Saudi Arabia is poised for a "modest" economic recovery in 2021, led by the non-oil sector, as the Covid-19 pandemic had only a limited health impact, according to the Institute of International Finance.
A relatively young population, low share of services in the gross domestic product and containment measures that have curbed the spread of the virus have limited the impact of Covid-19 on the kingdom, the IIF said in a report.
A "strong policy response" by the government and the Saudi Central Bank (SAMA) has placed the kingdom in a better position for economic recovery this year.
The Arab world's biggest economy is expected to grow 2.6 per cent in 2021 and 4.0 per cent in 2022, following a 3.9 per cent contraction last year, according to International Monetary Fund forecasts last month.
"The recovery will be gradual and will be supported by a rebound in domestic demand," Garbis Iradian, the institute's chief economist for the Middle East and North Africa region, said. "The ongoing recovery is expected to accelerate in the second half of this year as the second wave of the pandemic recedes, Covid-19 vaccines become widely available, and oil production cuts are tapered in line with the Opec+ agreement."
The kingdom took measures to minimise the impact of Covid-19 on its businesses and citizens. It unveiled 142 economic stimulus initiatives worth 214 billion riyals ($57bn) last year. In November, the Saudi Central Bank extended a loan deferral programme until the end of the first quarter of 2021 to assist affected businesses.
Saudi Arabia's monetary policy will remain accommodative until an economic recovery is well-established, the IIF predicts. The Saudi riyal's peg to the US dollar means the central bank tracks the monetary policy of the US, and there is consensus that the US Federal Reserve will keep interest rates on hold at least till end of this year.
The kingdom's banking system has remained resilient during the pandemic, helped by sound initial capital and liquidity positions and a "forceful response" by the central bank, according to the report.
"Bank profitability, while moderating, remains relatively high. Credit to the private sector increased by 14 per cent in December 2020, year-on-year," Mr Iradian said. "Maintaining the current healthy banking system and encouraging innovation in FinTech and digital banking will support the economic recovery and promote financial inclusion."
The IIF sees the kingdom's current account improving slightly in 2021 as oil prices pick up to an average of $52 per barrel. Its preliminary estimates, based on actual data for the first three quarters of 2020, show that its current account balance shifted to a small deficit of 2 per cent of the GDP last year as the sharp fall in oil exports more than offset a modest decline in imports of goods and services.
Under its oil price assumptions, the country's fiscal deficit would narrow to 4.3 per cent of GDP in 2021, from an estimated 11.9 per cent last year.
The institute projects the kingdom's oil revenues will increase by 18 per cent. The tripling of VAT last year combined with a recovery in domestic demand could also raise non-oil revenues by 10 per cent.
Assuming oil prices remain above $50/bbl in 2022 and beyond, the fiscal deficit will narrow to 2.8 per cent of GDP in 2022 and shift to a small surplus by 2024, the IIF said.
Saudi Arabia has made progress in its digital transformation which, combined with other structural reforms already underway, will help to diversify the economy further away from oil and boost potential growth, the report said.
The Public Investment Fund, the country's sovereign wealth fund, is seen as the main vehicle to diversify the economy from oil.
It will increase its local investments to $40bn in 2021, or 5.5 per cent of GDP, compared with $16bn in 2019.
Last month, the PIF announced a new five-year strategy through which it aims to double assets to $1.07 trillion.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs: 2018 Maserati GranTurismo/GranCabrio
Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
Transmission Six-speed automatic
Power 460hp @ 7,000rpm
Torque 520Nm @ 4,750rpm
Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
UAE currency: the story behind the money in your pockets
GYAN’S ASIAN OUTPUT
2011-2015: Al Ain – 123 apps, 128 goals
2015-2017: Shanghai SIPG – 20 apps, 7 goals
2016-2017: Al Ahli (loan) – 25 apps, 11 goals
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
Pathaan
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Siddharth%20Anand%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Deepika%20Padukone%2C%20John%20Abraham%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
UAE currency: the story behind the money in your pockets
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Killing of Qassem Suleimani
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Zayed Sustainability Prize
UAE currency: the story behind the money in your pockets
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
UAE currency: the story behind the money in your pockets
Global state-owned investors ranking by size
|
Rank
|
Country
|
Sovereign Wealth Assets ($ trillion)
|
|
1.
|
United States
|
12.125
|
|
2.
|
China
|
3.368
|
|
3.
|
UAE
|
2.497
|
|
4.
|
Japan
|
2.228
|
|
5
|
Norway
|
1.905
|
|
6.
|
Canada
|
1.860
|
|
7.
|
Singapore
|
1.591
|
|
8.
|
Australia
|
1.538
|
|
9.
|
Saudi Arabia
|
1.534
|
|
10.
|
South Korea
|
1.178
|
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
