Saudi Arabia now the 18th largest economy in the world and largest in MENA

[ArabianEmpires&Caliphates]

^^^

More desperate and useless Erdogan mouthpiece propaganda contrary to all ground realities from this impoverished Arab-obsessed and Arabized Anatoli.


A global financial crisis is approaching but KSA remains (GCC as a whole too) one of the best prepared regions of the world to face such a financial crisis given the giant sovereign wealth funds, almost non-existent debt and loans, enormous investment across the world, gold reserves, potential, youth population and ongoing economic reforms (praiseworthy).

In fact it could even become a blessing in disguise as a genuine long-term financial crisis would indirectly help speed up large parts of the Vision 2030 while force the hands of the leadership to transform the country from an insanely pampered welfare state with a huge public sector (often ineffective contrary to the largely effective and dynamic private sector whose increasing role in the economy cannot be underestimated) to a genuinely competitive economy where talent is not wasted or forced to migrate to the West and thrive.

Already most of the idiotic and economically hurting own goals (moronic laws) have been removed. Next should be not to close shops during players. This costs billions for the country each year. Tougher attempts to combat corruption albeit KSA is ranking rather well even on a worldwide scale on this front. Hopefully MbS can steamroll the royal family (which I imagine is his plane) and create a "Bin Salman" dynasty and rail it in (cost-wise too) much like what occurred in UAE and Jordan before. Of course every power in the world will try to prevent this.

What is a good sign is that KSA is winning the oil war (long-term) and that 30 dollars per barrel is budgeted with (can be) and that the increasing market share will control the possible damage before the oil price jumps up again. Each month KSA is less and less dependent on that resource anyway, with the non-oil sector growing despite a chaotic neighborhood and signs of economic recession globally before the coronavirus emerged.

What was encouraging and a clear sign of the economy being overall good, was the quick reaction by the government to the coronavirus crisis. Economic initiatives and support for the private sector much like in wealthy European states and the US.

And let us hope that such crisis will be used to create greater regional Arab integration and pave the way for future regional integration and the emergence of large and powerful Arab federal states across the Arab world. The only way forward.

I see this is a great opportunity much like what happened in 2014. Without that none of the changes would have occurred for the better.

Saudi Arabia calls for G20 summit to help inoculate global economy

https://www.arabnews.com/node/1644591/business-economy

SR12 billion program launched to support Saudi economy

https://www.arabnews.com/node/1644976/saudi-arabia

Saudis are living on borrowed time

KSA will remain one of the largest and most promising economies with or without oil as per virtually all economic prognosis published. Pakistan has a long way to catch up with KSA (if that occurs) let alone the GCC and entire Arab world (unlikely to ever happen). Although I wish all Pakistani well-wishers of Arabs all the best as well but not the hateful ones which you might be an example of.

The most resource rich country in the world after the US and Russia, with a wealth of several trillion USD, one of the fastest growing and youngest populations in the world (and one of the best educated in the developing world), the enormous potential for alternative energy (solar, wind, nuclear), untapped gas, oil, enormous mineral wealth (one of the largest in the world), one of the largest sovereign wealth funds on the planet, 100's of billions of USD invested home and abroad, potential for tourism, religious and non-religious etc.

Anyway be my guest, sweet dreams and all of that.

 

[ArabianEmpires&Caliphates]

Economic reforms deliver rapid results for Saudi Arabia
Jeddah, Saudi Arabia September 5, 2019

The modernization of Saudi Arabia’s corporate sector is gathering pace after an encouraging 2018 – with economic and social initiatives capturing the eye of global businesses and pointing to an even brighter future for the country.

As PricewaterhouseCoopers (PwC) noted in its 2019 Annual Global CEO Survey, Saudi Arabia is increasingly a focal point for CEOs in other Middle Eastern countries: “As the engine of growth for the region and with the Vision 2030 transformation continuing at pace, it is clear that to be successful in the region our CEOs believe you have to be successful in the Kingdom.” [1]

In the same report, an overwhelming 90 per cent of the region’s CEOs indicated they were very or somewhat confident of revenue growth over the next three years – some four per cent higher than the global average. And demonstrating an increasingly international corporate mindset, the same CEOs were shown to be more open to new strategic alliances and joint ventures than their counterparts globally (49 per cent to 40 per cent).

