Saudi Arabia has announced investments worth more than SR700 billion to contribute to the development of the green economy, create quality job opportunities, and provide huge investment opportunities for the private sector, the Saudi gazette reported.
According to the Minister of Finance Mohammed Al-Jadaan, the Kingdom’s government has been able to control inflation rates at lower levels compared to most countries in the world.
“The average inflation rate until July of this year was about 2.1 percent compared to the same period last year, thanks to the policies adopted by the government, Al-Jadaan said.
The minister added the Kingdom’s economy has “emerged stronger than ever,” especially as non-oil sector grew by 5.4 percent, in the second quarter of 2022 compared to the same period last year.
Saudi Arabia’s GDP also grew by 11.8 percent, the minister said, adding global challenges during the past two years, have “proven the effectiveness of the Kingdom’s vision, especially in the face of shocks.”
The challenges were dealt with “thanks to the huge infrastructure investments that enabled business continuity, in addition to the speed of response and decision-making, which contributed significantly to providing the right support at the right time, including launching stimulus packages and activating support tools for the citizens and the private sector, believing in its importance,” Al-Jadaan said.
The Kingdom aims to raise its contribution to the GDP to 65 percent by 2030.
According to the International Monetary Fund (IMF), the Kingdom’s GDP growth is expected to reach 7.6 percent as well.
“Al-Jadaan indicated that the Kingdom is still continuing to implement the vision programs, and is continuing its reforms and expanding the economic base,” the gazette said, adding sustainable economy and green transformation have a special place in Vision 2030.
“Saudi Arabia is moving forward at an accelerating pace towards facing the challenges of climate change, as it made clear commitments to achieve zero emissions neutrality by 2060,” the minister said.
The Kingdom has a package of initiatives launched, and will contribute to reducing carbon emissions by more than 278 million tons annually.
“Al-Jadaan noted the decrease in the unemployment rate among Saudis to its lowest level, reaching about 10.1 percent during the first quarter of 2022, compared to about 11.0 percent during the fourth quarter of the year 2021, and this rate is the lowest during the past ten years,” the gazette said.
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