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Saudi non-oil sector to drive 3.5% annual GDP growth through 2028: S&P Global 

Saudi non-oil sector to drive 3.5% annual GDP growth through 2028: S&P Global 
S&P Global recently noted that Ƶ’s Vision 2030 program is transforming the country’s economic landscape. Shutterstock
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Saudi non-oil sector to drive 3.5% annual GDP growth through 2028: S&P Global 

Saudi non-oil sector to drive 3.5% annual GDP growth through 2028: S&P Global 

RIYADH: Ƶ’s non-oil sector is expected to contribute up to 3.5 percent annually to the Kingdom’s gross domestic product growth between 2025 and 2028, according to an expert from S&P Global. 

In an interview with Asharq Al-Awsat, Hina Shoeb, head of analytics, cross practice ratings at S&P Global Ƶ, said that this growing contribution will be supported by both government and private investments in sectors such as real estate, tourism, and infrastructure. 

This comes as Ƶ’s real GDP grew 3.9 percent in the second quarter, driven by strong non-oil activity that extended its growth streak to 18 consecutive quarters.

Non-oil sectors rose 4.6 percent year on year in April–June, highlighting the Kingdom’s rapid economic diversification. 

She added that the growth of the non-oil sector aligns with the continued economic momentum in the country, resulting from Vision 2030 reforms, which aim to enhance economic diversification and reduce dependence on oil revenues. 

“Non-oil sectors have become a major driver of economic activity in the Kingdom, supported by housing programs, mortgage financing, and the expansion of mega-projects,” Shoeb told Asharq. 

The S&P official added that the economy in the Kingdom is moving toward a sustainable transformation driven by long-term investment spending. 

In August, the International Monetary Fund highlighted the resilience of the Saudi economy, stating that the Kingdom will see GDP growth of 3.6 percent in 2025, accelerating to 3.9 percent in 2026. 

Earlier this month, S&P Global noted that Ƶ’s Vision 2030 program is transforming the country’s economic landscape by creating substantial growth opportunities in the corporate sector and spurring project financing in infrastructure. 

The report added that non-oil activity is expected to contribute approximately 57 percent of GDP in 2025, with this share rising when oil prices decline and falling when they increase. 

In May, Ƶ’s General Authority for Statistics reported that GDP grew 2.7 percent year on year in the first quarter, driven by strong non-oil activity. 

Commenting on these figures at that time, Minister of Economy and Planning Faisal Alibrahim, who chairs GASTAT’s board, said the contribution of non-oil activities reached 53.2 percent of the Kingdom’s economic output — up 5.7 percent from previous estimates. 

He added that Ƶ’s economic outlook remains positive, supported by structural reforms and high-quality, state-led projects across multiple sectors. 


Kuwait Fund signs $26m loan agreements with Belize and Saint Lucia 

Kuwait Fund signs $26m loan agreements with Belize and Saint Lucia 
Updated 14 October 2025

Kuwait Fund signs $26m loan agreements with Belize and Saint Lucia 

Kuwait Fund signs $26m loan agreements with Belize and Saint Lucia 

RIYADH: Major road infrastructure projects in Belize and Saint Lucia will get a boost after the Kuwait Fund for Arab Economic Development signed two concessional loans totaling 8 million Kuwaiti dinars ($25.6 million).

The agreements, each valued at 4 million dinars ($12.8 million), were signed on the sidelines of the World Bank and IMF Annual Meetings in Washington and will co-finance key highways in both countries, the Kuwait News Agency reported. 

The Belize project forms part of a broader national infrastructure program with a total cost of approximately $42.7 million.  

“Under the first agreement, KFAED will provide the government of Belize with a loan of KD4 million ($12.8 million) to contribute to financing the George Price Highway (Belmopan-La Democracia Section) project,” KFAED said in a statement. 

The 4-million-dinar loan will finance the government’s contribution to the project, with implementation expected to be completed by 2028. The project aims to enhance road safety, reduce congestion, and improve climate resilience.  

Christopher Coye, minister of state in Belize’s Ministry of Finance, Economic Development and Investment, signed the agreement with Acting Director General Waleed Al-Bahar.

Coye noted that the highway is one of the most important transport arteries in the country, and the project will improve access, reduce travel time, and support commerce. 