Bloomberg, meanwhile, citing the recent Saudi Arabian Monetary Authority report of June 1, said the government’s budget deficit fell to 4.6 per cent of GDP in 2018 (markedly lower than 2017’s 9.3 per cent); during the same period, government revenue increased by 30 per cent, and spending by 11 per cent to approximately 1 trillion Saudi riyals [2].

Recognizing the importance of greater economic diversification in the coming years, the International Monetary Fund estimates that non-oil commercial growth in Saudi Arabia will strengthen to 2.9 per cent in 2019, before ballooning to 3-3.25 per cent in the medium term as today’s ongoing reforms pay dividends [3].

Together, the findings paint a rousing picture of a country determined to become a vibrant incubator for corporate innovation – a country using the challenges of today as a springboard for opportunities of the future.

Reforms help future-proof corporate landscape
Reasons for optimism are well justified.

This year the government had the biggest ever budget at its disposal, more than US$ 293 billion, with US$ 53 billion allocated to a medium-term Private Sector Stimulus Plan. In June 2019, Saudi Arabia made its debut on the MSCI Emerging Markets Index, with the MSCI stating this followed “a number of regulatory and operational enhancements in the Saudi Arabian equity market that effectively improved market access for such investors.” [4]

If the country is riding the crest of a wave, the ambitious and ongoing reform program must absorb some of the credit.

The 2018 introduction of Value Added Tax (VAT) helped bring Saudi Arabia’s economic framework more in line with the international model – and at 5 per cent across most goods and services it alienated very few CEOs, with four-in-five still rating business and personal tax in the country as competitive or very competitive.[5]

The lifting of the ban on women drivers in 2018 frees a whole new demographic of the workforce to earn, pay taxes and become entrepreneurial. As does the announcement in August 2019 that women will be able to apply for passports and travel abroad without the permission of a male guardian. The Saudi Arabian Ministry of Information said the move is a vital part of the country’s “efforts to promote women’s rights and empowerment, equal to men[1]”.

In a further hallmark of gradual liberalization, the entertainment industry is set for an enormous boost as cinemas open for the first time since 1979, and a wide range of international music and performance artists come to the country. PwC estimate that film exhibition alone will generate US$ 266.6 million in GDP and create a thousand new jobs by 2020 [6] – to say nothing of the associated benefits, as a more relaxed society helps attract more overseas businesses and tourists.

The IMF is clear that this series of reforms is already translating into tangible results, recognizing a growth in non-oil revenues and greater fiscal transparency [7].

Still, says the IMF, challenges persist. While Saudi Arabia is gradually reducing its economic dependence on fossil fuel production, the country remains vulnerable to fluctuating international oil prices and the relative proportion of the economy occupied by the public sector remains large compared to many other countries.

Tackled together, however, Saudi Arabia can continue moving swiftly towards the IMF’s ideal of a “diversified, productive and competitive economy”.

Striving for a golden Vision of the future
Central to Saudi Arabia’s reforms process is the Saudi Vision 2030 national development strategy, the far-reaching blueprint for reducing oil dependency, diversifying the local economy, improving public services and encouraging more overseas trade.

Unveiled in 2016 by Crown Prince Mohammad bin Salman, Vision 2030 has been pivotal in opening up Saudi Arabia to the global marketplace. As an early indicator of its effectiveness, Reuters noted that in 2018 foreign investment in Saudi Arabia swelled to US$ 3.5 billion, a rise of 110 per cent [8].

Announcing the figures, economy and planning minister Mohammed al-Tuwaijri also revealed that five sectors of the economy are set for privatization in 2019, creating some 12,000 jobs and up to 25-40 billion Saudi riyals of revenue by 2020.

Managed via the Council of Economic and Development Affairs (CEDA), Vision 2030 encompasses a number of flagship projects to help Saudi Arabia become a global investment powerhouse while positioning itself as a transportation, travel and logistics hub connecting Asia, Africa and Europe.

Around 80 projects fall under the Vision 2030 banner, many funded by the Public Investment Fund, all reflecting the new international attitude pervading the country.

Among them is a semi-autonomous Red Sea tourism and leisure development on the northern section of the Hejazi coast, comprising 50 islands and 34,000 square kilometers of land, to be “governed by laws on par with international standards” and with simplified visa arrangements [9].

