Tag Archives : economy

Prince Sultan: Tourism a major contributor to Saudi economy

Saudi Arabia enjoys economic and financial stability under the leadership of Custodian of the Two Holy Mosques King Abdullah, said Prince Sultan bin Salman, president of the Saudi Commission for Tourism and Antiquities (SCTA). He was speaking to newsmen at the Fifth G-20 Tourism Ministerial meeting in London on Monday. “Our country enjoys the benefits […]

GCC emerging as an attractive investment destination

JEDDAH – “GCC offers strategic advantages, such as availability of cheap energy and feedstock supply, low tax environment, well-developed infrastructure, growing population and increasing income levels, conducive for the development of various industries in the region. All these advantages if properly showcased could attract substantial investment flows from Indian corporates, who are looking to expand […]

Saudi tourists spent £78m in London in 2012

Initial estimates on foreign tourist purchases in London during this summer season are estimated to be worth £4 billion. Official statistics have not yet been disclosed. The contribution of Arab citizens to this figure is estimated to be worth £1.3 billion, says the British Commercial Association. The average spending of a Saudi tourist reached about […]

Saudi changes working week to Sun-Thurs – official statement

Saudi Arabia on Sunday said it was switching its official weekend to Friday and Saturday, bringing the kingdom’s working week in line with other members of the six-nation Gulf Cooperation Council. Saudi Arabia, the biggest Arab economy, had been the only Gulf Arab state to have a Thursday-Friday weekend after Oman shifted to a Friday-Saturday […]

Qatar has the highest density of millionaires in the world: report

Qatar has the world’s highest density of millionaires, with 143 out of every 1,000 households holding private wealth of at least $1mn, much higher than the global average, according to a report. Qatar also ranks fourth in the world by ultra-high-net-worth (UHNW) households, defined as households with more than $100mn in private wealth, with eight […]

Total assets of ‘Top 100’ Saudi firms rise 35% to SR 3.1 trillion

Total assets of ‘Top 100’ Saudi companies rose by 35 percent from SR 2.29 trillion in 2009 to SR 3.1 trillion in 2013, Al-Eqtisadiah business daily reported yesterday in its annual supplement on Top 100 Saudi companies. The report showed the turnover of companies rising by 40 percent from SR 484 billion in 2009 to […]

Real GDP to grow by 4.4% in 2013

Saudi Arabia’s real GDP is estimated to have expanded 6.8 percent in 2012, according to Global Investment House’s review of the Saudi economy. Following the record oil production seen in 2012, the government has resorted to strong fiscal stimulus measures and greater investment in infrastructure projects. However, GDP growth is expected to lower to 4.4 […]