In Saint Lucia, the loan will support the Millennium Highway and West Coast Road Project, which links the capital Castries with the southern city of Soufriere, and is frequently affected by flooding and traffic delays.  

The project’s total estimated cost is approximately $47 million. The 4-million-dinar loan from Kuwait complements other financing provided by the Saudi Fund for Development and the OPEC Fund. 

The upgrade will reduce vehicle operating costs, improve traffic flow, and increase resilience to environmental conditions. 

KFAED stated that both loans are structured over a 21-year term, including a five-year grace period. They carry an annual interest rate of 1.5 percent and a 0.5 percent service fee.  

The Belize project supports Sustainable Development Goals 11 and 17, while the Saint Lucia project contributes to SDGs 9, 11, and 13. 

The recent agreements with Belize and Saint Lucia are part of a broader push by the KFAED to expand its development financing portfolio across multiple sectors and regions.  

In September, the fund signed a $20 million loan agreement with Liberia to rehabilitate a 65-km stretch of road between Konia and Voinjama, aimed at enhancing regional connectivity. 

In the same period, Jordan secured a $38.3 million loan from KFAED to construct 12 new public schools across several governorates. 


Saudi mineral exploration spending at double Vision 2030 goal

Saudi mineral exploration spending at double Vision 2030 goal
Updated 14 October 2025

Saudi mineral exploration spending at double Vision 2030 goal

Saudi mineral exploration spending at double Vision 2030 goal

RIYADH: Ƶ’s mineral exploration spending has jumped to SR487 ($130) per sq. km, more than double its Vision 2030 target of SR200, signaling the Kingdom’s push to become a global mining hub, a senior official said. 

In an interview with Saudi newspaper Al-Eqtisadiah, Abdullah Al-Shamrani, CEO of the Saudi Geological Survey, said the Kingdom’s mineral exploration expenditure index has risen 600 percent over the past seven years.  

He attributed the jump to an accelerated geological survey and exploration program in the Arabian Shield, supported by government funding and matched by private sector investment. 

“In 2018, the exploration spending index in Ƶ was about SR80 per sq. km, while the Vision’s target was to raise the index to SR200 per sq. km,” Al-Shamrani told Al-Eqtisadiah. 

Spending reached SR226 per sq. km in 2023, already surpassing the Vision 2030 goal, before climbing to the current SR487. 

Al-Shamrani added that the Kingdom’s mineral discoveries are delivering tangible results, with the estimated value of discovered mineral wealth reaching $2.5 trillion by the end of 2024 — double the 2017 estimates.  

To boost investment, Ƶ plans to launch quarterly mineral data packages, designed to update the national geological database and provide investors with the latest mining information.  

“This unprecedented investment has enabled us to carry out our missions with remarkable success,” Al-Shamrani said, pointing to the expansion of exploration programs and advances in digital transformation. 

As a result of this digital push, the Kingdom has released major new data packages, including surface geochemical survey data and aerial magnetic geophysical survey data, covering the Arabian Shield in a detailed 1:100000 scale. 

By providing this pre-competitive exploratory data, the SGS aims to lower entry barriers and give investors the clarity needed to operate with confidence. 

Ƶ has also climbed global rankings for geological data, rising from 108th place in 2017 to 23rd currently. Al-Shamrani attributed the improvement to unified regulations, better investment laws, and proactive provision of geological information to investors. 

The primary focus of the exploration campaign is the Arabian Shield, an ancient geological formation rich in minerals like gold, copper, zinc, and iron that covers roughly a third of the Kingdom’s land area. 

Al-Shamrani detailed the extensive work undertaken, stating that nearly 88,000 field survey samples have been collected from valleys across the Shield. Furthermore, a comprehensive aerial survey of the entire region is 93 percent complete and analyzed. 

Speaking at the first GEOMIN forum, which attracted experts from over 30 countries, Al-Shamrani connected these national efforts to a global context. He emphasized that the worldwide drive toward decarbonization and the rising demand for critical minerals present a significant challenge. 

The top official noted that it is essential for experts to innovate and transcend traditional methods to accelerate the discovery and supply of these essential resources to meet the needs of humanity. 