Elsewhere, a General Authority for Entertainment has been unveiled by royal decree, its £2 billion fund covering sports events, culture centers, concert venues and a theme park.

Other big-budget schemes include the US$ 500 billion NEOM project, a proposed ‘smart city’ in the Tabuk Province near the border with Egypt and Jordan. With its own tax and labor laws and an independent judicial system, the 26,500 sq km development will be part-funded by an IPO of state-owned oil company Saudi Aramco in 2020/2021 [10].

Also in the pipeline is a US$ 200 billion solar power generation project in partnership with Japan’s SoftBank, to provide Saudi Arabia with 200 gigawatts of energy [11].

Investment experts at the Oxford Business Group (OBG), in describing the future of Saudi Arabia as “bright and young”, suggest that the Vision 2030 goals are highly attainable. In the OBG’s survey of Saudi CEOs, 82 per cent believed the country “would be successful or very successful when it came to realizing Vision 2030 goals”, causing the OBG to note a “sense of renewed dynamism, spurred by a large demographic of highly educated young nationals – with 70 per cent of the population in Saudi Arabia under the age of 30”.

Reforms help elevate Saudi Arabia to business’ top table
The Vision 2030 project prompted the Saudi Arabian General Investment Authority (SAGIA) to further reform its investment strategy with the launch in 2017 of its Tayseer committee.

Tayseer is designed to boost the business environment for the private sector in four key ways: by making government services more efficient; by establishing Saudi Arabia among the top 20 countries for doing business globally; by introducing new regulations to stimulate the private sector; and by involving the private sector more directly in decision-making.

New rules have already been introduced to regulate cross-border trading, protect investors, strengthen contracts and improve transparency. A further hundred reforms are awaiting approval, convincing the World Bank to rank Saudi Arabia as the 4th ‘best reformer’ among G20 nations in 2018.

Vision 2030 formalizes the country’s ambition to increase Foreign Direct Investment from 3.8 per cent of GDP to the international benchmark level of 5.7 per cent of GDP by 2030. And with China’s economy tipped to be outperforming the USAs by 2030, ever closer links are being sought with the Far East. Already China is the biggest importer of goods to Saudi Arabia, and the second biggest market for Saudi Arabian exports. It’s a potent mix not lost on The Washington Post, who believe that “these growing ties between the Gulf and Asia have the potential to reshape geopolitical patters and relationships”.

His Excellency Eng. Ibrahim Al-Omar, SAGIA governor, says: “As we continue to work to deliver on the promise of the Vision by driving reforms aimed at enhancing the ease of doing business in the Kingdom, and identifying and promoting investment opportunities, I expect Saudi Arabia will share a larger space on the world stage of recognized exciting places to do business.”

IPOs signify value and booming confidence
So, the strategies are reaping rewards and are a tantalizing foretaste of greater economic activity to come. Ernst & Young (EY) recorded 26 IPOs across the MENA region in 2018 together raising nearly US$ 3 billion; the Gulf Cooperation Council (GCC) members accounted for 18 of those IPOs, collectively worth more than US$ 2.5 billion; and of those, Saudi Arabia led the way in both volume and value, with 12 IPOs valued at US$ 1.472.4 billion [12].

EY highlighted two Saudi IPOs of particular significance in late 2018: Alkhabeer REIT (raising US$ 64.1m) and the National Company for Learning and Education (raising US$ 66.7m).

Further, EY note the country is planning to privatize an additional 20 companies in 2019, across sectors including water, agriculture, energy and sports, adding: “To help increase transparency, the government plans to retain minority interests in the businesses and undertake IPOs and other transactions for a certain percentage of each asset.”

For its part, the Saudi Arabia Monetary Agency (SAMA) says it has seen increasing interest from regional banks wanting a Saudi presence. Swiss bank Credit-Suisse this year received the go-ahead for a banking licence in Saudi Arabia, while other foreign investment banks – such as Citigroup and Moelis & Co – have also been seeking permission to operate in the country.

Speaking to Reuters, SAMA Governor Ahmed al-Kholifey said, “We see this as a vote of confidence in our economy and in the banking sector in particular.” [13]

Forward thinking, outward looking
As one of country’s cornerstone businesses, Abdul Latif Jameel is at the forefront of the private sector’s rapid growth and transformation.

