Saudi Arabia's economic growth is expected to more than double in 2022, helped by higher oil prices and a “robust” non-oil sector, while unemployment among citizens is on the decline, said private equity group Jadwa Investment.
The Arab world's biggest economy is forecast to grow 7.7 per cent in 2022, from 3.2 per cent last year, Jadwa said in a report.
The growth projection is a “result of sizeably higher oil sector growth”, Jadwa said.
Oil gross domestic product is set to rise 15.5 per cent while robust non-oil growth of 3.4 per cent is expected.
The non-oil sector grew 6.1 per cent a year in 2021 while oil GDP recorded annual growth of 0.2 per cent.
Other predictions have also projected strong growth for the Saudi economy this year.
Real GDP in the kingdom, Opec’s biggest oil producer and the world's largest exporter, is expected to expand 7.6 per cent in 2022, according to Japan's largest bank MUFG, while Emirates NBD has forecast 6 per cent growth.
In January, the International Monetary Fund said it expected the kingdom’s economy to grow 4.8 per cent.
Brent, the global benchmark for two thirds of the world's oil, surged to about $140 a barrel earlier this month, the highest since 2008. The benchmark is up about 50 per cent since the start of the year.
Last week, S&P Global Ratings affirmed Saudi Arabia’s rating at “A-/A-2” and revised its outlook to positive from stable, citing improving GDP growth and fiscal dynamics over the medium term.
Unemployment among Saudi nationals hit its lowest levels since 2009 as the economy continues its rebound from the impact of the pandemic and as oil prices rally, government data showed.
The unemployment rate for citizens declined to 11 per cent in the fourth quarter of 2021, compared to 11.3 per cent in the previous three-month period, data from the kingdom’s General Authority for Statistics showed.
Unemployment is lower by 1.6 percentage points when compared to the fourth quarter of 2020.
Labour participation rates rose to 51.5 per cent during the fourth quarter, compared to 49.8 per cent in the third quarter, mainly as a result of higher female participation.
Job creation for both Saudi men and women is among the country's top priorities under its Vision 2030 plan to wean the economy off oil revenue and increase the rate of employment among citizens.
Consumer spending was up 10.4 per cent a year in February despite declining by 9.3 per cent a month, Jadwa said. Within this, point-of-sale transactions rose 25 per cent while ATM cash withdrawals fell 11.1 per cent a year, according to Al Rajhi Capital's monthly economic report.
The increase in POS transactions was mainly driven by a 58.8 per cent annual increase in spending at restaurants and hotels, followed by miscellaneous goods and services (49.4 per cent), clothing and footwear (27.8 per cent), transport (18.9 per cent) and food and beverages (15.8 per cent), Al Rajhi Capital said.
“With consumer sentiment climbing to its highest level on record in March, and with a vast majority of Covid-19 restrictions being lifted during the same month, we expect consumer spending to show strong levels of growth in the months ahead,” Jadwa said.
Remittances made by Saudi nationals increased 33.7 per cent a year in February 2022, compared with a 45.3 per cent yearly increase in the previous month, to about 5.4 billion Saudi riyals, it said.
However, remittances growth on the part of residents declined 0.9 per cent a year in February to about 11.2bn riyals.
In terms of inflation, the cost of living index continued to be in a “positive trajectory”, Al Rajhi said. The index increased by 1.6 per cent a year in February 2022, mainly because of higher costs in the transport and food and beverages segments.
“Looking ahead, we expect rises in global food prices, as a result of the Russian-Ukrainian conflict, to put upward pressure on food prices locally,” Jadwa said.
The current conflict in Eastern Europe has pushed up global food and energy prices, with the two warring countries, Russia and Ukraine, being major suppliers of wheat, grains and other commodities.
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Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
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BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
BRAZIL%20SQUAD
%3Cp%3EGoalkeepers%3A%20Alisson%2C%20Ederson%2C%20Weverton%3Cbr%3E%3Cbr%3EDefenders%3A%20Dani%20Alves%2C%20Marquinhos%2C%20Thiago%20Silva%2C%20Eder%20Militao%20%2C%20Danilo%2C%20Alex%20Sandro%2C%20Alex%20Telles%2C%20Bremer.%3Cbr%3E%3Cbr%3EMidfielders%3A%20Casemiro%2C%20Fred%2C%20Fabinho%2C%20Bruno%20Guimaraes%2C%20Lucas%20Paqueta%2C%20Everton%20Ribeiro.%3Cbr%3E%3Cbr%3EForwards%3A%20Neymar%2C%20Vinicius%20Junior%2C%20Richarlison%2C%20Raphinha%2C%20Antony%2C%20Gabriel%20Jesus%2C%20Gabriel%20Martinelli%2C%20Pedro%2C%20Rodrygo%3C%2Fp%3E%0A
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
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Name: Brendalle Belaza
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Arrived in the UAE: 2007
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
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Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
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