Saudi Midad Energy, Algeria’s Sonatrach ink $5.4bn hydrocarbon deal 

Saudi Midad Energy, Algeria’s Sonatrach ink $5.4bn hydrocarbon deal 
Updated 14 October 2025

Saudi Midad Energy, Algeria’s Sonatrach ink $5.4bn hydrocarbon deal 

Saudi Midad Energy, Algeria’s Sonatrach ink $5.4bn hydrocarbon deal 

JEDDAH: Ƶ’s Midad Energy North Africa signed a $5.4 billion production-sharing contract with Algeria’s Sonatrach to explore and develop hydrocarbons in the Illizi Basin.

The agreement was signed in Algiers in the presence of Saudi Ambassador Abdullah bin Nasser Al-Busairi and Algerian Minister of Energy and Mines Mohamed Arkab, the Saudi Press Agency reported.

Under the deal, Midad Energy will fully finance the project, including $288 million earmarked for exploration. The contract runs for 30 years, with an option to extend for an additional 10 years, and includes a seven-year exploration phase. 

The partnership, one of Ƶ’s largest private energy investments in North Africa, aims to boost Algeria’s upstream production and strengthen energy cooperation between the two OPEC member states. 

“By the end of the contractual period, total production is expected to reach about 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas,” SPA reported. 

The deal supports Algeria’s efforts to reinforce its position as a key energy supplier to global markets while meeting domestic demand and advancing a transition toward more sustainable sources. 


Saudi tech delegation showcases innovation at GITEX in Dubai

Saudi tech delegation showcases innovation at GITEX in Dubai
Updated 14 October 2025

Saudi tech delegation showcases innovation at GITEX in Dubai

Saudi tech delegation showcases innovation at GITEX in Dubai

RIYADH: Over 40 Saudi tech firms are exhibiting at GITEX GLOBAL 2025 in Dubai, reflecting the Kingdom’s drive to boost non-oil exports and advance its digital economy goals. 

The delegation, organized by the Saudi Export Development Authority, is exhibiting under the “Saudi Technology” banner at the five-day event, which runs from Oct. 13 to 17. Participants include firms from the communications and information technology sectors, alongside several government entities. 

GITEX, held at the Dubai World Trade Center, features more than 6,800 exhibitors, 2,000 startups, and delegations from over 180 countries, according to the Emirates News Agency. 

Ƶ’s presence aligns with Vision 2030, the Kingdom’s economic diversification plan, which targets a larger contribution from non-oil sectors to gross domestic product and aims to position Saudi companies as key players in global innovation supply chains. 

“This participation comes as an extension of Saudi Exports’ efforts to enhance the presence of national companies in global markets, and expand the scope of their exports in the growing technical sectors,” the authority said. 

It added that the pavilion serves as a platform to connect major companies and specialized entities in technology and innovation. 

The companies are showcasing a range of products and solutions in telecommunications and information technology, highlighting the Kingdom’s ongoing digital transformation efforts. 

This year’s edition of GITEX highlights the fusion of technology, economic strategy, and geopolitical ambition. Opening the discussions on the main stage, Abdulla Bin Touq Al-Marri, UAE minister of economy and tourism, addressed the theme “The Race Beyond Innovation: AI, Geopolitics, and the Global Economic Reset,” underscoring how innovation and economic diversification remain at the heart of the UAE’s national strategy, the Emirates News Agency reported.

Other discussions featured global leaders, including Ekaterina Zaharieva from the European Commission, and Evan Solomon, Canada’s minister for artificial intelligence and digital innovation, who explored the influence of deep-tech ecosystems and the role of AI as defining economic infrastructure.  

The companies present are demonstrating a wide array of cutting-edge solutions and innovative products in telecommunications and information technology, reflecting the profound technological progress and digital transformation agenda currently underway within the Kingdom. 


Indonesian tourism events are ‘milestones’ for efforts to boost visitor growth, says minister

Indonesian tourism events are ‘milestones’ for efforts to boost visitor growth, says minister
Updated 13 October 2025

Indonesian tourism events are ‘milestones’ for efforts to boost visitor growth, says minister

Indonesian tourism events are ‘milestones’ for efforts to boost visitor growth, says minister
  • Events ‘are catalysts that impact job creation, drive the growth of (businesses) and serve as a showcase of Indonesian culture and creativity to the world,’ minister says
  • Tourism Ministry also organizes ‘familiarization trip’ that brings travel agents and tour operators to the country from the Middle East and other regions

JAKARTA: The recent Southeast Asia Business Events Forum and the Wonderful Indonesia Tourism Fair represent a key moment for the growth of tourism in the country, Minister of Tourism Widiyanti Putri Wardhana said.