Its impact on Vision 2030, and the evolving corporate environment of Saudi Arabia from a multinational perspective, is demonstrated through its ever-expanding investments across a diverse range of industries: transportation, manufacturing, energy, financial services, real estate and more.

Already in 2018, Abdul Latif Jameel teamed up with Al Muhaidib Group to found a new joint venture, Muheel, an integrated facilities management (IFM) company inspired by Vision 2030’s ‘Thriving Economy Open for Business concept’. Then there’s the massive infrastructure deal it has agreed to develop a desalination plant in Shuqaiq on the Red Sea Coast, a US$ 600 million project set to create 700 new jobs and supply clean water to thousands of homes and businesses, in line with Vision 2030’s goal of increasing investment and employment.

As more companies domestically capitalize on the modernized corporate environment in Saudi Arabia – and as more foreign governments and businesses recognize the potential of its people, its skills and its ambition – Abdul Latif Jameel’s outward-looking and forward-thinking approach means it is well equipped to lead the charge towards 2030.

HH Crown Prince Mohammad bin Salman, speaking of his vision for the country through the prism of Vision 2030, said the scheme “guides our aspirations towards a new phase of development – to create a vibrant society in which all citizens can fulfil their dreams, hopes and ambitions to succeed in a thriving economy.” [14]

REFERENCES:

[1] https://www.pwc.com/m1/en/ceo-survey.html

[2] https://www.bloomberg.com/news/arti...economic-growth-seen-picking-up-again-in-2019

[3] https://www.imf.org/en/News/Article...ding-statement-of-the-2019-article-iv-mission

[4] https://www.msci.com/www/blog-posts/saudi-arabia-inclusion-and/01297979912

[5] https://oxfordbusinessgroup.com/blog/billy-fitzherbert/obg-business-barometer/how-do-ceos-saudi-arabia-view-local-conditions-during-times-of-global-economic-uncertainty?utm_source=Oxford Business Group&utm_medium=email&utm_campaign=10248469_OBG Business Barometer: Saudi Arabia CEO Survey&utm_content=KSASurvey-Jan19-BillyAnalysis&dm_i=1P7V,63NRP,QZEKVW,NYQTI,1

[6] www.pwc.com/m1/en/publications/cinemas-in-saudi-arabia-opportunity.html

[7] https://www.imf.org/en/News/Article...ding-statement-of-the-2019-article-iv-mission

[8] https://uk.reuters.com/article/us-saudi-budget-energy-industry-idUKKBN1OI0QU

[9] https://www.telegraph.co.uk/travel/...-visited-cities-where-does-london-rank/mecca/

[10] https://www.cnbc.com/2017/10/24/saudis-500-billion-plan-to-neom-business-city.html

[11] https://www.reuters.com/article/us-...audi-pif-on-solar-power-project-idUSKCN1MC28T

[12] https://www.ey.com/em/en/newsroom/n...-ipos-raise-uss2946-2m-in-2018-in-mena-region

[13] https://www.ey.com/em/en/newsroom/n...-ipos-raise-uss2946-2m-in-2018-in-mena-region

[14] https://vision2030.gov.sa/en

[1] Saudi Arabian women finally allowed to hold passports and travel independently, CNN, 2 August 2019

https://www.alj.com/en/perspective/economic-reforms-deliver-rapid-results-for-saudi-arabia/

WIRES
FACTBOX-Saudi Arabia’s key economic and social reforms
PUBLISHED FRI, OCT 25 20194:30 AM EDT

Oct 25 (Reuters) - Saudi Arabia’s Crown Prince Mohammed bin Salman has pushed through social and economic reforms as part of plans to modernise the conservative Muslim kingdom and attract foreign investment under a diversification drive.

The following are some of the major reforms implemented since his Vision 2030 agenda was announced in 2016:


SOCIAL REFORMS

* April 2016: Saudi Arabia curbs the powers of religious police that had patrolled public spaces to impose strict rules on women’s dress and enforce bans on alcohol, music, prayer-time closures and the mixing of men and women.

* December 2017: The government ends a 35-year prohibition on cinemas, plans to open more than 300 movie theatres by 2030.

* June 2018: Saudi Arabia lifts a decades-old ban on women driving cars. However, authorities arrested several women’s rights activists before and after the move amid a broader crackdown in which scores of critics have been arrested.

