pace of expenditure was maintained throughout the year, and our total spending reached SR830.5 billion ($221.45 billion),” said SAMA Gov. Dr. Ahmed bin Abdulkarim Alkholifey. “This contributed to mitigating the impact of declining oil prices on the local economy and government services.”

Alkholifey cited “several strategic initiatives to achieve a sustainable, adaptable and globally competitive economy with diversified production and sufficient job opportunities.” He added: “International experiences of economic reforms are proof that the vital and promising structural developments through which our national economy is going to need more time to accommodate, integrate and adapt its different sectors.”

Alkholifey cited various positive indicators, including total assets of commercial banks increasing by 2.2 percent to more than SR2.5 trillion; bank credit to the private and public sectors increasing by 2.8 percent to about SR1.4 trillion; and the banking sector’s profitability remaining high compared to global performance, with a return on assets of 1.8 percent and a return on equity of 12.6 percent by the end of 2016.

He said SAMA’s 53rd annual report showed that banks continued to provide modern and comprehensive financial services through diverse channels across the Kingdom.

“SAMA is focused on raising financial awareness and improving financial inclusion across Saudi Arabia. We hope this will contribute remarkably to diversifying the economy,” he said.

The Financial Sector Development Program, approved by the Council of Economic and Development Affairs, aims to increase the financial sector’s efficiency in supporting the development of the national economy, diversifying its income sources, and enhancing the sector’s ability to promote saving, financing and investing, Alkholifey added.

“In order to achieve this, we seek to empower financial institutions to support private sector growth,” he said.

“The program is also keen on building a sophisticated financial market, improving the saving system and financial planning, and enabling the sector to maintain harmony in achieving other strategic objectives, particularly the stability of the financial sector.”

Alkholifey said SAMA is working to fulfill its mission by meeting the needs of the national economy and achieving Vision 2030. King Salman commended the agency’s efforts to serve the economy.


Arab News

Ticker Price Volume
QNBK 137.00 383,958
SABIC 107.24 3,487,035
WALAA 33.83 185,831
EEC 15.63 1,130,282
FAB 11.35 5,131,655
PETRORABIGH 20.06 3,821,330
SECO 20.92 1,126,396
Innovative retailers still riding on VAT’s novelty

17/01/2018

The five per cent Value Added Tax (VAT) may be a given after its implementation on January 1, but innovative retailers are still pegging their promotions around it.

Brisk sales

Just

Gulf News

Sadara entered into a set of agreements with Al Fozan Group

17/01/2018

Sadara Basic Services Company, being indirectly owned 100% by Sadara Chemical Company (Sadara), announces that on 29/04/1439 (corresponding to 16 January 2018) Sadara entered into a set of agreements

Tadawul

Saudi government unveils largest ever budget for 2018

17/01/2018

The Saudi authorities have unveiled for 2018 their second consecutive expansionary budget, with spending set to rise by 5.6% next year to SR 978 billion ($260 billion) and revenues projected to incre

NBK Press Release

Personal relationships and recommendations key for brands in UAE:MEPRA

17/01/2018

An independent survey of more than 1,000 residents about how trust is built in products and services has highlighted that people still rely overwhelmingly on personal recommendations in the social me

Saudi Gazette

Economic cooperation on menu at Saudi-Pakistani Ministerial meeting

17/01/2018

The Saudi-Pakistan Joint Ministerial Commission (JMC) met in Islamabad on Tuesday to boost economic, investment and trade cooperation.

Attendees included senior officials from ministries of

Arab News