She expressed hope that the events, which took place at the Nusantara International Convention Exhibition center in Jakarta over the past week, would help strengthen the tourism sector, especially in the meetings, incentives, conventions and exhibitions sector, and through the promotion and marketing of domestic destinations.

They represent an “important milestone in accelerating the growth of Indonesia’s tourism sector,” said Wardhana.

SEABEF, an international forum for exploring the potential of the business events sector in Indonesia and the wider Southeast Asian region, and the challenges it faces, gathered practitioners, innovators and leaders from the sector to explore and exchange ideas.

“As we continue to broaden our perspective, it is important to remember that events are more than just occasions,” Wardhana said. “They are catalysts that impact job creation, drive the growth of micro, small and medium enterprises, and serve as a showcase of Indonesian culture and creativity to the world.”

She highlighted the effects of events backed by the Ministry of Tourism through its Karisma Event Nusantara program. This year, she said, the program, which involved 95,000 event workers and engaged with 14,800 small and medium-size businesses, helped attract 10.8 million visitors and generate an economic turnover of up to 11.82 trillion rupiah ($714 million).

“That is what we aim to strengthen in SEABEF,” Wardhana said. “We hope the discussions presented will serve as a guide for developing a more innovative, sustainable and inclusive event industry in Southeast Asia.”

WITF, which concluded on Sunday, is organized by the Indonesian Tourism Industry Association and is one of the largest tourism fairs in the country. This year’s event featured 300 exhibitors and 200 buyers from 40 countries, including several from the Middle East. It also includes a consumer show for the general public.

“The Wonderful Indonesia Tourism Fair is a strategic platform for introducing Indonesian destinations to both the domestic and international markets,” Wardhana said.

The Ministry of Tourism supports the event by providing a number of exhibition booths, she added, and organizing a “familiarization trip” through which 45 travel agents and tour operators from Europe, the Middle East and the Americas attend the event. This includes a chance to explore flagship destinations in the country, and culminates in a business-matching event in Bali.

Ahmed Saleh Almatari, of Fursan Travels in Ƶ, told Arab News on Monday while traveling on to Bali: “WITF 2025 is a good opportunity for us to know, from close quarters, about our counterparts in Indonesia and what they offer for us to explore, and also to come to this wonderful country as part of (the familiarization trip) to experience its natural beauty so that we can explain it better to our clients.

“Our experiences in exploring Indonesia — for example we are in Lombok, which is located closely east of Bali and is called the Island of a thousand mosques, and known for its beaches and surfing spots — will be handy in explaining it well to our customers in Riyadh.

"It is not only a good networking opportunity, but also when back in Riyadh we can better connect people with the wonderful Indonesia.”

Zayed Sami Obidallah, of the Saudi business Almosafer Travel, told Arab News the events offered a good opportunity to meet travel agents and tour operators from Indonesia, Association of Southeast Asian Nations countries, Europe, the Middle East and the Americas.

Wardhana officially opened the events last week alongside Indonesia’s coordinating minister for economic affairs, Airlangga Hartarto. The Ministry of Tourism installed a Wonderful Indonesia booth at WITF that showcased “Wonderful Indonesia Wellness 2025,” a program designed to introduce and promote the potential for wellness tourism in the country, particularly in Central Java and the Special Region of Yogyakarta.

“Through the Wonderful Indonesia Tourism Fair, we want to share the beauty and creativity of Indonesia with the world,” said Wardhana.

Hartarto added that the meetings, incentives, conventions and exhibitions sector was a key pillar of the wider tourism industry, and the development of appropriate, collaboration-based strategies is essential for efforts to maximize the potential of the sector for continued growth and sustainability.

“Ultimately, with a clear vision, strategic planning and strong collaboration, I am confident that we can develop a significant turning point to boost the tourism sector,” he said.

Indonesia hopes to attract between 14 million and 16 million international visitors this year, and the number had already reached 10.04 million by August, according to Ministry of Tourism figures.