* January 2019: A royal decree allows music to be played in restaurants as public entertainment flourishes around the kingdom and the ban on gender-mixing eases.


* August 2019: Regulatory changes allow adult Saudi women to travel without permission and exercise more control over family matters, further eroding a heavily criticized male guardianship system but leaving parts of it intact.

* October 2019: A new tourist visa regime seeks to attract holidaymakers. A modest dress code is set for visitors, ending the requirement that women wear all-covering robes. Foreign men and women are permitted to rent hotel rooms together without proving they are related. Alcohol remains banned.

ECONOMIC REFORMS

2016

* Stock market reforms double ownership limits to 10% for foreign institutional investors.

* New labour regulations restrict certain jobs to citizens and raises quotas for companies to hire Saudis.

* Power and water subsidies are cut under fiscal reforms.

* The National Project Management Organization is set up to reduce costs on state infrastructure projects.

2017

* Government launches the Citizen’s Account, a cash handout for low- and middle-income Saudis to offset austerity measures.

* Saudi Arabia detains scores of senior princes, ministers and top businessmen at Riyadh’s Ritz-Carlton hotel in an anti-corruption campaign seen by critics as a power play and shakedown of the crown prince’s rivals. Authorities say they seized more than $100 billion through financial settlements.

2018

* A 5% value-added tax (VAT) is imposed to improve non-oil revenue generation.

* Foreign investors are granted full access to NOMU, a parallel market for small- and medium-sized enterprises.

* New bankruptcy law regulates procedures such as settlements and liquidation.

2019

* The Capital Market Authority and Debt Management Office reduce fees and commissions to encourage secondary market debt trading.

* Sin tax on electronic cigarettes and sugary drinks imposed in bid to diversify revenue streams.

* Saudi Arabia relaxes a 49% limit for foreign strategic investors in companies listed on the main Tadawul stock market.

* The capital market law is amended to allow the establishment of other exchanges alongside Tadawul.

* Saudi Arabia begins accepting licence applications in the military industrial sector, a major target for diversifying the economy away from oil.

(Compiled by Tuqa Khalid; editing by David Clarke)

https://www.cnbc.com/2019/10/25/reu...-arabias-key-economic-and-social-reforms.html

Saudi Arabia’s non-oil economy grows at fastest pace in six years

Short Url
https://arab.news/m4mws

Updated 03 March 2020
ARAB NEWS

• Most of the increase in output was driven by the retail, hotel and financial sectors
• GDP growth to 0.3 percent according to data released on Sunday by Saudi Arabia's General Authority for Statistics

LONDON: Saudi Arabia’s non-oil economy grew by 3.3 percent last year, its fastest rate since 2014, even as the energy sector contracted and slowed overall growth.

Most of the increase in output was driven by the retail, hotel and financial sectors, which are attracting increased investment as the Kingdom moves away from dependence on oil revenues. The oil sector declined by 3.6 percent in 2019 dragging overall GDP growth to 0.3 percent according to data released on Sunday by Saudi Arabia's General Authority for Statistics.

"The weakness in the real headline GDP growth was due to the construction in the oil sector," Monica Malik, chief economist at Abu Dhabi Commercial Bank, told Arab News.

"Positively, non-oil activity expanded at the fastest pace since 2014 thanks to a strengthening in non-oil growth. We believe that higher investment growth will remain a key support factor for non-oil activity in 2020 with greater progress with key projects."

FASTFACT
SR2.97
Saudi GDP at current prices amounted to SR2.974 trillion in 2019.

Saudi GDP at current prices amounted to SR2.974 trillion in 2019 - up by about 0.8 percent from a year earlier.



Crude petroleum and natural gas accounted for some 27.4 percent of the Kingdom's economic output, followed by government services at 19.4 percent. Wholesale and retail trade, restaurants and hotels made up the third largest contributor to GDP, accounting for a 10 percent share.

Weaker oil demand globally hit the Kingdom's exports in 2019 which were down by about 10.4 percent in value over the year to about SR1.05 trillion.

Gulf oil exporting economies have started 2020 with an uncertain outlook as oil markets again come under pressure from the spread of the coronavirus beyond China - hitting demand for crude oil and aviation fuel as people stay at home and factories reduce production.

Still, Saudi Arabia is hoping its plans to boost gas production in the Kingdom could help offset the impact from lower oil prices.

The country expects the recently disclosed Jafurah field to be a major contributor to GDP growth over the coming decades.

Holding an estimated 200 trillion cubic feet of wet gas, it could generate $8.6 billion a year in income and contribute $20 billion a year to the Kingdom’s GDP.

https://www.arabnews.com/node/1635246/business-economy

 

[ArabianEmpires&Caliphates]

Saudi Arabia announces $32 billion in emergency funds to mitigate oil, coronavirus impact
PUBLISHED FRI, MAR 20 202012:47 PM EDTUPDATED FRI, MAR 20 20201:06 PM EDT

Natasha Turak@NATASHATURAK




KEY POINTS

• Saudi Arabia’s government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices.
• The sum includes Riyadh’s 50 billion riyal ($13.3 billion) package announced last week to support small and medium-sized businesses.
• Friday’s announcement introduces a further 70 billion riyals to aid businesses, including the postponement of tax payments and exemptions of various government levies and fees.

https://www.cnbc.com/2020/03/20/coronavirus-and-oil-saudi-arabia-announces-32-billion-stimulus.html

Great and necessary initiatives.

Saudi Arabia’s Crown Prince Mohammed bin Salman discusses coronavirus with US Secretary of State

ARAB NEWS
March 25, 2020

• Pompeo and the crown prince also focused on “the need to maintain stability in global energy markets amid the worldwide response.”

https://www.arabnews.com/node/1647221/saudi-arabia

Saudi Arabia calls for G20 summit to help inoculate global economy

Updated 21 March 2020
AFP
March 21, 2020

• Britain is providing £330bn of government-backed loans to businesses
• The European Central Bank announced late on Wednesday a surprise €750bn scheme to buy government and corporate bond

https://www.arabnews.com/node/1644591/business-economy

Saudi Arabia’s King Salman to chair extraordinary virtual summit of G20 leaders

ARAB NEWS
March 25, 2020

• Heads of state of Jordan, Spain, Singapore and Switzerland will also participate

RIYADH: Saudi Arabia's King Salman will chair an extraordinary virtual summit of G20 leaders on March 26 to advance the global coordinated response to the ongoing coronavirus pandemic.

As well as the leaders of the G20 group, the heads of state of Jordan, Spain, Singapore and Switzerland will also participate in the summit.
In its capacity as sitting president of the Gulf Cooperation Council states, the UAE will participate as well.

G20 finance ministers and central bankers agreed during a separate video conference this week to develop an "action plan" to respond to the outbreak, which the International Monetary Fund expects will trigger a global recession.

The Kingdom, which holds the G20 presidency this year, called last week for the leaders to speak by video-conference.

https://www.arabnews.com/node/1646711/saudi-arabia

Saudi Arabia discovers massive natural gas reserves in Red Sea

RIYADH, March 7 (Xinhua) -- Saudi Arabia on Thursday announced the discovery of massive natural gas reserves in the Red Sea, the Saudi Press Agency reported.

Saudi Energy Minister Khalid Al-Falih said Saudi Aramco, officially known as the Saudi Arabian Oil Company, will intensify exploration work during the next two years after completion of the feasibility study.

"Aramco's acquisitions worldwide are going on and the national company has excellent chances in Russia, India, Pakistan and Indonesia, in addition to possible LNG (liquefied natural gas) projects in the United States," Al-Falih said.

He made the remarks during an inspection tour of the projects in King Salman International Complex for Maritime Industries and Services in Ras Al Khair Industrial City.

http://www.xinhuanet.com/english/2019-03/08/c_137876767.htm

 

[ArabianEmpires&Caliphates]

Saudi Arabia's technology investments pay off in coronavirus battle
The COVID-19 outbreak in Saudi Arabia has become an unexpected catalyst for demand for mobile apps, government portals, and emerging tech like drones.

By John Benny

CIO | APR 4, 2020 8:00 PM PDT

Digital services that were introduced to bolster government institutions over the last few years are proving to be effective as Saudi Arabia locks down parts of the country.

From an app that allows people to book hospital appointments from their homes, to an e-learning portal, the country is now slowly bearing the fruits of a digital push that began with the announcement of the Vision 2030 program in 2016.

"Technology is being relied on heavily by the government to provide digital services, manage healthcare operations and identify those infected with COVID-19," said Carrington Malin, an entrepreneur and technology writer.
The Central Appointment System (Mawid) is an example of a successful digital service. The mobile app, which was launched by the Saudi Ministry of Health last year, is being used to streamline individual applications for COVID-19 tests and has become central to the Kingdom's coronavirus response.

The app recently started offering a symptoms self-assessment feature as the number of confirmed cases spiked. To use the Mawid app, a user must have an account with the Saudi Ministry of Interior's Absher platform, which gives residents of the country access to government services and also allows individuals and businesses to make financial transactions. Services are also offered via a web portal.

Saudi Arabia is utilising existing investments
The use of thermal imaging for screening is another example of how government departments are leveraging existing investments.

However, one of the biggest measures introduced by Saudi Arabia in recent weeks is the closure of thousands of schools across the Kingdom and implementation of e-learning.

"Again, Saudi's previous investments seem to be paying dividends here," said Malin.

The Ministry of Education has spent the last five years developing the National Education Portal, known as iEN. The portal, which is already being used by many schools to support traditional teaching methods, now supports millions of Saudi students studying at home.

The digitization of services is not restricted to health and education alone.

Justice Ministry offers services via portal
The Saudi Ministry of Justice's Nagis portal offers electronic judicial services for matters related to court services, agencies, real estate, and even marriage contracts. By using the Ministry of Interior's website, residents can now avail a wide range of services from their homes, including renewal of passport and extension of visit visa.

UAE, drones are being used to carry loudspeakers to broadcast messages and take photographs.

The expansion of digital services is part of the Kingdom's Vision 2030 program – a comprehensive plan aimed at transforming Saudi Arabia's economic landscape, while reducing its reliance on crude oil exports.

According to the official document, the country will "expand the scope of current online services further to include areas such as geographic information, health care and education. Quality will be improved by streamlining processes, and diversifying communication channels."

It goes on to say that the government will support the wider use of online applications in government agencies, such as cloud applications, data sharing platforms and HR management systems.

Saudi Arabia's quick ascendance on the technology ladder is also supported by strong government spending. Overall spending on information and communication technology (ICT) in the country is set to reach US$37 billion this year, up 2.4 percent from 2019, according to an IDC report last month.

"Countries that are able to quickly apply new technologies and offer new digital services to solve today's problems, will be well positioned to reap rewards from these technologies in the future," Malin said.

https://www.cio.com/article/3535801...nvestments-pay-off-in-coronavirus-battle.html

COVID-19: Study shows optimism in KSA’s economic recovery
More than 500 Saudi participants showed confidence in the country’s ability to recover from COVID-19

Pixabay
Confidence is being restored for the recovery of Saudi Arabia's economy over other countries in the region
by Ashley Williams
09 Apr 2020
Saudi Arabia citizens have expressed confidence that the kingdom will recover from the global COVID-19 pandemic more quickly than other countries in the region, according to research from APCO Worldwide.

The study asked more than 500 Saudi citizens from major population centres within the kingdom their opinions on the impact of COVID-19 in the Middle East.

Some of the highlights from the research showed that more than 4 in 5 (81%) of Saudi Arabian citizens are confident that the kingdom will recover from the global COVID-19 pandemic more quickly than other countries in the region.

A majority of respondents (76%) also indicated they believe the economic changes and reforms within the Kingdom in recent years have put the country in a better position to recover quickly to the widespread impact of COVID-19 than other nations in the region.

Other notable results showed that 58% of participants said they would like to see the kingdom help regional neighbours rebuild their economies after the pandemic, even countries who are not traditional allies of Saudi Arabia.

Actions taken by the government include closing malls, implementing curfews to limit gatherings and introducing a $34.4bn stimulus package to support the national economy.

A recent Royal Decree by King Salman also announced an additional $2.4bn is already available to pay part of the wages of private-sector workers to deter companies from laying off staff during the pandemic.

Commenting on the study, APCO Worldwide managing director, Liam Clarke, said: “As the strongest economy in the Middle East and the chair and host country of the 2020 G20 summit, the Kingdom of Saudi Arabia has an important role to play in restoring regional economic growth post coronavirus.”

He added: “Our research shows that Saudis recognise this and are confident in the country’s ability to recover from the pandemic, but are split on the government’s response.”

https://www.constructionweekonline....dence-in-ksas-economic-recovery-from-covid-19